Source: Global Tiger Finance app
With the tide of lifting the ban of 10 billion yuan sweeping, PV is the leader CSI Once again, it has become the focus of the market. According to the actual data, the shares released by CSI this time accounted for 25.31% of the total share capital, with a market value of 10.221 billion yuan. Although the stock price performance of CSI has not been smooth since its listing, the success of IPO is undoubtedly BYD CDH Investment and other early investors brought a capital feast.
The huge lifting of the ban made Artes stand under the "spotlight" again.
On June 11, according to the actual data The first restricted shares issued by CSI will be released from the market, and the total number of shares released this time will reach 933 million shares, accounting for CSI's share capital 25.31% of the total, with the total market value of RMB 10.221 billion. After the lifting of the ban, CSI still has 2.306 billion restricted shares, accounting for 62.53% of the total share capital.
Or affected by this news, on June 11, the stock price of CSI was under serious pressure. As of the closing, the stock price fell to 10.95 yuan/share, with a daily decline of 5.36%, hitting a new low since listing.
Looking at the shareholders involved in the lifting of the ban, we can find that there are many venture capital funds among them. In addition to the famous private equity CDH Investment, Chunshan Capital, Yuanhe Chongyuan, and Zhongjin Yingrun, the tram giant BYD is among them.
Although the stock price of CSI has been low since its listing, compared with the share price of venture capital shareholders, the IPO of CSI still "fed" a large number of investors.
BYD Floating profit 350%
Photovoltaic leader CSI welcomed a huge lifting of the ban on June 11.
According to the actual data, the shares released by ATES this time are part of the initial public offering of restricted shares and strategic allotment of restricted shares, with a total of about 933 million shares, of which 163 million are the initial strategic allotment shares and 771 million are the initial restricted shares, accounting for 25.31% of the total share capital of the company.
Of course, the lifting of the ban of CSI, which is worth 10 billion yuan, has also attracted the attention of the market to a number of venture capital institutions behind it.
According to the data, there are 31 shareholders, 16 strategic placement shareholders and 15 initial restricted shareholders of CSI this time. Among the 15 initial restricted shareholders, 12 are from the first equity transfer of CSI in September 2020.
At that time, CSI, which was listed on NASDAQ, was planning to list A-shares. To this end, CSI introduced 12 new external shareholders for the first time.
These 12 investors are shining stars. In addition to the participation of many venture capital institutions such as Beta Metric, Xiamen Zhongjin Yingrun, Shenzhen Chuangqi Kaiying, Suzhou Qingshan Boshi, Chunshan Pujiang (Shanghai), Wuxi Yuanhe Chongyuan, Nanjing Huashan Ruisi, Suzhou Huilin Venture Capital, the tram giant BYD also participated in the equity transfer of ATES.
The successful listing of CSI also made a number of venture capital institutions gain a lot of "floating profits".
Specifically, BYD obtained 8094300 shares at the price of RMB 19.8 million when CSI made the first equity transfer in 2020. Since then, BYD has maintained this number of shares. If calculated based on today's closing price, BYD's return on investing in CSI is nearly 350%.
In addition to the eye-catching BYD, there is also the famous venture capital institution "CDH Investment" hidden behind Artes. According to the prospectus, Beta Metric, the largest external shareholder of CSI, is the shareholding platform of CDH Investment.
Before IPO, CDH Investment acquired 164 million shares of CSI at a price of 58.4889 million US dollars. At the same time, Ren Yiqiao, the managing director of CDH Investment, served as the director of CSI.
According to today's closing price, the market value of CSI held by CDH is about 1.789 billion yuan. After CDH invested in CSI at the exchange rate of 7.25, it has obtained a floating profit of 1.365 billion yuan, with an investment return rate of more than 320%.
achievement Not satisfactory
Although there are a lot of capital "overweight", the A-share listing journey of Artes is still full of twists and turns.
It is understood that the company's IPO application was accepted in June 2021, the meeting was held in December 2021, and the enterprise submitted for registration in January 2022. By June 2022, the audit will be suspended because the financial information has expired.
It was not until February 2023 that CSI released the latest IPO prospectus and relaunched the listing of the Science and Technology Innovation Board. On June 9 of that year, CSI finally "realized its dream". It was officially listed on the Science and Technology Innovation Board, with an issue price of 11.10 yuan/share, and raised nearly 6.9 billion yuan.
Since the return to A, the stock price of CSI once hit 20.79 yuan, but then it began to enter a downward channel, and the bottom kept sinking. As of the closing of June 11, the stock price of CSI had fallen below the issue price to 10.95 yuan per share, which indicates that the income from investing in CSI since the listing is very small.
Of course, the stock price has not improved or is related to the unsatisfactory performance of CSI.
In the fourth quarter of 2023, after only one year of listing, CSI realized an operating revenue of 12.19 billion yuan, a year-on-year decrease of 13.67% compared with 14.12 billion yuan in the fourth quarter of 2022. The net profit attributable to the parent company in a single quarter was only 63 million yuan, a year-on-year decrease of 93.1% compared with the fourth quarter of 2022
In the first quarter of this year, the company's revenue and net profit continued to decline. The operating revenue was 9.597 billion yuan, down 18.88% year on year; The net profit attributable to the parent company was 579 million yuan, down 36.98% year on year.
It is worth noting that, with the intensification of the industry volume, CSI is still investing heavily.
In July 2023, it announced that it planned to invest in the construction of a photovoltaic new energy full industry chain project in Hohhot. Among them, the first phase project invested about 14 billion yuan, and the specific landing projects were determined to be 20GW single crystal pulling rod, 40GW single crystal crucible project, 10GW slice+10GW battery+5GW module+5GW new material project.
At the end of October of the same year, CSI also announced that it had launched the project plan of 5GW high-efficiency N-type battery chips produced by CSI, which is expected to be put into production by the end of 2025, with a total investment of about 839 million dollars.
In 2024, the momentum of production expansion of CSI is still "fierce". On the evening of February 26, CSI announced that the company plans to give priority to the layout of photovoltaic new energy industrial park in Lianshui County, Huai'an City, Jiangsu Province. The total investment of the project is 9.63 billion yuan, which will be constructed in three phases.
It is worth mentioning that, faced with problems such as declining performance, low stock price, and welcoming the lifting of the ban at a high proportion, Artes chose to "protect the market".
In February this year, CSI proposed to repurchase no less than 500 million yuan and no more than 1 billion yuan of company shares within one year, and the repurchase price should not exceed 20.12 yuan/share.
According to the buyback announcement released by CSI on June 3, as of May 31, 2024, the company has repurchased 5.5 million shares of the company through the trading system of Shanghai Stock Exchange through centralized bidding, accounting for 0.15% of the company's total capital stock. That is to say, at present, CSI only spent 65 million yuan on share repurchases, and its "ammunition" for repurchases is still sufficient.
"Stubbornness" Founder of
In the final analysis, the characteristics of the enterprise are the characteristics of the founder, which is very obvious to Artes.
It is understood that Qu Xiaohua, the founder of CSI, was born in Beijing and his parents were professors of Tsinghua University. From Tsinghua Kindergarten, Tsinghua Affiliated Primary School, and Tsinghua Affiliated Middle School, he traveled to the Department of Physics of Tsinghua University.
After graduating from the Department of Physics of Tsinghua University, Qu Xiaohua went to Canada to study and obtained a master's degree in solid state physics from the University of Manitoba and a doctor's degree in semiconductor materials science from the University of Toronto. During most of his study and work time, he has been engaged in the research of semiconductor materials and semiconductor photovoltaic characteristics solar energy High attainments in theory and practice of power generation.
In 2001, Qu Xiaohua received an order from Volkswagen AG for a solar charger for small cars, In order to make full use of domestic cost advantages and other factors, Qu Xiaohua decided to return to his hometown Changshu with the order of more than 2 million dollars. In the same year, he established the first domestic company, CSI Photovoltaic Electronics (Changshu) Co., Ltd. in Changshu, Jiangsu.
Benefited from the order of Volkswagen. In 2002, Qu Xiaohua produced 100000 sets of solar charger products, which brought him a profit of 3 million yuan, thus earning the first bucket of gold. During this period, Shi Zhengrong founded Wuxi Suntech, while Peng Xiaofeng took four years to establish Jiangxi Saiwei.
Although older, compared with Longji Li Zhenguo Jinko Energy Li Xiande Trina Solar Energy Gao Jifan and others, Qu Xiaohua appeared to be relatively low-key.
As he said, "CSI doesn't want to be the boss, but only the last dead photovoltaic enterprise." It is precisely this character that determines the stability and non aggressiveness of CSI.
However, conservatism also reflects "stubbornness" to some extent.
As we all know, there has always been a dispute over the technical route in the photovoltaic industry. Whether it was the dispute between thin films and crystalline silicon before, or the dispute between polycrystalline silicon and monocrystal silicon now, almost every time the dispute over the technical route ended, it was accompanied by changes in the economic benefits of enterprises. Therefore, photovoltaic enterprises need to continue to invest to maintain their competitiveness.
It is understood that in 2017, with the comprehensive deployment of Longji in diamond wire cutting technology and the expansion of single crystal scale, including the policy tilt, most companies in the photovoltaic industry have also turned to the single crystal route since 2017.
However, as one of the "Five Swordsmen of Photovoltaics", CSI still insists on improving the conversion efficiency of polysilicon solar cells, rather than turning to the single crystal line.
In 2018, when the market is more collective "looking at the decline" of polysilicon batteries, Qu Xiaohua responded, "waiting for us to cheat you and frighten you."
Or affected by this, the shipment volume of CSI is slightly slower than that of peers. According to Infolink, in 2011, when CSI entered the top five PV module manufacturers in the world, Jinko Energy and Longji were still "brothers".
However, by 2022, the top five PV module manufacturers in the world will be Longji Lvneng , Jingke Energy, Trina Solar Jing'ao Technology The annual shipment volume of the top four manufacturers has reached the level of 40GW, while the annual shipment volume of the components of CSI is 21.1GW, which has been significantly separated.
On the whole, Qu Xiaohua's low-key and steady attitude has injected a spirit of enterprise that does not drift with the tide and does not expand blindly. However, under the competitive situation of photovoltaic enterprises, this spirit is not only the advantage of the steady development of CSI, but also the challenge it needs to face in the fierce market competition.
Editor in charge | Chen Bin
When the stock market recovers, open an account first! Intelligent fixed investment, condition sheet, individual stock radar... for you>>
Massive information, accurate interpretation, all in Sina Finance APP
