The companies in the photovoltaic industry chain, including the diamond line production enterprises, also began to feel the "spring river plumbing" of the photovoltaic industry.
On February 21, Muller New Materials (300700) held the 2018 Annual General Meeting of Shareholders. Duan Zhiming, the chairman of the company, said: After the "531 Photovoltaic New Deal" last year, the "quick brakes" of the entire industry have passed, and now the enterprises in the photovoltaic industry chain are operating. It has stabilized and has begun to enter the performance climbing stage.
"Now the impact of the 531 new policy will be found, but it can be found that the market test last year has a positive benchmark for the development of China's photovoltaic industry. The adjustment brought by the New Deal will drive the industry from policy-driven to market-driven." Duan Zhiming said that the entire market The space is fully open.
Accelerated release capacity
From the perspective of the company's operation, the photovoltaic recovery has been transmitted to the upstream diamond line enterprises.
“From the fourth quarter of last year to January of this year, I clearly felt the reversal of the industry trend.†Duan Zhiming said that since January of this year, the company's production line has been in full production, and shipments have increased rapidly since the beginning of the year. In response to the fast-growing market demand, the company's Zhuzhou base is accelerating the commissioning progress and strives to achieve full production in the second quarter of this year.
According to public information, Muller's main business includes diamond wire for silicon cutting and diamond wire for sapphire cutting. The diamond wire produced by the company has been exported to Taiwan, Russia and other regions. The main customers include Longji, Poly GCL, Zhonghuan, Taiwan AUO, Russia Monocrystal, Lansi Technology, Crystal Optoelectronics and other world-renowned photovoltaic and sapphire processing enterprises.
In 2017, the ultra-expected development of the photovoltaic industry ushered in a major outbreak. At the same time, the full-scale popularization of diamond wire cutting technology in the field of photovoltaic crystal silicon cutting is a foregone conclusion. Therefore, the three diamond line companies, including Muller New Materials, have successively landed in A shares.
However, after the release of the "531 New Deal" in 2018, the domestic photovoltaic industry ushered in a turning point. Due to policy reasons, the domestic PV industry experienced a sharp decline in demand during the period of concentrated production capacity.
Duan Zhiming introduced that the price of polycrystalline single film dropped from 5 yuan at the beginning of the year to 2 yuan in the second half of the year, and the price reduction reached 60%.
Affected by the promulgation of the downstream PV New Deal, the diamond line industry has experienced varying degrees of decline in demand, price and gross profit. Enterprises are busy cutting prices to reduce production and clear inventory.
Duan Zhiming revealed to reporters that at that time, it was judged that the company will follow the photovoltaic industry to enter a period of de-capacity adjustment. "But the overall development trend of the photovoltaic industry has not changed. The industry will evolve from a policy-driven to a market-driven process. Instead of backward production capacity, the market space for excellent companies will accelerate."
Therefore, the company did not shrink its production capacity at that time, and still actively promoted the construction of the second phase of the project and the Zhuzhou company project.
Duan Zhiming believes that the trend of the photovoltaic industry since then proves that the company's response is correct.
The data shows that the annual decline in solar-powered grid-connected installations in China in 2018 is not large, and the global market is a significant increase. Taking the EU market as an example, according to SolarPower Europe, the installed capacity of grid-connected solar power in the EU is about 8GW in 2018, which is 36% higher than the 5.9GW grid in 2017.
The industry is fully warming up
At the same time, domestic PV policy has also begun to pick up.
On January 9, 2019, the National Development and Reform Commission and the National Energy Administration issued the "Notice on Actively Promoting the Work of Unfunded Affordable Internet Access for Wind Power and Photovoltaic Power Generation", clearly clarifying the relevant requirements and related support policies for wind power and photovoltaic power generation without subsidized parity; On February 18th, the New Energy Department of the National Energy Administration convened relevant enterprises to hold a symposium to solicit opinions on the work related to photovoltaic power generation construction management in 2019. The draft new policies for soliciting opinions include subsidy scale, photovoltaic project classification, household photovoltaic management, Construction of indicators and other aspects of the content.
Analysts believe that this consultation draft fully listened to the industry's "price reduction and quantity" opinions, and found a good balance between the subsidy gap and the development of the photovoltaic industry. Due to the 2019 policy landing, domestic demand is concentrated in the first The third and fourth quarters broke out.
From the perspective of the stock market, the photovoltaic industry has also emerged from the trend of the bottom reversal from the time of the promulgation of the “531 New Dealâ€.
After the New Deal was issued last year to the low of October 19, 2018, Tongda Solar (880544) fell more than 30%. Since then, it has rebounded and has risen by 27%.
In the A-share market, stocks in the solar sector rose strongly, and Longji and Tongwei shares performed well. It is worth mentioning that Silver Star Energy rose 142.23% this year, ranking first in the sector.
Muller new materials also believe that from all aspects, the photovoltaic industry has been fully warmed up.
Duan Zhiming said that the company will continue to increase investment in research and development, enhance product market competitiveness, and broaden product market applications in order to smooth possible industry policy risks. According to reports, in addition to the application in the photovoltaic industry and sapphire industry, the company will also expand its application in the field of hard and brittle materials such as magnetic materials and ceramics.
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