Yi Chengxin's life and death in the first line of 2017 net profit fell by 2813.56% year-on-year

On March 27, Yi Chengxin announced that it intends to transfer the assets, liabilities and equity related to the cutting wafer business of the wafer and the EPC business of the photovoltaic power plant to its first controlling shareholder, China Pingmei Shenma Energy Chemical Co., Ltd. Group limited liability company (hereinafter referred to as “Ping coal Shenma”) or designated related parties, the total assets mentioned above are expected to be between RMB 3.5 billion and RMB 4 billion, but the transaction price is expected to be between RMB 200 million and RMB 500 million.

It is worth noting that the assets involved in this transaction are basically the assets that have been injected after the Pingmei Shenma into the new energy in 2013.

The predecessor of Yicheng Xinneng is Xinda New Material. It was easy to go public on the GEM as early as June 2010. It is mainly engaged in the production and sales of crystalline silicon wafer cutting materials, but since the end of 2011, the photovoltaic industry has entered the whole process. In the cold winter, the downstream wafer companies experienced widespread losses, and the industry development also fell into a bottleneck period. As a result, its 2012 performance has fallen sharply. Its sales revenue decreased by 46.92% compared with 2011, total profit decreased by 146.89%, and net profit loss was 62.234 million yuan, down 149.88%.

At the end of 2012, Xinda New Materials embarked on the road of reorganization, and Pingmei Shenma facilitated the intervention of new and new materials at this time. Xindaxin Materials will issue additional shares to all shareholders of Pingdingshan Yicheng New Materials Co., Ltd. (hereinafter referred to as “Yicheng New Materials”) including Pingmei Shenma at a price of 6.41 yuan/share. In 2013, Pingmei Shenma Successfully became the largest controlling shareholder of Xinda New Materials, and in 2015 changed its name to Yicheng Xinneng.

The reorganization of Xindaxin Materials and Yicheng New Materials was regarded by the industry as a strong combination in the field of crystalline silicon wafer cutting, and the original market share of Yicheng New Materials, which together accounted for more than 40% of the market share. It is one of the leading suppliers of domestic photovoltaic crystalline silicon cutting materials.

At that time, according to the expectation of Yicheng Xinneng, from the second half of 2013, the sales price of crystalline silicon wafer cutting material will slowly pick up with the recovery of market demand, and will return to a reasonable market level by 2020.

Not only that, when Pingmei Shenma entered the company and became a new energy source, he promised to inject new energy and new materials fields into the new and new materials after reorganization. Pingmei Shenma did not say anything. In the five years after the reorganization, Yicheng Xinneng extended the industrial chain to enter the downstream photovoltaic power station, develop diamond fiber products, and cross-border into the anode materials. However, the recycling of crystalline wafer cutting blades and waste mortar has been the main source of revenue.

However, at that time, it was seen as a reorganization of strong alliances, but now it is suffering from Waterloo.

According to the 2017 annual performance report released by Yicheng Xinneng in February this year, the company's operating income in 2017 was 1.826 billion yuan, down 23.98% year-on-year. Total profit loss was 989 million yuan, down 2813.56% year-on-year; belonging to shareholders of listed companies. The net profit was a loss of 1.023 billion yuan, a year-on-year decrease of 5489.95%. Under the background of the booming PV industry, Yi Chengxin can become one of the few losers.

In 2017, Muller New Materials, which first boarded the A-share market, said that in 2017, the solar polysilicon cutting method was fully converted to the diamond wire cutting method. As the conversion progress exceeded the industry's original expectations, its demand for diamond wire products increased explosively.

A number of industry insiders told reporters that in 2017, King Kong Line quickly eroded the market of traditional crystalline silicon slicing technology with its advantages in cutting efficiency, energy consumption, environmental protection, quality and operating costs.

The reporter learned from GCL-Poly that in 2017, GCL-Poly began to renovate the full-scale diamond line. Up to now, 6,000 units of GCL-Poly have been completely rebuilt, and the average annual consumption of diamond wire is about 10 million kilometers. Longji shares began to lay out the diamond wire cutting business in 2014, and achieved a full replacement of the diamond line at the end of 2015.

The above-mentioned insiders pointed out that at the end of 2018, the traditional crystalline silicon chips will disappear from the market, and the diamond wire slices will be fully replaced.

However, Yi Cheng Xin Neng did not choose to sit still, but actively participated in this technological subversion battle, of course, the price paid is also heavy.

Sun Yi, chairman of Yicheng Xinneng, said that in 2017, Yi Chengxin was able to “revolve” with the courage and determination of “the strong man breaking his wrist”, and planned to shut down the cutting edge business unit, new road signs, and Wan Shengxin. For more than ten years, the silicon carbide production line has carried out self-healing and has turned to the diamond line project.

It is reported that Yicheng Xinneng has completed the production capacity of 4 million kilometers of electroplating diamond wire. There are still 2 million kilometers of electroplating diamond line project under construction. It is expected that it will be completed and put into operation in the first half of 2018.

However, it is worth noting that the market is no longer the era of Yicheng Xinneng crystal wafer cutting blade monopoly market share of more than 40%. Now on the front line of the Diamond Line, it is faced with a multi-faceted competition.

Among them, Yangling Meichang New Materials Co., Ltd., which was established less than three years ago, has become the world's leading supplier of diamond wire, accounting for more than 50% of the global market share. It is reported that the current production line of its production and operation totals 245. It is expected that the annual production capacity of electroplating diamond wire will reach 18 million kilometers.

Not only that, Yi Cheng Xinneng also faces competition from the A-share market in the A-share market, such as Sanchao New Materials and Muller New Materials. Most of these companies are domestic independent diamond wire manufacturers with more mature electroplating diamond wires. R & D and production capacity, in 2018, the above-mentioned enterprises will gradually release their production capacity, and their industry status and market share will further increase.

Therefore, some market participants have predicted that the demand for the diamond line in the entire wafer market in 2018 will change the status quo of “one line is hard to find”, and there may even be a phenomenon of oversupply.

The above-mentioned Yi Cheng Xinneng people also admitted in an interview that more and more manufacturers are entering the market of diamond wire cutting, and the overcapacity situation will not occur in a short time. However, the market space is fixed. As the technology matures and the production capacity continues to be released, the gross profit of the diamond line will definitely decline.

In fact, Yi Chengxin can not only "betting" the diamond line. Just as the slogan erected in front of the parent company - "winning forward", Yi Chengxin has been chasing the development of industries such as lithium battery and photovoltaic power station, but the performance has been tepid.

In 2015, Yi Chengxin was able to transfer 40% of Zhongping Zibo from Pingmei Shenma, expand the production of anode materials, expand into the field of lithium battery energy storage, and announced a total investment of 349 million yuan to build a negative electrode of 10,000 tons. Material project.

In the first half of 2017, Yichengxin completed the acquisition of 50.20% equity of Pingmei Longji, and added an annual output of 2GW high-efficiency monocrystalline silicon cell project, and plans to expand production to 4GW. In December of the same year, Yicheng Xinneng released a feasibility study report for Pingmei National Energy's annual production of 1 billion Wh high-safety high-power-power lithium-ion battery project. In Yicheng Xinneng's investment plan, the 1 billion Wh soft-pack lithium battery with a total investment of 592 million yuan is only the first-phase project. The second-phase project has a planned production capacity of 9 billion Wh and an investment of about 4.5 billion yuan.

However, according to Yicheng Xinneng's 2017 semi-annual report, the above projects only achieved an increase of 195 million yuan, which is dwarfed by the 794 million reductions caused by the traditional business.

Yi Chengxin said that the new business will not be able to offset the negative impact of the operating loss of the wafer cutting blade in the short term.

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