On the evening of July 2, two announcements gave the domestic single-crystal leading Longji shares (601012, SH) once again received market attention. Longji shares intend to apply for the issuance of 3 billion yuan perpetual bonds and 3 billion yuan short-term financing bills, while Zhengtai Electric (601877, SH) is preparing to purchase more than 700 million yuan of Longchuan shares of 17 distributed photovoltaic power plant project companies. Combined with the PV new deal a month ago, there are many speculations on the reasons for the financing of the Longji shares and the sale of power stations.

In an interview with reporters, the staff of the Longji Branch of the Longji Stock Exchange said that the financing has nothing to do with the new PV policy. The company will formulate a financing strategy every year, and this financing is carried out according to the company's normal plan. For the sale of photovoltaic assets, the staff said that Longji's strategy is a light asset model, will not hold photovoltaic power plants for a long time, photovoltaic power plant projects rolling development, will be transferred after the completion of construction.

Transfer after the power station is completed

On the evening of July 2, Zhengtai Electric announced that the company's wholly-owned subsidiary purchased 100% of the shares of 17 distributed photovoltaic project companies of 6 companies of Longji, involving a project capacity of 106.3MW and a total equity transfer transaction price of 703 million yuan. .

The six subsidiaries are Xi'an Longji New Energy Co., Ltd. (hereinafter referred to as Xi'an Longji), and four wholly-owned subsidiaries of Xi'an Longji: Guangdong Longji New Energy Co., Ltd., Hebei Longji New Energy Development Co., Ltd., Changling East Energy Technology Co., Ltd., Haicheng Disheng Hailian New Energy Technology Co., Ltd., and Xi'an Longji Indirect wholly-owned Sun Company - Wucheng County Senneng Power Technology Co., Ltd.

Judging from the equity structure of the transfer, these photovoltaic power plants are all assets of Xi'an Longji. Xi'an Longji was formerly known as Leye Photovoltaic Energy Co., Ltd., which is a wholly-owned subsidiary of Longji.

As an important subsidiary of Longji's operation of photovoltaic power plants, Xi'an Longji's assets have expanded rapidly in the past two years. In 2016, the company's total assets were 1.22 billion yuan, net assets were 273 million yuan, and revenue was 22,337,400 yuan. 25.4481 million yuan. By 2017, Xi'an Longji's total assets have expanded to 4.274 billion yuan, net assets of 1.066 billion yuan, operating income of 495 million yuan, and net profit of 2.638 million yuan. However, in the first quarter of this year, the total assets of Xi'an Longji have been greatly reduced. In the first quarter of this year, the total assets have reached 1.562 billion yuan, the net assets were 1.068 billion yuan, the revenue just exceeded 1 million yuan, and the net profit loss was nearly 6 million yuan.

Compared with Xi'an Longji's loss in the first quarter of this year, the 17 PV power plant companies that Zhengtai Electric purchased this time are all in a profitable state. Among them, Shijiazhuang Leyang New Energy Technology Co., Ltd. traded at 10.66 million yuan, which is the lowest among the 17 companies. Last year, the company's total assets were nearly 10 million yuan, net assets were 2.87 million yuan, revenue was 600,000 yuan, net profit was 380,000 yuan, and net profit margin was as high as 63.33%.

Yinan County Fuyang New Energy Co., Ltd. traded at 176 million yuan, the highest among the 17 companies. Last year, the company's total assets were nearly 160 million yuan, net assets were about 50 million yuan, revenue was 8.33 million yuan, net profit was 4.11 million yuan, and net profit margin was 49.34%.

For the sale of photovoltaic assets, the above-mentioned Longji shares staff said that the company's strategy is a light asset model, will not hold photovoltaic power plants for a long time, distributed photovoltaic power plant projects rolling development, will be transferred after the completion of construction, Zhengtai Electric also has There were plans for the power station, so the project was purchased. For the profit of the power station, Xi'an Longji suffered a loss. The staff said that this question needs to be consulted before answering the finance.

The company claims that financing has nothing to do with the new PV policy

It is worth noting that Xi'an Longji's asset-liability ratio was 75% last year, and its asset-liability ratio fell to 32% in the first quarter of this year. However, for the listed company Longji shares, the asset-liability ratio continued to rise, reaching 47.35% in 2016, 56.68% last year, and a slight increase to 57.34% in the first quarter of this year.

The shares of Zhonghuan, which is also a single-crystal faucet, have an asset-liability ratio of 53.66%, 58.08% and 59% in the first quarter of 2016 to 2018, respectively. The asset-liability ratio of Zhonghuan shares was slightly higher than that of Longji. The person in charge of Zhonghuan said at the shareholders meeting that the photovoltaic production capacity will not expand on the existing basis, and the company's asset-liability ratio will be effectively controlled.

For the current asset-liability ratio of Longji shares, the above staff believes that it is reasonable. He said that the core competitiveness of Longji shares is financial stability. In the evaluation of international institutions, the financial indicators of Longji shares are among the best in the global PV companies.

In fact, while selling the assets of photovoltaic power plants, Longji shares improved the debt structure through financing. On the evening of July 2, Longji announced that in order to meet the funding needs of Longji's operation and development, further adjust and optimize the company's debt structure and expand financing channels, the company intends to apply to the China Association of Interbank Market Dealers for a registered issuance of no more than 3 billion. The long-term term of the yuan includes the medium-term notes, that is, perpetual bonds; and issues short-term financing bonds of not more than 3 billion yuan.

The term of Longji's perpetual bonds is 3+N years, and the term of short-term financing bonds is not more than one year. The company may issue one or a period, part or all according to market conditions, interest rate changes and the company's own funding needs. This part of the funds is mainly used for the daily operation of the company, repayment of financial institution loans and other purposes in accordance with national laws, regulations and policies and the requirements of the China Interbank Market Dealers Association.

The above staff told reporters that the above financing has nothing to do with the previous PV New Deal. The company plans the financing amount and scale at the beginning of each year, and this financing is carried out according to the company's normal plan. This financing is more of a concept of quota. It does not mean that it is issued so much. The circulation needs to be based on the amount of registration and market conditions.

For the industry's previous interest in the capacity expansion plan of Longji, the staff said that it has not adjusted yet. He also stressed that the plan was formulated according to the market conditions at that time.

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