Photovoltaic welding strip industry, as a sub-industry of photovoltaic module industry, its development is closely related to the downstream demand of the industry. Since 2013, the domestic photovoltaic industry has entered a new round of high-speed development with the support of relevant industrial policies. From the global photovoltaic market, the new installed capacity of solar photovoltaic power increased from 38.35 GW in 2013 to 76.60 GW in 2016, with a compound annual growth rate of 25.93%. In the domestic market, the new installed capacity of photovoltaic power increased from 10.95 GW to 34.54 GW, with a compound annual growth rate of 46.65%. The high demand in the downstream of the industry has promoted the expansion of production capacity of enterprises in the industry.
However, if there is no proper financing channel and there is not enough financial support, the intention of expanding production capacity can only be a mere pie in the ointment.
Seven companies have been listed on the new third board one after another, and their market share continues to rise.
Under the background that there is no A-share listed company in the photovoltaic welding belt industry, listing in the new third board market has become an important way for enterprises in the industry to carry out equity financing. From December 7, 2014, Baoding Aiji New Energy Co., Ltd. as the first listed company of photovoltaic welding tape industry landed on the new third board. By September 21, 2016, Tongshi (Suzhou) Electronic Materials Technology Co., Ltd. was listed in the stock transfer system. There are seven listed companies of photovoltaic welding tape industry in the new third board market. They are Aiyi Xinneng and Xi'an Tailisong New Materials Stock. Ltd., Suzhou Yubang New Materials Co., Ltd., Baoding Yitong Photovoltaic Technology Co., Ltd., Jiangsu Sun Technology Co., Ltd., Weiteng Electrical Appliances Group Co., Ltd. and Shared Technology.
From the point of view of the whole photovoltaic welding belt industry, there are more than 80 manufacturers in the industry, of which there are more than 20 manufacturers with independent research and development ability to produce photovoltaic welding belt. The new three-board listed companies, which account for 1/3 of the major manufacturers in the industry and account for less than 8.75% of the total number of manufacturers in the industry, occupy 47.71% of the market share, reaching nearly half of the high level.
In fact, the market share of the new third board listed companies is not always high. In 2014, seven new third-board companies landed in succession, with a total market share of only 36.93%. Since then, with the accelerated development of domestic photovoltaic industry, the total market share of the seven listed companies has continued to grow. In 2015, 2016 and the first half of 2017, the market share of the seven listed companies was 38.03%, 47.12% and 47.71%, respectively.
New Third Board Enhances the Competitive Advantage of Financing Facility for Listed Companies
The competitive advantage gained by the seven listed companies from the new third board market is mainly the convenience of financing, which is reflected in the changes of market position of listed companies and non-listed companies, the financing scale of listed companies and the performance growth level of active financing enterprises.
From the change of market position of individual enterprises, according to the information provided by professional media in a photovoltaic industry, at the end of 2013, the top ten manufacturers ranked by channel scale in the industry are: Sun Technology, Shanghai Saili New Materials Technology Co., Ltd., Kunming Sanlite Technology Co., Ltd. (hereinafter referred to as Kunming Sanlite), Wuxi Sweek Technology Co., Ltd. (hereinafter referred to as "Kunming Sanlite"). Said: Wuxi Swick, Yubang New Materials, Yitong Technology, Jiangsu Yangsheng Energy Technology Co., Ltd., Shaoxing Libo Group Co., Ltd., Suzhou Industrial Park Shengshijia Photovoltaic Co., Ltd. and Changshu Zhenao Solar Energy Equipment Co., Ltd.
Apart from Sun Technology, Yubang New Materials and Yitong Technology, which later became listed companies, the other seven leading enterprises in the industry have not been listed on the new third board. According to the prospectus of Yubang New Material, except that Yubang New Material's market share reached 16.36% in 2014, the market share of the other six companies was lower than 5.10%. But in the first half of 2017, except for Yitong Technology, Aiyixin can not go ahead but go back, the market share of Tailisong, Sun Technology, Shared Science and Technology and Weiteng shares have reached or exceeded 5.00%, which has achieved their respective market expansion. The above changes are reflected in the "Public Transfer Instructions" of Aixinneng and Shared Technology. In December 2014 and September 2016, the main domestic competitors of the two companies have changed from Yubang New Materials, Wuxi Swick and Kunming Sanliter to six other listed companies landing on the new third board.
From the financing scale of listed companies, as of November 20, 2017, seven listed companies completed a total of 349 million yuan of financing through targeted additional issuance. Among them, Weiteng shares raised 125 million yuan, ranking first among seven companies, and Tailisong also raised 92.5 million yuan through two issuances. In addition, Sun Technology's 190 million yuan stock issuance project has entered the subscription stage. Over the same period, seven listed companies raised a total of 80 million yuan through equity pledge.
In addition to direct equity financing or pledge financing, as a public company listed on the new third board, it can also "add points" to the company's credit, thus facilitating indirect financing from the listed company to the bank. As of November 20, the seven listed companies have received 193 million loans from the banking system, of which Tailisong has the largest loan of 171 million yuan; the seven listed companies have received a total of 299 million yuan in short-term credit from banks, and Weiteng shares have taken the lead with a credit line of 150 million yuan. Although the above two types of credit funds still need to be secured by assets mortgage or related shareholders, compared with other small and medium-sized enterprises, the "loan difficulty" of listing in the new third board really reduces the financing difficulty of listed companies.
Accordingly, in the past three years, the market share of Weiteng and Tailisong has increased significantly. The market share of Weiteng shares increased from 2.86% in 2014 to 5.00% in the first half of 2017, and increased by 2.14 percentage points. The market share of Tailisong rose from 5.05% in 2014 to 9.77% in the first half of 2017, with an increase of 4.72%. Such an obvious increase in market share is valuable in the fully competitive photovoltaic welding belt industry. And these two "financing king" in the business income of the rapid development, more reflects the value of financing in the new three-board listing.
