Guizhou Wujiang Energy Group Co., Ltd. holds 100% of the equity of Wujiang energy, which means that after the equity transfer is completed, the actual controller of Zhonglai shares will become the state owned assets supervision and Administration Commission of Guizhou Province.
As one of the few listed companies in the A-share photovoltaic sector, Zhonglai is one of the leading enterprises in China. Under the diversified development idea, the company has continued to lay out efficient battery components in recent years, forming a dual business model of backplane + components. In 2019, the companys performance has grown significantly. Financial data shows that the companys operating revenue was 3.478 billion yuan last year, an increase of 29.20% year on year; the net profit attributable to shareholders of listed companies was 243 million yuan, an increase of 93.41% year on year.
In recent years, the domestic photovoltaic industry around the midstream battery, module end of the increasingly fierce competition. In addition, through the layout of n-type TOPCON technology, the company has opened up a track in the competition of efficient batteries and components. In 2016, Chinalco put forward strategic transformation, announced to enter the field of high-efficiency battery, and issued several investment plans successively. According to the statistics of the industry, the capacity of high-efficiency batteries announced by the company exceeds 13GW, with a total investment of more than 23 billion yuan.
However, three or four years later, the construction speed of the high-efficiency battery project of China Laiwu is not as fast as expected. Up to now, the companys n-type battery capacity is 2.4gw. According to new era securities analysis, TOPCON technology has made rapid progress and is expected to accelerate its application in the industry in 2020. It is expected that the company will ship more than 2gw this year, laying the foundation for high performance growth.
It is worth noting that the outbreak this year led to the loss of China Laiwu in the first quarter. Financial data shows that the company realized a net profit loss of 19 million yuan attributable to shareholders of the listed company from January to March this year.
However, when striving to achieve the business objectives, the actual controller suddenly cashed in and handed over the control right, which is lamentable.