In the areas of solar energy, railways and household appliances, the overall strength of Chinese companies is much higher than that of American companies. Among them, the leading degree of solar energy industry is the highest. " On June 25, Shang Yaohua, strategic general manager of Longji Green Energy Technology Co., Ltd. (hereinafter referred to as Longji shares, 601012), said to the first Financial reporter.
At the "2019 Photovoltaic Environmental Protection into Longji Stock Exchange Symposium" held by the China Environmental Protection Federation on the same day, Shang Yaohua said that after years of persistent technological breakthroughs, a number of Chinese photovoltaic enterprises have tirelessly promoted photovoltaic products to reduce costs and increase efficiency, which has made China's photovoltaic industry internationally competitive.
He said that by the end of this year, the new scale of the global photovoltaic market is expected to reach 130GW, with an average annual compound growth rate of 38% over the past 15 years compared with 1GW in 2004, making it one of the fastest growing industries in the world.
"the essence of the photovoltaic industry's service to society lies in the continuous optimization of kilowatt-hour costs, which can provide lower power energy for social progress and development." Shang Yaohua said that the power generation cost of fossil energy is determined by resource endowment, and the cost is low in areas with large reserves. The cost reduction of photovoltaic power generation is driven by technological progress, the higher the photoelectric conversion efficiency, the more advanced the production process, the lower the cost.
He said that the cost of photovoltaic power generation has been reduced by more than 90% in the past decade, and access to the Internet at an affordable price is about to be realized. "the original price of a single crystal silicon wafer was 100 yuan, but now it is only 3.07 yuan. Technological progress will also accelerate, and photovoltaic will become the most economical electricity in the future. "
On June 25, Shang Yaohua, strategic general manager of Longji Green Energy Technology Co., Ltd. (second from left), was interviewed by reporters. Photography / Zhang Ke
According to public data, Longji shares had an operating income of 21.988 billion yuan in 2018, with a net profit of 2.558 billion yuan belonging to shareholders of listed companies, showing rapid growth in the two key financial indicators of revenue and profit, with a 5-year CAGR (annual compound growth rate) of 57.34% and a net profit 5-year CAGR (annual compound growth rate) of 104.8%. The highest market capitalization in 2018 is more than 80 billion yuan, which is the largest market capitalization of photovoltaic enterprises in the world in the same period.
In 2018, Longji shipped 3.483 billion single crystal wafers, an increase of 59 percent over the same period last year, while shipments of single crystal battery modules 7.07GW, up 50 percent year on year, ranked first in the world in 2016, 2017 and 2018.
According to the "Global Photovoltaic Enterprise Triathlon Competitiveness report" released by Photon Consulting in the third quarter of 2017, Longji continues to rank first in the global financial health index among 56 well-known photovoltaic companies. In the first quarter of 2019, it continued to be selected as the Global first Class component supplier (Tier1) of Bloomberg New Energy Finance (BNEF), a world-renowned research institution.
Longji Co., Ltd. is on the road to change from product innovation to technological innovation to change the world energy pattern. " According to Shang Yaohua, Longji has 548 core R & D team and 526 core technology patents. The positive conversion efficiency of single crystal PERC battery broke the world record for six times in a row, reaching 24.06%. The conversion efficiency of type 60 efficient PERC components broke the world record three times in 2018, reaching 20.83%.
The photovoltaic industry is driven by the superimposed policy of market demand. on the one hand, the scale of the industry is expanding rapidly, on the other hand, it is full of volatility. Shang Yaohua said that the fallen "former" industry leaders were so focused on growth that they ignored volatility, resulting in the use of too much financial leverage and the collapse of capital during the volatility period.
"the operation of Longji shares, on the one hand, ensures high investment in R & D technology to ensure technological leadership and even lead technological change in the industry, and on the other hand, sets up an investment red line to ensure that it will not be over-expanded." Shang Yaohua said that in this regard, Longji shares adhere to three principles: if it does not lead and does not expand production, the technology of new production capacity must be ahead of the industry; the asset-liability ratio is not higher than 60%, and the early development stage is always below 50%; treat technological innovation with the thinking of management, that is, all technological innovation and investment must obtain economic benefits within a certain period of time.
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