    The accelerated attack and rise of a company is often eye-catching.
    For example, the Tongwei shares that have accelerated in the photovoltaic industry in recent years are one of them. Its strategic layout, the "first" of its development speed, its courage and determination in its execution are highly concerned by the industry and society.
    What is the strategic logic of Tongwei's strong layout of photovoltaics? Does it only chase the scale advantage? Is it sensitive enough to the sense of industrial risk? Is its judgment on future trends accurate? Where does its powerful management and resource matching capability come from?
    A similar guess is not surprising. However, Tongwei, which has been established for 37 years, has already witnessed many economic and financial crises, crossed many industrial games and storms, and felt the darkest and difficult moments of the photovoltaic industry. As the founder and helm of Tongwei, Liu Hanyuan, who was listed in the list of "100 outstanding private entrepreneurs in the 40 years of reform and opening up", should have been "a hole in the fire" for strategic opportunities and obstacles, industrial trends and challenges, and business operations and risks. It is.
    Back in the development of Tongwei shares, its cutting into the photovoltaic industry clearly has its clear strategic logic. The subsequent development also proves that under the premise of clear strategy, its team, technology, management, capital and other dimensions fully support and drive its rapid development, which in turn promotes its rapid expansion in the photovoltaic industry in recent years. Strong.
    If we analyze and analyze the business data of Tongwei Shares over the years, and compare the relevant data of the photovoltaic industry (enterprise), we can see the logic and confidence of Tongwei's strategic attack from another perspective. Its current pattern and achievements are also It is not a fever of the mind, blind expansion, but must be the result of careful thinking, careful planning and layout.
(Tongwei Group Management Headquarters)
    Rising strategic logic
    China's PV industry has experienced ups and downs for more than a decade. In recent years, there have been two major trends. First, integration and reshuffle have continued, and industry concentration has continued to increase. Second, efficient production has accelerated the elimination of backward production capacity.
    According to statistics, among the 75 mainstream PV listed companies, the top ten companies: the total net profit accounted for 104.24% of the total of all enterprises; the net financing cash flow accounted for a total of 179.50%. The total external investment scale accounted for 64.04% of the total; the total operating cash flow accounted for 66.15%; the total amount of advance receipts (corresponding to orders) was 12.495 billion yuan, accounting for 66.15% of the total; the top ten enterprises' cash reserve scale The overall proportion is 57.55%.
    Faced with the above-mentioned almost irreversible industrial trend, the author believes that for Tongwei shares, it must quickly “bigger†in the industry chain, which is to quickly enter the top ten in terms of scale, and even be at the forefront or first. With the scale effect, there will be enough strategic imagination space and development space in the future. If you don't make it bigger, the final outcome may only be eliminated and shuffled. This kind of industrial logic is not difficult to understand, and it is even the consensus of many PV entrepreneurs.
    When you are big, you must also be "strong"! This requires PV companies to have the strongest execution team, the best management, to have the best core technology, to have the best cost control, the most powerful financial support, and to continue to optimize the technology and products. There is more room for improvement in terms of cost reduction.
    When Tongwei made corresponding strategic layouts in the photovoltaic field in recent years, it clearly saw the above-mentioned general trend of industry development. Tong Han under the helm of Liu Hanyuan also knows that the most taboo thing for a company to develop and grow in the long run is strategic swing and repetition. Once the stage strategy is determined, it must maintain its strategic strength and implementation must be consistent. .
    Some media have analyzed that today's photovoltaic industry has bid farewell to the era of "passion burning"; bid farewell to "do not follow the common sense", and only rely on the expansion of scale to win the era of profiteering. Scientific management, rational development has become an industry consensus. The comprehensive analysis, with 37 years of development history of Tongwei, the advancement in the photovoltaic industry, clearly has clear, rational strategic logic and a variety of strong elements to support, and has its advantages.
    Photovoltaic is a fully competitive industry with fast technology upgrades. Tongwei has strong technology and capital strength. It has a large amount of capital to enter the photovoltaic industry. It can focus on all aspects and simultaneously invest in multiple links. In the time, build a relatively complete photovoltaic industry chain, and shape the competitiveness and risk resistance of enterprises.
    Nowadays, in the field of high-purity crystalline silicon upstream, Tongwei's Yongxiang shares have formed a capacity of 80,000 tons of high-purity crystalline silicon, ranking the top three in the world; the high-efficiency solar battery in the middle reaches has been ranked first in the world for three consecutive years; in the next 2-3 years, its High-efficiency battery capacity will exceed 30GW. At the end of the Industrial Chain, Tongwei's world-first “fishing and light integration†development model, all major projects across the country.
(Tongwei "fishing and light integration" Jiangsu Sihong lead base)
Achieve steady operation
    In 2018, Tongwei's revenue reached 27.535 billion, a year-on-year increase of 5.53%. Among them, the agricultural and animal husbandry business segment revenue was 16.816 billion, and the photovoltaic sector's 10.2 billion revenue accounted for 61.07% and 37.04% of the company's total revenue. In the photovoltaic industry, this business structure is difficult to have directly comparable objects. Even the upstream giants such as Zhonghuan, GCL-Poly and Longji, and TBEA are slightly different from their business models.
    As a company with multiple industrial chains, Tongwei is committed to two major sectors, namely, agriculture and animal husbandry business and photovoltaic business, effectively suppressing the tremendous changes brought about by the photovoltaic new policy (such as the suspension of ground power stations, shrinking distributed indicators, etc.). And the impact on corporate income.
    From the perspective of the business mix of photovoltaic panels, Tongwei shares mainly rely on the two parts of the mid-stream battery and the upstream high-purity crystalline silicon to drive the growth of the business and improve the performance. There are few similar companies that have worked on these two major market segments. Some observers believe that this is the advantage and value of Tongwei shares: it not only seizes the leading product line of the industry, but also continuously exerts its strength in the battery field of the middle reaches, and quickly does it along with the single polycrystal. Strong, surpassing the market opponents in one fell swoop.
    From the perspective of business performance, there are comparisons, and often differences can be seen. As we all know, in the past 2018, the entire photovoltaic industry is under tremendous pressure both at the performance level and at the capital level.
    According to public statistics, 75 major PV listed companies in 2018: realized operating income of 454.3 billion yuan, an increase of 5.11% year-on-year; net profit of returning home fell by 27.69% to 20.5 billion yuan; foreign investment decreased by 155.73 year-on-year. From 100 million yuan to 86.508 billion yuan; the overall net financing of cash flow dropped by 70.064 billion yuan in 2017; the amount of monetary funds (cash) owned by the end of last year decreased by 13.47%. In addition, 62 PV listed companies' pre-receipt scale (on-hand orders) decreased by 3.95% year-on-year; over 62% of PV companies' pre-receipt scales showed negative growth.
    This is a set of “tough†data that clearly reflects the enormous pressure that the entire photovoltaic industry (enterprise) has faced. However, even under such a precipitous situation, Tongwei's six core operating data such as revenue, net profit, total assets, foreign investment, monetary capital, hand order size and gross profit margin in FY2018 were the highest since the listing.
    In addition, Tongwei's operating income has maintained positive growth for a long time. In the first quarter of 2019, its revenue growth returned to double digits, an increase of 18.14%.
    The profitability of Tongwei shares is also very stable. Statistics show that in the past five years, the net profit of Tongwei shares has been positively growing. According to statistics, the net profit of Tongwei shares returned to the mother in the first quarter of 2019 has been increasing for 28 consecutive quarters.
    Note: All the data in the above table are the legal disclosure data of Tongwei Shares. Tongwei Co., Ltd. completed its restructuring in 2016 and injected it into the photovoltaic new energy industry. As a result, the data such as revenue and profit before 2016 and 2016 have changed significantly.
    In addition, Tongwei's overall profitability (gross profit margin and net profit margin) remained basically stable and trending. In the first quarter of 2019, Tongwei's gross profit margin and net profit margin were 22.25% and 7.85%, both of which were the highest since the listing.
    In the photovoltaic industry, which has undergone drastic changes, it is extremely difficult for a company to achieve the above results, especially for a rapidly expanding enterprise. From the above data, it can be clearly judged that the acquisition of Tongwei's business performance is not only due to the rational layout of the company's two-way industrial chain, but also not only the pursuit of capacity scale, but also the rigor of company establishment and execution, relying on technology and team. Continuous improvement in execution and an efficient financial control system.
(Yongxiang New Energy High Purity Crystal Silicon Distillation Tower)
    Strictly control financial risks
    As the saying goes, money is not omnipotent, but no money is impossible. The rapid development of enterprises requires good financial support. Then, in 2018, what is the financial status of Tongwei Shares?
    According to the industry's new media "Energy No. 1" analysis, the data of the comprehensive Tongwei stock financial report can be determined: Tongwei shares in the field of monetary funds and financial funds are clear, transparent and in a normal situation.
    Anyone who has long observed the capital market knows that a company that raises funds during the market growth period must reserve some funds for the bank as a financing collateral or project margin, which is common practice in all manufacturing companies. The same as the upstream of the photovoltaic stocks in Central, in 2018 there are some "money funds" limited, mainly because this part of the funds used to make deposits and time deposit certificates. â€
    Tongwei's annual report also shows that in 2018, the company's bills receivable and accounts receivable were 2.216 billion yuan, of which bills receivable were 1.051 billion and accounts receivable were 1.165 billion, a substantial increase. Due to the two-way growth of the company's performance in 2018, the year-on-year increase in accounts receivable and notes is within the normal range.
    It is understood that Tongwei shares are “graded†according to the accounts receivable, and the management is very strict. Through the aging management of existing customers' credit monitoring and accounts receivable, Tongwei will submit the changes of key customers' receivables every week to ensure that the company's overall credit risk is within the controllable range. Moreover, when monitoring the credit risk of customers, they are grouped according to their credit characteristics. Customers rated as “high risk†will be placed on the restricted customer list and must be required to pay in advance.
    Analysts believe that this more reasonable and hierarchical financial management method provides financial security for Tongwei shares with tens of billions of annual income, and also helps enterprises to grasp the financial receivables risk of the cooperative units in a timely manner. And other issues.
Bottom gas and constant force
    In fact, the attack by Tongwei shares is not a case. In the past two years, almost all leading companies including Central, GCL, Longji, Artes, and Jingke have accelerated the expansion of high-efficiency production capacity and accelerated the landing of various large-scale projects. In other words, the accelerated progress of Tongwei shares is not abrupt, not even "maverick" and blind expansion.
    Overall, in the new era of industrial turning, almost every leading company in the core of the PV industry chain is accelerating. For example, the scale of foreign investment of Zhonghuan in 2018 also reached 5.759 billion yuan; the state-owned enterprise North Control Clean Energy, which is also known for its stability and rigor, reached 5.513 billion yuan, and Jingke Energy is close to 4 billion yuan. TBEA, Xinte Energy, Longji The foreign investment in the shares and the promotion of the East has also exceeded 3 billion yuan.
    From this perspective, the “latecomer†Tongwei shares of the photovoltaic industry have already had sufficient strength and strength. The current attack and speed increase are also aimed at taking more opportunities in the current and future industry competition. .
    Nowadays, the layout and expansion of Tongwei shares are still continuing; along with it, the industry continues to pay attention to it. But for Liu Hanyuan and Tongwei, it obviously will not change the inherent strategic layout and expansion plan. As for the development of the company, Liu Hanyuan also said that it is "not afraid of short-term setbacks, not tempted to move, consistent, perseverance, and targeted, and will finally achieve our goal."
QINGDAO SANJET NEW POWER MACHINERY CO., LTD. , https://www.sanjet.net