Conform To The "Carbon Neutral" Development And Expand The New Energy Territory

The ambition of high capital chasing new energy track is highlighted.

On the evening of December 20, Longji shares announced that Hillhead capital intends to transfer 6% of the equity held by Li Chunan, a shareholder, with a total transaction consideration of 15.841 billion yuan.

Hillhouse capital took a large stake in Longji shares, which once again ignited the enthusiasm of the secondary market for the photovoltaic industry.

On December 21, Longji shares closed at 85.42 yuan / share, a record high. As a result, the photovoltaic sector exploded, with the whole sector soaring by more than 5%. The trading limit of Jingao Technology Co., Ltd. increased by more than 6%, such as fulette, Maiwei shares, kestar, sunshine energy and Tongwei.

On the same day, insiders of Longji said in an interview with the 21st century economic reporter that "the high position shares are the recognition of the company's competitive advantage and value. What Hillhead follows is a long-term value concept, not a pure financial investment, but the development space of photovoltaic industry. We believe that the company can create value for the industry and society. "

As the top investment institution in Chinese capital circle, the investment dynamics of Hillhouse capital plays a role as a weathervane in the market. Before focusing on Longji, a leading photovoltaic company in China, Hillhead has successively invested in leading new energy enterprises such as Ningde times, Enjie, Weilai, Xiaopeng and ideal automobile. The investment logic behind it is worth pondering.

Analysts pointed out that the investment path of Hillhouse capital is closely related to China's clear "carbon neutral" road map. On the basis of further reducing energy consumption in various industries, photovoltaic (wind energy) and new energy vehicles are expected to usher in new development.

High position warehouse building

According to the announcement, Li Chunan, the shareholder of Longji shares, intends to transfer 226.31 million shares of the company to Hillhead capital by means of agreement transfer, accounting for 6.00% of the total share capital of the company. This equity change is that Li Chunan has reduced the shares of listed companies due to his own financial arrangements, and plans to continue to reduce his holdings through centralized bidding and block trading system in the next 12 months.

As for the reasons for the shares, Hillard capital said that it was based on its confidence in the sustainable and stable development of the listed company in the future and its recognition of the value of the listed company. It planned to acquire the shares of the listed company through the equity change, so as to obtain the share appreciation income. At present, Hillhouse capital does not have a specific plan to increase the shares of Listed Companies in the next 12 months.

"At present, there is no specific cooperation plan between Longji and Hillard, which is just the stage of equity participation," the person concerned with Longji said in an interview

For Hillhouse's stake, chuangdao investment consulting partner Bu Rixin said in an interview with the 21st century economic news reporter, "Hillhouse's equity acquisition is in the way of transferring old shares. For Hillhouse capital, there is a valuable asset added to the investment map; for Longji, although it does not get direct financial support, it can obtain Hillhouse capital The head of investment fund recognition, also has a very good brand effect

What is concerned by the market is that hillock capital shares Longji shares for a high position. It is reported that the transfer price of this transaction is 70 yuan / share, and the closing price of Longji shares on the latest trading day is 77.65 yuan / share, which is slightly higher than 10% discount of the share price. From the perspective of the trend of Longji shares since this year, the growth rate of Longji shares has exceeded 200%, close to the historical high of Longji shares. Therefore, Longji shares transferred 6% of its shares at the time of the latter's market value of nearly 300 billion yuan.

For Hillhouse's "high position" heavy note, some market participants believe that "the value investment of Hillhouse capital is not a simple value investment, not a view of Pb net assets and simple growth, but a value investment with a larger pattern conforming to the historical trend."

In fact, it is not only Longji shares, including Jingao technology, Maiwei shares, sunshine power supply, Tongwei shares and other photovoltaic stocks at the peak of valuation. How do market participants view the valuation of the photovoltaic industry?

Yan Ping, investment manager of the investment department of CAITONG fund, said in an interview, "the valuation of photovoltaic industry in the past was relatively low, and with a certain increase this year, the valuation of the sector is relatively high compared with the history. In the past, due to the fact that the technological transformation of the photovoltaic industry has not been completed and more reliance on policy subsidies, the valuation given will be discounted. With the launch of the fair price online, it seems that the market has not yet adapted to the adjustment of the whole valuation system. Specifically, we believe that the valuation of the leading enterprises in the plate will be less than 30 times next year, and there are still certain advantages in horizontal comparison with other sub industries in the whole growth plate. "

Comply with the layout of "carbon neutral"

Since the beginning of this year, Hillhouse capital has made frequent actions, and has launched a series of actions against many photovoltaic leaders to comprehensively layout the photovoltaic industry.

Tongwei, another leader of photovoltaic concept, has just announced the completion of a fixed increase of 5.983 billion yuan. Hillhead capital is on the subscription list, and the subscription amount is close to 500 million yuan.

Earlier in September, Hillhouse also subscribed for 230 million additional shares of photovoltaic glass manufacturer Xinyi solar for HK $580 million.

From a broader perspective, Hillhead capital has entered the new energy sector for many times, and has successively invested in leading new energy enterprises such as Ningde times, Enjie shares, Weilai automobile, Xiaopeng automobile, ideal automobile, etc.

"Looking at the long-term competitiveness of the heavy photovoltaic industry, photovoltaic will become the mainstream energy in the energy system in the long term (20-30 years). At present, the market sentiment also pays more attention to photovoltaic. Hilltop has carried out in-depth screening and tends to buy industry leaders. " Wang Ge, the new chief analyst of CITIC, said.

An industry person who understands the investment style of Hillhouse told reporters, "from the above actions, Hillhouse is mainly in the field of carbon neutrality."

The central economic work conference of 2020 held earlier pointed out that we should do well in the eight key tasks of carbon peak and carbon neutralization next year. China's carbon dioxide emissions will reach the peak before 2030 and achieve carbon neutrality before 2060. We should work out an action plan to reach the peak of carbon emissions by 2030, and support the places with conditions to take the lead in reaching the peak. It is necessary to accelerate the adjustment and optimization of the industrial structure and energy structure, promote the coal consumption to reach the peak as soon as possible, vigorously develop new energy, accelerate the construction of the national energy use right and carbon emission right trading market, and improve the energy consumption dual control system.

In this context, accelerating the development trend of low-carbon clean energy led by photovoltaic has become the market consensus.

"New energy is a trend in the future. Compared with nuclear power and wind energy, photovoltaic is a relatively mild power generation mode, which will not cause secondary high-intensity pollution and is relatively safe. Historically, the cost of photovoltaic power generation has been declining. Photovoltaic is closely related to semiconductors, and the latter has strong capability of continuous upgrading. The construction of photovoltaic power station is very simple, and there is no need for a lot of personnel maintenance after completion. " Wang Ge said.

Carbon neutralization is of great benefit to the development of new energy industry. CICC predicts that by 2060, the installed capacity of domestic wind power, photovoltaic power generation and nuclear power will increase to 1660 GW, 7332 GW and 386 GW compared with that in 2019, and promote the energy storage installed capacity to reach nearly 30% of the electric power installed capacity. The PV installation demand brought about by clean hydrogen production will accelerate after 2040 and reach the peak after 2050, contributing nearly 7400 GW of installed space. In total, the above installed demand will bring 55 trillion yuan of domestic green energy investment space from 2020 to 2060, and the domestic clean energy industry will benefit from the total value of 102 trillion yuan of green energy investment by adding the additional overseas photovoltaic installation demand.

"Carbon neutralization is not only a transformation of the energy industry, but also an impact on all aspects of the industrial field. It is expected that the technology investment in power substitution, especially hydrogen energy substitution and carbon capture, will be increased, and the goal of carbon neutralization can be achieved through a multi pronged approach at the application end." CICC pointed out.