① Mingpai Jewelry and Trina Solar have signed a large order of 5.8 billion yuan, which will contribute an average of 1.933 billion yuan's income per year in the next three years, exceeding 50% of the revenue scale in the past year.

② At present, the production of TOPCon batteries in the market can only provide a slight profit margin, and even more enterprises are in losses. It remains to be seen whether large orders can substantially change the company's profitability.

financial association, March 11 (reporter Wu Chao) Ming brand jewelry (002574.SZ) has been widely questioned by the market since its cross-border photovoltaic investment was high but it has not achieved any results. This evening, the company finally announced a breakthrough in the photovoltaic business-signing a large order of 5.8 billion yuan with Trine Solar (688599.SH) and its subsidiaries. However, it will take time to answer whether this contract can substantially improve the profitability of Mingpai Jewelry.

According to the announcement, Zhejiang Riyueguang Energy Technology Co., Ltd. (hereinafter referred to as "Riyueguang Energy"), a wholly-owned subsidiary of Mingpai Jewelry, has signed a "Battery Procurement Framework Contract" with Trine Solar and its four subsidiaries, and Riyueguang Energy has also signed a "Supplementary Agreement" with Trine Solar.

according to the contract, Trine Solar is expected to purchase about 1.3 billion 210 series TOPCon double-sided solar cells from sunmoon solar energy from 2024 to 2026. if calculated according to the current market price (based on the latest average price of cells published by PV InfoLink), the total contract sales amount is estimated to be about 5.8 billion yuan (including tax).

Further analysis, this means that in the next three years, the contract will contribute about 1.933 billion yuan of sales revenue to Mingpai Jewelry on average.

This figure is undoubtedly of great significance for bright jewelry. The company has not yet released revenue data for 2023, but refers to its revenue data for 2022 and 2021, which are respectively 3.774 billion yuan and 3.582 billion yuan. Obviously, the sales revenue brought by this contract has exceeded 50% of the company's revenue in the past year, which is expected to have a significant role in promoting the company's performance.

In fact, this is also the first time that Mingpai Jewelry has disclosed a major order for the photovoltaic business. It has not previously reflected in the financial report that the photovoltaic business has contributed to sales revenue.

Ming brand jewelry officially crossed the border photovoltaic industry. in February 2023, it signed an "investment cooperation framework agreement" with the management Committee of Shaoxing keqiao economic development zone to invest in the construction of the "super factory" project of sun and moon photovoltaic cells. This plan can be described as massive, and it is a big deal as soon as it is launched. The total planned investment of the project is about 10 billion yuan. And implemented in two phases, the first phase of the construction of 10GW capacity of TOPCon technology battery chips, the second phase of the construction of 6GW capacity of TOPCon technology battery chips and 4GW capacity of HJT technology battery chips.

due to the increasingly fierce competition among domestic jewelry enterprises, Ming brand jewelry in 2019-2022, four consecutive years of non-net profit into a loss, as of the end of September 2023, Ming brand jewelry's book monetary funds of 1.243 billion yuan, the financial pressure is obviously not to be underestimated. What is more noteworthy is that Mingpai Jewelry's previous cross-border attempts in real estate, finance and other fields have not achieved significant results, which can not help but make the market doubt its development prospects in the photovoltaic field.

according to the latest price trend of photovoltaic links released by PV InfoLink this month, the price of TOPCon battery will remain stable in the short term, with the price from the first quarter to the end of the second quarter falling between us $0.062-0.065 (0.4453-0.4469 yuan) per watt.

Some people in the photovoltaic industry told the Caixin News Agency that the current profit margins for the production of TOPCon cells vary from enterprise to enterprise, and are affected by multiple factors such as production technology, scale effects and integration capabilities. However, as the market price as a whole is at a low ebb, it can only provide a slight profit margin, and the average net profit hovers around 0.04 yuan per watt. Worryingly, in addition to the leading manufacturers, a considerable number of enterprises into the loss. Given that the cost reduction space for TOPCon cells is already limited, future profitability will depend on changes in the market supply and demand pattern.

Mingpai Jewelry stated that this contract is in line with the company's future business plan. If the contract is successfully performed, it will create a good start and form effective support for the company's photovoltaic cell sales business. It is expected to have a positive impact on the company's current and future operating performance. There is still the possibility of changes during the implementation of the contract, and the specific impact depends on the promotion and implementation of the order. Collection

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