进入2023年，光伏行业形势开始变化，公司对原计划在广东江门实施的3个项目进行变更，将部分项目内容由感光干膜变更为电池封装胶膜，并同步将部分建设产能迁移至越南，按照这次的规划，其将在广东和越南开启胶膜产能扩张。①Foster diverts funds from the Guangdong film project to support the development of the Thai film. ② The photovoltaic industry is in turmoil, and this is the company's second adjustment to the use of raised funds. ③ The company states that overseas film orders are full, and there is a significant capacity gap. ④ The volatility of the photovoltaic industry in Southeast Asia and the sustainability of prosperity are of concern.
Caixin reported on September 20th (Reporter Luo Yichen) As the entire photovoltaic industry experiences drastic ups and downs, manufacturers are making major adjustments to new projects. Photovoltaic film leader Foster (603806.SH) announced today that it plans to change some of the raised funds from the Guangdong film project to the Thai film project, stating that 'the company's current overseas photovoltaic film production capacity orders are full, and there is an urgent need to expand new overseas production capacity to meet the release of component capacity in overseas markets such as the United States and India.'
Information shows that this is Foster's second change to the convertible bond project. At the end of 2022, the company issued convertible bonds to raise funds for expansion, raising a total of 3.03 billion yuan. At that time, the photovoltaic industry was booming, and Foster launched eight new projects at once. Among them, there were three new projects in Jiangmen, Guangdong, making it the most active area outside the company's headquarters in Hangzhou for expansion.
As we enter 2023, the situation in the photovoltaic industry is changing, and the company is making changes to three projects originally planned for Jiangmen, Guangdong. Part of the project will change from photosensitive dry film to battery encapsulation film, and some of the construction capacity will be relocated to Vietnam. According to this plan, the company will expand its film production capacity in Guangdong and Vietnam.
But the new plan has not yet been fully implemented. After the previous round of reductions, the Guangdong Jiangmen production capacity plan has been changed again. The company has made its second project change and changed some of the raised funds from the Guangdong Jiangmen project to Thailand. This means that this round of photovoltaic film expansion will first be implemented in Thailand and Vietnam, with the two projects having similar scales, totaling an annual production of 0.5 billion square meters.
As for the 'bloodletting' Guangdong Jiangmen project, although there is still 0.2 billion yuan of raised funds on the books, the fund size has shrunk by 60%. Regarding the future planning of this project, Foster stated in the announcement that land leveling has been completed, and the purpose of this change in raised funds is to improve operational efficiency, without denying the possibility of continuing the construction of the project.
Foster stated that the main reason for the two project changes is the slowing down of domestic component production capacity expansion and the accelerated expansion of overseas photovoltaic component production capacity, resulting in a significant capacity gap in the company's overseas film production capacity. Information shows that Foster's first overseas production capacity was established in Thailand in 2018, and since then, with the expansion of photovoltaic component production capacity in Southeast Asia, the company has sought to expand its base in Thailand and start construction in Vietnam.
It should be noted that under the impact of factors such as the increase in tariffs by the United States, domestic photovoltaic companies' capacity layout in Southeast Asia is facing difficulties. As news of the partial shutdown of production lines spreads, the market is concerned about the sustainability of the photovoltaic industry's prosperity in Southeast Asia.
