As a manufacturer of crystalline silicon photovoltaic equipment, Shenzhen jiejiawei innovative energy equipment Co., Ltd. (hereinafter referred to as “jiejiaweichuang”, 300724. SZ) saw the hot concept of hjt battery, and suddenly decided to switch to this segment. At the end of October, Jiejia Weichuang terminated some IPO fund-raising projects, and adjusted the remaining 287 million yuan to ultra-high efficiency solar cell equipment industrialization projects; at the end of November, the company announced that it would raise no more than 2.503 billion yuan, 50% of which would be used for ultra-high efficiency solar cell equipment industrialization projects. < / P > < p > by the end of the year, hjt battery concept stocks were still soaring. The share prices of sunshine power supply, superior CNC and other related enterprises rose by about 500% in the year. < p > < p > according to the news from Tongwei, which takes hjt battery as one of its important businesses, it has completed a fixed increase of 6 billion yuan, and many public fund companies, such as head private equity, e-fund and Ruiyuan fund, are among them. < / P > < p > Jiejia Weichuang finally can’t help it. It has repeatedly emphasized its goal in this field in the investor interaction platform: “the company pursues efficient and super efficient hjt whole line equipment technology, which determines that the company is in a favorable position in the future competition.” < / P > < p > according to the prospectus disclosed at the time of listing in 2018, the main business income mainly includes: automation equipment, cashmere making equipment, etching equipment, cleaning equipment and other equipment in the production process of crystalline silicon solar cells. The full text does not mention the hjt battery. < / P > < p > public information shows that hjt cells, also known as heterojunction solar cells, are mainly used in photovoltaic power generation equipment. It has the characteristics of short process flow, less working procedure and high photoelectric conversion efficiency. Its manufacturing process is different from the traditional crystalline silicon solar cells, one of the important processes is amorphous silicon thin film deposition. < / P > < p > a number of research institutions believe that heterojunction battery has experienced about 30 years of development history, and the pace of industrialization is approaching. 2020-2021 is expected to be the first year of hjt investment, and 2022 will enter the rapid explosion stage. Starting from October 28, Jiejia Weichuang announced the termination of the “system industrialization project of crystalline silicon solar cell intelligent manufacturing workshop” and “domestic marketing and service network construction project”, and adjusted the fund-raising balance of 287 million yuan of the above projects to the new project of ultra efficient solar cell equipment industrialization project. On November 27, Jiejia Weichuang issued the prospectus, with no more than 32.12 million shares to be issued and no more than 2.503 billion yuan expected to be raised. < / P > < p > of which, 1.33 billion yuan was used for the industrialization project of ultra-high efficiency solar cell equipment, 646 million yuan was used for the R & D project of advanced semiconductor equipment and 524 million yuan was used to supplement the working capital. < / P > < p > the rest is invested in the pan semiconductor equipment industrialization project (999 million yuan) and the two in one transparent conductive film equipment industrialization project (334 million yuan), aiming to increase the production capacity of high-efficiency crystalline silicon battery process technology equipment such as hjt, with the after tax internal rate of return of 21% and 38.9% respectively. < / P > < p > Jiejia Weichuang, which has entered into the hot field, quickly attracted capital speculation. On December 17, the closing price of the stock reached a new high of 156.88 yuan per share, with a cumulative increase of 50% this month and an increase of over 300% this year. < / P > < p > “whether the difference and connection between new projects and existing products and R & D content lead to the change of main business or technical route; the prudence and rationality of benefit calculation indicate the impact of future depreciation of new assets on the company’s performance, and whether the R & D is necessary and feasible.” On December 11, jiejiawei received an inquiry letter from Shenzhen Stock Exchange. < / P > < p > “the reason and rationality of the slow progress, delay and change of the previous project, whether it has adverse impact on the implementation of this project, and the difference between the projects after the change.” By the end of the third quarter, the company had monetary capital of 1.65 billion yuan, trading financial assets of 35 million yuan, other current assets of 40.51 million yuan and long-term equity investment of 110 million yuan. < / P > < p > not only that, Jiejia Weichuang also provided guarantee for customers this year, with a total external guarantee of 1.43 billion yuan, and some guarantee objects overlapped with the company’s top five customers. < / P > < p > the Shenzhen stock exchange requires to explain the necessity and rationality of this replenishment of working capital on the basis of the above situation; the reasons for the formation of guarantee matters, the rationality and necessity of new large amount guarantee, whether it involves major changes in marketing strategy or market environment, and whether the guarantee object has sufficient payment capacity, etc. < / P > < p > from 2017 to 2019, Jiejia Weichuang’s revenue increased from 1.243 billion yuan to 2.527 billion yuan, and its net profit increased from 254 million yuan to 382 million yuan. < / P > < p > in the first three quarters of this year, the company’s operating revenue reached 3.084 billion yuan, a year-on-year increase of 71%; the net profit attributable to the parent company was 451 million yuan, a year-on-year increase of 32.18%; and the basic earnings per share was 1.4 yuan. < / P > < p > but in fact, its profitability has declined. According to the three quarterly reports, the gross profit rate and net profit rate are 27% and 14.4% respectively, while in the same period of 2018 and 2019, the gross profit rate is 41% and 33.7%, and the net profit rate is 23.8% and 18.7%. < / P > < p > “in recent years, the income of semiconductor doped deposition photovoltaic equipment and automation supporting equipment accounted for about 60% and 12% respectively, and the gross profit rate of the first period in recent three years was 38.8%, 38.4%, 28.3%, 22.4% and 39%, 42.29%, 36.24% and 26.55% respectively, which continued to decline significantly.” Shenzhen Stock Exchange asked to explain the reason and rationality of the decline of gross profit rate of the above equipment, and whether there is a risk of continuous decline. < / P > < p > the third quarterly report shows that the company’s return on net assets (weighted) is only 16.23%, a decrease of 6.7 percentage points compared with the same period in 2018; the company’s accounts receivable has reached 1.651 billion yuan, an increase of 1.3 billion yuan in just one year, and the company’s financial report claims that this is due to changes in accounting rules. < / P > < p > is the above situation a sign of declining bargaining power? Is it related to the company’s new business layout? “Investor net” recently contacted the company on relevant issues, but only got the reply of “the Secretary of the board has received the email”, no more below. < / P > < p > If Jiejia Weichuang is facing the cooling of the market environment, there may be the problem that the market can not digest the production capacity in time in the future. < / P > < p > the company also admitted in the fixed increase plan that “the company’s inventory reached 3.256 billion yuan, which doubled compared with the same period in 2018, and the proportion of issued goods reached 70%. If downstream customers cancel orders or delay acceptance, the company may have the risk of inventory stagnation and falling price. ” < p > < p > the Shenzhen Stock Exchange therefore inquired about the reasons and rationality of the continuous growth of inventory and the continuous low turnover rate of inventory, whether it matches the income scale, the high proportion of issued goods, and the adequacy and rationality of the provision for falling price of issued goods. According to the statistics of wind, four shareholders (Wu Bo, Zhang Yong, Fuhai Yintao, and the employee stock ownership plan in 2019) have reduced their total holdings of 12.976 million shares this year, with a market value of 1 billion yuan. < / P > < p > the reason for the above two executives to reduce their holdings is “out of personal capital needs”, but it seems that they are not short of money. Up to now, they have not pledged any money, and their annual salary will reach 920000 yuan in 2019. 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