On the evening of September 29, Shuangliang Energy Saving (600481), the "dark horse" of silicon chips, announced two long-term orders for polysilicon material supply. First, it agreed with TBEA (600089) to supply polysilicon materials for 8 years, with an estimated amount of 45.45 billion yuan. The second is to sign a five-year long supply order of 20.24 billion yuan with Shanghai Oriental Hope Energy Holding Co., Ltd. (Oriental Hope). The total amount of the two orders reached 65.69 billion yuan. Surprisingly, in the first ten days of July, Shuangliang Energy Saving Co., Ltd., TBEA and Tongwei Co., Ltd. (600438) locked contracts for polysilicon materials worth 58.47 billion yuan and 56 billion yuan respectively. In less than three months, this rising star of silicon chips locked in the supply of more than 180 billion silicon materials. It can be seen that in the context of capacity mismatch between upstream and downstream of the photovoltaic industry and the "high" price of silicon materials, "holding silicon as the king" seems to be the most correct thing at the photovoltaic track. TBEA and Shuangliang Energy Conservation, the two silicon giants, "solved the problem", announced the 8-year long silicon supply order on the evening of the 29th. According to the announcement, Shuangliang Energy Conservation signed the Strategic Cooperation Purchase and Sale Agreement on Polycrystalline Silicon with several companies under TBEA through its wholly-owned subsidiaries. The contract agreed that Shuangliang Energy Conservation is expected to purchase 150000 tons of polycrystalline silicon materials from TBEA from 2023 to 2030. According to the average price of 303000 yuan/ton (tax included) of polycrystalline silicon dense materials announced by PV InfoLink on September 28, 2022, the estimated purchase amount is about 45.45 billion yuan. In addition, Shuangliang Energy Conservation also signed a contract with Dongfang Hope to purchase 66800 tons of polysilicon materials from Dongfang Hope from 2022 to 2026. It is estimated that the procurement amount is about 20.24 billion yuan. That is to say, the total amount of two long-term polysilicon supply orders reached 65.89 billion yuan. For Shuangliang Energy Conservation, the amount of the two procurement contracts is particularly prominent. According to the report, the first half revenue of this silicon chip "black horse" was 4.296 billion yuan, including 3.061 billion yuan from photovoltaic business. It is worth noting that the 8-year contract of 45.45 billion yuan signed this time is not the first cooperation between Shuangliang Energy Saving and TBEA. In the middle of July, Shuangliang Energy Conservation and TBEA locked a purchase order for polysilicon materials with an amount of 58.47 billion yuan. At that time, the purchase scale reached 201900 tons, and the order duration was also from 2023 to 2030. On the earlier July 1, Shuangliang Energy Conservation also signed a polysilicon procurement contract with Tongwei, another silicon leader, with a total amount of 56 billion yuan. According to the preliminary calculation, Shuangliang Energy Saving Co., Ltd., whose PV business revenue is just over 3 billion, has locked in the supply of more than 180 billion yuan of polysilicon materials in just three months. Locking raw materials to ensure downstream shipment is not just for Shuangliang Energy Conservation. Another silicon chip giant, Jinko Energy (688223), recently announced the signing of a major procurement contract, and reached an agreement with Tongwei's subsidiaries on the purchase and sale of primary polysilicon. Jinko Energy will purchase 382800 tons of polysilicon from Tongwei from September 2022 to December 2026
Edit：Li Ling Responsible editor：Chen Jie
Source：China Fund News
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