(STOCK CODE: 566HK) Investor...
Transcript of (STOCK CODE: 566HK) Investor...
HANERGY THIN FILM POWER GROUP LIMITED 漢能薄膜發電集團有限公司
(STOCK CODE: 566HK)
2015年5月
Investor Presentation
Strictly Private and Confidential
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Agenda
I. Company Overview
II. Applications of Thin Film Technology
III. Thin Film Technology and Production Line
IV. Financial Overview
2 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Who We Are
Hanergy Thin Film Power(566.HK)is one of the world’s leading thin film power enterprises
•Upstream:Silicon-based (a-Si & nc-Si), Copper Indium Gallium Selenide(CIGS)
and Gallium Arsenide (GaAs) thin film turnkey line provider
•Downstream: Engage in thin film projects and application products,
such as ground-mounted power stations, BIPV projects, household power
generation projects, agricultural application and generic products etc
3
•Midstream:Thin film PV module maker
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Value Chain
4
Crystalline silicon technology
Difference between “Thin film” & “Crystalline silicon”
Upstream
(Without flexibility, transparency and light-weight, crystalline silicon module is
hard to be applied in many areas
Midstream
Downstream
Turnkey production line
Glass-to-glass module
Crystalline silicon
Flexible module Transparent module Crystalline silicon module
Ground mounted power station
Curved rooftop
Various application Products
Ground-mounted power station Rooftop power station
Transparent BIPV
Our Business
Thin film technology
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Highly Recognized in Capital Market
5
Hang Seng Composite
MidCap Index
MSCI China Index
FTSE HK Index
Mainland investors can trade Hanergy TFP(566. HK) stocks
through“Shanghai-Hong Kong Stock Connect (SHSC)”
(HKD) Stock Price
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
0
1
2
3
4
5
6
7
8
9
2/1/2014 2/3/2014 2/5/2014 2/7/2014 2/9/2014 2/11/2014 2/1/2015 2/3/2015 2/5/2015
6
Executive Directors Executive Directors
6 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Mr. Li Hejun • Chairman of Hanergy Thin Film Power Group Limited
• Founder, Chairman and Chief Executive Officer (CEO) of Hanergy Holdings
• Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC)
• Vice Chairman of All-China Federation of Industry and Commerce
• President of China New Energy Chamber of Commerce
Mr. Dai, Frank
Mingfang (Deputy
Chairman and CEO)
• Extensive
experience in
asset restructuring,
M&A, international
financing and
development of PV
business
• EMBA from
University of Texas
(U.S.)
• Executive Vice
President of
Hanergy Holding
Dr. Feng Dianbo
(Deputy Chairman)
• Experience in
business and
investment
management
• Doctorate degree
in Institutional
Economics from
Jilin University
(China)
• Executive
President of
Hanergy Holding
Mr. Liu Min
(Deputy Chairman)
• Experience in
financial
management,
project
investments,
market
development and
business
operations
• Executive
President of
Hanergy Holding
Dr. Lam Yat Ming,
Eddie, CFA, CFP
(Finance Director
and Senior Vice
President) • Extensive experience in
banking and financing
• Post-doctorate from
Shanghai Jiaotong
University
• Doctor Degree from
Chinese University of
Hong Kong
• Worked at various
financial institutions
• Research team advisor
of Korean Government,
Shanghai Futures
Exchange and
Countrywide
Financial Corp.
Mr. Chen Li (Executive Vice President) • Experience in
financial, risk management and arranging finance
• MBA from the University of International Business and Economics (China)
• Senior Vice President of Hanergy Holding
Mr. Li Guangmin
(Financial
Controller)
• Over 10 years of
experiences in
finance and
accounting
• Executive
Controller of
Financial
management center
of Hanergy
Holdings
Agenda
I. Company Overview
II. Thin Film Technology and Production Line
III. Applications of Thin Film Technology
IV. Financial Overview
7 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Distribute Generation
Ground-mounted power station
In March 2015, National Energy Administration (NEA), released the official solar PV installation target
for 2015 of 17.8GW
Great Potential of the Chinese PV Market
8
Period for 20 years
Subsidy for distributed generation
PV Project ¥0.42/kW‧h
Feed-in-Tariff scheme for
ground-mounted PV Station
¥0.90、0.95、1.00/kW‧h
Period for 20 years
Encourage Local Governments to develop its
own subsidized policies on top of those
offered by the Central Government
Accumulated PV installed capacity
targeted at 70GW in 2017
50% 50%
Market forecast
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Downstream Power Generation Business — 8 newly established business units
9
BIPV BU
8 Key Business Units
Agricultural Applications
BU
Household Power
Generation BU
Automobile Applications
BU
Specialty Products BU
Generic Products
BU
We have established the Product Development Group in Silicon Valley, USA, collaborating with our Beijing Product Development Center
Electronics BU
Commercial Unmanned Drones BU
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Application I - BIPV
BIPV Solution Provider – design, R&D, manufacture, system integration, installation and operation
Focus on the use of colorful and/or partially-transparent thin film modules which are integrated with building
materials such that solar power can be generated as part of the overall building design
10
Hanergy Headquarter
APEC Conference Center (2014)
BIPV Curtain Wall in Jiangsu
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Application II – Household Power Generation
One-stop renewable energy solution provider, we offer customized service from design, installation, to grid-connection. Modules with flexibility, light-weight and size adjustability characteristics are suitable for all kinds of rooftops
We have launched the sale of the Hanergy residential thin film power system in IKEA stores in Britain, Netherland and Switzerland in 2014. We are the first independent third party agent supplying its own branded goods within IKEA stores. In 2014, around 2,000 sets of residential thin film power systems have been sold in Europe’s IKEA stores. We plan to enter other EU countries including Germany, Spain, Italy and France
11
Residential Power Generation Solution
Installation on Rooftop
Our PV Systems Entering into Europe through IKEA
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Application III – Agricultural Applications
12
BIPV on Greenhouse
There is great potential in the distributed PV power generation within the agricultural industry
The translucent thin film back electrode module is the only PV module product that can satisfy the light requirements of
agricultural crops. Our modules have the ability to absorb only visible lights in violet, blue and green, allowing red and
infrared lights to be absorbed, which are essential components for plant growth and satisfies the needs of plant
photosynthesis
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
13
Application IV – Automobile Applications
Our thin film modules with characteristics
of flexibility, light-weight can be widely
used for car roofs, car sunroofs and vehicle
charging systems
Applying Thin Film Power Technologies in Air Conditioning System of Aston Martin Racing Cars Fully Solar-powered Sightseeing Vehicle
Fully Solar-powered Dining Car
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
14
Fully Solar-powered Automobiles(Artistic Image)
Application IV – Fully solar-powered automobiles
• Cooperate with foreign and domestic automobile design entities to
develop fully solar-powered vehicles
• Integrate a 6 m² GaAs soft thin film solar module into each vehicle
• Expect to launch solar-powered cars this year
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Application V:Electronics
With the high conversion efficiency of our thin film modules and the further development of
flexible thin film products, the demand of portable and wearable solar retail products will be
revolutionary in the further market
15
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
16
Application VI – Generic Products
Good low-light performance
Cells can be attached to fabrics, backpacks, on or in the containers, providing a constant supply of
green power
Hanergy Solar Tent Hanergy Solar Rapid Deployment System
Hanergy Solar Backpack
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
17
Can be used on satellites, space exploration, with targeted customers and high profit margins
Our GaAs technology has huge application potential in this area in the future
Application VII – Specialty Products
Solar Satellite Solar Satellite
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
18
Application VIII – Commercial Unmanned Drones
Our modules can be used on drones within relatively centralized customer groups and high profit margins
Market of huge potential in the next 3 years
Solar Drone Solar Drone
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
2014 Downstream Business Progress
19
Ground-mounted PV Power Station 2014 Sold: 180MW Under construction: 469 MW Filed projects: Approximately 370MW Proposed Projects: Approximately 300MW
Distributed PV projects On-grid projects: Approximately 37 MW Under construction: Approximately 67 MW Filed projects: Approximately 36MW
IKEA Europe Sold in 2014: Around 2,000 sets of solar power systems for home-use
Hanergy Online Shop has opened, more application products can be found at http://www.hanergyshop.com/
Vehicles Tesla Solar super-charger Aston Martin Rooftop solar panels Formula-E: Rapid Deployment Solar System
Stores for household solar products More than 30 flagship stores and direct-sales retail points for household solar products Released over 20 residential products
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Rooftop PV Power Station — Guangqi Honda Distributed PV Generation Project
17 MW Distributed PV Generation Project Located at Guangqi Honda’s Existing Factory
• The largest distributed PV power generation project in the automobiles industry in China
• Solved the difficulty in installing and fixing PV modules on PVC flexible roofs by applying its advanced thin film technology, which occupies around 240,000 square meters and generates an average of 19 million KWH of electricity per annum
• Effectively block UV, extending the life of PVC coils on the roof, and the plant temperature can be reduced by about 3℃due to solar panels covering the roof, so that air conditioning usage is lower to further save energy indirectly
20 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Imperial Pacific (1076.HK)will invest US$7.1 billion in five stages to build a casino resort in Saipan, and has secured the land use right over a site of two square kilometers for a thin film power project with installed capacity of 100MW which will provide electricity for the resort in the future. The installed capacity for the first phase of the thin film power station is expected to reach 10MW, which will provide enough electricity to the casino in preliminary stage.
Ground-mounted PV Power Generation — Saipan Project
21 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
• Annual power generation: 2,000h × 1W = 2 kW·h • Electric charge: US$0.3 /kWh • Annual income: 2 kW·h × US$0.3 /kWh =US$0.6 • Investment return period:2-3 years
Investment return period
Cooperation details
• Imperial Pacific International and Hanergy TFP signed a memorandum of understanding to set up a joint venture special purpose company to build thin film photovoltaic power stations on the islands in the Pacific Ocean. The venues for development of thin film power stations include, but are not limited to the Commonwealth of Northern Mariana Islands (which includes Saipan), Guam, the Republic of Palau, the Federated States of the Micronesia and the Republic of Marshall Islands
• Imperial Pacific will pay electricity fee to the joint venture at a favorable rate as compared with the average electricity fee set by local power companies.
Ground-mounted PV Power Generation — Saipan Project
22 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
BIPV Power Station — Wu Han Project
Wuhan Huangpi District Government will fully leverage on the historical opportunity of the requirements for the construction of a society which is environmentally friendly and resources conserving, and will actively make efforts in new urbanization, new rural construction, standardized construction for tourism as well as advancing the development of applications for modern agriculture. We understand that there are plans to complete:
The target of promoting the applications of 100,000 sets of household thin film power generation systems
The construction of 20,000 acres of photovoltaic agricultural greenhouses(or to complete the construction target of 600MW of aggregate power generation)
23 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
2015 Hanergy Applications Full-channel Strategies
— Hanergy online shopping platform
24
Marketing thin film products in China and worldwide
Commercial System
Residential System
Portable Products
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
2015 Hanergy Applications Full-channel Strategies — Flagship stores across the country
25 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Currently, there are over 40 flagship stores and direct-sales retail points in operation in China
Hanertgy Shanghai Flagship Store Hanergy Hangzhou Flagship Store Hanergy Shenzhen Flagship Store
Hanergy Released over 20 Residential Products Mobile Power PV Product Display in Chengdu Flagship Store
Agenda
I. Company Overview
II. Applications of Thin Film Technology
III. Thin Film Technology and Production Line
IV. Financial Overview
26 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
R & D Strength: 8 R&D Centers around the World
27 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
R & D Strength:Talents and Patents
28 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
The core competitive strength for Hanergy derives from operating R&D divisions with our scientists, 600 master degree
holders and 130 staff members consisting of senior engineers
Hanergy is confident to open up markets and bring new technologies with over 1,000 licensed patents in the PRC, the
USA, Europe, Japan and Korea. 70% of the patents are innovative patents.
Over 1,000 Licensed Patents Our Scientists
Lars Stolt Li Yuanmin Xu Xixiang Atiye Bayman Eli Yablonovitch Harry Atwater
Urs Schoop Scott Wiedeman Gang He Gregg Higashi Eric Wallin Olle Lundberg
R & D Strength:One of The World’s Most Innovative Companies
29
Hanergy ranked 23rd, as the only company from China’s energy sector.
MIT Technology Review
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Advantages of Thin Film Power Technology
30 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
1 2
5
3
6
Light Weight Flexibility Transparency
High Energy Yield under Low
Light Irradiance
Better Comparable Performance at
High Temperatures
4 High Efficiency
Thin film modules
Glass
Thin film power technology is the best choice for distributed generation and has extensive application prospects
Technological Route I: Flexible GaAs Module(Alta Devices)
31 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
GaAs Cell and Solar Automobiles attached with GaAs Modules
Alta Devices:Listed as the world’s Most Disruptive Companies by MIT Technology Review for two years Alta Devices has the thinnest, lightest, highest efficiency GaAs thin film solar technology in the world, certified by NREL, single junction at 28.8%, dual junction 30.8%
Characteristic:ultra-light, ultra-thin, bendable, customizable to shapes, high efficiency, excellent temperature coefficient and low-light performance
Target Market: mobile, portable or wearable applications, outdoor, consumer products, drones and satellites
Technological Route I: Localization of GaAs technology(Alta Devices)
In April 2015, Hanergy TFP and the Huangpi District People’s Government in Wuhan City have entered into an investment cooperation agreement, pursuant to which Hanergy TFP will invest in a project to construct a GaAs thin film solar cell R&D and production line with a capacity of 10MW to further explore application areas in the future
Economies of Scale
Cost effectiveness
Support from Major shareholder
Synergy Effects
Lower procurement costs by scale production
MiaSole, Solibro, GSE, Alta Devices acquisition enhances R&D potential
Production costs in China much lower than in Europe and the USA
Optimize costs by upgrading production line
Share technologies
Assist in establishing sales channels
Helps in early development of products
32 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Our
advantages
Technological Route II:Glass-backed CIGS Module (Solibro)
33 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
SOLIBRO Production Workshop Production Line of SOLIBRO
Solibro of Germany:Point-source co-evaporation of the functional layers on glass substrate; R&D
efficiency 21%, certified by Fraunhofer ISE;production efficiency 16%, increased by 1% each year, the world’s highest efficiency glass-backed CIGS module fabricated with evaporation
Characteristics: good temperature coefficient/easy to install/self-cleaning, easy to maintain/German Engineering
Target Market:Residential power generation, distributed power plants, ground mounted plants
Technological Route III : Flexible CIGS Module - Sputtering (Miasole)
34 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
MiaSolé Workshop MiaSolé Cell Production
Miasole Technology:Sputtering, functional layers on flexible substrate, production efficiency of 16.5%, increased by 1% each year, the world’s highest efficiency flexible CIGS thin film
Characteristic:high efficiency/ light weight/ultra thin/bendable/glue-affixed/low installation cost/for weight sensitive and curved rooftops/ incorporated for civilian applications
Target Market:consumer products, flexible rooftops, automobiles, special products and electronics
Technological Route IV : Flexible CIGS Module – Co-evaporation (GSE)
35 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Global Solar Energy Workshop Global Solar Energy Cell Production
Global Solar Energy Technology:Point-source co-evaporation;World’s leading cell connection technology(Integrated Cell Interconnect)
Characteristic:high efficiency/ light weight/ultra thin/bendable/glue-affixed/low installation cost/for weight sensitive and curved rooftops/ incorporated for civilian applications
Target market: consumer products, flexible rooftops, automobiles, special products and electronics
Technological Route V:Silicon-Germanium Thin Film Module
36 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Chamber Production Workshop of Si-Ge Thin Film
Silicon Germanium Technology:Advanced Plasma Enhanced Chemical Vapor Deposition(PECVD), low manufacturing and operation cost, customized in shape, color and transparency
Characteristics: consistent quality, good temperature coefficient, high tolerance for shading, high transparency for red light
Targeted Market:BIPV, including curtain walls, residential power generation systems, and agriculture
Business Highlights
37 © 2015 Hanergy Thin Film Power Group Limited. All Rights Reserved.
Revenue from upstream business grew year on year
2,757.0 3,244.0
5,955.0
0
1,000
2,000
3,000
4,000
5,000
6,000
2012 2013 2014
2014: Delivered 1,080 MW of the thin film production lines last year
Customers Status Capacity Revenue
Shangdong Macrolink
(Conglomerate)
2015 Signed contract
600MW HK$5.1 billion
Baota Investment (Oil Refinery)
2015 Signed contract
1,200MW
HK$10.2 billion
Beijing Manshi Investment (Coal Mining)
2015 Signed contract
600MW
HK$5,1 billion
HK$’ million
2015 1Q: Signed HK$ 20.4 billion of equipment production and services contracts in the first three months of the year. All contracts were related to independent third parties
Customers Status Capacity Revenue
Hanergy Holding 2014 delivered
1,080MW HK$ 6.0 billion
Agenda
I. Company Overview
II. Applications of Thin Film Technology
III. Thin Film Technology and Production Line
IV. Financial Overview
38 © 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.
Consolidated Financial Position
31 Dec 2013 Change 30 Dec 2014
HK$’ million HK$’ million % HK$’ million
Total Non-current Assets 9,556 169 2% 9,725
Total Current Assets 9,256 5,994 65% 15,250
Cash and Cash
Equivalents 1,368 1666 122% 3,034
Total Current Liabilities 2,556 669 26% 3,225
Net Current Assets 6,700 5,325 79% 12,025
Total Assets less Current
Liabilities 16,256 5,494 34% 21,750
Net Assets 15,841 4,652 29% 20,493
Total Equity 15,841 4,652 29% 20,493
39 © 2015 Hanergy Thin Film Power Group Limited. All Rights Reserved.
Consolidated Income Statement
2013 Change 2014
HK$’ million HK$’ million Increase / Decrease % HK$’ million
Revenue 3,284 6,331 9,615
Cost of Sales 648 3,462 4,110
Gross Profit 2,636 2,869 5,505
Gross Margin 80% 57%
Profit before Tax 2,277 2,014 4,291
Profit for the Period 2,018 1,290 3,308
Net Margin 61% 34%
193%
534%
109%
64%
88%
40 © 2015 Hanergy Thin Film Power Group Limited. All Rights Reserved.
-27 Percentage
-23 Percentage
41 © 2015 Hanergy Thin Film Power Group Limited. All Rights Reserved.
Revenue Structure: Proportion of Non-connected Transaction Increases Substantially
5,955 5,955
3,378 3,378
170 170
112 112
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Sales of equipment Sales of powerstations
Sales of PV modules Sales of rooftoppower stations
Total
Revenue from non-connected transaction equals to 38% of total revenue
In 2014, the revenues arising from non-connected transaction with third-party customers accounted for around 38% of the total revenue of the Company as the Company targeted to improve its revenue structure during the Year.
Connected Transactions
42 © 2015 Hanergy Thin Film Power Group Limited. All Rights Reserved.
Connected transactions is a historical legacy issue the arose when the Company established itself into the new PV industry. We have consistently been trying to resolve this issue. For the financial year 2014, non-connected transactions accounted for approximately 38% of the total revenue of the Company
During 2010, Hanergy Holdings ventured into PV industry. 566 (formerly named ‘Apollo Solar Energy”) was a manufacturer of upstream solar production lines and Hanergy Holdings was its client.
In 2011, Hanergy Holdings became the shareholder of the listed company through acquiring shares and thereby began the manufacture of upstream PV equipment
For FY 2014, non-connected transactions accounted for approximately 38% of the total revenue. The proportion of non-connected transactions is expected to increase continuously.
Hanergy Group acquired 566
Entering into upstream PV industry sector resulting in connected transactions
Entering into downstream PV industry chain resulting in connected transactions
目标:未来持续提高非关联交易比例
In 2013, 566 (renamed “Hanergy”) ventured into the downstream PV industry and after that, the businesses of the Group included both upstream and downstream categories of the industry.
Due to the comparatively largescale of the midstream business held by Hanergy Holdings, it was financially challenging for the Company to acquire and merge this business together with its upstream and downstream business es
Before 2010
Hanergy was committed to the development of clean energy, in particular hydropower
2011
2010 2013
2014
Thanks!
© 2015 Hanergy Thin Film Power Group Limited. All Right Reserved.