In May 2010, Hong Baoli (002165, closing price of 13.15 yuan) had announced an investment of 35.53 million yuan to build a solar cell EVA packaging film project, originally expected to be put into operation in September 2011, and later postponed Until October 2011. Now that October is about to pass, the reporter of "Daily Economic News" recently called the company to inquire about the progress of the project, and the staff members are flashing their words.

It turned out that due to the sluggish solar cell market, the price of EVA packaging film is also falling this year. Earlier, Xinfu Pharmaceutical (002019, closing price of 10.45 yuan) admitted to investors that EVA film "marketing did not achieve the expected goal", Hong Baoli is not willing to say more or the same reason.

Three companies invest in packaging film project

EVA encapsulation film is a kind of high-viscosity film material sheet made of polymer resin (ethylene-vinyl acetate copolymer) as the main raw material, adding special additives and processing by special equipment. In the polycrystalline silicon solar cell module, the EVA packaging film mainly bonds the glass, the battery sheet and the back sheet together, and has two layers. Taking the most representative 156*156 polycrystalline silicon solar cell module as an example, the cost per watt of the 2-layer EVA packaging film is 0.19 yuan, accounting for 1.58%, and the gross profit margin is over 35%.

Although the polysilicon solar cell industry has flourished, EVA packaging film has been a short-board because of the dependence on raw materials. The domestic market is almost dominated by foreign giants including DuPont. With the intervention of Foster, Xinfu Pharmaceutical and other manufacturers, especially the establishment of Hangzhou EVA packaging film industry cluster, the degree of external dependence of this product has changed.

In Shanghai and Shenzhen, there are currently three EVA packaging film projects, namely Xinfu Pharmaceutical, Hongbaoli and Aikang Technology (002610, closing price of 20.43 yuan). Among them, Xinfu Pharmaceutical's production capacity is 6,000 tons / year, that is, 12 million square meters / year, the intervention time is January 2010; Hong Baoli's production capacity is also 12 million square meters / year, starting in May 2010; Aikang Technology initially built an annual production capacity of 11.1 million square meters. After the listing, it also invested 22.2 million square meters of annual production capacity. By 2013, the production capacity will reach 33.30 million square meters, with an investment amount of 186 million yuan.

Among the three companies, only the EVA packaging film of Xinfu Pharmaceutical has been put into production.

EVA packaging film prices fell

EVA packaging film is mainly used for solar cells, and the downstream industry's prosperity is crucial to its impact. However, due to the oversupply of the industry, the reduction of subsidies in many European countries, the submission of anti-dumping and countervailing complaints by foreign manufacturers, this year's solar cell industry is a bit cold. Take the 230W polycrystalline component as an example. The price at the beginning of the year is still 1.8 Euro/W, and it has now fallen to less than 1 Euro/W (equivalent to RMB 8.8/W).

EVA encapsulation film is also dragged down. "Daily Economic News" reporter yesterday called Foster to ask the price as a customer, the sales staff revealed that the current price is 18 yuan / square meter, slightly higher than other domestic manufacturers; for the current market, she exclaimed: "always It fell, and there were 23 pieces (per square meter) last month."

Foster said nothing. On September 26, some investors asked Xinfu Pharmaceutical's EVA project progress on the interactive platform. The company responded: “The company has an annual production capacity of 6,000 tons. This year, due to the influence of the solar energy industry, the market promotion has not achieved the expected target. At present, the market is still actively expanding." "Daily Economic News" reporter also called the company, the staff's answer is the same.

How is the progress of Hongbaoli's EVA project going by in October?

On October 21, the reporter of "Daily Economic News" asked if the project would be postponed again. Wang Yusheng, the securities representative of Hongbaoli, said: "It is progressing according to the announcement." Yesterday (October 24), the reporter called again. Wang Yusheng’s statement is similar. He will answer if he will announce it at that time. “Let’s see it again!”

In fact, the price of EVA masterbatch is also falling. According to the data provided by Zhuo Chuang Information, in August, the price of Singapore MA-10 (a type of EVA masterbatch) was 26,000 yuan / ton, currently 24,000 yuan / ton. Analyst Sun Chengcheng told the reporter of "Daily Economic News" that this decline in raw materials will continue.