光伏“抢装潮”里的生死时速

Core Viewpoint - The article discusses the recent volatility in the stock price of Mingpai Jewelry, particularly its solar subsidiary, Rihua Energy, amid a booming solar market and the challenges it faces in sustaining operations and profitability [4][5][17]. Group 1: Stock Performance and Market Dynamics - Mingpai Jewelry's stock price surged nearly 64% from March 7 to March 19, reaching a peak of 9.35 yuan, following an announcement that its operations were normal [5][6]. - The solar market is experiencing a component purchasing frenzy, with a deadline for grid connection approaching, leading to price increases in solar cells and modules [8][10]. - Despite the market's heat, the increase in prices is not solely due to a sudden spike in demand, as there are still components available at higher price points [9][10]. Group 2: Operational Challenges and Industry Context - Rihua Energy's recent operational resumption is critical, as failure to capitalize on the current market conditions could lead to its exit from the solar industry [11][12]. - The solar industry is facing an oversupply issue, with a projected 900 GW of supply against a demand of around 600 GW, making it difficult for companies to sustain profitability [17][18]. - Mingpai Jewelry's significant investment in solar projects, totaling 10 billion yuan, is seen as a gamble given its current financial situation [16][22]. Group 3: Financial Support and Risks - Mingpai Jewelry has provided substantial financial backing to Rihua Energy, with guarantees amounting to 1.57 billion yuan, which is 50.60% of its audited net assets [19][20]. - The company's jewelry business is under pressure due to rising gold prices and increased competition, which could limit its ability to continue supporting the solar segment [22][23]. - The forecast for Mingpai Jewelry's net profit for 2024 indicates a significant decline, with estimates ranging from 20 million to 30 million yuan, a drop of 81.14% to 87.43% year-on-year [23].