Tax reduction policy issued a signal to revive the photovoltaic industry

According to the previous PV "National Eight Articles" and the six new policies of the State Council executive meeting on the photovoltaic industry, on September 29, the Ministry of Finance website again issued a notice to encourage the use of solar power to promote the healthy development of related industries, according to the State Council's instructions. , since 2013 10...
Following the previous PV "National Eight Articles" and the six new policies of the State Council executive meeting on the photovoltaic industry, on September 29, the Ministry of Finance website again issued a notice to encourage the use of solar power to promote the healthy development of related industries. According to the State Council's instructions, From October 1, 2013 to December 31, 2015, the taxpayer sells self-produced power products that use solar energy to implement a 50% refund policy.

Within a few months, new policies in the photovoltaic industry came one after another. Both the policy intensity and the interval time exceeded expectations. The above-mentioned 50% tax reduction policy once again injected a booster into the photovoltaic industry that has already been on the road to recovery.

The current recovery of the photovoltaic industry has been recognized by more and more investors, and the national policy on the road to recovery of the industry has continued to relay, resulting in more investment opportunities. In recent days, whether it is the US capital market or the A-share market, many PV listed companies have performed quite well. When investors are immersed in the joy of stock price rise, the industry's positives have come again.

What does it mean for a 50% tax rebate? For PV listed companies, which types of companies will benefit directly?

Insiders pointed out that the above 50% tax rebate will undoubtedly directly benefit the downstream power station operation and development enterprises. For operating companies, the current power plant value-added tax is 17%, and the preferential 8.5% is equivalent to an increase of 0.06 yuan/kWh. The electricity price will increase the profit rate and internal rate of return of the power station operators accordingly, and the power station will be more attractive. For development companies, the increased attractiveness of the power station will stimulate the demand for power station development.

"The implementation of the tax reduction policy will greatly stimulate the construction of power stations in the next two years, and at the same time help improve the quality of power station products." Yang Yingying, director and investment director of Zhejiang Yuhui Sunshine Energy Co., Ltd., said that the investment subsidy for individual power stations will trigger Many follow-up questions, such as companies only install power stations, but do not pay much attention to product quality. The life cycle of the power station is long and the quality is very critical. Subsidies through taxation can play a good guiding role and promote investors to pay attention to the power generation efficiency of power stations.

Fang Wei, the company's financial controller, said that the company has invested in a total of 60 megawatts of photovoltaic power plants in Qinghai and Xinjiang. "Photovoltaic power plants have strong profitability and great prospects. If this policy can continue, it will definitely be in the future. Increase the profitability of the power station or increase the investment income when the power station is transferred."

It is understood that in addition to this, the two types of companies will directly benefit from the tax rebate policy. According to industry insiders, the tax cut is 50%, and the cost of photovoltaic power generation is expected to fall by 5%. Companies with self-operated photovoltaic power generation projects will directly benefit, and this is also the first type of listed company to benefit.
Ji Xiaoming, financial director of Wuxi Jiarui Photovoltaic Co., Ltd. said that 90% of the solar panels produced by the company are exported to Europe and the United States, and the products originally enjoyed the preferential export tax rebate policy. After the introduction of the VAT refund policy, the company will expand the domestic market and invest in the construction of self-operated power station projects.

In addition, since the solar power plant construction equipment mainly includes solar battery components, controllers, batteries, inverters and loads, and the like. Among the above components, the battery component is undoubtedly the core content, because the component has a great influence on the conversion rate of the entire power station, thereby directly affecting the construction cost.

The above 50% tax rebate will stimulate the construction of solar power stations, and the construction of power stations will undoubtedly directly drive the demand for power station construction equipment. In the solar cell module, the core is solar silicon wafers, and silicon wafers include monocrystalline silicon and polycrystalline silicon. These two large silicon wafers have many domestic enterprises.

According to industry insiders, high-efficiency monocrystalline silicon wafers will be the mainstream of photovoltaic power generation systems in the future. High-efficiency monocrystalline silicon wafers have high photoelectric conversion efficiency, so they are directly benefiting from high-efficiency solar wafer manufacturers with complete technical advantages. This is also the second category of companies that benefit from the 50% tax rebate policy.

In addition, although polysilicon still dominates the current silicon wafers, the market share of monocrystalline silicon will gradually increase from the perspective of the conversion rate and cost reduction space, so the leading companies engaged in monocrystalline silicon growth furnaces will also directly benefit. .

Yang Yingying said that the price and payment terms of the company's products are more stringent than other competitors, but the product sales are still large, which shows that customers attach great importance to product quality requirements. High-efficiency and high-quality power generation components are definitely an important magic weapon for future competition.

"The tax exemption policy introduced at least reveals the country's desire to support the development of new energy, which is a positive for our battery component suppliers." Zhejiang Jiaxing Follett Photovoltaic Glass Group Co., Ltd. Pan surnamed financial director said that The company mainly supplies glass components for photovoltaic power stations. "In the context of the overall downturn of the photovoltaic industry, the introduction of tax control measures is conducive to boosting confidence in the entire industry."

At present, many companies believe that 50% of the tax rebate policy will drive the demand for photovoltaic products to a certain extent, thus promoting the long-term development of the entire photovoltaic enterprise. However, it will take time for the tax reduction policy to be effective.

Experts said that the tax rebate policy shows the government's determination to support the domestic PV application market. It is expected that the fourth quarter distributed PV grid access process and power generation qualification exemption rules will be implemented one after another. The high demand for PV applications in China will continue in the next two years. Among them, distributed photovoltaic is expected to achieve explosive growth.

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