On the evening of September 9, major news emerged from the capital markets: CATL is in talks to acquire DAS Solar. According to media reports, CATL is seeking to acquire companies related to PV modules and cells, with DAS Solar being one of its targets.
In fact, as early as the end of August, rumors had already surfaced in the market that DAS Solar's shareholders were poised for adjustments and were in discussions with new potential investors from other industries.
Additionally, insiders revealed that the acquisition price proposed by DAS Solar exceeds 1x PB, with negotiations ongoing regarding the price and other details. As of the time of reporting, neither CATL nor DAS Solar has responded directly to the news.
What Does DAS Solar Want?
As a rapidly growing dark horse in the photovoltaic industry, DAS Solar has made a name for itself in the domestic market since its founding in 2018, thanks to its leading N-type TOPCon capacity.
Since 2019, DAS Solar has been a regular in the top 10 PV module shipment rankings. According to a recent report by Solarbe PV Network, DAS Solar ranked eighth on the list of Chinese PV companies' module shipment volumes for the first half of 2024, with shipments totaling 10-11 GW. The company’s prospectus shows that in 2023, DAS Solar's N-type modules secured a bidding capacity of about 5.17 GW, placing it among the top five in the industry.
As its performance grows, DAS Solar’s corporate value has also been on the rise. After completing its seventh round of capital infusion in June 2023, the company’s valuation exceeded RMB 7.7 billion, providing substantial returns to its investors.
However, with the IPO environment tightening, many PV manufacturing companies are facing dual pressures of shrinking profits and capacity expansion, with only a handful expected to go public in 2024. DAS Solar’s IPO was quietly suspended in August 2024. To continue expanding in overseas markets and improve its performance, the company is urgently seeking a financially strong "white knight" to step in and fill the gap left by departing shareholders. CATL appears to be the ideal choice.
What Can CATL Offer?
As a global leader in power batteries, CATL currently boasts a market capitalization exceeding RMB 810 billion. In the first half of 2024, CATL’s total revenue reached RMB 166.8 billion, with a net profit attributable to shareholders of RMB 22.865 billion, up 10.37% year-on-year, giving the company sufficient financial strength.
Notably, CATL’s interest in the photovoltaic field has been long-standing. As early as September 2020, media reports indicated that CATL was forming a perovskite research team. Later, CATL's chairman, Zeng Yuqun, stated that the company’s research on perovskite solar cells was progressing well, with a pilot line being constructed.
In terms of investment, CATL has made frequent moves, including investing in GCL Optoelectronics, forming a joint venture PV company, signing a strategic cooperation agreement with Jinko Solar, and acquiring Longi’s Liyang Leye subsidiary. According to incomplete statistics, CATL has invested in over 90 new energy companies and established more than 20 subsidiaries in the wind, solar, and carbon sectors. In the second quarter of this year, CATL began talks with several PV module companies, signaling its clear intention to enter the core areas of the PV industry chain.
What Could the Partnership Bring?
Market views suggest that if CATL successfully acquires DAS Solar, it could integrate Yidao’s efficient production capacity with its strong brand presence, unlocking potential synergies and reshaping the existing landscape of the PV industry. Some analysts also point out that CATL's powerful supply chain capabilities may put significant cost pressure on module manufacturers. If the acquisition is completed, module prices could face downward pressure, further squeezing the industry's profit margins.
The acquisition talks between CATL and DAS Solar are expected to conclude within a month. Regardless of the outcome, this event signals a critical restructuring phase for the PV industry.
With PV installation capacities reaching new highs and the energy storage sector experiencing explosive growth, the "solar-storage integration" concept is becoming a focal point in the new energy field. At this year’s SNEC PV Power Expo in Shanghai, industry leaders such as Gao Jifan, Chairman of Trina Solar, and Zhu Gongshan, Chairman of GCL Group, mentioned the future trend of "PV + energy storage," further confirming the vast potential of this direction.
In May of this year, the Ministry of Industry and Information Technology and other relevant departments stated that they would encourage mergers and acquisitions within the industry and facilitate market exit mechanisms. This means that as the industry braces for large-scale consolidation and M&A activity, competition will become increasingly fierce, but at the same time, this provides greater opportunities for innovation and industry upgrades.
Source：solarbe