Core Energy Technology's landing on the A-share PV New Deal has limited impact on the company

Abstract “I have a dream many years ago to install photovoltaic panels on the roofs of eligible tenants, which can generate electricity, reduce the pollution caused by the use of fossil fuels, and have an ornamental function.” I always wanted to be a listed company. Zhejiang Xinneng Photovoltaic Technology Co., Ltd. (...

“A lot of years ago, I had a dream to install photovoltaic panels on the roofs of eligible tenants, which would generate electricity, reduce the environmental pollution caused by fossil fuels, and have an ornamental function.” I always wanted to be a listed company. Zhang Lizhong, chairman of Zhejiang Xinneng Photovoltaic Technology Co., Ltd. (hereinafter referred to as “Core Energy Technology”), had two great wishes on the occasion of the company’s 10th anniversary.

On July 9, Core Energy Technology successfully landed on the Shanghai Stock Exchange and became a new force after the long-term empty window in the domestic PV industry capital market.

Standing on the market, looking forward to the future, Core Energy Technology said that Core Energy Technology is committed to becoming a clean energy service provider with distributed photovoltaics as its core, and is determined to provide users with services such as energy creation, energy conservation and energy storage. In the future, the company will continue to consolidate its distributed business and further consolidate its position in the distributed industry. At the same time, the company will expand the customer base around the distributed business, combining the Internet of Things, big data, and cloud computing to the company's main business-related direction, actively explore the new business model of the photovoltaic industry, integrate various competitive advantages, and realize the company's new The booming in the energy industry.

"Under the new PV policy, enterprises will inevitably be affected, but it is only a pain for the industry leader. In the process of industry shuffling, high-quality enterprises will stand out, which is a good thing for us." The New Deal, Zhang Lizhong said so.

Business structure is continuously optimized

Core Energy Technology is a clean energy integrated service provider with distributed photovoltaics as its core. Its main business includes distributed photovoltaic solutions, self-sustained distributed photovoltaic power plant operations and photovoltaic product manufacturing. The company's distributed power station business covers Zhejiang, Jiangsu, Anhui, Jiangxi and other provinces. As of December 31, 2016, the company's distributed business in Zhejiang Province, which ranks first in the country, accounted for about 20% of Zhejiang's market share. A leader in distributed business.

According to the prospectus, in 2017, the company's operating income reached 936 million yuan, a slight decline from the previous year, achieving a net profit of 116 million yuan, up 49.98%.

Operating income declined slightly and net profit increased substantially, which was the result of Core Energy's optimization of its business structure. According to the data, Core Energy Technology is one of the early companies entering the field of distributed photovoltaics. Since 2013, the company has seized the opportunity of the development of domestic distributed photovoltaic industry, and its main business has been developed from photovoltaic products to downstream distributed photovoltaic power plants. Service and investment operations are extended. With the enhancement of capital strength, starting from 2016, the company began to increase investment in distributed photovoltaic power plants, further enriching products and services in distributed photovoltaic applications, and further optimizing the company's business structure. . As of December 31, 2017, the company's self-sustaining distributed power station is about 179MW, and the power station under construction or to be built is about 128MW, which amounts to 307MW. It can bring about 270 million yuan in revenue and about 180 million gross profit for 20 years. . In fact, in the past few years, the company's self-sustaining distributed photovoltaic power station business has shown rapid growth. From 2015 to 2017, the company's photovoltaic power generation business realized operating income of 5.759 million yuan, 40.317 million yuan and 118.28 million yuan, respectively. The speed is as high as 353.19%.

“According to the optimization and adjustment of the company's business structure, the company's revenue will decrease in 2017 compared with the previous year. However, with the increase in the proportion of self-sustaining power station business with higher gross profit margin, the company's net profit will be larger than that of the previous year. Growth. It is foreseeable that as the company's business structure continues to adjust, the company's self-sustaining power plant business will further increase its revenue share, and the company's net profit will continue to grow," said a core insider.

In the listing of the fundraising project, Core Energy Technology has also focused on increasing the scale of its own power station. According to the data, after the proceeds are deducted from the issuance expenses, the company will invest in the following projects according to the priorities: 100MWp distributed photovoltaic power generation project in Haining, Zhejiang Province, 30MWp distributed photovoltaic power generation project in Tongxiang Kelian New Energy, and operation and maintenance service of 300MWp solar photovoltaic power station. project. Among them, “100MWp distributed photovoltaic power generation project in Haining City, Zhejiang Province” and “Tongxiang Kelian New Energy 30MWp Distributed Photovoltaic Power Generation Project” aim to improve the scale of the company's own power station, which will make the company's business structure and profit model more conducive to long-term development. .

Industry competitiveness is obvious

It is understood that as the industry's leading clean energy service provider with distributed photovoltaic as its core, Core Energy Technology has a significant competitive position in the industry.

On the one hand, Core Energy Technology is a leading domestic clean energy service provider specializing in distributed photovoltaics. With high-quality services, the company has won a good reputation in the industry, and has accumulated a large number of cases and rich experience in the photovoltaic segment of distributed photovoltaics, with strong competitive strength.

On the other hand, Core Energy Technology has been involved in the field of distributed photovoltaic power generation earlier, and has certain first-mover advantages compared with other companies in the distributed photovoltaic industry chain. In 2013, the company was keenly aware of the development opportunities in the field of distributed solar power generation services, and began to actively explore and explore the distributed solar power generation service business model. In August 2014, it began to undertake such large-scale business, and the business started earlier. obvious.

It is worth mentioning that Core Energy Technology also has strong roof resource acquisition capabilities. As of December 31, 2017, the company has signed a total of 8.34 million square meters of roof space, involving 523 industrial enterprises, and can build about 830 megawatts of distributed photovoltaic power plants, ranking the forefront of the industry.

“Never underestimate the ability to acquire roof resources, this is the core competitiveness of the company.” The above-mentioned core energy technology insiders explained that the distributed is different from the ground power station, and its core is the acquisition of roof resources, which is a personalized service. Dispersed, small monomer, roof resource owners worry and doubts, need to tirelessly one family to persuade, do work, crack their fears and doubts, can be said to be a hard work, tired. Chairman Zhang of the company has been in good faith management for 30 years in the process of doing business, and it is a creed of good fortune. Core Energy Technology has accumulated good reputation and reputation. It is easy to gain the trust of roof owners and private enterprises are inherently not afraid of suffering. It is not afraid of being tired, and the decision-making mechanism is flexible and fast. Therefore, it has comparative advantages over other enterprises in terms of roof resource acquisition.

According to the insider, Core Energy Technology also has unique advantages in terms of industrial chain integrity and technology. The distributed photovoltaic industry is not only the scale of capital investment, but also depends on various hard powers and soft powers.

PV New Deal has limited impact on the company

Suspension of the issuance of ordinary ground power station indicators, limited scale of distributed photovoltaics, and reduction of on-grid tariffs... On June 1, the National Development and Reform Commission, the Ministry of Finance, and the National Energy Administration jointly issued a Notice on Matters Related to Photovoltaic Power Generation in 2018. (Because the date of the payment is May 31, hereinafter referred to as "5·31 New Deal"), it has caused heated discussion in the industry.

Now, one month has passed since the “5·31 New Deal”, the photovoltaic industry is in the midst of a drastic vortex, and the reshuffle has begun. Many companies have stopped production or the operating rate is less than 50%, even though the ordinary ground power station is still performing. In 2017, the benchmark price of electricity, the “6·30” rushing tide that has lasted for many years has not emerged as scheduled. PV single- and multi-crystal leading enterprises have frequently cut prices, and PV companies such as Zhenfa New Energy and Qingdao Aobo have been owed arrears or bankruptcy... Some analysts said that China's photovoltaic industry seems to enter the "freezing period" overnight.

Under the New Deal, the core energy technology that is mainly engaged in distributed photovoltaics will be affected by the policy and become the focus of the outside world for a time. For the outside world's doubts, the above-mentioned core energy technology insiders specifically explained. In its view, distributed photovoltaics have the advantages of idle resource utilization, local consumption, clean environmental protection, energy conservation and emission reduction. In the early stage, due to the high cost, the state supported its development through subsidies, which also caused some enterprises in the industry. Irrational expansion. The new PV policy will surely lead to a new round of industry reshuffle, and uncompetitive enterprises will be eliminated, and high-quality enterprises will stand out and gain more room for growth.

"On the one hand, in terms of subsidy policy, the state provides 20-year fixed-term, fixed-standard financial subsidies for completed photovoltaic power plants. At the same time, local governments also provide different levels of subsidy policies for distributed photovoltaics, so the changes in subsidy policies It will not affect the subsidy level of completed power stations; on the other hand, with the technological advancement of the industry, the cost of distributed power generation continues to decrease, and the dependence of industry-leading enterprises on state subsidies is gradually decreasing. In fact, the company's distributed photovoltaic business is now The dependence on government subsidies has been low, and the company has held large-scale distributed power plants before the May 31 New Deal, with good cash flow, and the New Deal will not have a material adverse impact on the company's profitability and ability to continue operations. Said the insider said.

According to the insider, in addition to reducing subsidies for photovoltaic power plants, the state has also guided other sustainable policies to guide the sustainable and healthy development of the photovoltaic industry. The company keeps pace with policy trends and will continue to expand the company's business areas in the following areas. For example, in the sale of electricity in the partition wall, the National Development and Reform Commission and the Energy Bureau formally issued a notice on the pilot of market-based trading of distributed power generation. Distributed photovoltaic power plants can choose to sell electricity nearby when they meet relevant technical conditions. The company will seize this favorable opportunity to further increase the income level of distributed photovoltaics; in the area of ​​carbon emission trading, the National Development and Reform Commission issued the “National Carbon Emissions Trading Market Construction Plan (Power Generation Industry)” in December 2017, distributed Photovoltaic power plants will increase their profitability through carbon emissions trading, and the company will actively try and participate.

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