Xin Xin Ke (002015): Deep Tillage Clean Energy Blue Ocean Market Has Exceeded Performance Commitments For Two Consecutive Years.

After regrouping, the success of the textile industry successfully entered into the clean energy industry.

In April 30th, the 2019 annual report released by Xin Xin Ke revealed that the company achieved 10 billion 998 million yuan in 2019, and the net profit attributable to shareholders of listed companies was 554 million yuan, which was 22 times and 102 times higher than that of the previous year, compared with the previous year. Compared with the same period after the adjustment, the net profit increased by 33.50% and 66.83% over the same period last year. In 2018, after the performance commitments were exceeded, in 2019, the net profit of the parent company was 540 million yuan after the deduction of non recurring gains and losses, and the completion rate of performance commitment was 145.50%.

A quarterly report shows that in the first 3 months of 2020, the company maintained a growth trend and doubled its net profit. Talking about the "secret" of performance growth, the general manager of the xinxinke branch, Fei Chi, told the Securities Daily reporters that "unlike the power generation group based on the expansion of scale," the cooperative strategy is a differentiated competitive strategy, that is, taking clean energy generation and cogeneration as the core, forming differentiated competitive advantages in product structure, regional distribution and installation structure.

Ample project reserves

After the completion of the reorganization, the field of cooperation includes gas turbine, heat and power cogeneration, wind power generation, garbage power generation, biomass power generation, coal-fired cogeneration and so on.

Referring to the development characteristics of the company, Fei Zhi told reporters that "renewable energy power generation and CHP" are the priority power generation formats encouraged by the state. According to the state regulations, the construction of cogeneration projects should not be repeated in a given heating radius. The cogeneration projects operated by the company have regional exclusive advantages.

It is understood that the cogeneration of the company is located in the developed industrial park of the developed provinces, and the utilization of heat is relatively high. The company maintains the leading position of heating industry in Jiangsu Industrial Park, while the scale of heating and heating capacity are also in the forefront in Zhejiang and Guangdong provinces. As of December 31, 2019, the company accounted for nearly 90% of the installed capacity of clean energy based on natural gas and wind energy. Renewable energy power generation and cogeneration units in the business scope enjoyed the priority of national power generation.

According to the restructuring performance commitments, the consolidated financial statements of smart energy resources from 2018 to 2021 will be reduced to 195 million yuan, 371 million yuan, 581 million yuan and 598 million yuan after deducting non recurring gains and losses. In 2018, the completion rate of Xinxin intelligent energy performance commitment was 103.13%, and the completion rate of performance commitment in 2019 was 145.50%.

Referring to the sustainable growth of performance, Fei said he was very confident: "the company stipulates that the development, construction and operation management team is a mandatory investment partner, without a principal guarantee and a profit guarantee mechanism. This year, it also added new projects to meet the investment requirements, so that the business leaders and management can form deep interest bundles with the stock East, stimulate the enthusiasm for internal entrepreneurship, improve the quality of investment, and improve the quality of investment. Development efficiency. "

In addition to the innovative incentive mechanism and upgrading projects, Fei Chi also revealed that "the company has ample reserves in its hands, and its performance continues to grow without worry. In the first quarter of 2020, the company has installed capacity of 3160.64MW and installed capacity increased by 526MW over the same period last year. The company is currently building a proposed project with a scale of 2278MW, dynamic management of reserve projects, combination of light and heavy modes, and continuous optimization of asset structure.

Fixed code for clean energy market

The 2019 national economic and Social Development Statistical Bulletin released by the National Bureau of statistics shows that in 2019, China's natural gas, hydropower, nuclear power, wind power and other clean energy consumption accounted for 23.4% of total energy consumption, representing an increase of 1.3 percentage points over 2018.

"Clean energy, low carbon and intelligent transformation of global energy is the trend of the times. From the perspective of policy continuity, the future clean energy industry will usher in further development. Turning to the industry development opportunities, Fei told reporters, "in the natural gas field, in 2019, natural gas consumption accounted for only 8.3% of the primary energy consumption in China, and the proportion of natural gas to primary energy reached 10% and 15% respectively in 2020 and 2030. There was a large increment of air space."

For the development prospects of the clean energy industry in xinxinke, Cai Yi, an environmental utility analyst at Xingyi securities, said, "with the growth of economy, the demand and consciousness of natural environmental protection for domestic people has been constantly strengthened. Under the guidance of" blue sky defense war "and other policies, we believe that only by adjusting the energy structure can we fundamentally solve the problem of environmental pollution. The investment opportunities of clean energy deserve attention.

Reporters noted that after the completion of the major assets injection, xinxinke quickly launched a 2 billion 300 million yuan fixed increase plan to raise funds for the construction of wind power projects such as Jiangsu Sihong wind power project (75MW) and Inner Mongolia Huangqi banner wind power project (125MW).

"Vigorously developing wind power projects and increasing the proportion of renewable energy installed capacity is one of the core business development plans of the company." Fei Zhi told reporters that in recent years, the company entered the peak period of project construction. With the continuous expansion of business scale, capital expenditure expanded and liabilities level was relatively high. As at December 31, 2019, the company's assets and liabilities ratio was 68.09%.

"Through non-public offering to raise funds, the company's capital strength will be further enhanced, and the pressure of capital demand can also be alleviated, improving the financial situation and improving the ability to resist risks and sustainable development." In the interview, Fei Zhi disclosed that the current fund-raising investment projects have been started construction. The follow up is expected to be connected to the grid by the end of 2020. When the investment and investment projects are completed, the installed capacity of the company will increase by 245MW.