Xin Xin Ke (002015): The Main Industry Of Clean Energy Is Stepping Up To Build New Infrastructure And Expand The Industrial Chain.

Focusing on clean energy, cogeneration and integrated energy services, 002015.SZ recently released its first annual report after restructuring. The company achieved operating income of 10 billion 898 million yuan in 2019, an increase of 33.50% over the same period last year. Net profit attributable to shareholders of listed companies was 554 million yuan, an increase of 66.83% over the same period last year, and it still achieved results in the first quarter of this year under the influence of the epidemic situation. Growth.

In May 18th, xinxinke held a 2019 annual performance briefing to introduce production, business expansion and growth. Management puts forward that the company is based on the two major energy sources, and has fulfilled its performance commitments over the past two years. The green energy operation and installation structure has been continuously optimized, and the comprehensive energy service has adapted to the advanced layout of the electricity reform.

"Double focus" layout profit double harvest

Nuggets data center has inherent advantages

Looking at the main business characteristics of the company, it can be summed up to a certain extent as a "double focus" layout. On the one hand, the company focuses on clean energy cogeneration. At the same time, the company focuses on resources and policy factors and focuses on the industrial park in the eastern part of the first development area.

Although the company officially landed on the A share capital market in 2019, its placement in the assets of Xinxin intelligent energy, as early as 2003, has started the continuous layout of the clean energy sector. It mainly focuses on the clean energy cogeneration project with natural gas and biomass as fuel, and vigorously develops the wind power project. By the end of 2019, the company had installed the clean energy equipment mainly based on natural gas and wind energy. The capacity accounts for nearly 90%.

The energy industry has a strong policy orientation. For a long time, China's primary energy consumption is mainly coal. Coal dominated electricity and industry have seriously affected the process of ecological civilization in China. Not only has it produced a lot of pollution emissions and carbon emissions, but also the energy utilization efficiency is low. Under the dual driving force of environmental protection and industrial upgrading, expanding the clean energy industry and renewable energy as the incremental subject of electricity consumption is an important goal of the "14th Five-Year plan".

Against this background, the company continued its layout, and by the end of 2019, the company had installed capacity of 3160.64MW and increased 526MW compared to the same period last year. In terms of regional layout, it mainly provides thermoelectric and cooling co supply services for dozens of state-level and provincial industrial parks, including Suzhou Industrial Park and Guangzhou economic and Technological Development Zone. There are more than 1500 hot users, including Samsung, Foxconn and many other top five hundred enterprises in the world, covering Pharmaceutical, chemical, manufacturing and other industries.

"We are mainly distributed in the Yangtze River Delta, the Pearl River Delta, Beijing, Tianjin and Hebei, some of the economically developed coastal areas, relatively speaking, our users have better product structure and strong competitiveness, which also makes our corresponding competitive advantage stronger." Fei Chi, director and general manager of Xinxin branch, said.

It needs to be pointed out that the net power consumption of clean energy power generation and CHP industry is preferred by the state. Moreover, the cogeneration project is determined according to the principle of "heat fixed electricity", and the construction of heat source points has regional exclusiveness. Therefore, the thermal load of the peripheral users constitutes the resource barrier of the cogeneration industry. The company established a business moat through the first release Bureau of some mature industrial parks.

The layout advantage of Xinxin can also be seen at the beginning of the new crown outbreak. According to Fei Zhi, 1-4 months of the year, the monthly power supply volume of the company increased. The amount of heat supply dropped in February except for the serious epidemic situation, and other March achieved contrarian growth. "This is also a reflection of our layout and competitiveness of product structure."

In addition to energy supply business, the comprehensive energy services business of xinxinke has been developing rapidly in recent years, and the layout of the project has increased steadily. The annual disclosure information shows that in 2019, the company's sales power company completed the sale of 15 billion kwh of electricity. In January 2019, the joint bidding body with the Jiangsu Xinxin comprehensive energy service Co., Ltd. won the bid for the Suzhou double hill island incremental distribution network project, and gained the right to project development. In March 2019, the project of lithium ion battery energy storage (power 0.5MW, capacity 2MWh) of Chang'e 3 was put into operation; June 2019, Europe. Leia natural gas distribution project started.

"We have adhered to the strategy of differential competition. We have focused on the two major businesses of clean energy power generation and heating, and integrated energy services," Fei said. "In these two big businesses, there are differences in product mix, regional distribution and installation structure. We do not pursue the scale unilaterally, but our focus is on profit and cash flow.

Congenital superiority or help data center business development

In the first year of restructuring, the company has achieved outstanding results, and the new infrastructure plan proposed by the state in early 2020 has also provided new opportunities for the development of the deep plough clean energy Domain company.

At the end of April this year, the people concerned at the national development and Reform Commission made a specific definition for the "new capital construction" at a regular news conference. The new infrastructure is guided by the new development concept, driven by technological innovation, based on the information network and oriented to the high quality development needs, providing the infrastructure system of digital transformation, intelligent upgrading, integration and innovation services. The smart energy business of the company not only conforms to some characteristics of the new infrastructure, but also has some natural links with the new infrastructure in some areas of its upstream and downstream industry chain.

In the view of Zhu Yufeng, chairman of the xinxinke branch, the data center and the new energy charging pile business in the new capital construction itself are large energy users. The layout of the data center is generally carried out around large and super large cities, but at the same time, the proportion of clean energy supply is not high.

"The layout of the energy supply of the Xinxin energy company is also highly coincident with that of some data centers. Therefore, the company is studying a direction that is to extend the energy supply, data management, application, and energy cleaning of these data centers as a new direction of business extension, and to develop deeply in the field of energy services in the new economic and new infrastructure." Zhu Yufeng said.

Looking at the current situation of data center construction and energy consumption, a report released by environmental protection organization Greenpeace and North China Electric Power University has pointed out that in 2018, the national data center consumed 160 billion 889 million kilowatt hours of electricity and exceeded the electricity consumption of Shanghai as a whole. The total energy consumption of the national data center is expected to break through 200 billion kwh between 2020 and 2021 and break through 250 billion kwh in 2023.

It is worth noting that, with the continuous rise of energy consumption in the data center, the Ministry of industry and the State Energy Bureau and other departments issued the "guidance on strengthening the construction of green data centers" last year, which requires that by 2022, the average energy consumption of the data center will reach the international advanced level, and the PUE of new large and super large data centers will reach the highest level. Below 1.4 ".

Under the above background, there are obvious advantages in the field of clean energy supply and energy management, and active layout of the Green Energy Co Xin energy branch. Obviously, it has strong congenital advantages in the future development of data center.

"The main business development of the company provides an opportunity for us to explore the construction of data center." Fei Zhi said that the layout of the data center of Xinxin energy company has the advantages of cost, personnel and management on the one hand, and on the other hand, it helps the company cultivate new profit growth points and realize the continuous transformation of business. According to the briefing, xinxinke has already carried out research on the investment of data center business, and invited the design institute to plan for the construction project of the data center project.

"Strong incremental and excellent stock" support growth momentum

For the next step in the operation and business layout of the company, the company's management has put forward the development idea of "strengthening the stock and making the best stock".

In terms of increments, it has been revealed that there are a number of high-quality projects, including Gaochun, Jiangsu, Gaozhou and Guangxi, and the wind power projects in Jiangsu, Anhui, Liaoning and Inner Mongolia, and the garbage generating projects with Jiangsu Jiangsu and Guangdong.

"The total installed capacity of the reserve project is about 2 million kilowatts, and the gas turbine and wind power generated by this year is expected to be close to 1 million kilowatts. By the end of this year, these projects will be completed and the installed capacity of the company will increase by 30%, so as to lay the foundation for next year's operation." Fei Zhi introduced.

In addition, in another key sector of the company's main business, integrated energy services, xinxincan meet the wave of the new round of power system reform, and with the advantage of the first generation of the cogeneration of the park, it has already served more than 4000 industrial and commercial customers in the fields of electricity sales, demand side, heating and so on. The company takes an active part in the national incremental electricity distribution business reform pilot project, the electricity sale business, creates the multi scene energy storage application, enters the energy efficiency management domain, the future xinxinke will provide the tailor made energy solution for more industrial and commercial users, thus further enhances the comprehensive energy service business.

It is worth noting that the downward correlation of fuel prices this year has also created better conditions for the operation of the company. According to the disclosure, the cost of coal-fired electricity in the first quarter decreased by about 1.6% compared with the same period last year, while natural gas dropped by about 8.8% and biomass fuel dropped by about 5.6%.