Xin Xin Ke (002015): The Performance Of The Borrower Has Exceeded Expectations For Two Consecutive Years.

Zhu Gong Shan, a private electric king, fulfilled his promise.

In June 22nd, Xin Xin Ke released the previous verification report on the use of funds, showing the company's major asset restructuring completed in 2019, and the target company fulfilled its promised performance.

The predecessor of the Xinxin energy group was Xia Ke environmental protection. In May 2019, Zhu Cong Shan took the second backdoor of the intellectual property Limited by Share Ltd, which is the assets of the company, and the price of the transaction was 4 billion 667 million yuan. Zhu Gongshan made a total profit of 1 billion 745 million yuan in four years through the commitment of Cci Capital Ltd, Shanghai's Cci Capital Ltd. Over the past two years, the target assets have exceeded the promised performance.

Benefiting from the performance contribution of the underlying assets, the performance of the company has increased significantly. In 2018 and 2019, the net profit attributable to shareholders of listed companies was 332 million yuan and 554 million yuan respectively, representing an increase of 4336.50% and 66.83% respectively over the same period last year. Net profit doubled again in the first quarter of this year.

After the reorganization, the company's main business changed to focus on the development, investment and operation management of clean energy projects, as well as comprehensive energy services in related fields. By the end of 2019, the total installed capacity of the company was 3160.64MW, about 90% of which was clean energy. At present, Xinxin energy division is also upgrading the layout of new energy power generation industry.

The target helps net profit continue to grow at an extremely high speed.

The company has ushered in the operation of high gloss.

In the evening of June 21st this year, Xin Xin Branch announced that in June 1st, the China Securities Index Co issued the notice on adjusting the Shanghai and Shenzhen stock index 300 and Hongkong 100 and other index sample stocks. According to the index rules, it was deliberated by the index Committee of experts, and decided to adjust Shanghai and Shenzhen 300, China card 100, central card Hongkong 100 and other index stocks in June 15, 2020. It has officially become the related index sample stock of CSI 1000, entrepreneurial value, entrepreneurial growth, CSI and so on. Immediately, the company has officially become the Shenzhen Stock Exchange 1000, Shenzhen 700, small and medium-sized innovation and other related index sample stocks. In June 8th of this year, the Hongkong Stock Exchange issued a circular. Since June 15th, the company's stock has officially joined the Shenzhen stock exchange list.

It has been incorporated into several market indices, and the market is interpreted as a steady operation and a sustainable profitability in the future.

In fact, after the backdoor listing, Xinxin can achieve a super high net profit growth.

He was a pioneer of environmental protection in the past. At that time, due to many factors such as volume and price drop, Xia's environmental performance continued to slump. From 2013 to 2016, the company had a net loss of net profit for four consecutive years, with a total loss amounting to 1 billion 487 million yuan. In this case, at this time, 03800.HK, 002506.SZ, and 00451.HK are listed as the "private electric king" Zhu Gong Shan, which is the three public platform for the sale of new energy assets.

However, the road of backpacking is not smooth. In 2015, Xia Ke environmental protection intends to make a purchase price of 4 billion 500 million yuan to buy 100% stake in Shanghai poly Holding Co., Ltd. (Xinxin intelligent energy predecessor). A year later, the backdoor listing plan ran aground. Therefore, Zhu Gong Shan plans to divert his way to the transferable share to gain the position of controlling shareholder. Meanwhile, Xinxin intelligent energy submitted IPO application to the SFC, but applied for withdrawal 8 months later.

In November 2018, Xin Xin energy was the second time to borrow environmental protection. The main content of the reorganization plan is to set up the 90% assets of Xinxin intelligent energy and set up the target price of 4 billion 667 million yuan. In May 2019, the second backdoor issues were finally successfully completed. At the same time, the two sides agreed that in the year 2018 to 2021, the net profit of Xinxin smart energy and watch deduction was no less than 195 million yuan, 371 million yuan, 581 million yuan, and 598 million yuan respectively.

At the end of 2018 and the end of 2019, Xinxin intelligent energy achieved a net profit of 201 million yuan and 540 million yuan respectively, all exceeding the promised performance.

After the reorganization, the performance of the company was very impressive. In 2018 and 2019, the company achieved operating income of 8 billion 163 million yuan and 10 billion 898 million yuan, an increase of 1891.58% and 33.50% compared with the same period last year, with net profit of 332 million yuan and 554 million yuan, an increase of 4336.50% and 66.83% over the same period last year. In the first quarter of this year, the company achieved operating income of 2 billion 517 million yuan, an increase of 15.52% over the same period, and a net profit of 89 million 876 thousand and 600 yuan, an increase of 175.76% over the same period.

Cogeneration projects enjoy regional exclusivity

After the transformation to clean energy field, xinxinke insists on green energy operation and comprehensive energy services dual wheel drive, and has become a leading energy ecosystem service provider in China. In 2019, the sales volume of power and steam of xinxinke was 13 billion 998 million kWh and 15 million 188 thousand and 700 tons, up 41.91% and 22.93% respectively.

In terms of green energy operation, as of the end of last year, the cooperative capacity of 3160.64MW has increased by 526MW compared with the same period last year, of which clean energy installed capacity is about 89.50%, which is close to 90%. Last year, the company completed the 14 billion kwh of the settlement power, an increase of 41.91% over the same period last year, and completed the 15 million 190 thousand tons of the settlement volume, an increase of 22.93% compared with the same period last year. The total volume of garbage disposal was 1 million 330 thousand tons, an increase of 55.6% over the same period last year.

In terms of integrated energy services, the company's sale of electricity companies completed 15 billion kilowatt hours of electricity sales. Last year, in January, the joint bidding body of Jiangsu Xinxin comprehensive energy won the bid for the Suzhou double hill island incremental distribution network project and obtained the right of project development. In March, the Chang'e 3 user side lithium battery energy storage project was put into operation; in June, the L'OREAL natural gas distributed project was started; at present, the construction work has been completed; in July, the Jinzhai modern industrial park's incremental power distribution business pilot project was put into operation. 。 It has served more than 4000 industrial and commercial customers in the fields of electricity sales, demand side, heating and so on. In 2019, the company sold electricity in the forefront of the same industry, and the renewal rate of old customers reached 80%.

In addition, at present, the company is promoting the issue of non-public offering stocks. The number of non-public offering stocks will be no more than 270 million shares, and the fund-raising will not exceed 2 billion 320 million yuan, which will be used in the Sihong wind power project (75MW), the Jiangsu Funing wind power project (phase I 30MW+ two phase 15MW), the Inner Mongolia Huangqi banner wind power project (125MW) and the supplementary working capital. The company expects that the total installed capacity of the company will be increased by 245MW after the completion of the project.

The company has strong competitiveness. The company's power plant layout focuses on the economically developed areas such as the Yangtze River Delta, the Pearl River Delta, Beijing, Tianjin and Hebei, including dozens of state-level and provincial industrial parks, including Suzhou Industrial Park and Guangzhou economic and Technological Development Zone. The company has more than 1500 customers, including Samsung, Foxconn and other world top five hundred enterprises, covering Pharmaceutical, chemical, manufacturing and other industries.

The cogeneration project of the company can enjoy regional exclusivity. Xinxin smart energy has been engaged in cogeneration business since 2000. Because the location of cogeneration project has high requirements for the heat load of the surrounding hot users, and according to the state regulations, the cogeneration project should not be planned repeatedly in a certain heating radius. Therefore, the first advantage of the cogeneration project has won the regional exclusive advantage for the company.