On June 15, Huadian New Energy Group Co., Ltd. (hereinafter referred to as "Huadian New Energy"), a subsidiary of Huadian Group, a central enterprise, successfully passed the main board of Shanghai Stock Exchange. This new energy enterprise, which intends to raise 30 billion yuan, has refreshed the previous record of 22.7 billion yuan raised by the Three Gorges Energy. Become the A-share new energy industry so far the largest IPO!
In fact, with the new energy plate in the limelight gradually, pile up listing, A-split A and other phenomena gradually increase, according to the digital new energy DN incomplete statistics, only in the first half of this year there are more than 21 enterprises sprint IPO, financing scale of more than 70 billion, Among them, there are many new energy subsidiaries of central enterprises such as Huadian Xinneng, Huarun New Energy and China Power Construction New Energy. After sorting out the
digital new energy DNE, it is found that Huadian New Energy, Huarun New Energy, China Electric Power Construction New Energy and other enterprises generally seek listing and business development is too fast, lack of funds and policy promotion.
Taking advantage of the "double-carbon" Dongfeng to accelerate the layout of new energy business
According to Digital New Energy DNE, the performance of the three companies has soared in recent years, covering the development of new energy projects such as wind power generation and solar power generation. According to
public data, by the end of 2022, the installed capacity of Huadian Xinneng's holding power generation projects reached 34.9084 million kilowatts, of which 22.0911 million kilowatts were wind power (6.05% of the market share).
In terms of installed capacity, the total installed capacity of Huadian Xinneng from 2020 to 2022 is 22.1535 million kilowatts, 27.4243 million kilowatts and 3490
kilowatts, respectively. At present, Huadian Xinneng Project covers 31 provinces and cities in China, basically covering the areas with abundant wind and solar resources and strong demand for electricity consumption.
Over the past three years, the company's performance has grown rapidly. From 2020 to 2022, the total assets of Huadian Xinneng have increased year by year. During the same period, the operating income was 16.507 billion yuan, 21.668 billion yuan and 24.453 billion yuan respectively; Net profits were RMB4.079 billion, RMB7.251 billion and RMB84 billion respectively.
Not only Huadian Xinneng, but also China Resources New Energy and Power Construction New Energy had similar growth.
In 2022, the profit attributable to the parent company of CR Power will be HK $7.042 billion, representing a year-on-year increase of 229.4%; the core profit contribution of its renewable energy business will be 86.
Meanwhile, the company plans to increase the installed capacity of renewable energy by 40 million kilowatts during the "14th Five-Year Plan" period.
Power construction new energy performance is also good, as early as 2021, China Power Construction will be new energy business (power construction new energy) independent disclosure in the financial report.
In 2022, the installed capacity of wind power, solar photovoltaic power and hydropower will be 1.36 million kilowatts, 1.272 million kilowatts and 37
kilowatts respectively. The grid-connected installed capacity controlled by the Company is 20.3834 million kilowatts, of which the installed capacity of wind power is 7.6444 million kilowatts, with a year-on-year increase of 21.64%; the installed capacity of hydropower is 6.8554 million kilowatts, with a year-on-year increase of 5.75%; the installed capacity of thermal power is 3.16 million kilowatts, basically the same as last year; The installed capacity of solar power generation is 2.7236 million kilowatts. Year-on-year growth 87. The proportion of clean energy reached 84.
renewable energy business is characterized by large capital expenditure, stable operation and long payback period. Huadian Xinneng, Huarun New Energy and Power Construction New Energy need a lot of financial support behind their ambitions.
At present, the low valuation of the power engineering construction sector is the default fact .
In the spin-off announcement, China Electric Power Construction said that after the listing of new energy, especially in the current market context, the high valuation and scarcity of the new energy sector will contribute to the growth of the company's total market value, which is of great significance to the realization of the company's asset value preservation and appreciation.
Similarly, Huadian Xinneng, which has just passed the meeting, has been delisted from Hong Kong stocks because of its low valuation.
In 2012, Huadian Xinneng, or Huadian Fuxin, was successfully listed in Hong Kong. However, in the eight-year Hong Kong stock market, despite the long-term steady growth of its performance, Huadian Xinneng's share price has been hovering around HK $2 per share for a long time, with a P/E ratio of more than 10 times and a P/B ratio of 0.
At that time, Huadian Xinneng almost lost its financing capacity.In terms of
low valuation, even as "the first share of new energy in China", Longyuan Electric Power has been unable to escape the "magic spell". In contrast
, the current financing environment of A-share market is more relaxed, with the promotion of the "double carbon" strategy, the new energy sector has become a new favorite of the capital market, and related enterprises are popular. Qu Xiaohua, chairman of Atlas, has previously said that "domestic financing channels and financing methods are more convenient". In January
last year, Longyuan Power took the lead in A-share listing, returning to A-share as the first H-share new energy power generation central enterprise in China. After A-share listing, Longyuan Electric Power has directly opened the "A + H" capital channel, and the domestic and foreign financing channels are more smooth, and the asset scale effect is more released.
In 2022, Longyuan Power achieved a total power generation of 70,633,024 MWh, representing a year-on-year increase of 11.6%, of which wind power generation was 58,308,065 MWh, representing a year-on-year increase of 13.7%; Other renewable energy generation 1,752,296 MWh, Year-on-year growth of 44.
At the same time, it also supports all kinds of key enterprises included in the pilot reform and special reform projects, as well as enterprises in the key links of the industrial chain, supply chain and high-end areas to be listed in the corresponding level of capital market, which can be injected into the existing platform of listed companies, and can also be listed separately if necessary. According to the analysis of
China Merchants Securities, spin-off listing will help to improve the corporate governance structure, realize the professional integration of "one industry, one enterprise, one industry", realize the preservation and appreciation of state-owned assets through market value management, make full use of the financing function of capital market, realize the balance between value creation and value realization of state-owned enterprises, and promote the value remodeling of state-owned enterprises. According
to Tonghuashun data, by the end of May, more than 74 A-share listed companies were promoting spin-off listing, of which more than 50% came from state-owned enterprises, including 14 central enterprises and 24 local state-owned enterprises.
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