JZ GROUP(300040)2023-07-04 01:14Company Overview - Harbin Jiuzhou Group Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange in January 2010 under the stock code 300040.SZ [1] - The company has successfully transformed from electrical equipment manufacturing to a dual main business model of "wind-solar renewable energy + intelligent equipment" since 2015 [1] - It has constructed, invested in, and operated renewable power stations with a total capacity of over 1500 MW, becoming a leader in green electricity in Northeast China [1] Business Strategy - The company focuses on three main business segments: manufacturing and services related to smart distribution networks, renewable power station operations, and comprehensive energy development [1] - The dual main business strategy includes actively laying out new energy storage fields to gradually build a "wind-solar-storage renewable energy + intelligent equipment" business system [2] Future Development Plans - The company has secured a wind power capacity of 500 MW, including a 200 MW project in cooperation with Huadian and a 100 MW self-owned project [2] - It aims to maintain an annual increase of over 200 MW during the 14th Five-Year Plan period through self-owned and cooperative methods [2] - The company plans to optimize its capital structure and asset-liability ratio by transitioning to a light asset model, having sold 51% equity in five subsidiaries in 2022 [2] Biomass Power Generation - The company has invested in biomass power generation projects with a cumulative capacity of 240 MW and is preparing a 300 MW clean energy heating demonstration project [3] - Due to policy and industry conditions, the company has halted the development of other biomass power projects and is considering selling some completed projects to state-owned enterprises [3] Financing and Capital Structure - The company plans to issue convertible bonds but has temporarily suspended the issuance of its convertible bond - Zuan 3 due to favorable financing conditions available through state-owned policy banks [3] - It will choose financing channels based on project development needs, including debt financing, convertible bonds, and private placements [3] Current Orders and Projects - The company has over 1 GW of projects in hand and is actively promoting green field projects nationwide [3] - It has joint ventures with Huadian New Energy to construct two 100 MW wind power projects, both currently under construction [3] Strategic Outlook - The company aims to expand its renewable energy project portfolio and enhance its manufacturing capabilities while maintaining technological and cost advantages [5] - The expected increase in grid-connected capacity in 2023-2024 will be the primary source of growth for the company in the coming years [5]