SYEP(300867)2022-11-19 02:40Group 1: Company Overview and Performance - The main business of the company is waste incineration power generation, accounting for over 90% of revenue and profit [4] - In Q1 2022, the company processed 20.31 million tons of domestic sewage, an increase of 8.08% year-on-year; received 1.39 million tons of waste, up 24.95% year-on-year; and generated 423 million kWh of electricity, a growth of 41.66% year-on-year [4] - Total revenue for Q1 2022 was 495 million yuan, a year-on-year increase of 86.55%; net profit was 72.89 million yuan, a decrease of 40.58% [4] Group 2: Revenue Breakdown - Q1 2022 revenue of 495 million yuan included 140 million yuan recognized under PPP, leading to a core revenue of 355 million yuan, which is a 34% increase compared to 265 million yuan in Q1 2021 [5] - The significant difference in revenue and net profit growth rates is attributed to reduced fair value changes and other income, as well as new projects not yet included in the national subsidy directory [6] Group 3: Future Projects and Subsidies - The company estimates that once the six new projects (totaling 4,950 tons/day and 130 MW capacity) enter the subsidy directory, it could recognize an additional 150 million yuan in annual subsidies [6] - The company is actively managing the impact of subsidy reductions and cancellations, with short-term effects deemed minimal and long-term impacts manageable [12] Group 4: Distributed Photovoltaic and Hydrogen Energy Projects - The company operates distributed photovoltaic projects primarily on idle land and rooftops of existing waste-to-energy and sewage treatment plants, with plans to build seven new photovoltaic projects in 2022 [7] - The collaboration with the Research Institute of Hydrogen Energy focuses on solid-state hydrogen storage technology, leveraging national policies and local market conditions to enhance the hydrogen energy supply chain [11] Group 5: Technological Advancements - The company has implemented medium-temperature and sub-high-pressure technology in new projects, achieving a 60% increase in electricity generation per ton of waste compared to other projects [13] - Plans for upgrading existing projects with this technology are in place, although implementation will be gradual due to operational constraints [13]