这既不会导致原有股份稀释引发市场忧虑，又能通过两地上市提升股票的交易活跃度，改善港股因流动性不足导致的估值偏低问题，还能借助新加坡成熟的 资本市场和广泛的国际投资者网络，直接触达东南亚及全球投资者，为后续发展扩大股东基础。 今日，协合新能源向新加坡交易所提交资料，引发市场关注。 据悉，协合新能源此次赴新加坡上市不会发行新股进行融资，本质上是战略卡位而非短期套现，核心逻辑是通过资本市场的国际化布局提升长期竞争力。 二、多管齐下增效益 为此，协合新能源走出了一条多管齐下的破局之路。 2021至2024年，公司权益装机容量从2,768MW提升到4,615兆瓦，复合增速为18.58%；营收从21.96亿元持续增长至27.52亿元，复合增速达到7.8%；同期，公 司净利润没有实现同等幅度扩张，仅从8.18亿元微增至8.76亿元。 这一"规模与利润非对称增长"的困局，实则是中国风光发电行业结构性矛盾的缩影。 一方面，2024年我国风电、太阳能以及生物质等新能源装机达到14.5亿千瓦，首次超过火电装机规模。其中，风电和太阳能新增3.6亿千瓦，占新增发电装机 总容量的比重超过八成。 另一方面，弃风弃光现象依然突出。2024年 ...

協合新能源集團有限公司 於百慕達註冊成立之有限公司 新加坡 年報 截至二零二四年十二月三十一日止年度 股票代碼182 2024 香港 地址：香港灣仔港灣道30號新鴻基中心49樓4901室 地址：新加坡絲絲街30號保誠大廈21-02室 049712 公司資料 董事會 執行董事 北京 地址：北京海澱區首體南路9號中國風電大廈 100048 WWW.CNEGROUP.COM 能‧創未來 2024 年報 協合新能源集團有限公司 122893 劉順興先生 （主席） 劉建紅女士 （副主席） 桂凱先生 （行政總裁） 牛文輝先生 翟鋒先生 尚佳女士 陳錦坤先生 非執行董事 王峰先生 獨立非執行董事 黃簡女士 方之熙先生 張忠先生 李永麗女士 蔡斌先生 公司秘書 陳錦坤先生 核數師 畢馬威會計師事務所 於《會計及財務匯報局條例》下的註冊 公衆利益實體核數師 金融機構 香港 灣仔 港灣道30號 新鴻基中心 49樓 4901室 香港股份過戶登記分處 卓佳登捷時有限公司 香港 金鐘 夏慤道16號 遠東金融中心 17樓 網站 www.cnegroup.com www.irasia.com/listco/hk/concordnewene ...

Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, with utilization hours for wind and solar projects declining by over 10% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange to expand its financing options and investor base, which is expected to support its future growth [3][4]. - The company is focused on increasing its market share in overseas renewable energy projects, which is anticipated to contribute positively to its growth trajectory [4].

Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, including a decline in utilization hours for wind and solar projects, with wind power curtailment rates at 9.5% and solar at 18.5% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from equity power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange, aiming to expand its financing options and investor base while enhancing its overseas project acquisition efforts [3][4]. - The company’s capital expenditure for 2024 is projected at 4 billion RMB, with ongoing projects totaling 1,996 MW [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.78, indicating a potential upside of 58% from the current price of HKD 0.495 [6][12]. Core Views - The company's revenue for 2024 is projected to be RMB 2.752 billion, reflecting a year-on-year growth of 6.31%, while net profit is expected to decline by 16.46% to RMB 805 million due to factors such as falling electricity prices and power restrictions [3][9]. - The company has a robust project reserve, planning to add 1GW of new capacity in 2025 with a capital expenditure of RMB 4 billion. As of the end of 2024, the company has accumulated over 10.75GW of wind and solar resources in China [4][10]. - The company is actively repurchasing shares to stabilize dividends, with a projected dividend payout ratio of 30%-33% and a dynamic PE ratio of approximately 3.8 times, indicating undervaluation [5][11]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve a revenue of RMB 27.52 billion, a 6.31% increase from the previous year, while net profit is forecasted to decrease to RMB 8.05 billion, a decline of 16.46% [3][9]. - The basic earnings per share for 2024 is projected at RMB 0.1006, with a proposed final dividend of HKD 0.035 per share, increasing the payout ratio from 27% in 2023 to 32% [3][9]. Project Development - The company secured 1,399MW of new wind and solar projects globally in 2024, with 720MW in China and 679MW in other countries. The total wind and solar resource reserve in China exceeds 10.75GW [4][10]. - The company plans to commission 1GW of new capacity in 2025, with 50% expected to come online in the first half of the year, primarily from projects delayed from the previous year [4][10]. Valuation and Share Buyback - The company repurchased 8.97 million shares at a price between HKD 0.470 and HKD 0.480, totaling HKD 4.2596 million. The buyback is expected to be more aggressive in 2025 compared to 2024 [5][11]. - The company is currently trading at a dynamic PE of about 3.8 times and a PB of approximately 0.4 times, with a dividend yield of around 8.08%, indicating a high margin of safety [5][11].

Company and Industry Summary Company Overview - The company is involved in the renewable energy sector, specifically focusing on wind and solar power generation. The management team includes Chairman Liu Shunqing, CEO Niu Wenhui, and Finance Director Liu Ningyu, who presented the 2024 performance report during the earnings call [1]. Key Financial Highlights - Total assets increased from RMB 31.24 billion at the end of 2023 to RMB 32.13 billion in 2024, a year-on-year growth of 2.9% [2]. - Net assets rose by 5.6% to RMB 8.906 billion [2]. - The company's revenue from power generation increased by 11.4% year-on-year, reaching RMB 1.433 billion, while total revenue from other businesses decreased by 28.3% to RMB 236 million [3]. - Earnings per share (EPS) fell to RMB 1.005, a decline of 11.8% compared to the previous year [3]. Operational Performance - The company maintained a steady growth in power generation, with a 10.5% increase in equity power generation volume [4]. - The installed capacity of wind and solar power plants reached 4,615 MW, with wind power accounting for approximately 81% and solar power for 19% [4]. - New projects added in 2024 included 566 MW, with 266 MW from wind and 300 MW from solar [4]. Market and Industry Dynamics - The renewable energy sector is experiencing a shift due to ongoing policy reforms in the electricity market, with a focus on market-driven pricing mechanisms [10][11]. - The average utilization hours for the company's wind and solar plants were reported to be higher than the national averages, indicating strong operational performance [7]. - The average comprehensive electricity price for wind power decreased by RMB 0.0055 per kWh, while solar power saw a decline of RMB 0.0638 per kWh [8]. Strategic Adjustments - The company is adapting its development strategy in response to changing market conditions, focusing on optimizing asset quality rather than merely increasing capacity [20]. - A total of 1,399 MW of new wind and solar investment projects were secured globally, with 720 MW in China and 679 MW in other countries [5]. - The company is also enhancing its operational efficiency by reducing management costs by 15%, from RMB 404 million to RMB 344 million [10]. Challenges and Risks - The decline in net profit is attributed to reduced asset transfer income and increased operational costs due to market conditions [17]. - The company faces challenges from regional resource limitations and fluctuating electricity prices, which could impact profitability [5][8]. Future Outlook - The company plans to maintain a capital expenditure of approximately RMB 4 billion in 2025, focusing on project development and operational efficiency [25]. - Management emphasized the importance of quality over quantity in project development, indicating a shift in strategic priorities [20]. Additional Insights - The company has maintained a strong ESG rating, reflecting its commitment to sustainable practices and corporate governance [15]. - The management team is optimistic about the long-term prospects of the renewable energy sector, despite current market fluctuations [23]. This summary encapsulates the key points from the earnings call, highlighting the company's financial performance, operational metrics, market dynamics, strategic adjustments, challenges, and future outlook.

Investment Rating - The report maintains a stable dividend policy and indicates a potential undervaluation of the company with a dynamic PE of approximately 4.3 times and a PB of 0.4 times, alongside a dividend yield of about 7.56% [5] Core Insights - The company reported a revenue of RMB 2.752 billion for the year ending December 31, 2024, representing a year-on-year growth of 6.31%. However, the net profit attributable to shareholders decreased by 16.46% to RMB 805 million, with basic earnings per share at RMB 0.1006. The proposed final dividend is HKD 0.035 per ordinary share, and the net asset value per share increased by 11.31% to RMB 1.09 [1] - The company plans to add 1GW of new capacity in 2025, supported by a robust project reserve of over 10.75GW in China, which includes approximately 6.5GW of wind power and 4.25GW of solar power. The company has secured 1,399MW of new wind and solar projects globally in 2024 [3] - The proposed secondary listing in Singapore aims to broaden the shareholder base and enhance future financing channels, thereby improving overall liquidity of the company's securities [4] Summary by Sections - **2024 Annual Performance**: Revenue reached RMB 2.752 billion, a 6.31% increase year-on-year, while net profit fell to RMB 805 million, a 16.46% decrease. Basic earnings per share were RMB 0.1006, with a proposed final dividend of HKD 0.035 [1] - **Project Development**: The company has a strong project pipeline with plans to commission 1GW in 2025. It has acquired 1,399MW of new projects in 2024, with a total project reserve exceeding 10.75GW in China [3] - **Financing Strategy**: The secondary listing in Singapore is expected to enhance the company's financing capabilities and shareholder base, improving liquidity [4] - **Valuation Metrics**: The company is considered undervalued with a dynamic PE of 4.3 times, a PB of 0.4 times, and a dividend yield of 7.56%, indicating potential for price appreciation [5]

Investment Rating - The report maintains a stable dividend policy and highlights the company's solid project reserves, indicating a positive outlook for future performance [1][3]. Core Viewpoints - The company reported a revenue of RMB 2.752 billion for the year ending December 31, 2024, representing a year-on-year growth of 6.31%. However, the net profit attributable to shareholders decreased by 16.46% to RMB 805 million, with a basic earnings per share of RMB 0.1006 and a proposed final dividend of HKD 0.035 per share [1]. - The company plans to add 1GW of new capacity in 2025, supported by a robust project reserve of over 10.75GW in China, which includes approximately 6.5GW of wind and 4.25GW of solar resources [3]. - The proposed secondary listing in Singapore aims to broaden the shareholder base and enhance future financing channels, which is expected to improve overall liquidity of the company's securities [4]. - The company intends to maintain a dividend payout ratio of around 30% and is currently undervalued, with a dynamic PE of approximately 4.3 times and a PB of 0.4 times, alongside a dividend yield of about 7.56% [5]. Summary by Sections - **2024 Annual Performance**: Revenue of RMB 2.752 billion, net profit of RMB 805 million, basic EPS of RMB 0.1006, and proposed final dividend of HKD 0.035 [1]. - **Project Development**: New wind and solar projects totaling 1,399MW acquired in 2024, with 2GW under construction and a plan to commission 1GW in 2025 [3]. - **Secondary Listing**: The company plans to submit an application for a secondary listing in Singapore by March 31, 2025, without issuing new shares [2][4]. - **Valuation Metrics**: Dynamic PE of 4.3, PB of 0.4, and a dividend yield of 7.56%, indicating undervaluation [5].

Group 1 - The company, Xiehe New Energy, announced a share buyback of 8.97 million shares at a price range of HKD 0.470 to HKD 0.480 per share, totaling HKD 4.2596 million [1] - On the day of the buyback, the stock closed at HKD 0.475, reflecting a decline of 1.04%, with a total trading volume of HKD 7.7696 million [1]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 2,752,054,000, representing an increase of 6.3% from RMB 2,588,646,000 in 2023[4] - Gross profit for the same period was RMB 1,515,848,000, up 7.8% from RMB 1,405,626,000 in 2023[4] - Net profit attributable to shareholders from continuing operations was RMB 805,133,000, a decrease of 8.2% compared to RMB 877,502,000 in 2023[4] - Basic earnings per share for the year was RMB 10.06, down from RMB 11.42 in 2023, reflecting a decline of 11.9%[4] - The company’s total comprehensive income for the year was RMB 852,914,000, down from RMB 985,221,000 in 2023, a decrease of 13.4%[5] - The company reported a financial cost of RMB 683,945,000 for the year ending December 31, 2024[26] - The profit before tax for the year ending December 31, 2024, was RMB 866,772,000, leading to a net profit of RMB 875,575,000 after tax credits[22] - The company reported a net loss of RMB 1,839,000 from the sale of property, plant, and equipment in 2024, compared to a gain of RMB 2,536,000 in 2023[37] Assets and Liabilities - Total assets increased to RMB 32,129,839,000 in 2024, compared to RMB 31,236,368,000 in 2023, marking a growth of 2.9%[7] - Non-current liabilities decreased to RMB 15,283,280,000 in 2024 from RMB 15,922,369,000 in 2023, a reduction of 4.0%[7] - Cash and cash equivalents decreased to RMB 1,693,834,000 in 2024 from RMB 2,445,465,000 in 2023, a decline of 30.7%[7] - Current liabilities decreased from RMB 6,878,585 thousand in 2023 to RMB 7,940,253 thousand in 2024, representing an increase of approximately 15.4%[9] - Total liabilities increased from RMB 22,800,954 thousand in 2023 to RMB 23,223,533 thousand in 2024, reflecting a growth of about 1.8%[9] - Net asset value rose from RMB 8,435,414 thousand in 2023 to RMB 8,906,306 thousand in 2024, indicating an increase of approximately 5.6%[9] - The company's equity attributable to shareholders increased from RMB 8,283,036 thousand in 2023 to RMB 8,714,950 thousand in 2024, a growth of about 5.2%[9] - The company’s other borrowings increased from RMB 895,844 thousand in 2023 to RMB 1,167,151 thousand in 2024, marking an increase of about 30.3%[9] - The company’s contract liabilities decreased from RMB 52,496 thousand in 2023 to RMB 25,029 thousand in 2024, a reduction of approximately 52.4%[9] Revenue Sources - Revenue from continuing operations for 2024 reached RMB 2,752,054,000, an increase of 6.3% compared to RMB 2,588,646,000 in 2023[36] - Revenue from electricity sales increased to RMB 2,158,040,000 in 2024, up 15.5% from RMB 1,867,969,000 in 2023[36] - Major customers contributed significantly, with Customer A generating RMB 389,489,000 and Customer B RMB 354,033,000 in 2024, both exceeding 10% of total revenue[33] - Total revenue for the group's power plants reached RMB 2,515,951,000, an increase of 11.35% from RMB 2,259,413,000 in 2023, while net profit rose by 4.69% to RMB 797,814,000[80] Operational Highlights - The company sold part of its smart operation and maintenance business for RMB 126,090,000 in November 2023, focusing on its core competencies in wind and solar power generation[18] - The company plans to sell three subsidiaries in the power generation sector for a total consideration of RMB 1,207,348,000, with expected completion in 2025[51] - The group completed green electricity transactions of 811 million kWh and sold 6.41 million green certificates, both showing year-on-year growth[81] - The group has sold off 50 MW of power plant capacity as part of its asset optimization strategy[90] Market and Industry Trends - Global renewable energy investment reached USD 728 billion in 2024, marking an 8% year-on-year increase, highlighting the sector's resilience and growth potential[60] - The average cost of battery energy storage systems decreased significantly by 40% in 2024, driving explosive growth in new energy storage projects[65] - The global market share of TOPCon technology in photovoltaic components rose to 60% in 2024, solidifying its position as the mainstream technology[64] - The number of countries with new gigawatt-scale photovoltaic component demand increased from 31 in 2023 to 37 in 2024[64] Corporate Governance and Management - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, ensuring compliance with corporate governance standards[116] - The company has adhered to the corporate governance code as outlined in the listing rules for the year ending December 31, 2024[113] - The company expresses gratitude to employees, shareholders, customers, and business partners for their ongoing support[117] - The company emphasizes the importance of corporate culture to enhance employee cohesion and alignment with business development strategies[108] Future Outlook and Strategy - The group aims to significantly increase new installed capacity by 2025, focusing on project construction management and cost control[103] - The group plans to enhance its power trading and marketing capabilities to improve profitability[101] - The group is committed to reducing financing costs by leveraging favorable market conditions and expanding financing channels[105] - The company plans to actively track and analyze market changes, optimizing assets to match strategic goals and market demands[106]