JZ GROUP(300040) 证券时报网·2025-01-07 00:34Core Viewpoint - The company, Jiuzhou Group, is transforming from a traditional manufacturing enterprise to a smart manufacturing equipment and comprehensive smart energy service provider, aligning with China's "dual carbon" goals and contributing to sustainable development [1][2]. Group 1: Business Development and Strategy - Jiuzhou Group is focusing on technology innovation and a full industry chain layout to contribute to the "dual carbon" goals, with business areas including smart distribution equipment manufacturing, renewable energy development, and comprehensive smart energy solutions [2]. - The company has developed over 2 GW of installed capacity in renewable energy power stations and has established a modern smart manufacturing model that integrates products, engineering design, general contracting, and operation maintenance [2]. - As of the first half of 2024, Jiuzhou Group's self-owned and under-construction renewable energy power stations have a total installed capacity of 1.04 GW, with an additional 2-3 GW of projects in planning [2]. Group 2: Financial Performance and Market Position - Jiuzhou Group has achieved full-process coverage in renewable energy power station development and operation, leading to stable growth in power generation revenue and favorable investment returns through equity transfers [2]. - The company has seen improvements in cash flow due to policy support, with several projects included in the renewable energy generation subsidy list [2][3]. - The company’s order backlog reached 650 million yuan by the end of Q3 2024, showing significant year-on-year growth [5]. Group 3: Future Growth and Innovation - With the changing energy structure in China, there is an increasing demand for microgrids and multi-energy complementary comprehensive energy service units, which Jiuzhou Group is actively exploring [4]. - The company has reserved 349.5 MW of distributed wind power projects, which are expected to enhance the gross margin of its comprehensive smart energy business as these projects commence operation [4]. - Jiuzhou Group is enhancing its competitiveness in the smart electrical equipment and comprehensive smart energy sectors through a "manufacturing + service" model, aiming for high-quality development [5].