【私募调研记录】睿郡资产调研绿色动力

Group 1 - The company Green Power is enhancing its performance and profitability through various measures, including a decrease in environmental protection fees due to centralized procurement and refined management [1] - Material costs are rising due to increased costs of obtaining industrial solid waste, while financial expenses are expected to continue decreasing due to long-term loan repayments and declining market interest rates [1] - The company anticipates receiving 372 million yuan in national subsidies in 2024, which is better than in 2023, with three new projects added to the national subsidy list [1] Group 2 - By the end of 2024, national subsidies are expected to account for 34% of revenue, while waste treatment fees will account for 55% [1] - The company's capital expenditure for 2024 is projected to be 500 million yuan, with future capital expenditures expected to continue decreasing [1] - The company has a dividend payout ratio of 71%, which will be determined based on operational performance in the future [1] Group 3 - The company is not planning to deliberately reduce its debt ratio and will continue to conduct debt replacement [1] - The growth in waste treatment and power generation in 2024 is attributed to the commissioning of new projects, expansion of waste sources, and refined management [1] - Measures to enhance capacity utilization include improving waste collection and transportation systems, expanding waste sources, and conducting collaborative disposal [1] Group 4 - The electricity price for competitive bidding projects is approximately between 0.55 yuan and 0.60 yuan per kWh [1] - The company plans to gradually implement the "polluter pays" principle for waste treatment fees in the Yongjia Phase I project [1] - The company is exploring the feasibility of a cooperation model between waste incineration power generation and IDC [1] Group 5 - The company intends to collaborate with state-owned enterprises to participate in the bidding for the Malaysia EPC project and will continue to seek acquisitions of quality projects [1] - There are currently no plans to lower the conversion price of bonds, with a focus on enhancing performance to stabilize dividend expectations [1]