【私募调研记录】阿杏投资调研绿色动力

Core Insights - Recent research by a well-known private equity firm, Ah Xing Investment, focused on a listed company, Green Power, highlighting various measures to enhance performance and profitability [1] Company Performance - Green Power has improved its performance through multiple strategies, including a decrease in environmental protection fees due to centralized procurement and refined management [1] - Material costs have risen due to increased costs of industrial solid waste acquisition [1] - Financial expenses are expected to continue declining due to long-term loan repayments and falling market interest rates [1] Financial Projections - The national subsidy repayment for 2024 is projected to be 372 million yuan, which is better than in 2023, with three new projects added to the national subsidy list [1] - By the end of 2024, national subsidies are expected to account for 34% of revenue, while waste treatment fees will account for 55% [1] - Capital expenditure for 2024 is set at 500 million yuan, with future capital expenditures expected to decrease [1] Debt and Dividend Policy - The company has a dividend payout ratio of 71%, with future dividends to be determined based on operational performance [1] - There are no plans to deliberately reduce the debt ratio, and the company will continue to engage in debt replacement [1] Operational Growth - The growth in waste treatment and power generation in 2024 is attributed to new project launches, successful waste expansion efforts, and refined management practices [1] - Measures to enhance capacity utilization include improving waste collection systems, expanding waste sources, and conducting collaborative disposal [1] Pricing and Market Strategy - The bidding price for competitive online projects is approximately 0.55 to 0.60 yuan per kWh [1] - Future adjustments to waste treatment fees are planned, gradually implementing the principle of producer responsibility [1] Business Expansion - The company is exploring the feasibility of collaboration between waste incineration power generation and IDC [1] - Plans to collaborate with state-owned enterprises for bidding on EPC projects in Malaysia are underway, alongside ongoing efforts to acquire quality projects [1] - There are currently no plans to lower the conversion price, with a focus on enhancing performance to stabilize dividend expectations [1]