CN GREEN ELECTRICITY(SZ:000537) Chang Jiang Shang Bao·2025-05-12 23:35Core Viewpoint - Zhonglv Electric (000537.SZ) is actively expanding its renewable energy business by establishing new subsidiaries to enhance its project capacity and align with its strategic development goals during the 14th Five-Year Plan period [1][2]. Investment and Subsidiary Establishment - Zhonglv Electric has announced the establishment of Zhonglv Electric (Wuhai) Energy Storage Co., Ltd. with a registered capital of 20 million yuan to support its renewable energy projects [1][2]. - The company has set up three subsidiaries in 2025, including Zhonglv Electric (Yulin) New Energy Power Co., Ltd. and Zhonglv Electric (Lingwu) New Energy Co., Ltd., to facilitate project development and management [1][3]. Financial Performance - In Q1 2025, Zhonglv Electric reported a revenue of 1.026 billion yuan, a year-on-year increase of 19.81%, and a net profit of 254 million yuan, up 52.18% [7]. - The company achieved a total power generation of 40.54 billion kWh in Q1 2025, representing a significant year-on-year growth of 98.05% [7]. Operational Capacity and Goals - As of Q1 2025, Zhonglv Electric's operational capacity reached 30.6355 million kW, with 19.3455 million kW in operation and 11.29 million kW under construction [3]. - The company aims to exceed 10 million kW in new construction indicators and achieve an operational capacity of over 22.5 million kW by the end of 2025 [4]. Profitability and Shareholder Returns - The net profit margin for Zhonglv Electric has shown a steady increase, reaching 33.99% in Q1 2025, reflecting strong cost control [5][8]. - The company has prioritized shareholder returns, distributing cash dividends of 186 million yuan and 372 million yuan in 2022 and 2023, respectively, and plans to distribute 413 million yuan in 2024 [8].