【私募调研记录】量桥投资调研九洲集团

Group 1 - Qizhou Group's smart distribution network business is projected to exceed 800 million yuan in orders for 2024, representing a year-on-year growth of over 30% [1] - In Q1 2025, the company has already secured contracts worth over 260 million yuan, with grid orders accounting for approximately one-third of total orders [1] - The company plans to establish an overseas market team starting Q3 2024, focusing on markets in the Far East, ASEAN, Belt and Road Initiative countries, and BRICS nations [1] Group 2 - The installed capacity for wind power is expected to reach 246 megawatts and solar power capacity to 298.6 megawatts by the end of 2024, with total on-grid electricity generation exceeding 1 billion kilowatt-hours [1] - Qizhou Group aims to continue equity cooperation on wind and solar power projects with central state-owned enterprises, planning to sell 100% equity of already connected projects [1] - The company anticipates a 10% revenue growth target for its new energy generation business and a 30% growth target for its smart distribution network business in 2025 [1] Group 3 - The company is facing challenges in its biomass power generation assets due to fuel shortages, price volatility, and cash flow issues, leading to a planned impairment of 422 million yuan in 2024 [1] - The internal rate of return for distributed wind power and clean energy heating projects can exceed 10%, with power generation revenue accounting for over 90% of total revenue [1] - Qizhou Group has over 1 GW of capacity under construction and approximately 2 GW to 3 GW in the development stage [1]