YEIC(SZ:002053) Chang Jiang Shang Bao·2025-05-28 23:48Core Viewpoint - Yunnan Energy Investment (002053.SZ) is significantly expanding its wind power business by securing development rights for three wind farms, totaling an expected installed capacity of 312.5 MW, with a project completion timeline of 12 months [1][2]. Group 1: Project Development - The company has been awarded the development rights for three wind farms: the South Chong Wind Farm in Fuyuan, the Aguzai Wind Farm in Lijiang, and the Huaping West Wind Farm in Lijiang, with respective capacities of approximately 62.5 MW, 100 MW, and 150 MW [2]. - The project sites are noted for their favorable wind conditions, and the total construction period for all projects is estimated to be 12 months [2]. Group 2: Business Transformation - Yunnan Energy Investment, originally Yunnan Salt Chemical, transitioned into the renewable energy sector in 2019 by acquiring shares in a wind power company from its major shareholder, marking a strategic shift towards new energy development [1][4]. - The company aims to enhance its renewable energy capabilities, focusing on wind and solar power, which accounted for 34.45% of its total revenue in 2024 [4]. Group 3: Financial Performance - The company has experienced continuous growth in revenue and net profit over the past four years, with revenues increasing from 23.48 billion yuan in 2021 to 34.53 billion yuan in 2024, and net profits rising from 2.49 billion yuan to 6.75 billion yuan in the same period [5]. - In the first quarter of 2025, Yunnan Energy Investment reported total revenue of 9.54 billion yuan and a net profit of 2.21 billion yuan, reflecting ongoing growth in its asset scale, which reached 187.95 billion yuan by the end of Q1 2025 [6]. Group 4: Diversified Operations - Besides its renewable energy initiatives, the company is also involved in salt production and natural gas operations, with salt products generating 12 billion yuan in revenue in 2024, accounting for 34.86% of total revenue [6]. - The company is implementing a project to upgrade its salt production facility using energy-efficient technology, with a total investment of 448 million yuan [6].