正泰电器去年光伏业务营收增速“腰斩”，电站出售难填百亿债务缺口

Core Viewpoint - The company is facing challenges with slowing revenue growth in the context of a decelerating domestic photovoltaic (PV) installation rate, with projected revenue growth dropping from 24.53% in 2023 to 12.7% in 2024, and a significant reduction in the growth rate of its PV business [1][2] Revenue Growth Weakness - In 2024, the company reported revenue of 645.19 billion yuan, a year-on-year increase of 12.7%, with net profit attributable to shareholders at 38.74 billion yuan, up 5.1% [2] - The revenue growth rate has shown signs of slowing down compared to previous years, with growth rates of 17.38%, 17.78%, and 24.53% from 2021 to 2023 [2] - In Q1 of this year, the company experienced an 8.53% decline in revenue, totaling 145.59 billion yuan [2] - The company operates with a dual business model of low-voltage electrical equipment and PV, with the latter contributing 66.63% of total revenue in 2024, surpassing low-voltage electrical equipment for the first time [2][3] Declining Core Business Growth - The slowdown in revenue growth from the two core businesses has resulted in overall revenue growth lagging behind previous years, with low-voltage electrical equipment and PV business growth rates of 3.89% and 17.44% respectively in 2024 [3] - The PV business's growth rate has been halved, potentially linked to downstream installation demand [3] - The company’s PV business, particularly from PV power station engineering contracts, generated revenue of 308.38 billion yuan but with a low gross margin of 12.03% [3] Inventory and Impairment Risks - The company has seen a significant increase in inventory, with book value rising by 180.8%, 61.27%, and 68.81% from 2021 to 2023, reaching 445.61 billion yuan in 2024 [4] - The high inventory levels pose a risk of impairment due to potential product price declines, with asset impairment losses increasing annually [4] - As of Q1, the company’s total assets reached 1,449.58 billion yuan, with total liabilities at 930.76 billion yuan, indicating a rising debt burden [5] Debt Pressure and Asset Sale Strategy - The company is under significant debt pressure, with a total debt exceeding 930 billion yuan and a short-term debt coverage gap of over 100 billion yuan [5][6] - To alleviate financial strain, the company plans to transition to a light-asset model, including the sale of PV power station assets, with a total capacity of up to 14 GW authorized for sale [6][9] - In 2024, the company sold 18 power stations with a total capacity of 8,412.37 MW for 250.67 billion yuan, impacting current operating performance positively by 27.33 billion yuan [6][8]