Linyang Energy(SH:601222) Chang Jiang Shang Bao·2025-06-16 00:53Core Viewpoint - LinYong Energy has secured a significant overseas order for a battery energy storage project in Mauritius, marking a strategic expansion into international markets and enhancing its global business matrix [1][2][4]. Group 1: Overseas Orders and Projects - LinYong Energy's subsidiary won a bid for a battery energy storage project in Mauritius, with a contract value of approximately $2.5 million, equivalent to about 179 million RMB [1][2]. - The project involves the design, manufacturing, supply, installation, testing, and commissioning of two 20MW/60MWh battery storage systems, totaling 40MW/120MWh [2]. - The Central Electricity Board of Mauritius, responsible for about 42% of the country's electricity supply, is coordinating the project to align the storage system with local energy systems [2]. Group 2: Financial Performance and Growth - In 2024, LinYong Energy's overseas revenue reached 1.126 billion RMB, a year-on-year increase of 34.22%, accounting for over 16% of total revenue [4]. - The company has a robust growth trajectory, with a compound annual growth rate of 23.21% in overseas revenue from 2021 to 2024 [4]. - As of the end of Q1 2025, LinYong Energy has an order backlog of 1 billion RMB in overseas projects [5]. Group 3: Research and Development - LinYong Energy has invested significantly in R&D, with total expenditures reaching 905 million RMB over the past five years, reflecting a commitment to innovation despite recent revenue declines [7][8]. - The company has been granted 78 new patents in 2024, including 37 invention patents, bringing the total to 323 authorized patents [8]. Group 4: Financial Health - As of the end of Q1 2025, LinYong Energy reported cash and cash equivalents totaling 5.623 billion RMB, with total short-term and long-term debt of 3.141 billion RMB, indicating a strong financial position [8]. - The company's debt-to-asset ratio remains low at 36.22%, suggesting good risk management capabilities [8].