地产业务不景气，卧龙新能再转型！剥离矿业转向新能源

Core Viewpoint - Wolong New Energy is undergoing a significant transformation by divesting its mining business and focusing on the renewable energy sector, which is crucial for its future growth amidst declining profitability in its previous operations [2][3][4]. Group 1: Business Transition - Wolong New Energy plans to sell 90% of its stake in Shanghai Mining for 221 million yuan, marking a complete exit from copper concentrate trading [2][3]. - The company previously acquired Shanghai Mining for 68 million yuan in early 2022, indicating a rapid shift in strategy within a short timeframe [2][3]. - The divestiture is part of a broader trend of frequent business model changes, moving from real estate to mining and now to renewable energy, raising concerns about the coherence of its strategic planning [3][4]. Group 2: Financial Performance - Since 2019, Wolong New Energy's revenue has significantly decreased, with net profit dropping from over 500 million yuan in 2019 to an estimated 40 million yuan in 2024, marking six consecutive years of negative growth [2][4][5]. - The company's revenue for 2024 is projected at 3.611 billion yuan, with the mining business contributing 2.477 billion yuan, accounting for 68.6% of total revenue [4][5]. - Despite the operational improvements in Shanghai Mining, which saw net profit rise from approximately 19.19 million yuan in 2022 to 55.18 million yuan in 2024, Wolong New Energy anticipates a decline in future profitability from this asset [5][6]. Group 3: Debt and Investment in Renewable Energy - Wolong New Energy is aggressively investing in the renewable energy sector, acquiring stakes in various companies for a total of 726 million yuan, while also facing a significant funding gap of approximately 1.278 billion yuan due to high capital expenditures and debt obligations [7][8]. - The company has applied for a 1.42 billion yuan loan from the National Development Bank to finance its renewable energy projects, indicating a strong commitment to this new direction despite the associated risks [8]. - The renewable energy market is competitive, and the profitability outlook remains uncertain, which could pose challenges for the company's debt repayment capabilities if projects do not yield expected returns [8].