Clenergy(SH:603628) Zheng Quan Zhi Xing·2025-07-30 16:36Core Viewpoint - The credit rating agency has maintained a stable credit rating of A+ for Clenergy Technology Co., Ltd, reflecting its focus on photovoltaic bracket systems and global expansion strategy, despite challenges in the global photovoltaic market [3][6][8]. Company Overview - Clenergy Technology Co., Ltd specializes in the research, design, production, and sales of photovoltaic bracket systems, as well as the investment, development, and operation of photovoltaic power stations [8][15]. - The company has a strong market presence in Australia and Europe, maintaining leading market shares in distributed photovoltaic bracket systems [3][6][15]. Financial Performance - The company's total assets as of March 2025 were 31.47 billion, with total liabilities at 13.58 billion and net profit of 0.32 billion [4][6]. - The operating income for 2024 was 19.19 billion, showing a slight decrease compared to 19.36 billion in 2023 [4][6]. - The net profit for 2024 is expected to decline significantly due to reduced sales in Australia and Europe, alongside increased foreign exchange losses [5][6]. Market Environment - The global photovoltaic market is experiencing a slowdown, with the growth rate of new installed capacity expected to decline significantly in 2024 and 2025 [10][11]. - In China, the photovoltaic installed capacity growth rate has decreased to 27.89% in 2024, with expectations of further decline in 2025 [11][12]. Operational Challenges - The company faces challenges related to accounts receivable, which significantly occupy working capital, and the need to monitor collection situations [5][6]. - Fluctuations in the prices of key raw materials such as aluminum and steel pose cost control pressures for the company [5][14][19]. Future Outlook - The credit rating agency expects the company to continue developing integrated photovoltaic power station solutions, indicating potential growth opportunities [6][8]. - The company is investing in a smart factory project for distributed photovoltaic brackets, which is expected to enhance production capacity [17][18].