TYN(SZ:000591) Zheng Quan Shi Bao Wang·2025-09-12 11:11Core Viewpoint - The company, China Electric Power Construction Group New Energy Co., Ltd. (referred to as "Electric Power New Energy"), has received approval for its IPO on the Shanghai Stock Exchange, aiming to raise 9 billion yuan for its renewable energy projects [1][4]. Group 1: Business Overview - Electric Power New Energy focuses on the development, investment, operation, and management of wind and solar power generation projects within China, with its main product being electricity [4]. - The company has expanded its installed capacity significantly, with a total of 21.2461 million kilowatts as of the end of Q1 2025, comprising 9.8909 million kilowatts from wind power and 11.3552 million kilowatts from solar power [4]. - The company holds a 1.43% market share in the national installed capacity of renewable energy projects, ranking among the industry leaders, with wind power at 1.85% and solar power at 1.20% [4]. Group 2: Financial Performance - From 2022 to Q1 2025, Electric Power New Energy reported revenues of 8.382 billion yuan, 8.728 billion yuan, 9.81 billion yuan, and 2.661 billion yuan, respectively, with net profits of 1.768 billion yuan, 2.329 billion yuan, 2.589 billion yuan, and 511 million yuan, indicating stable annual growth [5]. - The company's installed capacity grew significantly during the reporting period, from 9.045 million kilowatts in 2022 to 21.2461 million kilowatts by Q1 2025 [5]. - The majority of the company's revenue comes from electricity sales, with over 95% of total revenue attributed to its main business, primarily from wind power, which accounted for over 69% of the main business revenue during the reporting period [5]. Group 3: Future Prospects and IPO Plans - The company is expected to achieve substantial growth in scale due to its expanding installed capacity and a robust project reserve [6]. - The IPO proceeds of 9 billion yuan will be allocated to the construction of wind and solar power projects, focusing on four categories: "New Energy Large Base Projects," "Green Ecological Civilization Projects," "Local Load Center Projects," and "Industry Integration Development Projects" [6].