电价下滑、弃光率攀升，电建新能源90亿IPO背后的挑战

Core Viewpoint - China Electric Power Construction Group's subsidiary, China Electric Power Construction New Energy Co., Ltd., has officially initiated its IPO process, aiming to raise 9 billion yuan for renewable energy projects, particularly in wind and solar power [1][2]. Group 1: IPO Details - The IPO application has been accepted by the Shanghai Stock Exchange, with a fundraising target of 9 billion yuan, intended for the construction of wind and solar power projects [1]. - The total investment expected to be driven by this IPO is 48.481 billion yuan, with an anticipated new installed capacity of 8.46 million kilowatts [1]. - Among the power companies awaiting IPO approval in A-shares, the fundraising amount ranks second, following China Resources New Energy, which aims to raise 24.5 billion yuan [1]. Group 2: Company Background - China Electric Power Construction New Energy is the only entity under China Electric Power Construction Group engaged in domestic renewable energy investment and operation [2]. - The company was established in July 2004 and underwent several name changes, with the latest being in 2023 to become a joint-stock company [2]. - Revenue projections for 2022 to 2025 show growth from 8.382 billion yuan in 2022 to 9.810 billion yuan in 2025, with net profits increasing from 1.768 billion yuan to 2.589 billion yuan over the same period [2]. Group 3: Market Position and Financials - As of March 2025, the total assets of China Electric Power Construction New Energy amounted to 132.435 billion yuan, which is significantly lower than its peers [3]. - The company holds a market share of 1.43% in the wind and solar power installed capacity, with a total of 21.2461 million kilowatts [3]. - The average on-grid electricity price for wind power decreased from 0.46 yuan/kWh in 2022 to 0.39 yuan/kWh in Q1 2025, while solar power saw a more significant drop from 0.65 yuan/kWh to 0.29 yuan/kWh during the same period [5]. Group 4: Industry Challenges - The company faces challenges due to the increasing abandonment rates of wind and solar energy, with wind abandonment rates rising from 3.49% in 2022 to 5.02% in Q1 2025, and solar abandonment rates increasing from 2.03% to 6.57% [7]. - The accounts receivable for renewable energy subsidies have been growing, reaching 10.817 billion yuan by Q1 2025, which is attributed to the long payment cycles from the Ministry of Finance [8]. - The accounts receivable turnover ratio has been declining, indicating potential liquidity issues, with ratios falling from 1.47 in 2022 to 0.96 in Q1 2025 [9].