扩张推高债务，央企新能源子公司电建新能冲刺A股“充电”

Core Viewpoint - China Electric Power Construction New Energy Group Co., Ltd. ("Electric Power New Energy") has applied for an IPO on the Shanghai Stock Exchange, aiming to raise 9 billion yuan [2]. Company Overview - Electric Power New Energy is the only domestic new energy investment and operation entity under China Electric Power Construction Corporation ("China Electric Power") [3]. - The company has seen a continuous increase in its new energy installed capacity, but profitability has been weakened due to a higher proportion of grid-connected projects at parity pricing, leading to a profit decline in the first half of the year [3][15]. Market Environment - The implementation of Document No. 136 at the beginning of the year marks a turning point for new energy participation in the electricity market, introducing uncertainties for Electric Power New Energy [4][17]. - The pricing mechanism for new energy projects will now be determined through market-based bidding, which adds uncertainty to the company's operational performance [4][18]. Business Operations - Electric Power New Energy focuses on the development, investment, operation, and management of wind and solar power projects in China [5]. - As of the end of the first quarter, China Electric Power holds approximately 79.975% of Electric Power New Energy's shares [5]. - The company's revenue is primarily derived from wind power (about 70%) and solar power (about 30%) [7]. Installed Capacity and Market Share - The total installed capacity of Electric Power New Energy's controlled power generation projects is 21.2461 million kilowatts, with wind power accounting for 9.8909 million kilowatts (1.85% market share) and solar power for 11.3552 million kilowatts (1.20% market share) [8]. Financial Structure - The company has seen an increase in its asset-liability ratio due to the capital-intensive nature of the wind and solar power industries [10]. - Funding sources for new energy station investments include shareholder capital, retained earnings, and bank loans, indicating limited financing channels [11]. - The company has previously supplemented its funds through public bond issuance, with current outstanding bonds totaling 5.4 billion yuan and bank loans of 12.486 billion yuan [12]. Recent Financial Performance - In the first half of 2025, Electric Power New Energy reported revenue of 5.472 billion yuan, an increase of over 8%, while net profit attributable to shareholders fell by 16% to 1.127 billion yuan [15]. - The average on-grid electricity prices for wind and solar power have been declining, with the first quarter of 2025 showing prices of 0.39 yuan/kWh for wind and 0.29 yuan/kWh for solar, which has negatively impacted gross margins [16]. Utilization and Consumption Issues - The company faces challenges with utilization efficiency and consumption, with rising abandonment rates for wind and solar energy projects [21]. - The average utilization hours for Electric Power New Energy's wind and solar power units are below the national averages, indicating potential operational inefficiencies [20]. - To address consumption issues, the company plans to invest in local consumption load center projects as part of its IPO fundraising efforts [22].