Core Viewpoint - The IPO application of Shaanxi Hydropower has been terminated by the Shanghai Stock Exchange after a lengthy 20-month process, highlighting significant challenges faced by the company in the current market environment [2][3]. Financial Performance - Shaanxi Hydropower's revenue for 2022, 2023, and 2024 was reported at 1.03 billion, 1.08 billion, and 1.06 billion respectively, showing minimal year-on-year growth [3]. - The net profit for the same years was 185 million, 288 million, and 362 million, indicating an increase [3]. - However, the non-recurring net profit dropped from 282 million in 2023 to 170 million in 2024, a decline of 39.7% [3]. - The operating cash flow net amount fell sharply by 24.23% and 52.52% in 2023 and 2024 respectively, with accounts receivable reaching 1.389 billion, accounting for over 50% of current assets [3]. - The debt-to-asset ratio increased from 51.63% in 2022 to 60.56% in 2024, significantly above the industry average of 52% [3]. Business Structure and Industry Environment - Shaanxi Hydropower's business heavily relies on photovoltaic energy, with its share in the business structure being 58.88% in 2024, while hydropower only accounted for 10.15% [4]. - The company's integrated development model has not effectively coordinated its various energy sources, leading to a decline in wind power generation and limited hydropower utilization hours [4]. - The abandonment rates for photovoltaic and wind energy have been increasing, with rates of 10.13% and 6.56% respectively in 2024 [4]. - The company plans to invest 1 billion in a photovoltaic project despite the high abandonment rates in the region, raising concerns about its financial viability [5]. Market Conditions - The photovoltaic industry is experiencing severe overcapacity, with average investment returns dropping from 8.5% in 2022 to 5.2% in 2024, making Shaanxi Hydropower's investment strategy appear risky [5]. - The market is saturated with photovoltaic power, leading to declining prices and concerns about the industry's ability to absorb additional production [6]. Regulatory Environment - The regulatory landscape has become more stringent, with higher requirements for companies seeking to list on the main board, particularly regarding industry representation [7]. - Shaanxi Hydropower's revenue of 1.06 billion is significantly lower than that of successful peers, which may have contributed to its IPO failure [7]. - The relationship with Shaanxi Energy, another company under the same parent group that has successfully listed, raises questions about market positioning and competition [8].
陕投集团旗下陕西水电IPO被叫停
3 6 Ke·2025-09-22 06:32