Jiaze Renewables(SH:601619) Xin Lang Cai Jing·2025-10-31 11:07Core Viewpoint - 嘉泽新能 is a leading player in the renewable energy sector, focusing on wind power generation, with significant operational and construction capacity, and is positioned for future growth through strategic projects and financial performance [1][5]. Group 1: Company Overview - 嘉泽新能 was established on April 16, 2010, and listed on the Shanghai Stock Exchange on July 20, 2017, with its headquarters in Ningxia [1]. - The company specializes in renewable energy generation, including the development, construction, and sale of renewable energy power stations, asset management, and renewable energy industry funds [1]. - 嘉泽新能 has a total installed wind power capacity of 2GW, with an additional 2GW under construction or planned [1]. Group 2: Financial Performance - For Q3 2025, 嘉泽新能 reported revenue of 1.864 billion yuan, ranking 10th among 14 companies in the industry, while the industry leader, 华电新能, reported revenue of 29.479 billion yuan [2]. - The net profit for the same period was 599 million yuan, placing 嘉泽新能 7th in the industry, with 华电新能 leading at 8.37 billion yuan [2]. - 嘉泽新能's gross profit margin for Q3 2025 was 57.62%, higher than the industry average of 42.94%, despite a decrease from the previous year's 61.89% [3]. Group 3: Shareholder and Market Activity - As of September 30, 2025, 嘉泽新能 had 97,600 A-share shareholders, an increase of 55.46% from the previous period, while the average number of shares held per shareholder decreased by 35.67% [5]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 2.2241 million shares [5]. Group 4: Management Compensation - The chairman, 陈波, received a salary of 1.2474 million yuan in 2024, a slight decrease from 1.2503 million yuan in 2023 [4]. - The general manager, 赵继伟, saw a salary increase to 1.7214 million yuan in 2024 from 1.7163 million yuan in 2023 [4]. Group 5: Future Outlook - 华源证券 forecasts 嘉泽新能's net profit attributable to shareholders for 2025-2027 to be 910 million, 1.02 billion, and 1.22 billion yuan, with year-on-year growth rates of 44.2%, 12.28%, and 19.48% respectively [5]. - The company is expected to benefit from a green chemical project with 宁夏嘉泽集团, projected to generate an annual output value of approximately 4.38 billion yuan [5]. - 嘉泽新能's focus on wind power operations and potential wind power REITs is anticipated to enhance short-term performance and improve cash flow [5].