Investment Rating - Investment rating for the company is not explicitly stated in the report, but it suggests investors to pay attention to the opportunities in the green energy business [1]. Core Insights - The company, Yimei International (1870.HK), has shifted focus from engineering to green energy, particularly in the domestic electricity market and overseas photovoltaic projects, with a keen interest in Southeast Asia [1]. - The green energy business is expected to grow rapidly and become a key driver of future performance [1]. - The company has made significant strides in the domestic electricity market, capitalizing on the ongoing market reforms, and has obtained sales licenses in several provinces [1]. - Yimei International has acquired a 51.22% stake in Future Energy Auckland Ltd, enhancing its presence in the renewable energy sector in New Zealand [1]. - The company is actively pursuing opportunities in Southeast Asia, particularly in the Philippines and Vietnam, where government policies support renewable energy growth [1]. Summary by Sections Company Overview - Yimei International was listed on the Hong Kong Stock Exchange in 2019 and has transitioned to focus on green energy business [1]. - The company’s green energy initiatives include domestic electricity sales and overseas renewable energy projects [1]. Financial Performance - In 2023, the company reported a net profit of 2,005 million HKD, with a net profit of 462 million HKD in the first half of 2024 [2]. - The revenue contribution from the green energy business is expected to increase significantly [1]. Market Opportunities - The domestic electricity market has seen a rise in market transactions, increasing from 39% in 2019 to 61.4% in 2023 [1]. - The company plans to expand its sales business in provinces with mature spot markets [1]. - Yimei International has signed memorandums of understanding for renewable energy projects in the Philippines and Vietnam, targeting significant solar and hydropower developments [1].
益美国际控股：发力绿色电力能源业务