Investment Rating - The report suggests a positive investment outlook for the company, indicating a significant recovery in performance is expected in the near term [3]. Core Insights - The company is issuing an asset-backed special plan to optimize its capital structure and enhance asset turnover, with a registered issuance limit of RMB 3 billion [1]. - The company has shown resilience in operations despite losses in the polysilicon sector, supported by its parent company [1][2]. - A notable recovery in polysilicon prices has been observed, stabilizing at RMB 50-55 per kilogram, a 50% increase from the historical low of RMB 35 per kilogram at the end of June [2]. - The consolidation of the business from the parent company is expected to significantly enhance the operational performance of the wind power equipment sales [2]. Summary by Sections Asset-Backed Special Plan - The company plans to issue an asset-backed special plan using two renewable energy projects as underlying assets, with an expected issuance scale of up to RMB 1.5 billion for qualified professional investors [1][4]. Financial Performance Expectations - The company anticipates a substantial improvement in profitability in the second half of the year due to rising polysilicon prices, consolidation of business operations, and growth in non-polysilicon sectors such as power station construction and electrical equipment [2][3]. Parent Company Support - The parent company has demonstrated strong support for the company's financial operations and business development, including the transfer of 100% equity of a subsidiary to bolster the company's resources [1][2].
新特能源（01799）：即时点评：发行资产支持专项计划，优化资本结构