电建新能抢到船票

Core Viewpoint - China Power Construction New Energy (referred to as "Power Construction New Energy") has received formal acceptance for its initial public offering (IPO) application, aiming to raise 9 billion yuan, with the number of new shares accounting for 10% to 25% of the expanded total share capital [5]. Group 1 - As of March 2025, Power Construction New Energy's installed capacity reached 21.25 GW, with wind power at 9.9 GW and solar power at 11.36 GW [6]. - In comparison, Three Gorges Energy had an installed capacity of 11.9 GW at the time of its IPO in May 2021, with wind power at 6.9 GW and solar power at 4.77 GW [6]. - Power Construction New Energy's installed capacity has nearly doubled since Three Gorges Energy's IPO, yet its IPO fundraising amount is only 40% of what Three Gorges Energy raised [8]. Group 2 - The valuation of new energy stocks has generally been low in recent years, and Power Construction New Energy has not benefited from favorable market conditions [9]. - Power Construction New Energy's installed capacity has significantly increased, with projections showing it will reach 21.2 GW by 2024, equivalent to 44.1% of Three Gorges Energy's capacity [18]. - The growth rates for wind and solar power from 2022 to 2024 are projected at 37% and 505%, respectively, indicating a strong focus on solar energy [20][21]. Group 3 - Power Construction New Energy's electricity generation has also increased, reaching 194 billion kWh in 2023, which is 35.2% of Three Gorges Energy's output [23]. - Despite the increase in installed capacity, Power Construction New Energy's electricity sales revenue has not kept pace, dropping from 34% of Three Gorges Energy's revenue in 2022 to 33.5% in 2024 [30][33]. - The average selling price of electricity for Power Construction New Energy is lower than that of Three Gorges Energy, which affects its revenue generation [33]. Group 4 - Both companies have similar unit asset values, with Power Construction New Energy at 4.62 yuan per watt and Three Gorges Energy at 4.96 yuan per watt, both below the industry median [40]. - The depreciation rates for machinery and equipment are comparable, with Power Construction New Energy at 5.65% and Three Gorges Energy at 5.56% [41]. - Power Construction New Energy's machinery and equipment book value is approximately 37% of Three Gorges Energy's, indicating a significant gap in scale [46]. Group 5 - Power Construction New Energy's construction projects have increased significantly, with in-progress projects accounting for 52% of its original value in 2023, compared to 29% for Three Gorges Energy [54]. - The company is expected to initiate a new round of expansion following its IPO, but Three Gorges Energy is also likely to continue its growth [55]. - The reasonable valuation for Power Construction New Energy is estimated to be around 40% of Three Gorges Energy's, approximately 48 billion yuan, with potential market reactions possibly pushing its market value above 60 billion yuan [55].