文 | 中关村储能产业技术联盟 9月23日，甘肃辉通新能源开发有限公司300MW/ 1200MWh独立储能项目储能系统设备 采购公告发布。 项目共一个标段，主要为甘肃辉通新能源开发有限公司300MW/ 1 2 0 0MWh独立储能项目 储能系统设备采购。 投标人具备电池单体、PCS（储能变流器）、EMS（能量管理系统）、BMS（电池管理 系统）四项中1项及以上的自主研发及生产能力。 1. 招标条件 本招标项目甘肃辉通新能源开发有限公司300MW/1200MWh 独立储能项目,已 由张掖市山丹县发展改革局、山发改备[2024]13 号文件批准实施,项目已具备 招标条件,建设资金来源为多渠道筹措,招标人为张掖交投交通物资供应有限贵 任公司,招标代理机构为张掖桓瑞招标代理有限公司,现对该项目储能系统设备, 采购进行公开招标,择优选定供应商。(本项目接受政府造价审计) 2. 项目概况与招标范围 2.1 项目概况:本项目甘肃辉通新能源开发有限公司 300MW/1200MWh 独立储 能项目储能系统设备采购。 2.2 标段划分及特征描述:本项目共划分为壹个标段,主要为甘肃辉通新能 源开发有限公司 300MW/1200MW ...

Core Viewpoint - The financial performance of ShenNan Electric A (000037) shows a decline in revenue and a significant increase in net loss, indicating potential challenges in operational efficiency and cash flow management [1][6]. Financial Performance Summary - Total revenue for the reporting period is 166 million, a year-on-year decrease of 11.45% [1] - Net profit attributable to shareholders is -21.74 million, a year-on-year increase of 42.57% [1] - Gross margin is 2.58%, down 35.82% year-on-year [1] - Net margin is -15.05%, up 30.47% year-on-year [1] - Total accounts receivable represent 391.21% of the latest annual net profit, indicating a high level of receivables [1][8] Cash Flow and Financial Structure - Cash and cash equivalents decreased by 77.19% due to repayment of short-term loans and increased structured deposits [2] - Net cash flow from operating activities decreased by 17.47%, attributed to improved working capital management [5] - Net cash flow from investing activities decreased by 654.55%, primarily due to increased expenditures on the Zhongshan independent energy storage project [5] - Net cash flow from financing activities decreased by 201.41%, reflecting a reduction in new financing [5] Cost and Expense Management - Operating costs decreased by 10.12% due to reduced electricity production [3] - Sales expenses decreased by 34.86% due to enhanced budget control and operational management [4] - Financial expenses decreased by 75.40% due to improved liquidity management [4] - R&D expenses decreased by 43.42% due to a reduction in ongoing projects [5] Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.94%, indicating weak capital returns historically [6] - The median ROIC over the past decade is 1.6%, with a significant loss in 2021 at -19.02% [6] - The company has reported losses in 6 out of 31 annual reports since its listing, suggesting a challenging investment profile [6][8] Business Model Insights - The company's performance is primarily driven by R&D, necessitating a thorough examination of the underlying drivers of this approach [7]

Core Viewpoint - The financial performance of ShenNan Electric A (000037) shows a decline in revenue and a significant increase in net loss, indicating potential challenges in operational efficiency and cash flow management [1][2]. Financial Performance Summary - Total revenue for the reporting period is 166 million, a year-on-year decrease of 11.45% [1]. - Net profit attributable to shareholders is -21.74 million, a year-on-year increase of 42.57% [1]. - Gross margin stands at 2.58%, down 35.82% year-on-year, while net margin is -15.05%, up 30.47% year-on-year [1]. - Total expenses (selling, administrative, and financial) amount to 36.65 million, accounting for 22.02% of revenue, a decrease of 5.94% year-on-year [1]. - Earnings per share is -0.04, an increase of 42.52% year-on-year [1]. Cash Flow and Asset Management - Cash and cash equivalents decreased by 77.19% due to repayment of short-term loans and increased investments in structured deposits and money market funds [2][4]. - Operating cash flow per share is -0.1, a decrease of 17.47% year-on-year [1][4]. - Investment cash flow net decreased by 654.55% due to increased equipment procurement and project payments for the Zhongshan independent energy storage project [4]. - Financing cash flow net decreased by 201.41% as the company reduced its financing scale [4]. Accounts Receivable and Liabilities - Accounts receivable represent 391.21% of the latest annual net profit, indicating a significant collection issue [1][4]. - Short-term borrowings decreased by 65.35% due to repayment of due loans [2]. - Employee compensation payable decreased by 68.07% due to the distribution of last year's performance bonuses [2]. Project Development and Investment - Fixed assets increased by 24.30% as the company advanced the Zhongshan independent energy storage project [2]. - Right-of-use assets surged by 409.41% due to new leasing contracts for project land and buildings [2]. - The company is focusing on enhancing its asset-liability structure and improving cash flow management [4]. Business Model and Operational Insights - The company's return on invested capital (ROIC) was 3.94%, indicating weak capital returns historically [4]. - The net profit margin last year was 14.43%, suggesting high value-added in products or services [4]. - The company has experienced six years of losses since its listing, raising concerns about its long-term viability [4].

Core Viewpoint - The article highlights the announcement of the EPC tender for the Yiyuan Lucun Supa 200MW/400MWh independent energy storage project by Shandong Supa Construction Engineering Co., Ltd. [1] Group 1 - The project is divided into one bidding section and allows for consortium bidding [2]