CSG Energy(SZ:003035)2024-06-21 00:43Group 1: Distributed Photovoltaic Projects - The company's required internal rate of return for distributed photovoltaic projects is generally around 6%, with over 400 operational commercial distributed photovoltaic projects and a total installed capacity of approximately 2GW as of May 2023. The average internal rate of return for these projects is higher than 6% [2] - The decline in component prices helps reduce investment costs for photovoltaic power stations, but the company may share more profits with clients to secure new projects, maintaining the internal rate of return around 6% [2] - The commercial model for distributed photovoltaic projects primarily follows a "self-consumption, surplus electricity grid connection" approach, prioritizing energy supply to users and settling remaining electricity with local grid authorities [3] Group 2: Future Capacity and Market Potential - The company aims to expand its distributed photovoltaic capacity, focusing on high-quality commercial clients, driven by the "dual carbon" strategy and supportive industry policies [3] - The building energy-saving business has seen an average revenue growth rate exceeding 20% in recent years, with significant market potential due to the large number of existing buildings (over 60 billion square meters) and the annual addition of approximately 2 billion square meters of new buildings [4] - The company maintains confidence in stable and rapid growth in building energy-saving business, focusing on high-quality sectors and optimizing its energy-saving business layout [4] Group 3: Financial Structure and Investment - The company utilizes approximately 30% of its own funds and 70% of bank loans for project development, with loan terms generally ranging from 8 to 15 years [5] - The company has registered as a load aggregator at the Guangdong Power Trading Center, completing over 100 projects with a total capacity of 180 MW [5]