NYOCOR Co.,Ltd.(600821)2024-04-29 09:47Group 1: Company Performance and Strategy - As of the end of 2023, the approved installed capacity of the company is 6,448 MW, with a grid-connected capacity of 4,480 MW, representing year-on-year growth of 16% and 19% respectively [1] - The grid-connected capacity for photovoltaic projects is 3,097 MW, while wind power projects account for 1,257 MW, and energy storage and biomass power projects contribute 127 MW [1] - The company follows a "three-step" strategic plan, focusing on high-quality development and diversifying investments in photovoltaic and wind power assets, particularly in regions with favorable consumption and pricing [1] Group 2: Financial Aspects and Subsidies - As of the end of 2023, the company has receivables for new energy subsidies amounting to approximately 5 billion yuan, which constitutes about 86% of total receivables [3] - The high proportion of subsidy receivables aligns with the characteristics of the new energy power industry, and as the scale of grid-connected projects increases, overall electricity revenue and cash flow are expected to improve [3] - The company has not made provisions for bad debts on subsidy receivables, as these are based on policies from government agencies, and it will continue to assess bad debt provisions cautiously [3] Group 3: Shareholder Support and Dividend Policy - The company benefits from a diverse shareholder structure, including significant state-owned financial institutions and industry leaders, which provides strong support for overseas market expansion and project development [4] - The company has established a regular cash dividend mechanism, with a total dividend payout of approximately 344 million yuan for 2023, representing 42.67% of the net profit attributable to shareholders [4] - Future dividend plans will continue to adhere to a similar payout ratio, ensuring shareholder returns [4]