GD ELECTRICITY(SZ:000537)2022-11-14 05:42Group 1: Company Development Plans - The company's target for installed capacity by the end of the 14th Five-Year Plan is 30 million kW, with an expected production target remaining unchanged but subject to project conditions [2] - Currently, the company has over 2.9 million kW of projects under construction [2] - In 2022, the company acquired new projects totaling 1.25 million kW, including a 1 million kW photovoltaic project in Qinghai and a 1 million kW multi-energy complementary project in Xinjiang [2] Group 2: Project Distribution and Investment Costs - The company plans to focus on large-scale projects in the northwest, including Xinjiang and Gansu, and develop conventional wind and photovoltaic projects in other regions [3] - Current investment costs are approximately 5,000 RMB/kW for onshore wind, 3,500 RMB/kW for photovoltaic, and 15,000 RMB/kW for offshore wind [3] - The internal rate of return (IRR) requirement for projects is 7% [3] Group 3: Financial Performance and Funding - As of June 2022, the company had 5.8 billion RMB in cash, sufficient to support approximately 6 million kW of installed capacity [4] - The company has about 5 billion RMB in receivable subsidies, which could support an additional 5 million kW of installed capacity if fully recovered [4] - The financing cost has decreased from over 4% last year to 3.75% in the first half of this year, with some projects now below 3% [4] Group 4: Government Relations and Strategic Partnerships - The company benefits from strong government recognition due to its parent company, which aids in securing renewable energy projects [4] - The company serves as the investment and development platform for the green energy sector of its parent company, enhancing its competitive advantage in resource acquisition [4]