TYN(SZ:000591)2022-11-17 15:14Group 1: Financial Performance - The company's revenue in Q1 2022 experienced a decline due to logistics issues caused by the pandemic and reduced output in certain regions, particularly in East China [2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was slightly higher than the same period in 2021, indicating stability [2] - The company aims to achieve a total installed capacity of 8 GW by the end of 2022 [3] Group 2: Project Development - The company currently has approximately 700 MW of projects under construction, with confidence in reaching the target of 1 GW, including operational, under-construction, and planned projects [2] - The company focuses on centralized photovoltaic power stations, with plans to establish a distributed project team to promote distributed projects [2] - The company plans to increase its installed capacity in the northwest region and other areas by 2025 [3] Group 3: Investment and Financing - The capital structure for photovoltaic project investments is generally 20% equity and 80% loans, with loan rates slightly below the market benchmark [3] - The company is exploring the use of REITs for financing and is studying relevant market cases [3] - The company plans to adjust the proportion of equity projects in its future development strategy [3] Group 4: Industry Trends and Challenges - The photovoltaic industry has entered a price parity era, with expectations for upstream material prices to stabilize, leading to increased demand for installed capacity from operators [5] - The company benefits from its parent company, China Energy Conservation Group, which has strong capabilities in energy conservation and environmental protection [5] - The company has extensive experience in photovoltaic project investment and operation, with a strong management and operational team [5]