CSG Energy(003035)2023-06-29 08:19Distributed Photovoltaic Business - The company owns and operates nearly 300 distributed photovoltaic projects with a cumulative installed capacity of approximately 1.49GW as of May 2023 [1] - The company has a mature project evaluation system and requires a minimum internal rate of return of 6% for distributed photovoltaic projects [2] - The average consumption rate of distributed photovoltaic projects is between 70%-80%, with electricity price discounts generally around 20% for industrial and commercial users [3] - The company outsources construction and operation maintenance of photovoltaic projects to professional contractors to reduce costs and improve quality [3] - Distributed photovoltaic business covers multiple industries including automotive manufacturing, home appliances, tobacco, shipbuilding, heavy machinery, biopharmaceuticals, food processing, and warehousing logistics [4] Business Strategy and Competitive Advantages - The company has accumulated rich experience in distributed photovoltaic business and established comprehensive management systems, maintaining a leading position in the industry [2] - The company focuses on developing business in economically developed regions with concentrated high-quality industrial and commercial users, good lighting conditions, and high electricity prices [4] - The company takes the Guangdong-Hong Kong-Macao Greater Bay Area as its core base and actively develops business in the Yangtze River Delta urban agglomeration [4] - The company aims to become a domestic leader and world-class comprehensive energy service enterprise, actively serving the construction of new power systems [5][6] Financial and Operational Performance - The company's asset-liability ratio was approximately 54.83% as of March 2023, with a sound debt risk control mechanism [4] - The company's building energy-saving business has grown steadily, with service area increasing from 3.9331 million square meters in 2018 to 8.1584 million square meters in 2022, with an average growth rate of about 20% [5] - The company expects its building energy-saving business to maintain a growth rate not lower than previous levels [5] Future Development - The company will accelerate the development of distributed source-load aggregation services, forming unique advantages in aggregating distributed power sources, integrated photovoltaic-storage-use systems, water (ice) storage cooling, and building controllable loads [6] - The company is actively exploring business model innovation and transformation into a load aggregator [6]