A shares welcome the largest IPO in the history of the power industry, Three Gorges Energy surged 44% on the first day of listing

Original title: A shares welcome the largest IPO in the history of the power industry, and Three Gorges Energy surged 44% on the first day of listing

Summary

[A shares welcome the largest IPO in the history of the power industry, Three Gorges Energy surged 44% on its first day of listing]In the first quarter of 2021, Three Gorges Energy achieved a net profit of 1.495 billion yuan, a year-on-year increase of 51.41%. Three Gorges Energy raised 22.713 billion yuan this time, becoming the “fundraising king” of A-shares this year. Moreover, the listing of Three Gorges Energy is also the largest IPO in the history of the A-share power industry. (21st Century Business Herald)

In the first quarter of 2021, Three Gorges Energy achievesNet profit1.495 billion yuan, a year-on-year increase of 51.41%.

On June 10, China Three Gorges New Energy (Group) Co., Ltd. (hereinafter referred to as “Three Gorges Energy”, stock code 600905.SH), a subsidiary of China Three Gorges Corporation Limited, was officially listed on the Shanghai Stock Exchange.

Three Gorges Energy raised 22.713 billion yuan this time, becoming the “fundraising king” of A-shares this year.Moreover, the listing of Three Gorges Energy is also A-sharePower IndustryThe largest IPO in history.

In addition to the 5 billion yuan raised by Three Gorges Energy to supplement working capital, the rest will be invested in 7 offshore wind farm projects including the Yangxi Shapa 300MW offshore wind farm, the Changyi Ocean Ranch and the Three Gorges 300MW offshore wind power integration test demonstration project.

according toSoochow SecuritiesIt is estimated that the IRR of this raised offshore wind power project is about 7%-12%, and the unit cost is 14-24 thousand yuan/kW.

As a company mainly engaged in power sales, wind power is also the company’s pillar business and main source of income.

From 2017 to January-September 2020, Three Gorges Energy’s wind power business achieved revenue of 4.014 billion yuan, 4.647 billion yuan, 5.483 billion yuan and 4.916 billion yuan, accounting for 59.57%, 63.14%, 61.48% and 61.24 of revenue respectively. %.

Another important business of Three Gorges Energy is photovoltaic power generation. From January to September 2020, Three Gorges Energy’s photovoltaic power generation achieved revenue of 3.021 billion yuan, accounting for 37.63% of revenue.

Driven by the growth of installed capacity, Three Gorges Energy’s revenue scale has continued to expand in recent years. From 2017 to 2020, the company’s grid-connected operation of wind power and photovoltaic machine assembly capacity has a compound growth rate of 25.60%, driving the company’s revenue to grow from 6.781 billion yuan to 11.315 billion yuan in the above period, with a compound growth rate of 18.61%. At the same time, the compound growth rate of the company’s net profit during 2017-2020 has also reached 13.89%.

In the first quarter of 2021, Three Gorges Energy achieved revenue of 3.812 billion yuan, a year-on-year increase of 43.08%; realized net profit of 1.495 billion yuan, a year-on-year increase of 51.41%.

From the perspective of business scale, Three Gorges Energy has become a leading company in the country. As of September 30, 2020, the company’s market shares in the wind power and photovoltaic industries are at the forefront of the industry, with installed capacity accounting for 3.08% and 2.14%, and power generation accounting for 3.27% and 2.41%, respectively.

According to statistics, as of the end of December 2020, the Three Gorges energy business has covered 30 provinces, autonomous regions and municipalities across the country, with grid-connected wind power, photovoltaic and other installed capacity exceeding 15 million kilowatts, and total assets exceeding 140 billion yuan.

It’s worth mentioning that Three Gorges Energy’sNew crotchThe winning rate is very high, and the online winning rate is as high as 1.28%. According to statistics, the number of valid subscriptions for this online issuance is approximately 16.19 million, and the number of valid subscriptions is approximately 487.4 billion. The overall subscription scale is nearly 1.3 trillion yuan; the subscription amount for online and offline new shares is approximately 22.66 billion yuan.

As of the close on June 10, Three Gorges Energy rose 44.15% to 3.82 yuan per share, and its market value has exceeded 100 billion. With a total market value of 109.1 billion, Three Gorges Energy has also become the new energy listed company with the highest value in the A stock market.

(Source: 21st Century Business Herald)

(Editor in charge: DF515)