Although the head of "biomass power generation concept" was overhead, the related business of Wuhan Kaidi Electric Power Co., Ltd. (Kaidi Power, 000939. SZ) did not show a "primary" role.
According to the 2011 semi-annual report released by the company, biomass revenue only accounted for 8%.
“Now is the embryonic form of the initial stage of transformation. At present, only four biomass power plants are operating at Katie Power, and no scale benefits have yet been achieved. After the scale benefits are achieved, the profit contribution of biomass power generation will reach a corresponding proportion.†Katie Power Mystery Chen Ling told this reporter.
Kaidi Power, which has been established for nearly 20 years, has experienced many changes in its main business. In recent years, it intends to build itself into a leading company in biomass power generation on the A-share market.
According to Kaidi Power's 2011 semi-annual report, the company has 24 biomass power plants. Chen Yilong, chairman of Kaidi Power, once gave up the rhetoric, saying that about 200 biomass power plants will be built in the next five years. In other words, an average of more than 30 biomass power plants will be built each year.
Chen Yilong once said in an interview with the media that according to a power plant investment of 250 million yuan, more than 200 power plants will be built to invest more than 50 billion yuan. "In general, the power plant owns 30% of the funds." Chen Ling told this reporter.
This also means that Katie Power has to pledge at least 15 billion yuan.
In addition, at present, the company's 24 biomass power plants, in addition to the four projects have been grid-connected power generation, the remaining projects are mostly in the pre-project or civil construction stage. "To complete these projects, in addition to the funds already invested, the company still needs to invest more than 4 billion yuan." Xiang Chen Securities analyst Zhu Chenghui estimates.
It is roughly estimated that Kaidi Power will have financing needs of about 20 billion yuan in the next five years. Although the company has issued medium-term notes financing of 1.2 billion in April, it announced in May this year that no more than 1.18 billion yuan worth of corporate bonds will be issued, but the amount is still far from enough. “The board of directors has no new financing plan for the time being. There is no way for individuals to answer in a unified arrangement.†Chen Ling responded to this reporter’s report.
The three major doubts about the concept of biomass “The Twelfth Five-Year Plan for the Development of Strategic and Emerging Industries of the State†has entered the stage of soliciting opinions. According to news reports from various parties, the goals of the new energy industry planning and the “wind†of biomass energy have been covered by photovoltaics. Under such expectations, biomass power generation stocks have received intense attention from the market and Katie Power is the first to bear brunt.
However, the concept of biomass was questioned by Katie Power, which has been hailed as an A-share biomass power generator by the industry.
There are mainly three aspects of the query. First, according to the 2011 semi-annual report released by the company, biomass power generation revenue only accounts for about 8% of operating revenue; in addition, there are more than a dozen of the existing biomass power generation projects of Kaidi Power. Obtained NDRC approval.
The third aspect is how Kaidi Electric realizes what Chen Yilong said: "In 2015, only in the biomass sector, Cadillac will exceed 60 billion yuan." Judging from the 2011 semi-annual report, Kaidi Power's biomass power generation revenue is only 122 million. It is not difficult to increase from 100 million yuan to 60 billion yuan in five years.
At present, the main business of Kaidi Power includes raw coal sales, off-grid and power contracting projects and biomass power generation. The semi-annual report shows that the proportion of the first two business revenues is much higher than that of biomass power generation, which is 38% and 36% respectively. Biomass power generation is 8%.
“Kaidi Power holds high the banner of biomass power generation, and its main operating revenue comes from coal projects, which fully reflects the current embarrassing situation of biomass power generation. When Cadillac Power can become a real biomass power generation company, not only depends on the company. Its own development also depends on the maturity of the biomass power generation industry.†Song Zhichen, researcher of China Investment Advisor Energy Industry, told this reporter.
“Now is the embryonic form of the initial stage of transformation. At present, only four biomass power plants are operating at Katie Power, and no scale benefits have yet been achieved. After the scale benefits have been achieved, the profit contribution of biomass power generation will reach a corresponding proportion.†Explain to this reporter.
The layout will face fierce competition?
In fact, Katie Power has to face the reality that the gross profit rate of the first two businesses is also much higher than that of biomass power generation, which is 44% and 27% respectively, and biomass power generation is only 20%.
“The gross profit margin of the Kaidi Power Biomass Power Generation business is 20%, which should be due to a slightly higher fuel cost. The company is still building 20 power plants. It is expected that the proportion of biomass power generation revenue will increase rapidly in the future.†Financial analyst Zhu Chenghui told this reporter.
In terms of project approval, according to the announcement issued by Cadillac Electric in May this year, only 13 of the NDRC approved approvals have been obtained, and the remaining projects are still under review. According to Cui Yuqin, an analyst at China Everbright Securities, there is uncertainty about the timing of obtaining the approval documents. Although the approval of the national development policy is relatively fast, it still has risks.
It is worth noting that for the purpose of scientific deployment and prevention of vicious competition, the "National Development and Reform Commission Circular on the Management of Biomass Power Generation Project Construction" (No. 1803) issued in August 2010 clearly stipulated: In principle, biomass power plants It should be arranged in regions where straw is abundant in the main grain-producing areas, and biomass power plants must not be repeatedly arranged in each county or within a 100-km radius.
Our reporter checked public data and found that among the 20 biomass power plants under construction at Kaidi Power, the biomass power plants in Jinzhai County and Huoshan County in Anhui Province, the Chibi and Chongyang County biomass power plants in Hubei Province, They are within 100 km radius.
At the same time, after reading the announcement, the reporter found that the biomass power plants of Katie Power located in Jinzhai County, Huoshan County, and Chibi City have not yet obtained approval from the Development and Reform Commission.
However, whether or not document 1803 can be strictly implemented, experts have expressed their concern. Moreover, in many places before the publication of the No. 1803 document, many biomass power plants were approved for construction. For example, in the area of ​​a radius of 100 kilometers in Suqian City, Jiangsu Province, a total of Kaidi Power, China Energy Conservation, Jiangsu Guoxin Fuyang, There are five biomass power plants, Sunshine and Jiahao. With such a layout, competition can be imagined.
“The NDRC document No. 1803 used the word or rather than the word. We did not violate the national policy, and the Provincial Development and Reform Commission will also strictly follow the national policy (for biomass power plants).†Chen Ling understands “100 The limit of "kilometer".
20 billion financing needs to be solved At present, Kaidi Power's existing 24 biomass power plants, in addition to the four projects have been grid-connected power generation, the rest of the projects are mostly in the pre-project or civil construction stage. "To complete these projects, in addition to the funds already invested, the company still needs to invest more than 4 billion yuan." Zhu Chenghui expects.
Therefore, it is roughly estimated that Kaidi Power will have financing needs of about 20 billion yuan in the next five years. Although the company has issued medium-term notes financing of 1.2 billion in April, it announced in May this year that it plans to issue corporate bonds of no more than 1.18 billion yuan, but the amount Far from enough. Obviously, the funding problem is not a small challenge for Katie Power.
"Considering that the size of power plants varies, the specific investment amount is not easy to determine, but it can be determined that Katie Power will exert tremendous pressure on its funds if it completes all investment. In the future, with the expansion of investment scale, the debt to debt ratio of Kaidi Power will increase. It will continue to improve. Coupled with the large scale of investment in biomass power plants, long return period, and slow payoffs, this will have an impact on the rapid expansion of Kaidi Power,†Song Zhichen told this reporter.
Judging from the 2011 semi-annual report data, Kaidi Electric Power has a bright performance. In the first half of the year, investment income increased by 775% compared with the same period of last year, which is the main reason for the increase in net profit of 452%. However, some analysts have pointed out that the return on investment may only be a change in the accounting calculation method. The increase in profits on the books does not actually bring cash to Kaidi Power.
Obviously, if we vigorously develop the biomass power generation business, the financing needs of Katie Power are very urgent.
“The board of directors has no new financing plan at the moment, and the financing matters are arranged by the board of directors. There is no way for the individual to answer.†Chen Ling responded to this reporter.
In fact, Kaidi Power tried to raise 1.8 billion yuan through targeted private placements last year to invest in biomass power generation projects. However, this issuance case was eventually rejected by the Securities and Futures Commission.
"There are many ways of **, it does not necessarily have to be extracted from the capital market, for example, you can also introduce strategic investors." Chen Ling said.
In addition, the biomass power plants under Katie Power plan to apply for CDM projects. “Every biomass power plant has the potential to successfully register CDM projects. If the registration is successful, each power plant will have an income of about 10 million yuan per year,†Chen Ling responded.
According to the 2011 semi-annual report released by the company, biomass revenue only accounted for 8%.
“Now is the embryonic form of the initial stage of transformation. At present, only four biomass power plants are operating at Katie Power, and no scale benefits have yet been achieved. After the scale benefits are achieved, the profit contribution of biomass power generation will reach a corresponding proportion.†Katie Power Mystery Chen Ling told this reporter.
Kaidi Power, which has been established for nearly 20 years, has experienced many changes in its main business. In recent years, it intends to build itself into a leading company in biomass power generation on the A-share market.
According to Kaidi Power's 2011 semi-annual report, the company has 24 biomass power plants. Chen Yilong, chairman of Kaidi Power, once gave up the rhetoric, saying that about 200 biomass power plants will be built in the next five years. In other words, an average of more than 30 biomass power plants will be built each year.
Chen Yilong once said in an interview with the media that according to a power plant investment of 250 million yuan, more than 200 power plants will be built to invest more than 50 billion yuan. "In general, the power plant owns 30% of the funds." Chen Ling told this reporter.
This also means that Katie Power has to pledge at least 15 billion yuan.
In addition, at present, the company's 24 biomass power plants, in addition to the four projects have been grid-connected power generation, the remaining projects are mostly in the pre-project or civil construction stage. "To complete these projects, in addition to the funds already invested, the company still needs to invest more than 4 billion yuan." Xiang Chen Securities analyst Zhu Chenghui estimates.
It is roughly estimated that Kaidi Power will have financing needs of about 20 billion yuan in the next five years. Although the company has issued medium-term notes financing of 1.2 billion in April, it announced in May this year that no more than 1.18 billion yuan worth of corporate bonds will be issued, but the amount is still far from enough. “The board of directors has no new financing plan for the time being. There is no way for individuals to answer in a unified arrangement.†Chen Ling responded to this reporter’s report.
The three major doubts about the concept of biomass “The Twelfth Five-Year Plan for the Development of Strategic and Emerging Industries of the State†has entered the stage of soliciting opinions. According to news reports from various parties, the goals of the new energy industry planning and the “wind†of biomass energy have been covered by photovoltaics. Under such expectations, biomass power generation stocks have received intense attention from the market and Katie Power is the first to bear brunt.
However, the concept of biomass was questioned by Katie Power, which has been hailed as an A-share biomass power generator by the industry.
There are mainly three aspects of the query. First, according to the 2011 semi-annual report released by the company, biomass power generation revenue only accounts for about 8% of operating revenue; in addition, there are more than a dozen of the existing biomass power generation projects of Kaidi Power. Obtained NDRC approval.
The third aspect is how Kaidi Electric realizes what Chen Yilong said: "In 2015, only in the biomass sector, Cadillac will exceed 60 billion yuan." Judging from the 2011 semi-annual report, Kaidi Power's biomass power generation revenue is only 122 million. It is not difficult to increase from 100 million yuan to 60 billion yuan in five years.
At present, the main business of Kaidi Power includes raw coal sales, off-grid and power contracting projects and biomass power generation. The semi-annual report shows that the proportion of the first two business revenues is much higher than that of biomass power generation, which is 38% and 36% respectively. Biomass power generation is 8%.
“Kaidi Power holds high the banner of biomass power generation, and its main operating revenue comes from coal projects, which fully reflects the current embarrassing situation of biomass power generation. When Cadillac Power can become a real biomass power generation company, not only depends on the company. Its own development also depends on the maturity of the biomass power generation industry.†Song Zhichen, researcher of China Investment Advisor Energy Industry, told this reporter.
“Now is the embryonic form of the initial stage of transformation. At present, only four biomass power plants are operating at Katie Power, and no scale benefits have yet been achieved. After the scale benefits have been achieved, the profit contribution of biomass power generation will reach a corresponding proportion.†Explain to this reporter.
The layout will face fierce competition?
In fact, Katie Power has to face the reality that the gross profit rate of the first two businesses is also much higher than that of biomass power generation, which is 44% and 27% respectively, and biomass power generation is only 20%.
“The gross profit margin of the Kaidi Power Biomass Power Generation business is 20%, which should be due to a slightly higher fuel cost. The company is still building 20 power plants. It is expected that the proportion of biomass power generation revenue will increase rapidly in the future.†Financial analyst Zhu Chenghui told this reporter.
In terms of project approval, according to the announcement issued by Cadillac Electric in May this year, only 13 of the NDRC approved approvals have been obtained, and the remaining projects are still under review. According to Cui Yuqin, an analyst at China Everbright Securities, there is uncertainty about the timing of obtaining the approval documents. Although the approval of the national development policy is relatively fast, it still has risks.
It is worth noting that for the purpose of scientific deployment and prevention of vicious competition, the "National Development and Reform Commission Circular on the Management of Biomass Power Generation Project Construction" (No. 1803) issued in August 2010 clearly stipulated: In principle, biomass power plants It should be arranged in regions where straw is abundant in the main grain-producing areas, and biomass power plants must not be repeatedly arranged in each county or within a 100-km radius.
Our reporter checked public data and found that among the 20 biomass power plants under construction at Kaidi Power, the biomass power plants in Jinzhai County and Huoshan County in Anhui Province, the Chibi and Chongyang County biomass power plants in Hubei Province, They are within 100 km radius.
At the same time, after reading the announcement, the reporter found that the biomass power plants of Katie Power located in Jinzhai County, Huoshan County, and Chibi City have not yet obtained approval from the Development and Reform Commission.
However, whether or not document 1803 can be strictly implemented, experts have expressed their concern. Moreover, in many places before the publication of the No. 1803 document, many biomass power plants were approved for construction. For example, in the area of ​​a radius of 100 kilometers in Suqian City, Jiangsu Province, a total of Kaidi Power, China Energy Conservation, Jiangsu Guoxin Fuyang, There are five biomass power plants, Sunshine and Jiahao. With such a layout, competition can be imagined.
“The NDRC document No. 1803 used the word or rather than the word. We did not violate the national policy, and the Provincial Development and Reform Commission will also strictly follow the national policy (for biomass power plants).†Chen Ling understands “100 The limit of "kilometer".
20 billion financing needs to be solved At present, Kaidi Power's existing 24 biomass power plants, in addition to the four projects have been grid-connected power generation, the rest of the projects are mostly in the pre-project or civil construction stage. "To complete these projects, in addition to the funds already invested, the company still needs to invest more than 4 billion yuan." Zhu Chenghui expects.
Therefore, it is roughly estimated that Kaidi Power will have financing needs of about 20 billion yuan in the next five years. Although the company has issued medium-term notes financing of 1.2 billion in April, it announced in May this year that it plans to issue corporate bonds of no more than 1.18 billion yuan, but the amount Far from enough. Obviously, the funding problem is not a small challenge for Katie Power.
"Considering that the size of power plants varies, the specific investment amount is not easy to determine, but it can be determined that Katie Power will exert tremendous pressure on its funds if it completes all investment. In the future, with the expansion of investment scale, the debt to debt ratio of Kaidi Power will increase. It will continue to improve. Coupled with the large scale of investment in biomass power plants, long return period, and slow payoffs, this will have an impact on the rapid expansion of Kaidi Power,†Song Zhichen told this reporter.
Judging from the 2011 semi-annual report data, Kaidi Electric Power has a bright performance. In the first half of the year, investment income increased by 775% compared with the same period of last year, which is the main reason for the increase in net profit of 452%. However, some analysts have pointed out that the return on investment may only be a change in the accounting calculation method. The increase in profits on the books does not actually bring cash to Kaidi Power.
Obviously, if we vigorously develop the biomass power generation business, the financing needs of Katie Power are very urgent.
“The board of directors has no new financing plan at the moment, and the financing matters are arranged by the board of directors. There is no way for the individual to answer.†Chen Ling responded to this reporter.
In fact, Kaidi Power tried to raise 1.8 billion yuan through targeted private placements last year to invest in biomass power generation projects. However, this issuance case was eventually rejected by the Securities and Futures Commission.
"There are many ways of **, it does not necessarily have to be extracted from the capital market, for example, you can also introduce strategic investors." Chen Ling said.
In addition, the biomass power plants under Katie Power plan to apply for CDM projects. “Every biomass power plant has the potential to successfully register CDM projects. If the registration is successful, each power plant will have an income of about 10 million yuan per year,†Chen Ling responded.
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