The readings of this report are as follows:
Fengfengshui and other 1.5GW/ landscape storage framework agreement 6.8GW nearly three years, signed 4.2 billion roof photovoltaic / energy storage and other integrated project framework agreement; pumped super qualification, green electricity and other gross profit accounted for 71%; 22 years for new energy construction.
Events:
The company announced the signing of the investment framework agreement for the integrated energy management project of source network, load and storage integration in Fushan Industrial Park, Zhuhai City, Guangdong Province, with a total investment of about 4.15 billion yuan.
Comments:
The framework agreement includes distributed photovoltaic projects / energy storage projects / integrated energy management centers / smart parking, etc., which can provide about 860 million kwh of electricity to the park per year and reduce carbon emissions by about 350000 tons.
1) Roof distributed photovoltaic: the first phase is to build distributed photovoltaic projects above 200MW, followed by plans to build distributed photovoltaic projects above 150MW, with a total investment of about 1.5 billion yuan. The annual power generation is about 350 million kwh.
2) Energy storage project: the first phase plans to invest in the construction of energy storage power station above 300MW, charging and discharging for more than 2 hours, and the second phase plans to invest in the construction of energy storage power station above 400MW, with a total investment of about 2.1 billion yuan. The annual power supply is about 5.1 billion kwh. 3) Integrated Energy Management Center: the investment is about 50 million yuan.
Through data analysis, the photovoltaic and energy storage power supply situation is reasonably dispatched and controlled to ensure safety, stability and legal compliance with the use of electricity. 4) A large intelligent parking lot will be built in the park, and intelligent charging piles will be installed at the same time to meet the charging needs of household vehicles, transport trucks and other new energy vehicles in the park, with a total investment of about 500 million yuan. The agreement is a framework agreement for investment, and there is some uncertainty in the implementation of the agreement.
Fengfengshui and others have been put into production of 1.5GW/ landscape storage framework agreement 6.8GW for nearly three years, with green electricity accounting for 71% of gross profit.
We will firmly promote the strengthening and expansion of clean energy power generation business. we plan to put clean energy into production of 200000 kilowatts in 2021, with an additional approval record of 700,000 kilowatts. The size of the clean energy framework agreement disclosed in the past three years is about 6.8GW, including wind power 1.85GW and photovoltaic 4.2GW. 2021H1's clean energy power generation revenue of 850 million yuan increased by 7.4%, the gross profit margin of 65.6% increased by 6.4% over the same period last year, and gross profit increased by 19%, accounting for 71% (hydropower 13% / wind power 36% / photovoltaic 23%). We forecast that the installed capacity of green power such as Fengfengshui in 2021-2023 will be about 1.6/1.9/2.3GW, and the revenue of power business will be about 100 million yuan in 18-22-26.
The carbon peak catalyses the construction of new energy in 2022, and Guangdong Hydropower Fengshui / pumped storage experience is rich.
The "carbon peak plan" points out that we will comprehensively promote the large-scale development and high-quality development of wind / solar power generation, and speed up the construction of wind power and photovoltaic power generation bases. The total installed capacity of wind / solar power will reach more than 1.2 billion kilowatts by 2030. We will improve the policy and mechanism for promoting the development of pumped storage. By 2030, the installed capacity of pumped storage will reach about 120 million kilowatts, which is the enterprise with the largest installed scale of clean energy power generation and the largest number of exploitable resources in the province. The company adheres to the double main line of project construction and clean energy investment, is qualified for general contracting of water conservancy and hydropower projects, and owns Guangdong Water Conservancy and Hydropower Engineering Technology Research Center. participate in the construction of Huizhou / Shenzhen / Qingyuan / Hainan Qiongzhong / Yangjiang / Zhaoqing and many other pumped storage power stations. It is proposed to issue no more than 900 million convertible bonds, of which 700 million will be used for integrated optical storage / wind power projects.
Risk hints: policy landing is not as expected, macro policy tightening, agreement landing is not as expected, etc.
