This report is read as follows:
Panda Green Energy has mature experience in power plant operation, relies on a strong shareholder background and financing capacity, and cooperates with the United Nations Development Program to build "Belt and Road Initiative" a leading new energy operator in the main form of Panda Power Station.
Summary:
For the first time, the overweight rating was given. It is estimated that the EPS from 2017 to 2018 will be 0.047 EPS 0.055 yuan respectively. As the leader of Belt and Road Initiative's new energy, the company will give 25 times PE, corresponding to the target price of 1.39 Hong Kong dollars.
The main business of Panda Green Energy is the operation of solar power stations. The company has projects all over Chinese mainland, has mature operational experience and reduces operational risk. Some of the company's projects won the bid for the front-runner project, highlighting the company's strong business ability.
Create the "Belt and Road Initiative" business card-Panda Power Station and go out. Panda Green can work with the United Nations Development Program to create the business card of the power station-Panda Power Station. The first panda power station in Datong, Shanxi Province has been completed and put into operation, using N-type double-sided + cadmium telluride thin film battery technology. Implement the "going global" strategy through the acquisition of high-quality solar power plants in the UK to actively fit in with the country's "Green Silk Road"
Planning and layout overseas. The panda power station has been included in the action plan for the construction of "Belt and Road Initiative". In the future, the company will continue to build panda power stations in the Philippines, Fiji, Thailand and other countries along the "Belt and Road Initiative" route to create a leading new energy operator of "Belt and Road Initiative".
Not only photovoltaic, but also to create hydropower, wind power, photovoltaic multi-energy complementary. Panda Green Energy acquires Tibetan energy and obtains hydropower and wind power projects in Sichuan and Tibet, which broadens the scope of the company's operations. the state has made great efforts to build power grids in Tibetan areas, and the company's Tibetan projects will benefit from the outward transmission of Tibetan power. At present, the company reserves more than 5GW hydropower projects, as well as a large number of photovoltaic, wind power projects, the future installation growth space is huge.
Panda Green Energy shareholders have a strong background, which helps the company to raise funds in the international capital market. Panda Green Energy's major shareholders are China Merchants New Energy, a newly introduced strategic shareholder, China Huarong, one of China's four major asset management companies, Orix, a large international integrated financial services group, and Asia Pacific Climate Capital (ACP), an ADB climate fund. Strong shareholder background will provide strong support for the company in project acquisition, development and financing.
Risk hint. Renewable energy takes risks.
