威腾电气董秘办人士今日（12月12日）晚间对《科创板日报》记者表示，中民光扶主要经营发电业务、输电业务、供（配）电业务等。威腾电气近年开始稳步拓展储能业务，在储能设备研发和集成领域加快市场步伐的同时，也在储能电站投资、建设、运维等方面加速推进。① Wu Bo stated that the company plans to increase the annual production capacity of the 5GWh energy storage system, with products mainly applied in wind power and photovoltaic power generation fields within the electrical utilities system. Based on the company's existing partnerships with Goldwind Science & Technology, it is beneficial for market expansion; ② As of Q1, the 232kWh commercial energy storage system, large-capacity grid-connected energy storage system, and EMS grid-connected energy management system developed by the company have achieved multiple project deliveries.
According to the Star Daily on December 13 (Reporter Wu Xuguang), on the evening of December 12, Weitong Electric announced that its wholly-owned subsidiary, Jiangsu Weitong Energy Technology Co., Ltd., intends to acquire 51% of the equity of Zhongmin Guangfu (Ningxia) Comprehensive Energy Service Co., Ltd. (hereinafter referred to as "Zhongmin Guangfu") for 2.65 million yuan using its own funds. Upon completion of the transaction, Zhongmin Guangfu will become the company's controlling subsidiary, included in the consolidated financial statements.
The counterparty of this transaction, Changhao New Energy, is a subsidiary in which the company holds a 20% equity stake, and the company's director, Wu Bo, serves as a director at Changhao New Energy, making Changhao New Energy a related party of the company. This transaction constitutes a related party transaction.
A representative from the secretary office of Weitong Electric stated to Star Daily on the evening of December 12 that Zhongmin Guangfu mainly operates in power generation, transmission, and supply (distribution) business, etc. In recent years, Weitong Electric has been steadily expanding its energy storage business, accelerating its market pace in the R&D and integration of energy storage equipment, and also pushing forward in investment, construction, and operation & maintenance of energy storage power stations.
"Through this acquisition, the company will accelerate the full industrial model from equipment R&D manufacturing to power station investment operation," said a representative from Weitong Electric's secretary office.
Regarding the performance of the target company, as of October 2024, Zhongmin Guangfu reported a loss of 36.4808 million yuan.
Weitong Electric stated that the existing 200MW/400MWh energy storage power station project involving Zhongmin Guangfu in this transaction is already under construction. The target company has not yet achieved profitability and carries some liabilities, which will have a certain impact on the company’s performance in the short term after consolidation.
"Once the energy storage power station project is put into operation, it is expected to generate good profits and stable cash flow, bringing certain investment returns to the company," Weitong Electric further stated.
Weiteng Electric's business covers three major areas: distribution equipment, photovoltaic new materials, and energy storage systems. The main products include high and low voltage busbars, PV ribbon, medium and low voltage complete equipment, copper and aluminum products, and energy storage systems. In the first three quarters of 2024, the company achieved revenue of 2.745 billion yuan, an increase of 36.73% year-on-year; net income was 0.109 billion yuan, up 28.64% year-on-year.
From the perspective of revenue growth rate, in the first three quarters of this year, Weiteng Electric's three major business segments all achieved growth, with the revenue growth rates for distribution equipment, energy storage systems, and photovoltaic new materials reaching 16.99%, 114.42%, and 40.53% respectively.
The reporter from the Star Daily noticed that Weiteng Electric laid out the energy storage business relatively early.
As early as December 2022, Weiteng Electric announced a plan for a private placement, aiming to raise no more than 1.002 billion yuan for the annual production of 5GWh energy storage system construction projects and others.
Weiteng Electric's Secretary of the Board, Wu Bo, previously stated in an interview with the Star Daily that the company plans to add an annual production capacity of 5GWh for energy storage systems, mainly used in the wind and photovoltaic power generation sectors of the electrical utilities. Based on its partnerships with Goldwind Science & Technology, Guoneng Xinkong, and Nanrui CECEP Solar Energy within the electrical utilities, it is conducive to further exploring target markets.
Regarding the latest progress of the energy storage project construction, in October of this year, Weiteng Electric stated on the interaction platform that its private placement has received registration approval from the China Securities Regulatory Commission and that the company will issue shares at an opportune time based on market conditions.
Concerning the company's overall ideas and layout for the energy storage business, in late September of this year, Weiteng Electric stated during a reception of institutional investor research that it is strengthening the development of energy storage products on the grid source side and user side.
Among these, in regards to the grid source and user side energy storage, in August of this year, Minsheng Securities stated in a research report that as of the first half of 2024, Weiteng Electric has developed the 232kWh commercial and industrial energy storage system, large capacity grid source measurement energy storage system, and EMS grid-connected energy management system, which have already achieved delivery in multiple projects, meeting the needs of enterprises and the electrical utilities among various application scenarios.
