Yan Wei shares 1.15 billion "swallowed" Guoyuan Power to re-layout photovoltaic
Following the acquisition of EPC business of Huayuan New Energy Photovoltaic Power Station, Weiwei Co., Ltd. continued to increase its PV power plant business.
Yesterday (November 18), Wei Wei announced that it plans to purchase 100% of Guoyuan Power for a price of 1.15 billion yuan. At the same time, it is proposed to raise funds for the issuance of shares to no more than 5 other specific investors, and the total amount of funds raised shall not exceed 800 million yuan, which shall be used for the construction of other photovoltaic power plant projects under construction and to supplement the working capital.
Peng Weiwen, the secretary of the board of directors of Wei Wei, told the reporter of "Daily Economic News" that the acquisition of Guoyuan Power and the previous acquisition of Huayuan New Energy are one of the steps for Weiwei to lay out the photovoltaic industry. The company hopes to re-establish the capital operation mode. Layout photovoltaic power generation.
PV subsidiary company to boost performance
According to the 2015 semi-annual report of Weiwei, the company's revenue for the first half of the year was 406 million yuan, a year-on-year increase of 18.15%, and the net profit was -715.01 million yuan, down 126.96% year-on-year.
After the new company consolidated, Weiwei's third quarterly report showed that from January to September, Weiwei's shares achieved revenue of 867 million yuan, a year-on-year increase of 77.18%, and net profit of 419.8883 million yuan, an increase of 168.6%.
Huayuan New Energy is principally engaged in the EPC business of photovoltaic power plants. Currently, it holds two large 100MW total 200MW photovoltaic power plants, and all of them realize grid-connected power generation. This business will bring stable cash flow to Weiwei. In addition, in addition to Huayuan New Energy, Weiwei has EPC projects for photovoltaic grid-connected power stations in Inner Mongolia and Xinjiang.
The industry believes that the acquisition of Guoyuan Power's main business is also the development and operation of photovoltaic power plants, this move shows that Wei Wei has decided to transform the LED and photovoltaic power plants from the original LED lighting single business development strategy.
Yu Wei shares said in the announcement that after the completion of the acquisition of Huayuan New Energy, the company already has an EPC team of photovoltaic power stations, which can control the quality of PV power plants invested or built. Qiwei will use the existing resources of Guoyuan Power to enter the field of photovoltaic power generation in Gansu, improve the layout of power stations, and realize the coordinated development of Guoyuan Power and the company's photovoltaic power generation business.
Re-layout of photovoltaics with capital
Peng Qinwen told the reporter of "Daily Economic News" that Weiwei has been engaged in the photovoltaic business since its establishment in 1993, and has been deeply involved in the field of photovoltaics for many years.
It is understood that Weiwei shares were mainly engaged in the middle and upper reaches of the photovoltaic industry, while the downstream power station investment has not been involved in large-scale. Qiwei Co., Ltd. is currently actively developing photovoltaic power plants, but the investment in photovoltaic power plants is huge and the payback period is long, which will put some pressure on its cash flow.
Weiwei shares have begun to actively deploy the photovoltaic industry, which is not unrelated to the multiple benefits of the photovoltaic industry. Liang Zhipeng, deputy director of the New Energy and Renewable Energy Department of the National Energy Administration, said on October 12 that PV subsidies will not stop in the next 8 to 10 years.
During the "13th Five-Year Plan" period, China will continue to expand the scale of the photovoltaic power generation market. The initial planning for the "13th Five-Year" photovoltaic installation target will reach 150 million KW, with an average annual increase of 20 million KW.
Peng Qinwen said that although the form of the acquisition of photovoltaic companies, Wei Wei shares "re-enter" into the photovoltaic field, but Wei Wei shares since 1993 has a photovoltaic business. In 2006, before the company went public, the company's original upstream and downstream businesses and assets of the photovoltaic industry were completely divested. The company's investment logic in the photovoltaic industry is based on the profit return of the industry, with the help of capital for layout.
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