On June 10, 2021, the largest IPO in the power industry, three Gorges Energy, was listed. The IPO issued 8.571 billion new shares at a price of 2.65 yuan per share, with a total fund-raising amount of 22.71315 billion yuan. After deducting the issuance expenses, the net amount raised was 22.49963 billion yuan, the post-issue EPS was 0.0918 yuan, and the BPS was 2.2270 yuan. On the first day of listing, three Gorges Energy rose 44%, and rose continuously for the next few days, falling back after reaching a high on June 24.
It is reported that the main business of the three Gorges Energy is the development, investment and operation of wind and solar energy. According to the company's prospectus, the installed scale of the company's power generation projects has increased rapidly from 143000 kilowatts at the end of 2008 to 11.898 million kilowatts at the end of September 2020, with an average compound annual growth rate of 45.69 percent. As of September 30, 2020, the installed capacity of the power generation project controlled by the company is 11.898 million kilowatts. With the commissioning of the project under construction, the installed scale of the company will be further increased. Specifically:
In terms of offshore wind power business, as of September 30, 2020, the company's offshore wind power project has been put into operation with a scale of 1.04 million kilowatts, the scale under construction is 2.93 million kilowatts, and the approved scale to be built is 5.3 million kilowatts, which is in the forefront of the industry. By the end of 2020, the company expects to put into production and install offshore wind power under construction to reach 4.27 million kilowatts. After all these projects are put into production, it is estimated that the annual generating capacity will reach 12.1 billion kilowatt-hours.
In terms of onshore wind power business, by the end of September 2020, the three Gorges new energy project has been put into production in 22 provinces and regions, including Inner Mongolia, Xinjiang, Yunnan and so on. Among them, Siziwang Banner in Inner Mongolia has built the largest land wind power project in China and even in Asia (400000 kilowatts). The completion of the project plays a positive role in promoting the large-scale development and management of onshore wind power. The first high-altitude megawatt wind power project has been built in Xitieshan, Qinghai, which plays a positive role in demonstrating and promoting the utilization of wind energy resources in high-altitude areas of China.
In terms of photovoltaic business, by the end of September 2020, the three Gorges new energy projects have been put into production in 18 provinces and regions, including Gansu, Qinghai and Hebei. Among them, the surface floating photovoltaic project in the world's largest coal mining subsidence area (150000 kilowatts) was built in Huainan, Anhui Province, and the largest mountain photovoltaic project in China (200000 kilowatts) was built in Quyang, Hebei Province. the first large-scale low-price grid photovoltaic demonstration project was built in Golmud, Qinghai (500000 kilowatts).
The market capitalization of three Gorges Energy, the largest IPO, in the power industry, exceeded 100 billion on the first day of listing. Northeast Securities pointed out that the company is the main body of the new energy strategy of the three Gorges Group, the largest clean energy group in China, and one of the large new energy operators that are scarce in the A-share market. This IPO is the largest IPO, fund-raising in the history of China's power industry, with a fund-raising amount of more than 22.7 billion yuan. The company's shares rose 44.15% on the first day of listing, hitting the daily limit, with a total market capitalization of 109.1 billion yuan, surpassing Longyuan Electric Power to become the listed company with the highest market capitalization of A-shares and H-shares.
At present, under the background of carbon neutralization, the power plate may become the largest innovation plate, while wind power and photovoltaic are bound to usher in rapid development. Soochow Securities pointed out that electrification is the core of carbon neutralization, while wind power and photovoltaic are highly expected in renewable energy generation. At present, electric energy is the lowest cost and most mature technology path to achieve carbon neutralization, through the improvement of the electric level of terminal energy use sectors such as transportation (popularization of electric vehicles), industry (artificial intelligence) and building (building intelligence). Traditional electricity replaces the use of fossil energy such as coal and oil. Compared with the global industrial carbon emission structure, China's share of power generation and heating industry and industrial production is significantly higher than the global level, which also reflects China's high energy consumption and extensive economic structure development model in the past. we expect the power generation and manufacturing industry with the highest carbon emissions in the carbon neutralization process to usher in the greatest innovation.
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