Securities code: Ningxia Jiaze Renewables Corporation Limited(601619) securities abbreviation: Ningxia Jiaze Renewables Corporation Limited(601619) Announcement No.: 2022027 bond Code: 113039 bond abbreviation: Jiaze convertible bond
Ningxia Jiaze Renewables Corporation Limited(601619)
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Announcement on the reply to the letter of inquiry and suggestion from shareholders
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents Ningxia Jiaze Renewables Corporation Limited(601619) (hereinafter referred to as “the company”) recently received the letter of shareholders’ inquiry and suggestion (Investment Service Center xqh [2022] No. 6) from China Securities small and Medium Investors Service Center (hereinafter referred to as “investment service center”). After receiving the letter of inquiry and suggestion from shareholders, the company attached great importance to it, carefully checked the relevant problems with intermediaries, and explained and replied to the questions and suggestions raised in the letter of inquiry and suggestion from shareholders in combination with relevant materials. The details are as follows:
Unless otherwise specified, the words or abbreviations mentioned in this reply have the same meaning as the words or abbreviations defined in the “interpretation” in the report on Ningxia Jiaze Renewables Corporation Limited(601619) major asset purchase and related party transactions (Draft) (Revised Version).
Question: I. is the value of annual utilization hours predicted this time reasonable
The target enterprise was established on September 15, 2017, mainly through the establishment of holding subsidiaries for the investment, construction and operation of wind farms and photovoltaic power stations. At present, the target enterprise has 19 subsidiaries under its control and included in the scope of consolidated statements, including 11 directly engaged in wind power Project companies of photovoltaic power generation business and 8 shareholding platform companies that do not directly carry out production and operation. In this transaction, 11 project companies are evaluated by income method, among which the value-added rates of Pingyuan Guorui, Ningjin Guorui, Pingyuan Ruifeng, Pingyuan Tianrui, Shanghe Guorun and Guyuan wisdom are relatively high, which are 83.46%, 92.51%, 392.42%, 343.98%, 98.39% and 307899% respectively. The above six project companies are mainly engaged in the development, construction, production and operation of wind power plant projects, with installed capacity of 100MW, 50MW, 50MW, 100MW and 150MW respectively. Except that Guyuan wisdom is located in Hebei Province, the other five project companies are located in Shandong Province.
According to the prediction of this settlement income, the actual settlement income is (benchmark electricity price + subsidized electricity price) on grid settlement electricity, and the on grid settlement electricity is basically power generation (i.e. actual installed capacity available hours) – wind curtailment (i.e. wind curtailment rate power generation) – auxiliary power loss (i.e. loss rate power generation). It can be seen from the formula that the influence on power generation One of the main influencing factors of online settlement income is the number of available hours. The company itself also operates wind power business. In its prospectus, it was disclosed that the reduction of average utilization hours will have a great adverse impact on the company’s net profit. This transaction predicts that the annual power generation utilization hours of the project companies Pingyuan Guorui, Ningjin Guorui, Pingyuan Ruifeng, Pingyuan Tianrui, Shanghe Guorun and Guyuan wisdom from 2022 to 2040 are 3031 hours, 3124 hours, 3248 hours, 3258 hours, 2956 hours and 3400 hours respectively, which is much higher than the annual wind power utilization hours of the province where the project company is located. According to the “wind power utilization hours of all provinces in China from 2014 to 2020” published by the international wind power network, the annual utilization hours of wind power in Shandong Province and Hebei Province have never exceeded 3000 hours from 2014 to 2020, with the highest of 1971 hours in Shandong Province, 1798 hours in 2020, 2276 hours in Hebei Province and 2077 hours in 2020. In addition, the utilization hours predicted by some of the above-mentioned project companies are also higher than the annual utilization hours of power generation in the reporting period of the project company. Taking the historical annual operation of Pingyuan Guorui as an example, the power generation utilization hours of the project company in 2020 and January June 2021 are
207078 hours and 170655 hours, far lower than 3031 hours in the forecast period. The company explained that Pingyuan Guorui was connected to the grid in April 2020 and has not yet formed complete annual operation data. This transaction is predicted according to the guarantee value of power generation in the five-year warranty period signed by Pingyuan Guorui and the fan manufacturer, which is 3031 hours. Wind power industry professionals believe that wind power generation has certain seasonal characteristics. During the transit of cold air, wind resources are relatively poor, which may lead to the non rotation of wind turbines, so as to reduce power generation. According to the main operating data of each quarter in 2020 disclosed by the company, taking Ningxia as an example, the power generation of the company’s wind power business does have the seasonal characteristics of the lowest in the fourth quarter, the second lowest in the first quarter and relatively high in the second and third quarters. Please explain that the utilization hours predicted by the six project companies are much higher than the annual utilization hours and historical operation data of the province where they are located, whether the seasonal characteristics of the wind power industry have been fully considered in the prediction, and suggest that the target enterprise conduct a sensitivity analysis on the impact of utilization hours on the predicted value and valuation of the project company’s business income and net profit. reply:
(I) annual average utilization hours, predicted available hours in 2021 and historical available hours in 2021 in the region of each project company
The annual average utilization hours of wind power in the regions of the project companies from 2014 to 2020 are as follows:
Province 20142015 20162017 20182019 2020
Shandong Province 17821795 18691784 19711863 1798
Hebei Province 18961808 20772250 22762144 2077
Henan Province 20561793 19021271 17461480 1536
Note: the data comes from the wind power utilization hours of all provinces in China from 2014 to 2020
The predicted available hours of each project company in 2021 and the historical available hours in 2021 are as follows:
Below:
Difference between the project company from January to June, 2021 from July to December, 2021 and 2021
Historical data forecast data actual data
Ningjin Ruihong 17713811286229 Grandjoy Holdings Group Co.Ltd(000031) 0258 -202.58
Pingyuan Guorui 170655132445303100345169 -420.69
Shanghe Guorui 1651041208962860 Zhejiang Mtcn Technology Co.Ltd(003026) 85 -166.85
Ningjin Guorui 189826122574312400361982 -495.82
Plain auspicious wind 202878121922324800376457 -516.57
Plain Tianrui 204024121776325800363689 -378.89
Shanghe Guorun 168045127555295 Zhongnongfa Seed Industry Group Co.Ltd(600313) 187 -175.87
Tangyin volt green 1590631140372731 Simei Media Co.Ltd(002712) 24 18.76
Jingxian Zhongdian 19827911 Shenzhen Woer Heat-Shrinkable Material Co.Ltd(002130) 8 Jiangmen Kanhoo Industry Co.Ltd(300340) 551 -322.51
Guyuan wisdom 922.0224779834 Shenzhen Zhongheng Huafa Co.Ltd(000020) 7533132467
Zhurunguyuan 713.86114594185980134679 513.01
According to the data in the above table, the actual utilization hours of each project company of the target company in 2021 are higher than that of the project company
The average level of the region where the company is located over the years. At the same time, except for Guyuan wisdom and zhurun Guyuan, each
The actual utilization hours of the project company in 2021 are higher than or close to the predicted available hours in 2021.
The reason why the predicted available hours of Guyuan wisdom and zhurun Guyuan in 2021 are higher than the actual utilization hours in 2021 is that the multi energy complementary integration optimization demonstration project of Zhangjiakou Olympic scenery city affiliated to the two project companies is currently connected to the 220kV booster station of guyuankalu road of Hebei Power Grid. Due to the limited access capacity of the booster station, the power generation fails to fully follow the actual situation. With the subsequent operation of new substations in northern Hebei Power Grid, the power restriction of Guyuan wisdom and zhurun Guyuan will be effectively improved, and the predicted indicators will be improved as the power grid is put into operation
Increase and return to the normal level, and the actual power generation utilization in the future can reach the predicted value.
(II) rationality of estimated annual utilization hours
1. Prediction basis of utilization hours of power generation in this assessment
The annual power generation utilization hours predicted in this assessment are based on the guaranteed hours of committed power generation determined in the power generation guarantee agreement signed between each wind power project company and the wind turbine manufacturer.
The guaranteed hours of committed power generation are the theoretical power generation of the power stations of the project companies, which can be realized by the wind turbine manufacturer employing a Chinese professional wind resource evaluation team according to the geographical location of the wind farm, wind resource data, fan model, slot arrangement, unit capacity and other data.
The guaranteed electricity quantity is set as the guarantee date from the date of issuing the pre acceptance certificate of all wind turbines, and every five years is an assessment year, and the assessment, reward and punishment shall be carried out according to the methods agreed in the agreement. If the actual power generation of the project does not reach the guaranteed value of power generation, the wind turbine manufacturer shall compensate according to the agreement. After the 5-year guarantee period expires, the wind turbine manufacturer shall settle the settlement at one time. If the compensation is insufficient or not in place, the warranty guarantee or warranty deposit will be triggered. Therefore, even if the power generation of each project company does not reach the guaranteed hours, the fan manufacturer will make up the difference between the actual power generation hours and the guaranteed hours.
At the same time, the prediction of subsidized electricity is determined according to the supplementary notice on relevant matters of several opinions on promoting the healthy development of non-aqueous renewable energy power generation (CJ [2020] No. 426) issued by the Ministry of finance, the development and Reform Commission and the National Energy Administration in September 2020, according to the resource areas of each wind power project and in combination with the reasonable utilization hours of power generation in the whole life cycle. If the generated electricity exceeds the subsidized electricity in the whole life cycle, it will no longer enjoy the subsidy fund of the central government. The prediction of subsidized electricity is in line with the actual power generation of wind turbines of each project company. 2. Completion of guaranteed hours of wind power companies subordinate to ningbai fund in 2021
The actual power generation, annual power generation utilization hours and guaranteed hours of each wind power company under ningbai fund in 2021 are as follows:
The installed capacity of the project company is all connected to the grid for power generation. The actual annual power generation in 2021 is guaranteed to exceed the (MW) power time (10000 KWH), and the actual hours
Ningjin Ruihong 502019 / 12 / 311551293310258290000 202.58
Pingyuan Guorui 502020 / 04 / 291725845345169303100 420.69
Shanghe Guorui 1 Zhejiang Jingxin Pharmaceutical Co.Ltd(002020) / 12 / 293026853302685286000 166 eighty-five
The installed capacity of the project company is all connected to the grid for power generation. The actual annual power generation in 2021 is guaranteed to exceed the (MW) power time (10000 KWH), and the actual hours
Ningjin Guorui 502020 / 11 / 281809910361982312400 495.82
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