Company code: China Suntien Green Energy Corporation Limited(600956) company abbreviation: China Suntien Green Energy Corporation Limited(600956) bond Code: 155956 SH bond abbreviation: G19 new Y1 bond Code: 175805 SH bond abbreviation: G21 new Y1 China Suntien Green Energy Corporation Limited(600956)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to www.sse.com com. cn. www.hkexnews. HK website carefully read the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities. 3. All directors of the company attend the board meeting. 4 Ernst & Young Huaming Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital in the reporting period adopted by the resolution of the board of directors
In 2021, the net profit attributable to the shareholders of the parent company in the audited consolidated statements of the company was RMB 21 Bros Eastern Co.Ltd(601339) 6916, and the undistributed profit was RMB 631651389420. The company plans to distribute cash dividends of RMB 1.67 (tax included) for every 10 shares based on the total number of 4187093073 shares issued on the date of the meeting of the board of directors approving the profit distribution plan for 2021, with a total cash dividend of RMB 69924454319. The remaining undistributed profits of the company are carried forward to the next year. The total cash dividends proposed in the plan account for 32.37% of the net profit attributable to the shareholders of the parent company in the consolidated statements of the company in 2021.
If the total share capital of the company changes before the equity registration date of equity distribution, the company plans to maintain the total distribution unchanged, adjust the distribution amount per share accordingly, and will announce the specific adjustment separately.
Section II basic information of the company
1 company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange China Suntien Green Energy Corporation Limited(600956) China Suntien Green Energy Corporation Limited(600956) not applicable
H-share Hong Kong Stock Exchange Xintian green energy 00956 is not applicable
(China Suntien)
Contact person and contact information secretary of the board of directors securities affairs representative
Name: ban Zefeng, Yu Ping
Office address: No. 9, Yuhua West Road, Shijiazhuang City
Tel: 86-31185516363
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period (I) new energy business
1. The industry competition is intensifying, and it is more difficult to develop advantageous resources
In recent years, with the continuous issuance of China’s “opinions on completely, accurately and comprehensively implementing the new development concept and doing a good job in carbon peak and carbon neutralization” and “action plan for carbon peak before 2030”, the business model, cooperation model and development model of new energy projects are undergoing profound changes. The power groups represented by the five power groups have set their own scale objectives during the 14th Five Year Plan period and are making every effort to Through mergers and acquisitions and independent development, the company stepped up to expand the installed capacity of new energy, which further increased the difficulty of development. 2. The scenery project has fully entered the era of parity, and it has become normal to participate in power trading
In May 2019, the national development and Reform Commission issued the notice on improving the on grid tariff policy of wind power, which pointed out that from January 1, 2021, the onshore wind power projects that have not been connected to the grid will fully realize parity on the grid, and the state will no longer subsidize. At present, photovoltaic is also implemented in accordance with the comprehensive parity policy in 2021. In January 2020, the Ministry of finance, the national development and Reform Commission and the National Energy Administration jointly issued several opinions on promoting the healthy development of non-aqueous renewable energy power generation. The opinions made it clear that from 2022, the central government will no longer subsidize new offshore wind power projects, which means that offshore wind power will also advance into the era of no state subsidies.
At present, from the perspective of many provinces across the country, it has become normal for scenery projects to participate in power market-oriented transactions. In the future, the proportion of power market-oriented transactions will be higher and higher, which poses a higher challenge to the future market-oriented trading strategy of new energy operators. 3. Pay equal attention to both sea and land, and offshore wind power will become another key development direction
In addition to the large base for onshore wind power development and construction, the action plan for carbon peak before 2030 clearly puts forward the construction of offshore wind power base, which lights up a pilot light for the development of China’s offshore wind power industry. In the future, provinces may introduce corresponding encouragement and relevant support policies, and offshore wind power has become one of the key development directions of wind power construction. 4. The price of wind turbine keeps decreasing, and the construction cost of wind farm is expected to further decline
In recent years, with the continuous development of fan technology, the fan is developing towards large blades, large capacity and high tower. The overall cost of the fan has been greatly reduced, and the maintenance cost per unit power is lower. The decrease of wind turbine cost will directly reduce the unit investment cost of wind power, and the investment cost of wind power operators is expected to decline further. 5. Accelerate the construction of large-scale wind power and photovoltaic power generation bases in deserts, Gobi and desert areas
At the beginning of 2021, the national development and Reform Commission and the National Energy Administration issued the opinions on improving the institutional mechanisms and policies and measures for green and low-carbon energy transformation (hereinafter referred to as the opinions).
The opinions put forward that by 2030, a pattern of energy production and consumption will be formed in which non fossil energy can basically meet the increment of energy demand, replace the stock of fossil energy on a large scale, and comprehensively enhance the ability of energy security; Focusing on deserts, Gobi and desert areas, accelerate the construction of large-scale wind power and photovoltaic power generation bases, explore and establish a mechanism for coordination between the sending and receiving ends to provide regulation for new energy power transmission, and support the construction, combination and development of new energy power. (II) natural gas business 1 Under the dual carbon target, the development prospect of low-carbon natural gas is optimistic
Under the dual carbon target, non fossil energy, especially renewable energy, will become the cornerstone of China’s energy system. However, the complete replacement of traditional fossil energy by renewable energy still needs to go through a long stage of development, and intermediate energy is needed for transition. Natural gas is a high-quality, efficient, green and clean low-carbon energy. It will be one of the best choices in the transition from fossil energy to non fossil energy. Before reaching the peak, it will be an important starting point for “carbon emission reduction” of China’s energy system. Therefore, accelerating the development and utilization of natural gas is an important path for China to promote the revolution of energy production and consumption and build a clean, low-carbon, safe and efficient modern energy system under the dual carbon goal. According to the prediction of relevant institutions, natural gas is expected to maintain a rapid growth trend before 2035, and the next 15 years will be the golden period of natural gas development.
From the perspective of China’s situation, the reform of oil and gas system is accelerating; Steady economic and social development will drive the continuous growth of oil and gas demand. Since 2018, China’s natural gas consumption has shown a trend of “not light in the off-season and more prosperous in the peak season”. In 2020, China’s natural gas consumption has reached 324 billion cubic meters. According to the China natural gas development report (2019), by the end of the 14th five year plan, the natural gas consumption will increase from 350 billion m3 at the end of the 13th five year plan to 450 billion m3. 2. The national pipeline network management transmission fee is expected to be reduced, and the provincial pipeline network generation transmission market is challenged
In June 2021, the national development and Reform Commission promulgated the measures for the administration of natural gas pipeline transportation prices (Interim) and the measures for the supervision and examination of natural gas pipeline transportation pricing costs (Interim). The Measures stipulate that the allowable rate of return of national pipeline network cross provincial long-distance transmission pipelines can be adjusted in the future, and the depreciation life of natural gas pipelines will be extended to 40 years, which provides a basis for the continuous reduction of national pipeline network management and transmission fees in the future, and the local provincial pipeline network agent transmission market is challenged.
3. International crude oil and global natural gas prices fluctuate, and the risk of energy price factors is prominent
In 2021, the favorable factors at both ends of international energy supply and demand have become the main support for the rise of international crude oil prices. However, at the same time, due to various influencing factors, such as the change of upstream supply caused by geographical factors and the expected change of global energy demand caused by covid-19 epidemic, the international crude oil prices have shown wide fluctuations. In 2021, the sudden energy crisis swept the world again, especially in Europe, where natural gas prices hit new highs. Under the situation of tight global energy supply and demand and sharp rise in foreign market prices, although China’s energy prices remain stable on the whole, there is still a risk of being affected by sharp fluctuations in international energy prices. 4. Market barriers and competitive challenges coexist, making market development more difficult
There is a certain natural monopoly attribute in the gas industry. In a specific business area, the main body who occupies the market first is bound to form a certain barrier to other subsequent market entrants. However, with the deepening of the reform of oil and gas system, the upstream gas companies rely on the advantages of gas source to enter the downstream market for competition, and the downstream gas companies rely on the advantages of market control to gradually dabble in the upstream links. The competition pattern in the natural gas industry is becoming more and more intense, and the difficulty of market development is increasing.
The company is a leading clean energy development and Utilization Company in North China. The company’s main business focuses on natural gas sales business and wind power generation business. Other businesses in the main business are supporting or extended businesses carried out by the company using its resources and technical advantages in the field of natural gas and wind power generation. Photovoltaic power generation business is also one of the important strategic investment and business layout directions of the company. 1. Natural gas business
The operation of natural gas business mainly involves the purchase of gas from upstream enterprises, the construction and operation management of long-distance pipelines, and the sale of natural gas to downstream customers. At present, the company’s main business is in the middle and lower reaches of the natural gas industry, involving the construction and operation management of long-distance natural gas pipeline, natural gas sales and other links.
(1) Construction and operation management of long-distance natural gas pipeline
The construction of long-distance natural gas pipeline project must go through the stages of feasibility study, project application report approval, preliminary design, construction drawing design, construction and completion acceptance. The project construction shall be approved by the national development and Reform Commission and other government competent departments, and can be put into production and operation only after passing the completion acceptance by relevant government departments.
In the feasibility study stage of the project, the company determines the gas source according to the supply of natural gas; After the construction of long-distance natural gas pipeline is completed, it will be connected with downstream users through various stations. The company supplies gas to downstream users according to the gas supply contract signed with downstream users. After the completion of the long-distance pipeline, the provincial competent price department shall verify the pipeline price based on the comprehensive construction cost and other factors.
(2) Natural gas sales
Natural gas sales business is mainly to purchase gas sources from upstream producers and then distribute them to downstream end consumers. The revenue of natural gas sales business mainly comes from pipeline transportation revenue and urban gas distribution revenue. The unit profit margin of this business is relatively stable, and the increase of revenue and total profit mainly comes from the increase of natural gas sales.
2. Wind power and photovoltaic business
The operation of the company’s wind power generation and photovoltaic power generation business mainly involves the construction and operation management of wind farms and photovoltaic power stations, and the sale of power to downstream grid customers.
(1) Construction and operation management of wind farm and photovoltaic power station
For the construction of wind farms and photovoltaic power stations, it is necessary to select projects with abundant wind energy, Cecep Solar Energy Co.Ltd(000591) resources, stability, suitable for power generation and easy access to the Internet in the early stage, carry out preliminary research, feasibility study and other related work, and obtain relevant approval or reply documents from regulatory authorities such as development and reform, environmental protection and natural resources before implementation; In addition, it is also necessary to obtain the access approval of the proposed power grid company. After the project construction and completion acceptance, according to the industry regulations, the wind farm and photovoltaic power station can be put into commercial operation only after passing the trial operation.
(2) Electricity sales
At present, the sales of wind power and photovoltaic power are mainly in the form of direct sales. In accordance with the national policy and the commitment of grid connection at the time of project approval, during the construction of the project, the project company signed the power purchase and sale agreement with the local power grid company to merge the power generated by the wind farm and photovoltaic power station into the designated parallel network, so as to realize the power delivery. Among them, the electricity measurement shall be confirmed by the metering device recognized by the power grid company on a monthly basis, and the electricity price shall be determined according to the regional electricity price or concession bidding price determined by the national energy price department.
3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 71917756790975725771454841 25.604604767700001
Attributable to listed companies 196843642
