CECEP Solar Energy Co., Ltd.
太阳能
000591
Shenzhen Stock Exchange
Company Profile
Overseas Expansion:In FY2024, the company established an Overseas Business Department to drive international PV power plant projects. It identified potential projects in regions such as Southeast Asia and Central Asia, and forged cooperative relationships with the Ministry of Energy of Sri Lanka, the Indonesian Chamber of Commerce and Industry, and the Uzbekistan Energy Company. Module Recycling Breakthrough: In FY2024, the company made significant progress in its PV module recycling business. Together with equipment manufacturers, it developed the first 10,000-tonne scale mobile, containerized intelligent PV module recycling system in China, which was successfully deployed as a demonstration at the Hubei Jianli Power Station project. The mobile design allows for easy transportation, and on-site dismantling and processing effectively reduce the cost of transporting discarded modules. The main recycled materials – aluminum frames and glass – achieve purity levels of over 99%, reflecting an industry-leading recycling process. The launch of this demonstration line marks the establishment of a closed-loop lifecycle for the company's solar modules from production and use to recycling. This achievement also lays a foundation for the company to cultivate new high-quality productive capabilities. Technological Innovation: CECEP Solar Energy Technology (Zhenjiang) Co., Ltd., a subsidiary of the company, has continually strengthened its core technology R&D. It established an incubation platform for advanced solar technologies such as perovskite solar cells and achieved a new milestone in conversion efficiency for wide-bandgap perovskite cells. In 2024, its key collaborative research project on high-efficiency perovskite/crystalline silicon tandem cells was recognized as a key industrial technology innovation project in Jiangsu Province. Digital Strategy Advancement: The company is actively advancing its digitalization strategy by integrating PV products, digital products, and the PV ecosystem. It has expanded applications into diverse scenarios including residential, commercial and industrial facilities, industrial parks, agricultural projects, and intelligent energy management, thereby building a digital, omnichannel ecosystem. The company has established an integrated business chain encompassing product R&D, manufacturing, sales and services, project development, design, construction, and operations & maintenance, enabling it to provide customers with one-stop clean energy solutions. AI Integration: The company deployed the DeepSeek-R1 large-scale AI model at its cloud network data center in Zhenjiang, Jiangsu. To further enhance operational efficiency, it is exploring the establishment of an intelligent knowledge base, AI-driven customer service systems, and other smart business applications.
Full description
1. Company's Main Business and Business Model The company's main business is the investment in and operation of photovoltaic (PV) power plants, with electricity as its primary product. The electricity generated by the company's PV power plants is mainly sold to the State Grid and the Southern Power Grid in China. In addition to power generation, the company (CECSEC) is also engaged in the research and development, manufacturing, and sales of PV cells and modules. These PV products are sold domestically and exported to international markets, including Europe and the Asia-Pacific region. During the reporting period, two subsidiaries – China Energy Conservation Gansu Wuwei Solar Power Generation Co., Ltd. and China Energy Conservation Hubei Solar Energy Technology Co., Ltd. – completed their registration as electricity retail providers, although they have not yet commenced substantive electricity sales operations. The company's main lines of business and its operating model remained largely unchanged in 2024. The company focuses on comprehensive applications of solar energy and is committed to its two core business segments: the investment, construction, and operation of PV power stations, and the production and sale of PV products. Through the adoption of new technologies and the development of high-efficiency digital information systems, the company effectively promotes the overall enhancement of its main businesses. The company's principal business – PV power plant operations – has consistently remained in the industry's top tier. The photovoltaic power generation industry does not exhibit obvious cyclicality, although seasonal variations in sunlight cause the efficiency of power generation to differ from quarter to quarter. The company's solar module products are at the mainstream technical level within the industry. 2. FY2024 Company Operations In FY2024, the company's PV product manufacturing segment was impacted by rapid technological innovation in the PV industry and fluctuations in market conditions. Both sales volumes and unit prices of PV products declined compared to the previous year. Meanwhile, the scale of market-based electricity trading expanded and average electricity tariffs decreased. As a result, the company achieved revenue of RMB 6.039 billion in 2024, a year-on-year decrease of 36.7%. Net profit attributable to the shareholders of the listed company was RMB 1.225 billion, a year-on-year decrease of 22.38%. By the end of 2024, the company's total assets amounted to RMB 48.984 billion. In FY2024, the sales revenue from the company's PV power plant segment was RMB 4.333 billion, accounting for 71.75% of total revenue, which represents a 4.73% decline from the previous year. The sales revenue from PV products was RMB 1.682 billion, accounting for 27.85% of total revenue, a decrease of 66.18% year-on-year. The company continued to advance the investment, construction, and acquisition of PV power stations throughout 2024. By the end of 2024, the company had approximately 6.076 GW of PV power plants in operation, around 2.081 GW under construction, about 2.278 GW in planned projects, and roughly 1.679 GW of projects under signed pre-acquisition agreements. In total, the company's PV power plant portfolio reached about 12.114 GW. The company's manufacturing capacity for PV products totaled 5 GW, including 1.5 GW of high-efficiency PV cell capacity and 3.5 GW of high-efficiency PV module capacity (with module production lines compatible with both P-type and N-type technologies). The company's total electricity sales in 2024 amounted to approximately 6.966 billion kWh, an increase of about 445 million kWh (around +6.83%) year-on-year. The average electricity selling price (including taxes) was RMB 0.703 per kWh. The company will continue to improve the operational efficiency of its PV power plants, strengthen technological upgrades at each facility, and increase the power generation capacity of each plant. In 2024, the company received approximately RMB 1.366 billion in electricity subsidies, including RMB 1.233 billion from the central government. As of the end of 2024, outstanding electricity subsidy receivables totaled about RMB 12.193 billion, including RMB 11.780 billion from the central government. In 2024, the company also pushed forward a convertible corporate bond issuance project. It received approval from the China Securities Regulatory Commission (CSRC) on January 16, 2025 (with the official approval document dated January 8, 2025). Following the CSRC approval, the issuance plan was approved by the Shenzhen Stock Exchange and by the 16th meeting of the company's 11th Board of Directors. The convertible bonds were officially issued on March 28, 2025, raising a total of RMB 2.95 billion. Looking ahead, the company will capitalize on development opportunities in the PV industry. It plans to continue expanding the operating capacity of its PV power plants and increasing the production capacity of its PV products, striving to achieve its strategic growth objectives.