2013年3月14日星期四

Hareon is overseas project was limited


Response to the situation of the photovoltaic industry downturn, many PV companies pay attention to the photovoltaic power plant Hareon Solar (600,401, closing price of 6.40 yuan) is one of them. Disclosed in the 2012 Annual Report, Hareon "construction in progress" to 3.092 billion yuan, an increase of up to 215%, which accounted for almost half of the construction in progress "PV power plant project in Bulgaria.

It is worrying, Bulgarian Prime Minister has said that certainly the introduction of renewable energy electricity access fee policy, and is expected to be adjusted in the month. PV 
solar inverter manufacturers industry researcher believes that the above project when the success of the transfer of the uncertainty, there is risk of substantial provision for impairment of construction in progress. 

Meanwhile, overseas projects Hareon and launched last year, 3.8 billion will increase plan, which intends to invest 1.982 billion photovoltaic power plant in Romania. But in a half ago, Romania will cut solar power subsidies message to spread. The investment bank believes that, raise investment projects originally included in the project overcapacity, overwhelmed by the power plant business will again be the foreign policy limit of the larger investment ratio, given the increasing implementation will face a lot of difficulties.

March 13, Hareon and released 2012 annual report last year, the company achieved operating income of 4.966 billion yuan, a year-on-year decrease of 30.37%, net profit attributable to shareholders of listed companies of $ 208 million, a year-on-year decline of 99.48%. Ironically, the backdoor ST Shannon listed, Hareon is the controlling shareholder of the sun, the Group has pledged to expect the company will realize a profit of 510 million yuan in 2012.

Investment Advisor in the energy industry researcher Ren Haoning contraction due to overseas markets, many domestic photovoltaic 
off grid inverter enterprises encounter difficulties, especially such as Hareon and relatively strong dependence on overseas markets enterprise is deeply troubled by this case last year under six months, there is a worsening trend. 

The report shows that Hareon "construction in progress amounted to 3.092 billion yuan, total assets ratio of 23.74%, an increase of up to 214.55 percent. Where the power plant project in Bulgaria investment reached 1.45 billion yuan, accounting for 46.7% of the construction in progress.

Hareon is balance rate of up to 75% as of the end of 2012, but the company still insist on the implementation of the "10 to send 7.4 yuan cash dividend program, will consume 767 million yuan in cash. Dividends complete Hareon is the asset-liability ratio will rise to 80.19 percent, advancing to the urgency of additional matters. In last May Hareon and launched backdoor listing after the financing plan, intended to be directed to issue 503 million shares at 7.7 yuan / share price, to raise funds not exceeding 38 million, of which 1.982 billion yuan to invest in Romania photovoltaic power plant projects.

But after the the launch scheduled increase plan Hareon is the share price has plunged, the company in November last year will be reduced by 7.7 yuan / share issuance price of 5.68 yuan / share, but this program is not yet approved by the SFC.
Today, Romania PV market there is a big uncertainty.

On the end of February, the foreign media reported that, in 2014, Romania will cut photovoltaic inverter power incentives. The country's energy management agencies ANRE officials believe that the government number of green certificates for solar products dropped to six from the current four. "Additional raise investment projects included in the photovoltaic industry upstream projects, in the context of overcapacity approved by the regulatory authorities that is difficult, more optimistic now profitable farm business will again be the foreign policy limit, given growth too will be more difficult." Certain The investment bank told reporters.

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