257_hk_everbright - ookui/invest GitHub Wiki

Everbright Intl (光大国际) -- 257 HK

Business

主要的几块业务:

  • 垃圾发电: Waste-To-Energy (WTE), 上网电价一般0.65 RMB/Kwh. IRR一般12-15%.
  • 污水处理:
  • 新业务: 环保产业园, 光伏发电, 生物质发电(Biomass, 上网电价一般0.75 RMB/Kwh).

生物质发电

In China’s 12th Five-Year Plan (FYP) (2011-15), the government targets to reach a biomass power (including WTE) installed capacity of 13GW (19% CAGR over 2010-15), with annual power generation of 78bn kWh. At the end of 2013, China had 8.5GW biomass power generation capacity (2013-2015 CAGR 24%). 中国生物质发电2020年的目标是 30GW , 对应2015-2020年的CAGR是18%.

Biomass 12-Five Plan Targets

由于是未规范市场, IRR没有标准化. According to Daiwa's sensitivity analysis, for each 2% decline in the biomass fuel consumption rate, the project/equity IRR would rise by 0.33/0.52pp.

Valuation