Zhengbang Technology's 40 billion yuan project is actually just a second landlord?

"China Economic Weekly" reporter Lu Jiangtao | Beijing report

As soon as the A -share opened on June 20, the stock price of "Pig Raise" Zhengbang Technology (002157.SZ) quickly shocked the daily limit. The company's stock price performed so strong because the company official announced a new energy project with a total investment of 40 billion yuan after closing the previous trading day.

However, the big project of Zhengbang Technology quickly attracted a question. Because the company had a huge loss of more than 18.8 billion yuan in 2021, the loss continued to lose 2.433 billion yuan in the first quarter of this year. As of the end of the first quarter, the company's liabilities reached 40.687 billion yuan, while the balance of currency funds on the book was only 3.073 billion yuan. In addition, at the beginning of June this year, the overdue incident of Zhengbang Science and Technology Business Votes also aroused market attention.

On the evening of June 20, Zhengbang Technology disclosed a letter of attention issued by the Shenzhen Stock Exchange, requiring the above -mentioned new energy projects to match the company's current development status and future development planning. Development risks and other issues.

Do you still have to invest in cross -border investment?

On the evening of June 17, Zhengbang Technology issued an announcement that the company and the Zhejiang Branch of State Power Investment Group Co., Ltd. (hereinafter referred to as "Guo Power Investment Zhejiang Branch") signed the "Carbon neutralization" Comprehensive Smart Energy Project Cooperation Agreement ", The two sides strive to build ecological photovoltaic, wind power, distributed and centralized comprehensive smart energy for about 10 million kilowatts within 3 years, and the total investment is expected to reach about 40 billion yuan.

According to the above agreement, there are a total of 3 cooperation projects between Zhengbang Technology and the Guo Power Investment Zhejiang Branch, namely Nongguang's complementary power generation project, wind power generation project and comprehensive smart energy. Zhengbang Technology's stock price rose a strong limit on June 20.

However, it is worth noting that this agreement did not disclose the source of funds of 40 billion yuan of investment, but Zhengbang Technology was currently very lacking.

In 2019 and 2020, pork prices soared for two consecutive years. In 2021, the price of pigs in my country fell from the highest 36.34 yuan/kg at the beginning of the year to a minimum of 10.78 yuan/kg, a decline of nearly 70%. Zhengbang Technology also swallowed the bitter fruit of radical expansion. In 2021, it lost 18.82 billion yuan and lost 2.433 billion yuan in the first quarter of 2022. In 15 months, Zhengbang Technology appeared on the hot search because of its cumulative loss of 21.2 billion yuan, because in 16 years from 2004 to 2020, the company's cumulative profit was only 10 billion yuan.

To make matters worse, radical expansion and losses have led to tight science and technology funds in Zhengbang. As of the end of March this year, the company's asset -liability ratio has soared to 97.03%. In addition, the net cash flow generated by Zhengbang Technology for two consecutive quarters has been negative. In the first quarter of this year, the data was -1.361 billion yuan. 3073 billion yuan, the debt repayment pressure was greater.

Because of the tense cash flow, Zhengbang Technology finally exposed the debt crisis recently. On the evening of June 8, Zhengbang Technology stated that the company had some business tickets that had not been paid for a periodd time, with a total of about 540 million yuan.

On the one hand, the business tickets are overdue, and the credit issues appear; on the other hand, the pigs who have not been out of the column eat feed every day, and multiple production bases are still under construction, constantly consuming the company's cash flow. At this time, Zhengbang Technology announced a new energy project with a total investment of 40 billion yuan with the total investment in Zhejiang Branch of Guodian Investment, which will inevitably make the outside world question that where the money comes from.

Regarding these doubts, the relevant person in charge of Zhengbang Technology told the reporter of "China Economic Weekly": "The company will issue an announcement explanation, and subsequent company announcements shall prevail."

The Shenzhen Stock Exchange also issued a letter of attention to Zhengbang Technology, asking listed companies to combine the main business to explain in detail the background, purpose and specific cooperation method of the cooperation with the State Electricity Investment, and Whether it is matched; explain the obligation that the company needs to assume in this cooperation, the asset scale or investment amount (if required), and the impact of this cooperation on the company's current production and operation status and liquidity combined The situation and the source of funds (such as applicable) required for this cooperation indicate whether the company has the conditions such as the condition of the capital is not enough to support the risk of related project development.

"Big Raising Pig" prefers new energy

Regarding the external doubts, Zhengbang Technology released the progress of signing the "Carbon neutralization" Comprehensive Smart Energy Project Cooperation Agreement "with the State Power Investment Group on the evening of June 21. Zhengbang Technology said that after the signing of the agreement, the two parties have carried out multiple rounds of communication and exchanges, and new progress has been made in related cooperation. The company's Holding subsidiary Dongying Zhengbang Ecological Agricultural Development Co., Ltd. (hereinafter referred to as "Dongying Zhengbang") and State Power Investment Group Zhejiang New Energy Co., Ltd. (hereinafter referred to as "National Power Investment New Energy") signed the "Comprehensive Smart Energy Project Energy Management Agreement" , Dongying Zhengbang intends to lease the roof resources of the subordinate farm to Guodian Investment New Energy Construction and Operating Photovoltaic Power Generation Project. Grid.

Regarding the content of this project, the roof of Dongying Zhengbang from Guodian Investment New Energy Rental Buildings was used to build and operate photovoltaic power generation projects, and the operating period was 25 years (calculated from the date of construction). Dongying Zhengbang promised to use 100%of all electricity within the operation period of this agreement. The total area of ​​the roof resource of the roof resource of Dongying Zhengbang is about 800,000 square meters, and the project is expected to have a total installed capacity of 100MWP (specifically measured by actual measurement). In terms of specific business models, Guodian Investment's New Energy is responsible for all the project investment, owned by project ownership, and the ownership of power -related income is also owned by it. The actual power consumption of Dongying Zhengbang is subject to the measurement of the two -way electrical energy metering table of the National Grid export of the photovoltaic power station.

Although this announcement of Zhengbang Technology has lifted the outside world's concerns about the source of project funds, it only leased the roof resources of the subsidiary to the construction of Guodian New Energy Construction and operating photovoltaic power generation projects. Compared to the great discount. Some investors teased that they thought they were a cross -border project, but they actually just became a "second landlord".

Therefore, the stock price of Zhengbang Technology fell 2.87%on June 22.

It is worth noting that among the pig -raising companies listed on A shares, Tianbang Food (002124.SZ) also stated on the investor interactive platform on June 21 that in order to promote the company's green and low -carbon development, help the country's carbon peak carbon carbon carbon carbon carbon Zhonghe, the company has set up a new energy business department to register and set up Tianbang New Energy Company. It has signed a strategic cooperation agreement with the central enterprise State Energy Group Jiangsu Electric Power Co., Ltd., and various tasks are promoting in an orderly manner.

Earlier, another A -share pig raising giant Muyuan (002714.SZ) also said when returning to investors on May 30 that the company constructed a distributed photovoltaic power generation project on the roof of the pigs and slaughtering factories to optimize energy energy. Use structure to improve the level of green development. At present, the Muyuan meat photovoltaic project has been put into operation.

Why do breeding companies prefer layout of photovoltaic roofs? The industry generally believes that the model of "raising pig+photovoltaic" may help to achieve complementary advantages of both parties.

Qi Haihuan, president of Beijing's Sunshine New Energy, said that any company's subject can use its own social resources and roof resources to participate in the development and construction of new energy power stations to obtain regular income other than its own business. This is not a cross -crossing cross boundary. Taking Zhengbang Technology's above project as an example, according to the current market price of 4 yuan/watt investment cost, 10 million kilowatts corresponding to 40 billion yuan in investment is reasonable. Assuming that Zhengbang Technology can charge 5 cents/degree of "resource fee income", one MW photovoltaic power station is calculated based on 1 million degrees of electricity in a year, which is the earnings of 50,000 yuan a year, and the 10GW power station project has a one -year revenue. It is about 500 million yuan, but the 10GW project may take more than 5 years to complete.

(This article was published in "China Economic Weekly", No. 12, 2022)

The cover of "China Economic Weekly" in the 12th issue of 2022

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