GCL Energy Technology (002015): Strategic Cooperation With Ganquanbao Economic Development Zone

GCL energy technology (002015) is in the next city in the field of power exchange business.

On the evening of May 30, the company announced that it had signed a cooperation framework agreement with ganquanbao Economic Development Zone in Urumqi, Xinjiang, and planned to vigorously promote the business development of new energy vehicles and supporting charging and replacement power stations in ganquanbao economic development zone.

The reporter of securities times · e company paid attention to the fact that since this year, GCL energy technology has focused on the distribution of electric vehicle power exchange business. At present, it has formulated the electricity exchange business plan, and has established an industry fund with the theme of "carbon neutrality" in cooperation with CICC capital, and plans to make equity investment in high-quality projects in the upstream and downstream of the mobile energy industry chain and enterprises in charging and replacing electricity platforms.

Strategic cooperation on charging and replacing power station business

According to the announcement, the cooperation reached between GCL energy technology and ganquanbao economic development zone is a framework agreement, which is valid for two years. The specific projects will be implemented and promoted in the follow-up by adopting the method of "one case, one discussion". The cooperation content shows that the two sides will share resources and vigorously promote the business development of new energy vehicles and supporting charging and replacement power stations in ganquanpu economic development zone. The government of ganquanbao Economic Development Zone will gradually improve various supporting policies, cooperate with and coordinate relevant resources of State Grid Corporation, and spare no effort to promote investment in new energy vehicles and charging power stations, establishment of industrial funds and pilot of new energy electric vehicles.

As a national economic and Technological Development Zone, ganquanpu economic and Technological Development Zone has unique industrial advantages and logistics supporting services, which makes it an excellent electricity exchange scene, which is highly consistent with the power exchange business layout of GCL Energy Technology Co., Ltd. Specifically, ganquanpu Economic Development Zone has four pillar industries: new materials, new energy, high-end equipment manufacturing and energy conservation and environmental protection. It handles more than 10000 heavy trucks a day. At the same time, the park also plans supporting services for the international smart logistics park, opening Lianyungang in the East and China Europe train in the West. With huge freight potential, it is very suitable for the development of heavy truck power exchange.

Since 2020, many car factories, such as BAIC Foton, Hualing Xingma (now known as "Hanma technology"), XCMG machinery, Sany Heavy Industry, etc., have frequently promoted the replacement of heavy trucks for trams. Compared with the charging heavy truck, the power replacement heavy truck solves the problems of high vehicle price, low operation efficiency and difficult layout of charging facilities, which is considered to be a better promotion application mode in many power exchange scenarios.

In recent years, GCL energy technology has gradually transformed from energy production to integrated energy services, while in the field of mobile energy business, it focuses on electric vehicle power exchange services. Among them, the heavy truck power exchange is one of its key business layout. In addition, the company will also promote electricity exchange business in online car hailing, taxi, private car and other scenarios.

Power generation and power exchange

What needs to be noted is that since this year, GCL energy technology has played a series of combination fists in the field of power exchange business.

In March 2021, the company formulated the development plan of electric vehicle swapping business, focusing on passenger cars represented by taxis and online car hailing, focusing on the Yangtze River Delta, Dawan District, Beijing Tianjin Hebei, Chengdu Chongqing and other regions. Specifically, it will promote the "sharing of power stations" and unattended power stations through cooperation, provide integrated solutions for power station replacement, and carry out integrated power trading, battery operation and health management and battery echelon utilization on this basis.

In the same month, GCL energy technology signed a strategic cooperation agreement with CICC capital to jointly initiate the establishment of an industrial fund with the theme of "carbon neutrality" to carry out equity investment around mobile energy ecology, mainly focusing on charging and swapping network, online car Hailing travel platform, intelligent vehicle management platform, battery asset management High quality projects in the upstream and downstream of the mobile energy industry chain, such as battery echelon utilization, are used to realize the diversion from the new energy vehicle travel platform to the charging and swapping platform, complete the construction of the charging and swapping data platform, and build a new mobile energy industry ecology. It is reported that the total size of the fund does not exceed 10 billion, and the contribution of GCL energy technology or its designated entities accounts for about 51% of the total fund size.

In order to match the pace of business transformation, in May this year, the company completed the change of business scope and added new charging and energy storage business.

In the latest investor survey, the company said that in the second quarter, it would lock in the main engine plant and vehicle models, determine the technical standards and molds for power exchange infrastructure, and determine the Kaicheng plan and vehicle scale with its strategic partners; This year, it is planned to build 30-50 charging and replacing power stations in Jiangsu and Zhejiang Province, and complete the construction and operation of heavy truck replacement stations in Xuzhou, Shenzhen, Xinjiang, Qinghai and other places. At the same time, the company believes that with the advantages of low electricity price, such as off-line power exchange, centralized power purchase, integrated power supply of wind and solar energy storage and precise matching between vehicles and power stations, can optimize project conditions and reduce operating costs.

According to public information, GCL energy technology (formerly referred to as "Xiake environmental protection") entered the capital market in 2004, and its original main business was comprehensive treatment of waste polyester, research and development, production and sales of colored polyester fiber and yarn. Due to the decline of the overall market and the rupture of guarantee chain, the company broke out of debt crisis and went through bankruptcy reorganization. Although the debt structure has been improved, the profitability is still weak.

In 2019, the company completed major asset restructuring, put out the original operating assets, acquired 90% equity of GCL smart energy, transformed clean energy power generation, cogeneration and comprehensive energy services, and significantly improved its profitability. From 2019 to 2020, GCL energy technology will achieve 10.9 billion yuan of operating revenue and 11.3 billion yuan of net profit of 554 million yuan and 802 million yuan of net profit; The previous revenue and net profit in 2018 were only 470 million yuan and 5.38 million yuan.