A-share subscription | Shan Da Power (301609.SZ) opens subscription. The net cash flow generated from the company's operating activities in the first quarter was negative.

On July 14th, Shanda Electric Power (301609.SZ) started its subscription, with an issue price of 14.66 yuan per share and a subscription limit of 10,000 shares. The P/E ratio is 19.57 times and the company is listed on the Shenzhen Stock Exchange Growth Enterprise Market, with Industrial as its sponsor. According to the prospectus, Shanda Electric Power is a high-tech enterprise dedicated to the research and industrialization of intelligent products related to power systems. Based on its accumulated grid monitoring technology and electrical system design and integration capabilities in the field of smart grids, it has formed two major business sectors: grid intelligent monitoring and new energy. The company's main products, such as fault wave monitoring devices, transmission line fault monitoring devices, and time synchronization devices, are leading in their respective industries. The company is one of the earliest to enter the power system monitoring industry and is a well-known expert in power system fault monitoring and analysis. Shanda Electric Power has established good cooperation relationships with State Grid, Southern Power Grid, and major power generation groups, covering 22 provinces, 5 autonomous regions, and 4 municipalities directly under the central government in China except for the regions of Hong Kong, Macao, and Taiwan. According to the China Electricity Council's forecast, China's total electricity consumption is estimated to be 9.5 trillion kilowatt-hours in 2025 and 11.3 trillion kilowatt-hours in 2030. During the "14th Five-Year Plan" and "15th Five-Year Plan" periods, the average annual growth rate of China's total electricity consumption will be 4.8% and 3.6% respectively. In the prospectus, Shanda Electric Power mentioned that grid intelligent monitoring equipment is secondary equipment in the power industry, responsible for monitoring, measurement, control, protection, and regulation of primary equipment. Since the comprehensive construction phase of the national intelligent grid plan in 2011, the proportion of investment in secondary equipment has remained at 12%-15% of total grid investment, with the cumulative investment scale of secondary equipment expected to reach 763.798-954.748 billion yuan from 2012 to 2024, indicating huge market potential. In terms of finances, in 2022, 2023, and 2024, the company's operating income is expected to be around 478 million yuan, 549 million yuan, and 658 million yuan respectively, with net profits of approximately 76.9868 million, 103 million, and 127 million yuan for the same period. From January to March 2025, the net cash flow generated from the company's operating activities was -13.0793 million yuan, a decrease from the same period last year. This is mainly due to an increase in the amount of value-added tax and corporate income tax paid this period, as well as the higher amount of maturity payment performance bond guarantees received in the same period last year. The net cash outflow from investment activities was 3.0164 million yuan, a decrease of 83.12% from the same period last year, mainly due to higher payments for new factory construction project settlement last year. The net cash outflow from financing activities was mainly for the principal and interest of lease liabilities.