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    438   CNE1000003H9

IRICO GROUP NEW ENERGY COMPANY LIMITED

(438)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-08-12 am EDT
9.200 HKD   +0.99%
08/04Irico Group New Energy Projects Up to 75% Fall in H1 Profit
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06/30Irico Group New Energy Company Limited Announces Renewal of Strategic Cooperation Agreement with Ja Solar Technology
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Irico Group New Energy Company Limited Announces Renewal of Strategic Cooperation Agreement with Ja Solar Technology

06/30/2022 | 06:00am EDT

IRICO Group New Energy Company Limited announced that reference is made to the announcement of the Company dated 18 March 2020 in relation to the Strategic Cooperation Agreement entered into between the Company and JA Solar Technology with a term from 18 March 2020 to 31 March 2022. The Board announces that, in order to further strengthen the strategic cooperation, the Company (as the supplier) and JA Solar Technology (as the purchaser) renewed the Strategic Cooperation Agreement on 30 June 2022 for the supply and purchase of the Products with an estimated total contract amount of approximately RMB 2.223 billion (tax inclusive) with a term from 1 July 2022 to 30 June 2024. PRINCIPAL TERMS OF THE STRATEGIC COOPERATION AGREEMENT: Cooperation contents:JA Solar Technology agrees to purchase the Products from the Company on a priority basis under the same conditions, and the Company agrees to provide the Products for JA Solar Technology on a priority basis. The specific purchase and supply shall be subject to the subsequent purchase framework agreement and purchase order to be signed by both parties during the execution process, Estimated contract amount: The total contract amount is estimated to be approximately RMB 2.223 billion (tax inclusive), and the final sales amount will depend on the actual quantity of the Products delivered and the actual prices under the orders; Payment term: Payment to the Company shall be arranged on a priority basis by JA Solar Technology in accordance with payment terms as set out in the purchase orders as agreed between the parties and Term of validity: From 1 July 2022 to 30 June 2024. With the continuing acceleration of the global carbon neutrality process and the continuing advancement of China's dual carbon (i.e. carbon emission peaking and carbon neutrality) targets, the photovoltaic glass industry has stepped into a boom racing track. As a leading Chinese central state-owned enterprise in the global photovoltaic glass industry, the Company has been devoting itself for many years to the research and development, production and sale of photovoltaic glass in a great effort to set up a platform for new energy industry. The renewal of the Strategic Cooperation Agreement with JA Solar Technology is in line with the Company's operation strategy and development plan, and will facilitate the rapid release of the production capacity of the Company as well as the increase and enhancement of the market share and industry position of the Company in the photovoltaic glass market, which is in the interests of the Company and its shareholders as a whole.


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Financials
Sales 2022 3 953 M 586 M 586 M
Net income 2022 654 M 97,0 M 97,0 M
Net Debt 2022 - - -
P/E ratio 2022 2,29x
Yield 2022 12,2%
Capitalization 1 395 M 207 M 207 M
Capi. / Sales 2022 0,35x
Capi. / Sales 2023 0,22x
Nbr of Employees 1 844
Free-Float 25,1%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 7,91 CNY
Average target price 30,95 CNY
Spread / Average Target 291%
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Managers and Directors
Xiao Fei Tong Chairman & General Manager
Weihong Huang CFO, Secretary & Non-Executive Director
Xiao Ning Chen General Manager & Executive Director
Bing Feng Independent Non-Executive Director
Jia Lu Wang Independent Non-Executive Director