Huadian International (600027): Every 67% increase in net profit attributable to electricity, the electricity price has increased significantly over the past few decades, leading to the elastic release of performance
The company released its semi-annual report for 2019, with operating income of 4.37 million yuan in the first half of the year, an increase of 5 per year.
21%, of which Q1 and Q2 operating income were 233.
2 trillion, increase by 4 each year.
59%; net profit attributable to mothers in the first half of the year 16.
520,000 yuan, an increase of 67 in ten years.
43%, of which Q1 and Q2 net profit attributable to the mother are 7 respectively.
7.8 billion, an increase of 12 each year.
4%; in the first half of the year, non-net profit attributable to the mother was 1.6 billion, an increase of 65 per year.
65%; EPS is 0.
145 yuan / share, an annual increase of 45%.
New investment units have driven the increase in power generation, and the on-grid tariffs have increased significantly, boosting the gross profit margin of sales.
In the first half of the year, the company’s power generation was 101.1 billion kWh, an increase of 5 a year.
54%, of which thermal power increased by 5 in ten years.
5%, hydropower increased by 19 per second.
1%, wind power is reduced by 14 per year.
1%, the photovoltaic wavelength increased by 69.
The primary factor for battery power growth is the power contribution from newly commissioned units; as of the reporting date, the 无锡夜网 coal-fired / gas / wind power / photovoltaic installed capacity of the newly commissioned units was 166/174.
In terms of quarters, the growth rate of Q1’s power generation is high, and the growth rate of Q2’s power generation is obvious. The generation of Q1 and Q2 has increased by 7.
7%, an increase of 2.
9%, thermal power increased by 8.
7%, an increase of 2.
2%, hydropower increased by 7.
2%, an increase of 26%, wind power reduced by 20 in ten years.
1%, minus 7.
9%, the photovoltaic wavelength increased by 63.
6%, an increase of 74%.
The proportion of market electricity increased to 49%; the discount of market electricity narrowed, and the average on-grid electricity price including tax increased by ten years1.
56%, an increase of 3pct, further boosting the gross profit margin of power sales.
With the gradual advancement of marketization, the company’s market share of electricity has gradually increased to 48.
99%, an increase of 13 per year.
17pct; Q1 and Q2 account for 43% of market electricity.
71%, the proportion of market electricity further expanded in the second quarter.
At the same time, market-based competition tends to be rational. Under the current situation of higher fuel costs, the market electricity discount has further narrowed; the company’s average on-grid electricity price including taxes in the first half of the year was 414.
58 yuan / MWh, an increase of about 1 in ten years.
56%; Q1 is 415.
79 yuan / MWh, an increase of 0 in ten years.
63%, Q2 growth further expanded.
From May 1, 2018, the replacement tax rate will be reduced from 17% to 16%. From April 1, 2019, the conversion tax rate will be lowered from 16% to 13%, replacing the reduction to drive further increases in the tariff-free on-grid electricity prices and further thicken the company.Sales revenue; we estimate that on-tax electricity prices in the first half of the year increased by more than 3%.
In the first half of the year, the company’s gross profit margin was 13.
56%, an increase of 1 each year.
The cost of kilowatt-hour fuel has increased slightly, and the preliminary estimate is that the fuel cost of gas power generation has increased. We used “fuel cost / thermal power generation capacity” to measure the cost of kilowatt-hour electricity, and found that 2019H1 is 0.
2318 yuan / kWh, slightly higher than 0 in 2018H1.
2310 yuan / kWh.
The price of thermal coal dropped in the first half of the year, but our calculations show that the company ‘s fuel cost of electricity has increased slightly for many times. The results of our analysis are: (1) affected by the mine disaster in Shaanxi in the first half of the year, the company ‘s fuel cost has limited space to fall;(2) Gas-fired units accounted for about 12% of thermal power, and have started new production since 174.
The 660,000-kilowatt gas-fired unit increased the purchase price of natural gas in the first half of the year, which increased the cost of electricity and fuel.
In the second half of the year, the price of converted natural gas will be further diversified, and the cost of generating electricity from gas generating units will be reduced in advance.
As of the reporting period, the company’s asset-liability ratio dropped to 68.
76%, financial expenses in the first half of the year decreased by 2%; management expenses decreased by 24% every six months; increased non-operating income and other reasons led to the company’s performance improvement.
Earnings forecast: We expect the company’s net profit attributable to its mother to be 29 in 2019-2020.
30,000 yuan, EPS is 0.
36 yuan / share.
Risk Warning: Macroeconomic downturn, electricity consumption is not up to expectations, coal prices rise, electricity prices are down