Huadian International (600027) Company Dynamic Comment: Underestimation of National Thermal Power Capital Expansion Enters Decline Period
Event: The company disclosed its semi-annual report for 2019, and the revenue in the first three quarters increased by 3 each year.
7% to $ 67.5 billion, and net profit attributable to mothers increased by 60% to $ 2.5 billion per year.
This comment is as follows: In the first three quarters, the amount of electricity generated on the grid increased by 2% annually.
2%, power income maintained rapid growth.
1) Revenue growth in the first three quarters of the decade3.
7% to $ 67.5 billion.
The first three quarters of 2019 will gradually generate 1,582 electricity.
3.7 billion kWh, an increase of about 1 over the same period in 2018.
96%; 1,480 on-line power.
1.8 billion kWh, an increase of about 2 over the same period in 2018.
The annual growth of power generation and grid-connected power is primarily the power contribution of the Group’s newly commissioned units.
In the first three quarters of 2019, the Group’s market-based trading power was approximately 765.
3.2 billion kilowatt-hours, the proportion of trading electricity was 51.
70%, compared with 39 in the same period last year.
39%, an increase of 12 over the same period last year.
In the first three quarters of 2019, the average on-grid electricity price of the Group was 413.
59 yuan / MWh, an increase of about 1 in ten years.
99%; It is estimated that the first three quarters of electricity revenue reached 362.
80 yuan / MWh, an annual increase of 4.
Based on electricity and electricity price data, it is estimated that electricity sales revenue in the first three quarters increased by 6.
4% to 537 ppm, other income (heating, coal sales, etc.) flipped 0.
7% to 13.8 billion yuan.
2) The income in the third quarter increased by 4 per year.
3% to 23.8 billion.
In the third quarter, the company’s online power supply decreased by 3 every year.
5% to 534.
8.2 billion kilowatt-hours; 364 kilowatt-hours of revenue.
07 yuan / MWh, an annual increase of 5.
It is estimated that the electricity sales revenue in the third quarter will increase by 1 every year.
6% to 1.95 million yuan, other income (heating, coal sales, etc.) increased by 18.
5% to $ 4.3 billion.
Electricity prices have risen, and the combined gross profit margin for the first three quarters was 12 from the same period last year.
7% rose to 13.
Considering that the first three quarters of electricity revenue increased by 4 per year.
2%, the rise in electricity prices is the main factor for the increase in comprehensive gross margin.
Major projects under construction have been intensively put into operation, with capital expenditures and financial costs falling.
The first three quarters of management expenses fell by 20% to 11.
200 million, the first is the impact of relocation compensation for coal companies in 2018.
Finance costs decrease by 3 every year.
6% to 3.9 billion US dollars, mainly because the company’s unit under construction has been intensively put into operation, the net cash of investment activities fell.
Investment income in the first three quarters decreased by 33% year-on-year to 5.
300 million US dollars, the 杭州夜网论坛 first is the impact of the decline in investment returns on coal mines.
Investment suggestion: Those who underestimate the national thermal power standard and maintain a highly recommended level.
Assume that Q4’s Internet connection power decreases by 3.
5%, it is expected that Huadian International’s net profit attributable to mothers in Q4 2019 will reach 3 respectively.
800 million, an increase of 123% in ten years.
The initial net profit attributable to mothers reached 28.
9 ‰, a 71% increase in ten years, PE reached 12 times in 19, and the current PB is 0.
Assuming a 40% dividend payout ratio is maintained, the dividend yield reaches 3.
Risk warning: fuel costs may rise unexpectedly, etc.