Guodian Power (600795): High coal prices and large impairments caused a significant decline in profit, and non-performing assets divested to accelerate speed

Guodian Power (600795): High coal prices and large impairments caused a significant decline in profit, and non-performing assets divested to accelerate speed

Event: According to the annual report, the company achieved operating income of 645 in 2018.

9 ‰, an increase of 9 in ten years.

5%; net profit attributable to mother 13.

7 trillion, down 38 a year.

3%; EPS is 0.

06 yuan / share, down 41 before.

9%, performance is in line with expectations.

Increasing electricity prices, increasing the unit’s production and utilization hours have helped the company’s revenue to grow steadily: According to the annual report, due to factors such as the increase in benchmark electricity prices for coal-fired units in some provinces in July 2017, the company’s average on-grid electricity price in 2018 was 289.

65 yuan / MWh, compared with 2017 (281.

65 yuan / MWh) increased by 2.

8%; On-grid electricity price of thermal power units is 295.

3 yuan / MWh, compared with 2017 (288.

5 yuan / MWh) increased by 2.

4%.

In terms of installed capacity, the company added 308 installed power generating units in 2018.

10,000 kilowatts, of which thermal power, hydropower, and wind turbines are supplemented by 229, respectively.

20 kilowatts, 56.

80 thousand kilowatts and 22.

10,000 kilowatts.

Benefiting from the reform of the power supply side, the improvement of the power supply and demand pattern has helped increase the utilization hours of thermal power units.

In 2018, the company achieved 2132 power generation.

200 million kWh, an increase of 5 in ten years.

5%; online power 2029.

300 million kWh, an increase of 5 in ten years.

4%; the overall average utilization hours are 4058 hours, an increase of 2 each year.

4%, higher than the national average of 196 hours, thermal power completed 4556 hours, an increase of 105 hours.

In addition, funding for 9224 was completed in 2018.

740,000 GJ, an increase of 15 in ten years.

5%.

High coal prices and large asset impairment caused a significant decline in profits: According to the annual report, the company’s coal burning costs rose steadily in 2018, and the unit price of standard coal into the furnace was 609.

53 yuan / ton, an increase of 24 in ten years.

15 yuan / ton (4.

1%).

The company raised a total of 35 asset impairment losses.

10,000 yuan, compared with the same period last year (13.

300 million) increased by 163.

9%, asset impairment losses mainly include bad debt losses12.

90,000 yuan, suspected of selling impairment losses on financial assets.40,000 yuan, long-term equity investment impairment losses.

7 ppm, impairment loss on fixed 合肥夜网 assets10.

900 million and so on.

In addition, the proportion of the company’s electricity market-oriented transactions has increased, and the market-oriented transaction power has increased from 725 in 2017.

100 million kWh increased to 882 in 2018.

500 million kWh, an annual increase of 21.

7%, the proportion of market-based transactions from 37.

7% increased to 43.

5%.

It is planned to package and transfer Ningxia Solar Energy and Shizuishan as soon as it is released. The light-loading can be issued: The company has recently announced that the company will publicly list and transfer 100% of Ningxia Solar Energy ‘s distribution and claims held by Shizuishan and 60% of Shizuishan as soon as it is distributed.

Ningxia Solar’s net profit in 2017 and 2018 was -1.

400 million and -2.

0 ppm; Shizuishan Yifa’s 南京夜网 2017 and 2018 net profit were -3 respectively.

300 million and -4.

10,000 yuan.

Considering the poor profitability of the target assets to be transferred in recent years, asset sales are conducive to the adjustment of the company’s industrial structure and improve the company’s profitability.

Investment recommendation: Overweight-A investment rating, 6-month target price 3.

1 Yuan.

The company’s revenue growth rate is expected to be 6 in 2019-2021.

6%, 5.

3%, 5.

0%, net profit is 38.

200 million, 46.

900 million, 59.

0 million, corresponding to a price-earnings ratio of 14.

5 times, 11.

8 times and 9.

4 times.

Risk warning: coal prices continue to be high, electricity prices are down risk, and project advancement is less than expected.

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