Chuantou Energy (600674): Performance has remained calm for many years until the midstream power station is put into operation

Chuantou Energy (600674): Performance has remained calm for many years until the midstream power station 南京夜网 is put into operation

Event Chuantou Energy released the semi-annual report for 2019 Chuantou Energy released the semi-annual report for 2019, and the company achieved operating income in the first half of 20193.

19 ppm, a five-year average of 5.

65%; realize net profit attributable to shareholders of listed companies.

54 ppm, with a ten-year average of zero.

8%; net profit after deduction is 11.

4.6 billion, down 1 year.

44%; expected average ROE is 4.

65%, a reduction of 0 per year.

67 units.

A brief comment on the increase in Tianwanhe price does not resist the decrease in volume, the company’s revenue slightly decreased in 2019, the company’s revenue fell slightly in ten years, mainly due to the company’s holding power station Tianwanhe Company’s electricity sales revenue decreased.

In the first half of the year, the water inflow from the Tianwanwanhe Hydropower Station was significantly reduced compared to the same period last year, and policies related to ecological flow were implemented, and the company achieved power generation9.

5.3 billion kWh, 21 every ten years.

89%.

Although the company ‘s electricity for the first five months is temporarily settled in accordance with the priority generation contract (which may be improved and adjusted by the liquidation result in the future), the average on-grid electricity price excluding tax is temporarily zero.

279 yuan / kWh, surpassing the promotion of 4.

5 cents, but the increase in electricity prices is difficult to offset the impact of the AC offset, the company’s revenue in the first half of the period fell slightly.

65%.

Yalongjiang contributed stable investment income, convertible bonds were approved for the development of the merger of financing channels, and the investment income contributed by Yalongjiang Hydropower held by the company holding 48% of the shares accounted for more than 90% of the company’s maximum profit.

In the first half of 19, the Yalong River Hydropower generated 310 electricity.

5.9 billion kWh, a slight increase over the ten years 3.
.

86%; the average on-grid electricity price including tax is 0.

260 yuan / kWh, temporarily extended by 7.

41%; our estimated excluded electricity price is 0.

2276 yuan / kWh, temporarily separated by 5.

8%.

We judge that the short-term reduction of tax-included electricity prices is mainly caused by the reduction of the tax rate and the impact of the market-based electricity price settlement cycle.

In the first half of the year, the investment income contributed by Yalong River Hydropower to the company was 11.

0.7 million yuan, the average of ten years is 8.

74%; Affected by this, the company’s net profit attributable to its mother decreased slightly.

Overall, the operation of the Yalong River Hydropower is more than stable, and it is expected to continue to contribute to the company’s steady investment income.

Yalong River Hydropower has the overall development right of the Yalong River Basin, and the entire basin can be developed with a scale of nearly 30 million kilowatts.

The Lianghekou and Yangfanggou hydropower stations (total installed capacity of 4.5 million kilowatts), which are currently located in the middle reaches of the Yalong River, are under construction and are expected to be gradually put into operation in 2021-2023.

The company budget plans to issue convertible bonds and raise no more than 4 billion US dollars to increase the capital of Yalong River Hydropower for the construction of Yangfanggou Hydropower Station project.

At present, this application has been approved by the CSRC, and the company’s financing channels have been further developed.

In addition, the Yazhong DC (transmission capacity of 8 million kilowatts) of the midstream generator transmission channel is determined to land in Jiangxi. The current power supply and demand form in Jiangxi Province is tight, which guarantees the energy consumption after the midstream power station is put into operation.

With the successive production of midstream generators, Yalong River Hydropower is expected to further increase the company’s profitability.

The construction of the holding Yinjiang Hydropower Plant started, and the company’s value was maintained for a long time. The company-controlled Yinjiang Hydropower Plant, which maintains the “Overweight” 佛山桑拿网 rating report, was officially started.month.
The continuous advancement of the project is conducive to further strengthening and strengthening the company’s main clean energy business.
Considering the stable operation of the Yalong River Hydropower, it can contribute to the company’s stable investment income, and at the same time, the future endogenous growth is highly certain. We predict that the company’s EPS from 2019 to 2021 will be 0.

77, 0.

78, 0.

84 yuan, the company’s current dynamic market earnings accumulated 12 times, it is estimated to be reasonable, to maintain an overweight rating.

Risk warning: risk of fluctuations in incoming water in the Yalong River Basin; risk of electricity price adjustment