Huadian International (600027): Power generation volume price rises, company performance repairs return to net profit, increase by 294% per second

Huadian International (600027): Power generation volume price rises, company performance repairs return to net profit, increase by 294% per second

The event company released its 2018 annual report: preliminary operating income of 883.

6.5 billion, an increase of 11 in ten 都市夜网 years.

84%; operating costs 774.

500 million, an increase of 9 in ten years.

58%; net profit attributable to mother 16.

9.5 billion, an increase of 294 previously.

16%, of which Q1-Q4 return to the mother net profit is 6 respectively.

87, 2.

99, 5.

39, 1.

7 ppm, Q4 performance increased significantly from the previous quarter mainly affected.

Impact of 3 trillion non-operating expenditures

400 million); EPS is 0.

157 yuan / share, an increase of 256 in ten years.


The company’s proposed dividend is 0.

066 yuan.

  In 18 years, the company’s power generation volume and the on-grid electricity price exceeded the increase, which led to an increase in operating income by 11%.

84% of the company’s annual power generation was 2098.

500 million kWh, an increase of 9 per year.

46%, of which thermal power generation is 1923.

600 million kilowatt hours, an increase of 7 per second.


The increase in power generation and the reduction are due to the new production units. At least the more important reason is the strong demand for electricity in the company’s operating area, which has driven the company’s unit power generation in the region to grow at a high rate. The companies in Shandong, Zhejiang, Guangdong, Tianjin, Henan ‘s thermal power generation growth rate was 5 respectively.

69%, 3.

59%, 11.

34%, 4.

32%, 16.


The company’s long-term utilization hours increased to 4264 hours, every 273 hours; of which coal mines were 4,849 hours, every 347 hours; gas turbines were 1,603 hours, every 69 hours; hydropower was 3486 hours, every 82 hours; wind power was 1895 hours, everyThe second increases by 79 hours; the photovoltaic is 1318 hours, and each decrease is 115 hours.

  The company’s market share of electricity is 43.

9%, an increase of 6 per year.

7pct; the average on-grid price is 407.

27 yuan / MWh, an increase of 2 per year.

twenty three%.

  Fuel costs, employee compensation and maintenance costs increase, but depreciation decreases, and the company’s gross profit margin will still increase. The company’s operating costs will increase by 9%.

58%, mainly affected by the increase in fuel costs and coal sales costs; gradually, the salary of employees increased, and gradually the employee salary was about 53.

1 ‰, an increase of about 7 ‰ per year, an increase of 15.15%; maintenance, upkeep and inspection costs are about 33.

6.6 billion, an increase of about 7 every year.

30,000 yuan, an increase of 27.

58%; some units stop depreciation, and the depreciation and amortization expenses are reduced by about 2 each time.


Overall, the company ‘s gross profit margin for power generation business still increased1.

63pct, gross profit margin of coal sales increased by 2.

16 points.

  The three fees increased slightly in half a year, Q4 asset impairment reversed, and long-term asset impairment1.

The $ 2.1 billion company’s top management expenses have increased in value in ten years.

59%, financial expenses increased by 5 in ten years.

52%; the company’s Q3 assets are impaired 2.

6 yuan, Q4 turns back to 1.

39 million US dollars, only 1 loss in budget asset impairment.

210,000 yuan, a significant decrease in the previous few years.

  Profit forecast: The 2019 government work report proposes to replace the manufacturing expansion rate from 16% to 13%, which is conducive to repairing the company’s performance.

Since 2019, affected by factors such as the macro economy and national reductions, the tension in the supply and demand of thermal coal has eased and it is expected that the decline in coal prices will restore the company’s profitability.

Based on the above factors, we raised our profit forecast for the company, and will return the company’s net profit to 24 from 2019 to 2020.

87, 28.

30,000 yuan adjusted to 29.

4, 35.

30,000 yuan, EPS from 0.

25, 0.

29 yuan adjusted to 0.

3, 0.

36 yuan / share.

  Risk reminder: coal price rises, electricity consumption falls short of expectations, electricity price cuts