Huadian International (600027): Newly-produced generating units contributed to the dazzling performance of electric charge, which helped to increase revenue and performance in the first half of the year

Huadian International (600027): Newly-produced generating units contributed to the dazzling performance of electric charge, which helped to increase revenue and performance in the first half of the year

Key points of the report The event describes the company’s semi-annual report for 2019: in the first half of 2019, the company achieved operating income of 437.

02 ppm, an increase of 5 in ten years.

21%; net profit attributable to mother 16.

520,000 yuan, an increase of 67 in ten years.

43%.

Incident comment The increase in new production units offsets the slump in demand for electricity, and the company’s dazzling electricity performance has driven revenue growth.

As of the end of the first half of 2019, the company’s installed capacity reached 5,353.

150,000 kilowatts, which is about 424 more than the installed capacity at the mid-2018 report.

660,000 kilowatts.

With the decline in electricity demand and the increase in thermal power output, the company’s power generation increased in the first half of the year.

54%, mainly due to the incremental contribution from the new production units.

In addition, the company’s average on-grid price in the first half of the year was zero.

41,458 yuan / kWh, an increase of about 1 in ten years.

56%.

The increase in revenue was mainly due to the increase in power generation. The company completed operating income of 437 in the first half of the year.

2 billion, an increase of 5 every year.

twenty one%.

Costs and expenses increased less than revenue, and net profit was effectively increased.

On the whole, with the expansion of power generation scale, the company’s operating cost increase in the first half of the year was less than the increase in operating income, resulting in a gross profit margin of 13.

56%, 1 increase every year.

The 16 averages significantly increased the net profit level.

Specifically, the company’s operating costs increased for three years in the first half.

81%, of which power generation increased fuel cost increased by 5.

87%; depreciation and amortization increased by 10 in ten years.

94% came from the impact of the increase in new production units and changes in accounting standards.

Due 武汉夜生活网 to the relocation compensation for coal enterprises in 2018, which was not affected in the first half of this year, the company’s management expenses decreased by 23.

57%; Benefiting from the company’s strengthening of capital management, the cost of capital increased and fell, and financial expenses in the first half of the year decreased by 2% each year.

Promote the company’s first-half performance to increase by 67 per year.

The most important factor of 43% comes from the increase in power generation.

In addition, other factors that increase the company’s performance mainly include: Banshan Company obtained relocation compensation due to urban planning and construction, and the company’s non-operating income increased by 125 per year.

38%; due to deferred income tax expenses reduced by 15 per year.

170,000 yuan, 西安耍耍网 the company’s comprehensive yield has decreased.

At the same time, the investment income obtained by the company decreased by 17 due to the decrease in the share of coal mines.

72%; or due to the better performance of the power generation assets that maximize the company’s equity, the company ‘s minority shareholders ‘profit and loss increased in the first half of the year.

38%.

The company’s single-quarter performance in the second quarter of this year increased by 193 over the same period last year.

41%, mainly due to the increase in power generation and management costs reduced by nearly 200 million yuan each year.

Investment suggestions and estimates: Based on the company’s latest financial data, we adjust the company’s profit forecast and expect the EPS for 2019-2021 to be zero.37 yuan, 0.

53 yuan and 0.

66 yuan, the corresponding PE is 10 respectively.

80 times, 7.

62 times and 6.

12 times, maintaining the company’s “Buy” rating.

Risk Warning: 1.

Risks of non-growth rising coal prices; 2.

Risk of deterioration of power supply and demand.