SDIC Power (600886): Net profit attributable to mothers + 45% per year: Large increase in electricity, small drop in electricity prices; significant improvement in thermal power profit

SDIC Power (600886): Net profit attributable to mothers + 45% per year: Large increase in electricity, small drop in electricity prices; significant improvement in thermal power profit

Net profit attributable to mothers increases by 44 each year.

92%, achieving EPS0.

The 32 yuan / share company released the 2019 semi-annual report, and the company achieved operating income of 196 in the first half of the year.

09 million yuan, an increase of 10 in ten years.

25% (absolute value 18.

2.3 billion); net profit attributable to mother 22.

76 trillion, an increase of 44 in ten years.

92% (absolute value 7.

06 billion).

Realize a basic gain of 0.

32 yuan / share, an increase of 38 previously.

46%.

Realize investment income 4.

26 ppm, an increase of 2 per year.

0.6 billion.

In the first half of the year, power generation increased by 11 per year.

29%, of which hydropower 7.

48%, thermal power 14.

31% From January to June 2019, the company’s internal holding company gradually completed 725 power generation.

09 billion kWh, an increase of 11 per year.

29%.

Among them, the hydropower generation capacity is 371.

8.1 billion kWh, an increase of 7 per year.

48%; thermal power generation is 336.

1.3 billion kWh, an increase of 14 per year.

31%.

Preliminary results of the overall increase in hydropower generation: Yalong River Hydropower, SDIC Small Three Gorges’ water intake is more abundant than the same period last year; SDIC Dachaoshan was affected by the capacity of the upstream power plant to deplete water, and the increase in water intake was larger than the same period last year.

Preliminary results of the overall increase in thermal power generation: North Xinjiang Phase 2 2 million kilowatt units were commissioned in June last year; Gansu Province’s outbound electricity supply increased, and thermal power unit utilization hours increased; Guangxi, Anhui regional social power consumptionThe volume growth rate is fast, and the utilization hours of thermal power units increase.

Wind power: 12.1 in the first half of the year.

8.7 billion kWh, 10 last year.

2.7 billion kilowatt hours.

Guangxi Longmen Wind Power was initially connected to the grid from June last year to February this year. In June this year, the new units of Yandun and Jingxia Wind Farm were put into operation. The wind resources of some power plants were better than the same period last year, and unfavorable wind power consumption occurred.

Photovoltaic: power generation in the first half of the year 4.

2.8 billion kWh in the same period last year 1.

At 2.7 billion kWh, the growth was primarily due to the company’s acquisition of Nanzhuang Photovoltaic, Toksun Photovoltaic, and SDIC Dali Binchuan Photovoltaic’s second phase of production.

In the first half of the year, the average electricity price fell by 3 each year.

16%, in the second quarter, the electricity price is increasing.

312 yuan / kWh, a decrease of 3 compared with the same period last year.16% (of which the first quarter quarter decreased by 7.

03%, the second quarter quarter rose 0.

58%).

Among them, hydropower is 0.

255 yuan / kWh, ten years -6.

29%; thermal power 0.

364 yuan / kWh, ten years -3.

37%.

Decline in hydropower prices in the first quarter (12).

50%), the price of hydropower increased by 1 in the second quarter.

63%.

Thermal power prices quarter to quarter.

05%, second quarter quarter -2.

94%.

Benefiting from the improvement of the regional 武汉夜网论坛 power market and the decline in coal prices, the profitability of thermal power in the first half improved significantly. According to our calculations, thermal power, hydropower and new energy contributed profits respectively in the first half.

4, 16.

0, 0.

96 ppm, compared with 1 for the same period last year.

31, 15.

34, 0.

54 ppm, thermal power profit increased significantly.

Benefiting from the improvement of the regional power market and the decline in coal prices, the performance of fossil electronics companies such as Beibuwan, Qinzhou, and Panjiang improved; Beijiang Company’s power generation and profits have increased significantly due to the commissioning of new units; the company’s power growth has been declared.

Profit forecast: We expect the company’s net profit attributable to its parent to be 48-20 in 2019-2021.

02, 53.

98, 54.

8.5 billion 杭州夜网论坛 yuan, corresponding to 0 EPS.

71, 0.

80, 0.

81 yuan / share.

Maintain “Buy” rating.

Risk warning: macroeconomic fluctuations, electricity price reductions, coal price increases, and insufficient electricity demand.