Jingneng Power (600578) company dynamic review: rapid profitability recovery low estimates highlight investment value

Event: The company disclosed the third quarter report of 2019, and the company’s total revenue for the first three quarters was 133.

40,000 yuan, an increase of 31 in ten years.

9%; net profit attributable to mother 11.

1 ‰, an increase of 91 in ten years.

The 7% opinion is as follows: the volume and price of the power generation business are rising, and the company’s revenue in the first three quarters increased by 31.

9% to 133.

400 million, net profit attributable to mother 11.

1 ‰, an increase of 91 in ten years.

7%.

Revenue in the third quarter increased by 40 per year.

7% to 53.

100 million, net profit attributable to mothers grows 55 per year.

2% to 4.

300 million.

1) Controlled installed capacity increased in the first three quarters.

9%, and the amount of online power increases by 23 every year.

5%.

In the first three quarters, the company controlled 14.42 million kilowatts of installed capacity, with an increase of 3.44 million kilowatts, an increase of 31.

9%; equity installed capacity of 16.52 million kilowatts, an increase of 241 per year.

60,000 kilowatts, an increase of 17.

1%.

The main indicators for the growth of installed capacity in the first three quarters: Xilin Power Generation No. 2 660,000 杭州夜生活网 units went into operation on January 24, 2019; by the end of June 2019, 51% of Jinghai’s power generation (660,000 kilowatts) was completed, and Jingning Thermal Power’s 100% allocation(700,000 kilowatts) merged with the same controlling enterprise; Shiyan Thermal Power (700,000 kilowatts) went into operation on March 8, 2019.

The first three quarters of 2019 have gradually completed the generation of 518.

800 million kWh, an increase of 26 in ten years.

1%; gradually complete the online power 477.

400 million kWh, an increase of 26 in ten years.

8%.

2) Enjoy a higher dividend reduction. The tax-free electricity price in the first three quarters will increase by 4%.

8%; power generation revenue increases by 32 per year.

8%.

In the first three quarters, the company achieved an average unit price of 263 units.

99 yuan / kilowatt-hour (excluding tax), an increase of more than 4%.

8%.

Based on on-grid electricity prices, excluding electricity price data, power generation revenue in the first three quarters increased by 32.

8% to 126.

0 million.

3) Other income is mainly for heating, which increased in the first three quarters.

4%. The standard coal unit price drops by 4 per year.

4%, gross margin from 7 in the same period last year.

8% rose to 14.

5%.

The comprehensive comprehensive standard coal price of the first three quarters of 2019 held by the company’s subsidiaries for each operating power generation company was 423.

6 yuan / ton, a year-on-year decrease of 19 yuan.

4 yuan / ton, the previous decline was 5.

6%.

As a result, the company’s operating costs in the first three quarters increased by 21 each year.

8%, which is lower than the online power 26.

8% growth rate per second.

Company gross profit from 7 in the same period.

400 million rose to 21.

4 ppm, gross margin from 8.

.

3% rose to 16.

1%.

The company has sufficient reserves for projects under construction, and is expected to put into operation a total of 1.75 million kilowatts of generating units annually.

The company holds 4.54 million kilowatts of installed capacity under construction. It is estimated that Lulin Power (700,000 kilowatts), Jingxin Power (700,000 kilowatts), Qinhuangdao Thermal Power # 1 Unit (350,000 kilowatts) will be built in 2019.The second phase of the power generation project started construction in the second half of the year.

The company launched an equity incentive plan in September.

The incentive amount of this incentive plan is 6,746.

70,000 stock budgets, accounting for about 1% of the total issued share capital.

The plan is to grant 90% of the company’s equity for the first time and an additional 10%.

Each stock budget has the right to effectively purchase one share of the company’s stock at the exercise price under the conditions of exercise.

The source of the stock is the company’s targeted issuance of A shares of the company’s common stock.

The exercise price granted for the first share of the incentive plan is 3.

17 yuan / share.

There are a total of 174 incentive objects to be awarded in the first phase of the plan, including: directors, senior managers, senior managers of molecular companies, middle managers, core backbones and core business personnel.

Those who underestimate the thermal power standard are raised to the highly recommended level.

Assuming that the maximum on-grid power generation increases by 45% (reportedly readjusted) to 65.6 billion kilowatt-hours, the average price of electricity sold, and the unit price of standard coal is basically the same as the previous three quarters, it is expected to reach net profit.

0 million yuan, an increase of 79% in ten years.

Expected company 2019?

In 2021, the EPS will be 0.

24, 0.

27, 0.

29 yuan, corresponding to 14, 13, 12 times price-earnings ratio.

The company’s current net carbon dioxide is 0.

87 times.

Last year’s overhaul of the Erhai Lake unit increased Mengxi’s demand for electricity by two numbers. The company’s power growth rate this year is higher than the installed capacity growth rate.

The market electricity discount rate narrowed, the company’s electricity price, coal price data is better.

The company’s performance is in a high-speed growth period, and it is estimated that the advantages are significant.

Risk warning: coal prices may remain high; the growth rate of on-grid power may be lower than expected.