Inner Mongolia Huadian (600863): Improved supply and demand in beneficiary regions with high dividends and growth
Event: The company released the actual controller increase plan.
The company announced that the actual controller Huaneng Group increased its shareholding in the company on February 4 through its subsidiary Huaneng Structural Adjustment Fund.
344%, the turnover was 4867.
At the same time, Huaneng Structural Adjustment Fund intends to continue to increase the company’s shares within the range of not less than 2 trillion and not more than 400 million (including this increase) in the next 6 months.
The company released 2019 operating data.
The company released its operating data for 2019 in late January, and initially completed 553 electricity generation.
4.9 billion kWh, an increase of 21 per year.
6.9 billion kilowatt-hours, a 10-year increase4.
Key points of investment: The power generation of Mengxi consumption units will increase as scheduled, and the increase in power generation from Lin Power Plant will increase.
The company’s annual power generation is increasing by 4.
08%, higher than the growth rate of 3.
Among them, Mengxi consumed an increase in power generation of all pilots by 20.
83%, up from 20 in the first three quarters.
15%, mainly benefited from the successful implementation of the dual-machine operation on August 30 by the company and the forest power plant, and the power generation capacity of the forest power plant by 4 months27.
2.6 billion kWh, equivalent to 2065 hours of utilization hours, the cumulative accumulation of rapid climb.
In addition to the Helin Power Plant, the power generation of other Mengxi consumption units has also maintained rapid growth. The overall pattern of our internal power for continuous development is the differentiation of supply and demand regions. The Mengxi region benefits from steel, nonferrous metals and other high energy-consuming industries.Continue to lead the nation.
At the same time, under the new electricity price mechanism in 2020, we judge that the risk of regional electricity prices will continue to improve as the supply and demand pattern continues to improve.
At present, the market-oriented transaction ratio of Mengxi Thermal Power Unit is close to 70%, and the transaction discount has basically reached the upper limit of the discount set by the Development and Reform Commission. There is no downside risk to the integrated on-grid power price of Mengxi Unit, and there is upward space in the long run.
The output of the North China unit was dragged down by maintenance, and 2019 is the lowest point for the profit of the unit.
The company’s primary power generation output to North China units increased and decreased by 10.
82%, slightly larger than 10 in the first three quarters.
In terms of segmentation, in the fourth quarter, the output of generating units was mainly dragged down by Shangdu No. 2 Power Plant. Shangdu No. 1 and Weijiayu Generator’s power generation decreased and narrowed.
The output frequency converter of the delivery unit is caused by various factors such as unit maintenance, line maintenance, and out-of-region units and centralized production. It is estimated that the delivery unit will be at a low profit in 2019.
Increasing the holding of major 南京桑拿网 shareholders reflects the confidence of major shareholders, and a high dividend rate promises to highlight the value of allocation.
Huaneng Group’s increase in shareholding is the second round of increase. The last round of increase was in February-August 2019. Huaneng Group gradually increased the company’s shares through its subsidiary Huaneng Structural Adjustment Fund.
85% (3 transactions).
In the near future, the planned increase in holdings ranges from US $ 200 million to US $ 400 million, and when it is currently expected to be low, nearly 50 million yuan has been completed, demonstrating the major shareholders’ confidence in the company’s long-term development.
The company promises that the annual cash dividend rate for 2019-2021 is not less than 70% and the continuous dividend payout is not less than 0.
09 yuan, according to our latest profit forecast and current expectations, assuming a 70% dividend rate, the company’s 2019 yield is expected to be as high as 5.
4%, the configuration value is outstanding.
Earnings forecast and grade: We have lowered the company’s net profit forecast for its mothers for 2019-2021 to 11, respectively.
14 and 16.
48 ppm (14 before adjustment.
80 and 20.
2.5 billion), the current sustainable corresponding PE is 13, 11 and 9 times respectively.
The company’s coal and electricity integration is profitable, and the supply and demand in the beneficiary areas is determined to improve growth. It is estimated to exceed the industry average and maintain a “Buy” rating.