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国元国际:维持龙源电力(00916)“买入”评级 目标价升至20.7港元

Guoyuan International: maintain China Longyuan Power Group Corporation's "buy" rating target price to HK $20.70 in 00916

智通財經 ·  Sep 15, 2021 09:44

Zitong Financial APP learned that Guoyuan International released a research report saying that it maintained China Longyuan Power Group Corporation's (00916) "buy" rating, raising the target price to HK $20.7, equivalent to 24 times and 20.5 times PE in 2021 and 2022, with 22% room for increase from the current price.

The main points of Guoyuan International are as follows:

In the first half of 2021, the company's profits increased by 37.7% year-on-year:

2021H1, the company's performance increased steadily, achieving operating income of 17.877 billion yuan, an increase of 25.7% over the same period last year; net profit of 4.42 billion yuan, an increase of 37.7% over the same period last year; from segment income, wind power revenue was 12.738 billion yuan, an increase of 20.2% over the same period last year; mainly due to the increase in wind power sales and the increase in the average on-grid price of wind power driven by the growth of wind power installed capacity and utilization hours Thermal power revenue totaled 4.826 billion yuan, an increase of 44.9% over the same period last year. This is mainly due to the increase in electricity demand and the rise in average electricity selling prices in the whole society, driving the increase in electricity sales in the company over the same period last year and the rise in global coal prices and coal sales.

The increase in installed capacity and power generation hours drives a significant improvement in operating cash flow:

2021H1, the company's operating cash flow increased significantly, and the net cash flow of operating activities was 7.996 billion yuan, an increase of 4.593 billion yuan over the same period last year.

1) the increase in installed capacity and power generation hours has contributed to a substantial increase in the company's revenue from electricity sales, an increase of 2.623 billion yuan compared with the same period last year.

2) the increase in the scale of the company's asset securitization products

3) the global coal price is high, and the company's cash income from coal sales has increased by 1.147 billion yuan.

4) wage payment and value-added tax decreased by 576 million yuan compared with the same period last year.

The cumulative power generation from January to August of 2021 increased by 21.86% compared with the same period last year:

In August 2021, the company completed 3926861 megawatts of generating capacity, a year-on-year decrease of 0.21%. Among them, wind power decreased by 6.83%, thermal power increased by 11.55%. From January to August of 2021, the company completed a total of 41852.4 gigawatt hours of electricity generation, an increase of 21.86% over the same period last year. Of these, wind power accumulated 33799 gigawatt hours, up 20.35 percent over the same period last year; thermal power generation totaled 7413.4 gigawatt hours, up 32.27 percent over the same period last year; and other renewable energy generation totaled 640.0 gigawatt hours, an increase of 160.82 percent over the same period last year. The company's power restriction rate was 3.01% in August 2021, compared with 3.43% in the same period last year.

The translation is provided by third-party software.


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