Driven by the “dual carbon” policy, corporate restructuring business progressed rapidly
Guided by the “dual carbon” target, new energy power generation has ushered in a new period of historical opportunity. Wind power and photovoltaic power generation are asset-heavy investment projects, with large investments in early-stage projects. Under the combined impetus of state-owned enterprise reform and the high boom in new energy generation, there have been many cases where new energy assets have been injected into listed companies in the past two years. Many power companies, such as Guangyu Development and Wenshan Electric Power, have also fully benefited from high-quality asset injection. Large domestic power central enterprises and local provincial investment groups have stronger competitiveness in project competition. At the same time, judging from their financing capacity, the financing costs of power companies with a background of central enterprises or local state-owned enterprises are low. Furthermore, most provinces have unique listing platforms for new energy power generation, and the certainty of growth is relatively high. Judging from the available data, all provincial new energy power generation platforms have relevant commitments to avoid competition in the industry.
Therefore, group cultivation is an important part of the growth of listed companies. Provincial state-owned enterprises are expected to benefit from the combined effects of endogenous growth and group cultivation, and the growth rate is expected to accelerate.
The company's green power transformation goals are clear. The company, which has a broad scope of new energy business, focuses on the goal of “building a first-class listed coal and power integrated energy company in China”, adheres to the development path of “large capacity, high parameters, excellent cost, high proportion of new energy, and good efficiency”, makes every effort to develop smart energy base projects, actively promotes the planning and construction of clean and efficient coal power projects according to capacity alternatives such as “big pressure and low pressure”, and vigorously develops clean energy, promotes the coordinated and orderly development of new energy sources, promotes the development of multiple energy sources in a coordinated and orderly manner, and promotes the development of complementary energy sources. Diversified supply system , raise the level of clean electricity development, strive to reach more than 50% of clean energy by the end of the 14th Five-Year Plan, and continuously improve the company's core competitiveness and resilience to risks.
Therefore, the company has now set very positive and clear green power transformation goals, and the new energy business will have more room in the future.
The advantages of “coal, fire, wind and light” integration are highlighted
Jinneng Holding Group's “coal, fire, wind and light” integration has outstanding advantages in developing green electricity in the future. In terms of capital, according to Jinneng Holding Group's disclosure, in 2021, the group produced 380 million tons of coal with a power generation capacity of 846 degrees, completed equipment manufacturing with an output value of 7.5 billion yuan, operating income reached 520 billion yuan, and achieved a profit of 17.2 billion yuan. Benefiting from high coal prices, the profitability of the group company increased markedly. In 2021, Jinkong Coal Industry, a listed company under the group, achieved net profit attributable to the parent company of 4.658 billion yuan and net operating cash flow of 7.82 billion yuan, far exceeding the same period in previous years. Excess profits and excellent cash flow from the coal sector are expected to provide sufficient capital for the construction of new energy power generation projects of Jinneng Holding Group in the future.
For the first time, the “increase in holdings” rating was covered
We expect that in 2022-2024, the company will achieve operating income of 192.81, 206.01 and 21,761 million yuan; net profit attributable to the parent company is 0.41, 2.66 and 380 million yuan, corresponding to EPS 0.01, 0.09 and 0.12 yuan. On August 29, 2022, the stock price was 405 yuan, and the corresponding market value was 12.71 billion yuan. The 2022-2024 PE was about 297, 45, and 32 times. The company has vigorously increased the proportion of low-carbon new energy installed, actively promoted the development of integrated smart energy business in the three new directions, and fully benefited from the country's dual carbon strategy. For the first time we covered it, we gave it an “increase in holdings” rating.
Risk warning: The construction of new energy projects fell short of expectations, and coal prices continued to rise.
