年度业绩预增，发售电量价齐升，盈利能力大幅提升。公司预计2022 年年度实现归母净利润8.61 亿元，与上年同期相比，增加6.75 亿元，同比+362.62%。公司全资子公司山西阳光发电有限责任公司完成发电量/上网电量分别为59.47/53.96 亿千瓦时，同比+6.07/+5.66%，上网电价均价（含税）419.83 元/千千瓦时，同比+31.88%。本期业绩预增主要原因：1、所属发电企业山西阳光发电有限责任公司增发有效益电量。2、所属配电企业山西地方电力有限公司营业区域内用户用电量增加。3、参股煤炭企业山西宁武榆树坡煤业有限公司本年盈利能力提升。Realize the diversified distribution of energy, create new revenue growth points, and enhance the ability to resist risks. Prior to this, the company's main business is thermal power generation business, power distribution business. In 2022, the purchasing cost of power coal rose sharply, and the price increase of power coal was higher than that of electricity sales, and the revenue and cash flow of most coal and power enterprises were adversely affected. The company optimizes its energy structure and enhances its competitiveness by adjusting its business layout and increasing the business of wind power, solar power generation technology, photovoltaic related manufacturing, leasing, sales, energy storage technology services and emerging energy technology research and development. By expanding the clean energy business, the company can protect power generation while reducing power generation costs, forming a multi-channel power generation advantage.
Strategically lay out clean energy business and expand profit growth points. Indirect controlling shareholder Jinneng holding Group has changed the strategic deployment and business development plan of the company, and the company will distribute clean energy business in the future.
The company's business scope includes raw coal mining, processing, thermal power generation, etc. to increase wind power technical services, solar power technical services and photovoltaic equipment and components manufacturing, leasing, sales and other related business activities.
The annual performance has increased in advance, the price of selling electricity has risen, and the profitability has improved significantly. The company expects to achieve a net profit of 861 million yuan in 2022, an increase of 675 million yuan over the same period last year, or + 362.62% year-on-year. Shanxi Sunshine Power Generation Co., Ltd., a wholly owned subsidiary of the company, completed electricity generation / grid electricity of 5.947 billion kilowatt-hours, 5.66% of which was + 6.07 billion kilowatt-hours compared with the same period last year, and the average price of grid electricity (including tax) was 419.83 yuan per thousand kilowatt-hours, which was + 31.88% over the same period last year. The main reasons for the pre-increase in the performance of this period are as follows: 1. Shanxi Sunshine Power Generation Co., Ltd., which belongs to the power generation enterprise, has issued more efficient electricity. 2. The electricity consumption of users in the business area of Shanxi Local Power Co., Ltd., which belongs to the power distribution enterprise, has increased. 3. Take a stake in the coal enterprise Shanxi Ningwu Yushupo Coal Industry Co., Ltd. to improve its profitability this year.
Profit forecast: cover for the first time and give a "buy" rating. We forecast that from 2022 to 2024, the operating income of the company will be 95.28x109.40Company13.03 billion yuan, the net profit of return to the parent will be 8.61Universe 9.56 / 1.133 billion yuan, and the PE will be 11.49x/10.35x/8.74x respectively.
Risk hints: the international situation has changed much more than expected; the company's power generation and electricity sales business is not as expected; the injection process of the clean energy industry is not as expected; and the profit forecast and valuation model is not as expected.
