In December 2008, Huaneng Shandong acquired a 56.53% stake in Luneng Development for 637.41 million yuan, taking Shandong Power Grid as the actual controller of the company. The first step to realize the separation of power plants and power grids of Shandong Electric Power Group.
High coal prices have dragged the company to the brink of delisting. If the loss cannot be reversed in 2009, it will face the risk of delisting. However, the operating pressure of the company in 2009 is still heavy, and it is difficult to achieve positive income by relying solely on the company's own ability. Specifically: 1) Electric power: at present, the coal price of the company's main power plant is still maintained at 700 yuan per ton. compared with the Huadian International affiliated power plant in Shandong, the coal price is about 11% higher, and it is expected that it will still lose about 100 million in 2009. 2) the cable business is expected to be basically the same in 2009; 3) the cost of coal mining is as high as 440 yuan per ton, which is expected to improve slightly after May with the improvement of coal quality and the renewal of mining technology. 4) Wind power: Laizhou Luneng Wind Power Company plans 39 wind turbines, which now has 29, and its performance is expected to reach about 2 million in 2009.
In 2009, the company's business goal is to make every effort to reverse losses and protect the shell. On the one hand, do a good job in the construction of Laiwu Luneng Thermal Power Company, strive for another grid-connected power generation as soon as possible, and do a good job in the operation of Laizhou wind power project. On the other hand, strictly control production and management costs to improve the company's profitability.
Luneng Group still holds a 7.53% stake in Luneng Taishan, the second largest shareholder. However, we believe that Luneng Group is more focused on the construction of large coal power bases such as Shanxi and Xinjiang, and it is less likely to support Luneng.
After the completion of this acquisition, Huaneng Group will occupy a better power node, laying the groundwork for the future. We do not need to speculate on asset injection for the time being, but as we all know, shell resources are still scarce in China's capital market, and we do not rule out the probability that actual controllers will vigorously develop other industries with the help of this capital operation platform. for Huaneng Group, the use of listing, acquisition, merger and other means to expand the scale and influence of some assets through capital operation will help Huaneng Group to develop better and faster. At the same time, it is a beneficial and harmless game equilibrium solution for the majority of shareholders and local governments of ST Nengshan.
We expect that there are three situations in the 2009 results: 1) if there is no asset injection, then the preliminary estimate of the company's annual EPS in 2009 is about-0.12 yuan; 2) if the realization of non-recurrent profits and losses are not excluded, the results are expected to be about 0.01yuan; 3) if the subsequent asset injection of the group company is still expected, we expect the company's performance to increase significantly. To sum up, the company is temporarily given a "cautious recommendation" rating.