Dongfang Energy is the only A-share listed company in the public infrastructure industry in Hebei Province, and the major shareholder of the company is the State Power Investment Group.
Liangcun thermal power: main business expansion
The company is the main heating company in Shijiazhuang, the main unit is Liangcun thermoelectric 600MW, on the whole, Liangcun as the company's main core project, although affected by coal price fluctuations, but will still provide stable income for listed companies in the future.
New energy strategy: focus on development, continue to strengthen
In the future, the company will continue to increase the strategic planning of new energy. The focus is still on new energy, and efforts will continue to increase. In terms of ways, according to the company's existing planning, there are mainly two ways, one is regional cooperation, the other is complementary advantages. In the aspect of regional cooperation, for example, the company mainly inspects and cooperates with local governments. The other is to complement each other's advantages. For example, in January 2017, the National Power Investment Group Shijiazhuang Oriental Energy Co., Ltd. signed a strategic cooperation agreement with Shanghai Aviation Industry to achieve a strong alliance in solar power generation and other projects.
Asset securitization: the national electric investment asset securitization has great potential.
Dongfang Energy is the only listed company in the "Beijing-Tianjin-Hebei" and "Bohai Rim" region. SPIC's asset securitization rate is the lowest among the five major power generation groups. At the 2017 working meeting of the State Investment Corporation, it was made clear that it would continue to promote the listing of assets this year, and there is a lot of room for imagination for future assets to be injected into this area.
Analysis and judgment
After the company implemented a major asset restructuring and non-public offering in 2015, the company added 19.19 yuan per share, and the current IPO price is higher than the secondary market price, with a certain margin of safety. The company is making a comprehensive transition to new energy power generation in the past three years, and photovoltaic and wind power generation will become a new profit growth point for the company in the future.
It can be said that the company's development goal is very clear. As SPIC's regionalization platform, Oriental Energy is expected to integrate the excellent assets of SPIC's "Beijing-Tianjin-Hebei" and "Bohai Rim" circle in the future.
Risk expectation: the progress of the company's new project is not as expected; Guodian's asset injection is not as expected.
