Main points of investment
The non-public offering of 3 billion yuan will be approved and issued soon, and the major shareholders will subscribe for 20% to 30% with the Coal Group.
1) additional offering plan: the target of this non-public offering is no more than 10 specific objects, including the controlling shareholder Tong Coal Group. Among them, Tong Coal Group promised to subscribe for 20% of the offering. The pricing base date of this non-public offering is the first day of the issue period, which is not less than 90% of the average trading price of the 20 trading days before the first day of the issue period. With the Coal Group lock-up period of 36 months, other investors lock-up period of 12 months. At present, the additional issue of the company has been approved by the CSRC. 2) purpose of fund-raising: the total amount of funds to be raised in this non-public offering shall not exceed 2.98 billion yuan. After deducting the issuance costs, it is used for the first phase of Fujiashan Wind Farm (100MW) project in Jiang County (690 million yuan), the 30 MW photovoltaic power generation project in Longxi Town (240 million yuan), the 100MWp photovoltaic power generation project in Hefeng (750 million yuan), the 40 MW photovoltaic grid-connected power generation project in Aktao County (410 million yuan), and the supplementary working capital project (890 million yuan).
It is expected that the installed capacity of new energy power generation will reach 1000 and 2000MW respectively this year and next year, making a rapid contribution to the performance. The company's new energy power generation business takes the wholly-owned subsidiary of new energy investment as the main business body. New energy investment was established in July 2014, and the company currently has an installed capacity of 550MW; after the fixed increase and the current construction projects are put into production, it is expected to reach 1000MW by the end of the year; the proposed acquisition projects exceed 1100MW. In 2015, the investment income of new energy was 130 million yuan, with a net profit of 32 million yuan; in the first half of 2016, the income was 91 million yuan and the net profit was-460000 yuan. It is estimated that there is still huge room for growth in the installation of new energy during the 13th five-year Plan period on the installation of 2000MW next year.
Seize the opportunity of power reform, set up a power sales company, participate in the provincial power trading center, and enter the charging pile. 1) the first electricity sales company in the province: in 2015, the company invested 200 million yuan to set up the first electricity sales company in the province. In 2016, Zhangze Electric Power sales Company invested 70 million, 14 million and 1400 yuan to set up Taiyuan Civic Camp Power sales Company, Yuncheng Runze Power sales Company and Changzhi Zhicheng Power sales Company. 2) participate in 5% equity of Shanxi Electric Power Trading Center: in October 2016, the company plans to participate in the capital increase of Shanxi Electric Power Trading Center. After the completion of this capital increase and share increase, the registered capital of Shanxi Electric Power Trading Center will be increased from 50 million yuan to 100 million yuan, and the company will hold a 5% stake in it. 3) Yuncheng charging pile business: in November 2016, Zhangze Electric Power sales Company invested 16 million yuan to acquire an 80% stake in Yuncheng Boyang Automobile charging Company, an enterprise qualified to operate electric vehicle charging piles in Yuncheng city. Yuncheng Boyang Automobile charging Company will build municipal public charging piles in batches to strive for a market share of more than 70% in 13 counties and districts of Yuncheng.
In the financial sector, financial leasing business may exceed expectations. 1) Shanghai and Hong Kong financial leasing platforms: the company currently has two financial leasing platforms, which directly control 80% of Hong Kong financial leasing companies and indirectly control 60% of Shanghai financial leasing companies. The registered capital of the Shanghai financial leasing company is 1.25 billion yuan. It came into operation in the fourth quarter of last year, with a net profit of 49 million yuan last year and 61 million yuan in the first half of this year. 2) Investment platform with Coal Dayou Investment: the company contributed 100 million yuan to set up a joint venture with Datong Coal Group and Datong Coal Industry to invest with Coal Dayou, with a stake of 20%. Through direct equity investment and the establishment of investment funds, Tongyou Investment integrates upstream and downstream resources, innovates business models and expands the industrial chain with capital.
Investment advice: give an overweight rating for the first time. It is estimated that the company's net profit in 2016-2017 will reach 0.2x390 million yuan, and the market value of the pre-test market value of the rights issue will be 11.9 billion yuan. Next year's performance increment comes from new energy and financial business. The non-public offering of 3 billion yuan will be approved and issued soon, and the major shareholders will subscribe for 20% to 30% with the Coal Group. It is expected that the installed capacity of new energy power generation will reach 1000 and 2000MW respectively this year and next year, making a rapid contribution to the performance. The company seized the opportunity of electricity reform, set up a power sales company, participated in the provincial power trading center, and entered the charging pile. In the financial sector, financial leasing business may exceed expectations. Based on this, the overweight rating is given for the first time.
Risk hint: thermal power profit is lower than expected
