Summary:
At present, there are 27 thermal power listed companies in Shanghai and Shenzhen, with total operating income of 439.645 billion yuan in the first three quarters of this year, down 3.24% from the same period last year, and no loss. Net profit totaled 54.58 billion yuan, an increase of 17.86% over the same period last year. In the first three quarters of this year, the gross profit margin of thermal power enterprises was 29.29%, compared with 26.35% in the same period last year. The price of feed-in electricity has not changed much this year, and the increase in profitability is mainly due to the decline in costs. As coal accounts for the largest proportion of power costs, the decline in coal prices is the main factor in the cost decline of thermal power enterprises.
Zhangze Electric Power is a listed company with thermal power as its main business. the company always adheres to the parallel development model of endogenous growth and extension expansion, and strives to build a large-scale coal-power integrated energy listed company with "domestic first-class and international advanced". The initial formation of thermal power, new energy, comprehensive industry, engineering maintenance, high-tech five major industrial layout.
In order to accelerate the development of wind power, photovoltaic and other new energy projects, and further strengthen the integrated management of pre -, new and operational new energy projects, the company plans to increase capital to Shanxi Zhangze Electric Power New Energy Investment Co., Ltd., a wholly-owned subsidiary, with 1 billion yuan in cash. After the capital increase, the company's new energy business will be further strengthened.
We estimate that the operating income of the company in 2015, 2016 and 2017 will be 11.469 billion yuan, 12.065 billion yuan and 12.789 billion yuan respectively, and the net profit will be 844 million yuan, 971 million yuan and 1.08 billion yuan respectively, and the earnings per share will be 0.30,0.34 yuan and 0.39 yuan respectively.
Risk analysis: power industry policy change risk; electricity price reduction risk; coal price rise; other irresistible risks.
