Zhangze Electric Power changed its name to Shanxi Electric Power, and the transformation of Green Power showed initial results: Shanxi Electric Power, formerly known as Zhangze Electric Power, promoted the pilot project of comprehensive reform of energy revolution in Shanxi Province in 2020, and set up Jinneng holding Group, which includes coal, electric power and equipment. After that, the company changed its name to Shanxi Electric Power, and became the listing platform of Shanxi Electric Power. By the end of 2021, the company has a total installed capacity of 10.808 million kilowatts of generating units, including 8.8 million kilowatts of thermal power, 128000 kilowatts of hydropower and 188 million kilowatts of new energy. The company's clean energy accounts for 18.58% of the total installed capacity, including 1.085 million kilowatts of photovoltaic and 79.5 million kilowatts of wind power. According to the company's 2021 annual report, the company strives to achieve more than 50% of clean energy by the end of the 14th five-year Plan.
The three-year action of state-owned enterprise reform has entered its final year, and new energy has accelerated asset restructuring: the three-year Action Plan for State-owned Enterprise Reform (2020-2022) was released in June 2020, and 2022 is the final year of the sprint phase of state-owned enterprise reform. The three-year action plan for the reform of state-owned enterprises requires that mergers and reorganization and strategic combination should be actively promoted in terms of optimizing the layout of state-owned capital. For the development of listed companies of new energy power generation, in addition to relying on their own hematopoietic capacity and secondary market refinancing to obtain the capital of project investment, wind power photovoltaic projects in the group level after the injection of listed companies is also an important growth path. The reform of state-owned enterprises overlaps the industry with a high demeanor, and the reorganization of new energy assets is expected to accelerate. Provincial state-owned enterprises are also one of the main forces in the development of new energy, high-quality provincial new energy platform will be built with the efforts of the whole province, endogenous growth and group cultivation of two-wheel drive, high certainty of growth.
Shanxi national reform is moving forward rapidly, and the green power new star is emerging: in 2020, under the background of the national reform, Shanxi Province established Jinneng holding Group, the same Coal Group changed its name to Jinneng holding Coal Group, Jinneng Group changed its name to Jinneng holding Power Group, Jinneng Coal Group changed its name to Jinneng holding equipment Manufacturing Group, and became the main body and asset integration platform of Jinneng holding Group's coal, electric power and equipment business. According to the company announcement and the Securities Daily, Jinjiao Electric Power accounts for more than 50% of clean energy installed capacity in the 14th five-year Plan, and the new energy installed capacity target reaches 14GW; at the same time, its brother company Jinneng Holdings Electric Power Group disclosed in its bond offering report that the "14th five-year Plan" new energy installed capacity reached 20 GW; positive and clear goal of green power transformation, and another green power star is emerging.
Investment advice: we expect the company's income from 2022 to 2024 to be 18.622 billion yuan, 20.687 billion yuan and 21.144 billion yuan respectively, with growth rates of 21.9%, 11.1% and 2.2% respectively, and net profits of 2.07,2.70 and 337 million yuan respectively, with growth rates of 5296.2%, 30.5% and 24.6% respectively.
Risk tips: wind power photovoltaic project acquisition and construction progress is not as expected; coal prices remain high; power demand decline risk under repeated epidemic; group asset restructuring is less than expected risk.
