Jingyuan Coal Power (000552) issued an announcement on January 7, 2022: open source securities Ren Jinxing, Taikang assets Song Qingjia, Qianhai Open Source Kong Fang, Construction Investment production Qin Yuan, Castrol Fund Han Tongli, Guoshou assets Zhang Zuxian, China Canada Fund Yan Lingshan, Zhejiang Merchant Fund Huang Yue, Yingfeng Investment Zhang Tingjian, Ping an Fund Yu Yanchen, Jingshun Great Wall he Jinyang, Golden Eagle Fund Lin Ya Zhou Yawen, Jianxin Insurance assets Cao Xinyi, Huitianfu Xu Yizhou investigated our company on January 6, 2022.
The main contents of this survey are as follows:Q: the progress of projects under construction
Answer: (1) Jingyuan Coal Power Plant Clean and High efficiency Gas Comprehensive Utilization (relocation and Transformation) Project is implemented by wholly-owned subsidiary Jing Coal Chemical Industry. The construction of the coal unloading line track and the site leveling earthwork of the special railway line supporting the project has been completed, the first phase of the project gasification unit pile foundation project has begun construction, the project non-EPC unit, gasification unit, 110kv general step-down station and power supply line survey continue to carry out detailed engineering design. (2) the Baiyanzi Mine of Jingtai Coal Industry is responsible for the development and construction of Jingtai Coal Mine, the holding subsidiary Jingtai Coal Industry is responsible for the development and construction of Jingtai Coal Mine. (2) Jingtai Coal Mine Baiyanzi Mine is responsible for the development and construction of Jingtai Coal Mine, which is the holding subsidiary of Jingtai Coal Mine. Mine, soil and safety projects are being promoted. (3) in terms of new energy projects, the company makes full use of idle land and local natural resources to actively distribute photovoltaic, wind power and other new energy industries. 28MW Photovoltaic spontaneous self-use Project Company has been established and is promoting project filing, land, environmental assessment, stable assessment and other work. At the same time, the company is actively striving for new energy construction targets through shareholder units and Baiyin city government, and the specific projects and construction methods have yet to be determined.
Q: the signing of the contract of the company's coal association in 2022 and the price of heat and electricity in Baiyin.
A: the company's 2022 long-term Association contract is under negotiation. With reference to the work Plan for the signing of long-term Coal contracts in 2022 by the National Development and Reform Commission, the contract will adopt the pricing model of "comprehensive price = benchmark price + floating price". The electricity supply price of Baiyin Thermal Power Institute, a wholly-owned subsidiary, implements the online benchmarking price in Gansu Province, in which the direct purchase price for large users is determined through negotiation between the supply and demand parties in accordance with the relevant regulations. The price of Baiyin thermoelectricity for export rose by 10-15% in the second half of 2021.
Q: the company's production capacity
A: the company is producing four coal mines, namely Weijiadi Coal Mine, Wangjiashan Coal Mine, Dashuitou Coal Mine and Honghui No. 1 Coal Mine, with an approved production capacity of 10.54 million tons in 2021. Among them, the capacity utilization rate of Weijiadi Coal Mine and Dashuitou Coal Mine is better. Wangjiashan Coal Mine and Honghui No.1 Coal Mine are affected by factors such as increased mining depth, complex geological conditions, surface residents and enterprises need to move, and the mine output is lower than the production capacity. Wangjiashan Coal Mine is of poor quality. The company has negotiated and signed an agreement with the surface residents and enterprises affected by the mining in the south wing of Honghui No. 1 Coal Mine. by undertaking the relocation and resettlement costs, the south wing mine has been in normal production, and the annual coal output is expected to increase by 600000 tons. Wangjiashan Mine plans to improve coal quality and output by optimizing deep mining design, implementing mine technical transformation and coal preparation plant project construction. The holding subsidiary Jingtai Coal Industry Baiyanzi Mine has 90.758 million tons of coal resources (47.363 million tons of gas and coal resources; 43.395 million tons of 1xue 3 coking coal resources), 50.98 million tons of recoverable resources, and the designed production capacity of the mine is 900000 tons per year. The mine is in the period of construction, and after it is put into production, it will enhance the company's coal production capacity and optimize the product structure.
Q: the relevant situation of Gansu Nenghua Group
A: Gansu Nenghua Group is the indirect controlling shareholder of the company, which integrates the three shares of Jing Coal Group, Yaojie Coal Power and Provincial Coal Investment, and currently indirectly holds 48.97% of the company's shares. Yaojie Coal Power Co., Ltd., a subsidiary of Gansu Neng Chemical Group, has an approved production capacity of 5.7 million tons per year, and the quality of coal resources is good. It is an important coal production enterprise in Gansu Province. In the acquisition report, Gansu Nenghua promised to integrate other enterprises under its control with the same and similar businesses operated by the company within five years by means of asset injection, asset transfer, closure or cessation of related business, divestiture, and so on, so as to eliminate inter-industry competition.
Jingyuan coal power main business: coal mining, production and sales
According to the third quarterly report of Jingyuan Coal Power Company in 2021, the company's main income was 3.517 billion yuan, up 26.91% over the same period last year; the net profit was 464 million yuan, up 19.52%; and the non-net profit was 462 million yuan, up 21.31% over the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 1.268 billion yuan, up 44.74% from the same period last year; and the net profit in a single quarter was 178 million yuan, up 54.39% from the same period last year. The non-net profit in a single quarter was 178 million yuan, up 60.03% from the same period last year; the debt ratio was 37.71%, the investment income was 1.9374 million yuan, the financial expenses was 72.9815 million yuan, and the gross profit margin was 30.94%.
In the last 90 days, the stock has been rated by one agency and one by buying; in the past three months, the net outflow of financing has been 169 million, and the financing balance has decreased; the net outflow of securities has been 1.3531 million, and the balance of securities lending has decreased. According to the Securities Star valuation analysis tool, Jingyuan Coal Power (000552) good company has a rating of 2.5 stars, a good price rating of 4 stars, and a comprehensive valuation rating of 3 stars. (rating range: 1-5 stars, up to 5 stars)