Jidian Co., Ltd. (000875): High coal price swallows thermal power profits, new energy releases help performance turnaround

Jidian Co., Ltd. (000875): High coal price swallows thermal power profits, new energy releases help performance turnaround

Event: The company released its 2018 annual report and achieved operating income of 73.

10,000 yuan, an increase of 43 in ten years.

09%; net profit attributable to mothers1.

15 trillion, compared to the same period last year3.

4 billion, lower than Shenwan Hongyuan’s expectations.

  Key points of investment: Benefit from the start-up of new units and the improvement of regional supply and demand patterns, and the overall growth of thermal power, heating and new energy revenues.

In the first and second quarter of 2018, the company’s Changchun Thermal Power Units 1 and 2 were put into operation, with an additional 700,000 kilowatts of thermal power installed, while benefiting from the increase in power demand in Jilin Province in 20186.

8%, the company expects to complete 11.6 billion kilowatt-hours of thermal power generation, an increase of 34 per year.

At 08%, the supply variable was 29.54 million GJ, an increase of 30 per year.


The company continued to increase the layout of the new energy industry. By the end of 2018, the company’s installed wind power installed capacity had gradually increased by 1.7 million kilowatts, an increase of 48 from the beginning of the year.

50,000 kilowatts, and a total of 1.37 million kilowatts of photovoltaic installed capacity, an increase of 18 earlier.

50 thousand kilowatts.

In 2018, the company achieved 27 wind power generation.

7.9 billion kWh, an increase of 39 every year.

02%, achieving photovoltaic high current 17.

400 million kWh, an increase of 91 per 深圳SPA会所 year.

twenty one%.

The company’s annual total power generation increases by 39 each year.

43%, electricity prices are basically stable, driving revenue growth.

  High coal prices caused thermal power outages to expand in the second half of the year, and the release of new energy performance drove development performance to a deficit.

In 2018, Jilin Province’s coal price index rose, with an annual increase of 10 in the first half of the year.

21%, the company’s 2018H1 thermal power sector net crack is 0.


Thermal coal price index continued to increase in the second half of 2018, an increase of 7 compared with the same period in 2017.

95%, an increase of 8 from the first half of 2018.

83%, leading to the expansion of the company’s thermal power sector to 1.

580,000 yuan, but still reduce losses for ten 都市夜网 consecutive years2.

2.5 billion.

The company’s wind power and photovoltaic installed capacity continue to increase and the abandonment rate drops, and the new energy sector contributed profit in 20187.

170,000 yuan, increasing profits in ten years4.

09 million yuan, helping the company’s overall performance to turn losses.

  Both endogenous and extensions continue to increase the layout of the new energy industry.

The company has established four new energy development bases in Northeast, Northwest, East China, and Jiangxi, and three new energy transportation wiki sites in Changchun, Hefei, and Jiujiang. As of the end of 2018, new energy installations accounted for 47%, and were distributed in 18 nationwideProvinces and national layouts have basically taken shape.

The company announced in August 2018 that 7.

4.3 billion shares acquired 100% equity of 7 wind power companies affiliated to Shanghai Chengrui Investment Co., Ltd., involving a total installed capacity of 32 wind power projects.

70,000 kilowatts, the transfer of equity has been completed, and the road of extension and expansion has begun.

In addition, the Jilin Baicheng Photovoltaic Application Leading Base Project (100,000 kilowatts) invested by the company in April is progressing in an orderly manner, and the company’s new energy conversion rate continues to increase.  Earnings forecast and estimation: Considering Jilin Province’s coal price rises and conversions since the second half of 2018, we have reduced the three alternatives. We have reduced the company’s 2019-2020 net profit attribution to 2, respectively.


4.4 billion (3 before adjustment).

16 and 4.

2.8 billion), plus the net profit forecast for mothers in 2021 is 4.

100,000 yuan, currently corresponding to PE 26, 19, 16 times.

The company’s new energy sector is in a fast-growing period. The release of thermal power and thermal sector performance is still pending for coal prices to fall, maintaining the “overweight” rating.