Jiantou Energy (000600) 2019 Third Quarterly Report Review: Consolidated Business Profits Still Focus on Progress of Asset Injection
Event: China Construction Investment released the third quarter report of 2019.
In the first three quarters of 2019, the company’s operating income was 102 trillion, 0 every other time.
7%; net profit attributable to mother 4.
60,000 yuan, an increase of 63 in ten years.
Among them, the operating income of the company in Q3 2019 was 32.
1 ‰, the ten-year average.
0%; net profit attributable to mother 0.
7 ‰, 24 years ago.
Hebei thermal power dropped reasonably, coal prices fell steadily: 2019Q3 company’s operating income changes by 5.
0%, the decline in the second quarter of 2019 was further expanded. We believe that it is mainly dragged down by the number of hours of thermal power utilization in the Hebei region where the company is located.
Beginning in July 2019, Hebei’s thermal power will gradually turn from positive to negative for many years.
In the first three quarters of 2019, Hebei’s thermal power utilization hours were separated by 145 hours.
We estimate that the utilization hours of Hebei thermal power in 2019Q3 will be 1200 hours, and the year-on-year changes will be -152 hours and 38 hours, respectively. We speculate that the decrease in the utilization hours of Hebei thermal power hours may be related to factors such as external call squeeze.
In terms of coal prices, we calculated that the average price of thermal coal in northern Hebei and southern Hebei in Q3 2019 decreased by 3 each time.
7%, a decrease of 0 from the previous month.
3%, cost effective improvement.
Q3 Consolidation business profitability is acceptable: We use the maximum profit and investment income to simply characterize the company’s consolidation business profitability.
The calculation results show that the company’s consolidated business profit in Q3 20191.
95% ten percent, 杭州桑拿 an increase of 48 per year / mo.
5% / 10
8%, profitability is acceptable.
It is obvious that the company’s 2019Q3 investment income turned negative (-0.
23 ppm, which is said to have worsened the earnings of participating companies), and the actual income tax rate for the third quarter of 2018 was low (about 12.
1%), we believe that the above reasons are the number one reason for the company’s third quarter 2019 performance change.
The asset injection of major shareholders is still worth looking forward to: The company intends to acquire 40% of the shares of Qinre Company and 45% of Zhanghe Bay Company, which are owned by the major shareholders, through the issuance of additional shares to the major shareholder of China Construction Investment Group, but it can be approved by the CSRC.
At present, the company is actively demonstrating and revising the issuance plan with all parties. The follow-up progress deserves attention.
Earnings forecast and investment rating: Considering the changes in the company’s regional thermal power utilization hours, the company’s EPS in 2019 is reduced to 0.
38 yuan (0 before adjustment.
40 yuan), the company’s 2019-2021 EPS are expected to be 0.
At 49 yuan, the corresponding PE is 13, 11, and 11 times, and the corresponding PB is 0.
The company’s profit will benefit from the decline in coal prices, which is estimated to be at a low level and maintain the “overweight” level.
Risk reminders: On-grid electricity prices are falling more than expected, electricity demand is falling more than expected, coal prices are growing more than expected, generating units are slower than expected, and the risk of asset injection by major shareholders.