Power companies such as Huaneng Power International, Datang Power Generation and Guodian Power have started to publish the 2012 semi-annual report since August, and Huadian International, which has been coming late, was selected on the last day of August. Market analysts believe that Huaneng Power International, Datang Power Generation, Guodian Power, and Huadian International have achieved significant growth in profits in the first half of the year, benefiting from the increase in on-grid tariffs last year. The goodness brought about by the coal price that began to decline in April is not reflected in the performance of the first half of the year, and companies will benefit even more in the second half of the year.
The profits have grown by a large margin In the semi-annual report of a power company, the number of key indicators such as operating income, total profit, and net profit have risen rapidly. From these dynamic figures, it is not difficult to see that most power companies seem to have performed better this year than before.
In the first half of this year, Huaneng Power International and its subsidiaries consolidated operating revenue of 67.18 billion yuan; the net profit attributable to shareholders of the company was 2.208 billion yuan, an increase of 87.28% over the same period of the previous year. Datang Power generated operating revenue of 36.877 billion yuan, of which, electricity sales revenue was 32.767 billion yuan; net profit attributable to shareholders of the company was approximately 1.089 billion yuan. Guodian Power achieved operating revenue of 26.701 billion yuan; the net profit attributable to owners of the parent company was 1.201 billion yuan. Huadian International realized operating revenue of 29.558 billion yuan; net profit attributable to shareholders of the parent company was 270 million yuan, an increase of approximately 127.02% over the same period of last year.
Affected by the general slowdown in domestic economic growth, the effective demand in the electricity market in the first half of the year was insufficient, and the growth rate of electricity consumption was reduced. This directly affected the power generation of enterprises. For example, Huaneng Power’s power generation in the first half of the year decreased by 1.46% compared with the same period of last year. .
Although the electricity price increases significantly, there are views that the adjustment of the on-grid price for the continuous loss of thermal power companies, the effectiveness is limited. However, a number of people in the industry believe that the increase in profits of power generation companies in the first half of this year has mainly benefited from the impact of the increase in the on-grid tariffs last year.
The answer given by the semi-annual report pointed almost directly to this factor, which verified the analysis of the industry.
Huaneng Power International stated that the reduction in power generation, but the increase in profits, was mainly due to the effective control of the impact of the adjustment of the on-grid tariffs in the last year and the cost.
Datang Power, which has a power sales revenue of 88.85% of the total operating revenue, said that the company's net profit grew steadily year-on-year mainly due to the increase in electricity prices and the profit contribution of clean energy projects such as hydropower, wind power and non-electric projects. During the reporting period, the average on-grid tariff of Datang Power increased by 6.59% from the previous year, and the corresponding increase in power operating income was approximately RMB 2.26 billion. The increase in on-grid electricity increased the company’s revenue by approximately RMB 477 million.
Huadian International also attributed the main reasons for operating revenue and profit growth to the adjustment of the on-grid tariff adjustment and the growth of power generation last year.
In addition, the decline in coal prices is also one of the reasons.
Guodian Electric stated that coal prices began to dive from April, and the main transit stocks of coal were operating at high levels, and coal supply was relatively loose. The company actively seized market opportunities in fuel supply management, optimized procurement channels, and effective control of fuel costs.
However, some analysts hold different views that the benefits of coal price decline to thermal power companies in the first half of the performance is not obvious, the company will benefit more in the second half.
Analysts explained that the rapid decline in coal prices was mainly in June, the power plant's inventory cycle was around January, and even some power plants stored coal for up to 50 days, so the decline in coal prices is not reflected in the company's performance in the first half.
Datang Power also said that due to the year-on-year decrease in cumulative average utilization hours of power generation equipment in the country, although the price of thermal coal began to decline after entering in May, the profitability of thermal power is still under pressure.
The increase in electricity prices and the decline in coal prices will undoubtedly drastically improve the company's profitability. The company's operating profit margins and net profit margins have risen to varying degrees, and it seems that the thermal power companies, which are plunged into loss-making and dilapidated power, have pulled the shoreside. However, high financial costs have increased.
High financial costs In the first half of 2012, Huaneng Power's financial expenses were as high as 4.5 billion yuan, ranking first in the financial expenses of power companies; Datang Power followed closely, with financial expenses at 4.232 billion yuan; Guodian Power's financial expenses were 3.2 billion yuan. , a year-on-year increase of 45%; Huadian International's financial expenses was 3.151 billion yuan, a year-on-year increase of 40.21%.
The soaring financial costs caused concern in the industry, but there are different opinions on the reasons.
Datang Power said that it was mainly due to the combined effect of increased borrowings and a year-on-year increase in interest rates. Huadian International stated that it was mainly affected by the profit and loss of the company’s new machine operations and the impact of the country’s upward adjustment of interest rates last year. Guodian Power explained that due to the decrease in the amount of interest capitalization of the company's subsidiaries Guodian Dadu River Hydropower Development Co., Ltd. and Guodian Jiangsu Power Co., Ltd. and the increase in the current financing amount.
Analysts believe that during the year, the central bank lowered the bank loan interest rate continuously, the interest rate entered a downward trend, and the company’s capital cost decreased. This is undoubtedly a good news for power companies that have generally high debt ratios, especially long-term debt growth. In the second half of the year, as the economic situation improves, the operating environment of power companies will improve.
Various power generation companies stated that they will seize strategic opportunities, strive to improve the company's profitability, rationally adjust the structure of fund use, and reduce financial costs.
Huadian International pointed out in the semi-annual report that due to the fall in domestic coal demand, the continuous improvement of coal self-sufficiency in the power generation industry and the looseness of the international coal market, the company's thermal power sector will make full use of the favorable opportunities for coal supply and try to control coal prices. , Actively generate more power and continuously improve business performance.
Datang Power also proposes to increase the company's business resources to open up efforts to strengthen the power generation industry, fine non-electricity industry, and promote multiple synergy. The Duolun coal chemical project with an annual output of 460,000 tons of polypropylene, the Keqi coal-based natural gas project with an annual output of 4 billion cubic meters, the Fuxin coal-based natural gas project with an annual output of 4 billion cubic meters of natural gas, and Inner Mongolia University Tang International Renewable Resources Development Co., Ltd. has made progress in the comprehensive utilization of high-alumina fly ash.
The profits have grown by a large margin In the semi-annual report of a power company, the number of key indicators such as operating income, total profit, and net profit have risen rapidly. From these dynamic figures, it is not difficult to see that most power companies seem to have performed better this year than before.
In the first half of this year, Huaneng Power International and its subsidiaries consolidated operating revenue of 67.18 billion yuan; the net profit attributable to shareholders of the company was 2.208 billion yuan, an increase of 87.28% over the same period of the previous year. Datang Power generated operating revenue of 36.877 billion yuan, of which, electricity sales revenue was 32.767 billion yuan; net profit attributable to shareholders of the company was approximately 1.089 billion yuan. Guodian Power achieved operating revenue of 26.701 billion yuan; the net profit attributable to owners of the parent company was 1.201 billion yuan. Huadian International realized operating revenue of 29.558 billion yuan; net profit attributable to shareholders of the parent company was 270 million yuan, an increase of approximately 127.02% over the same period of last year.
Affected by the general slowdown in domestic economic growth, the effective demand in the electricity market in the first half of the year was insufficient, and the growth rate of electricity consumption was reduced. This directly affected the power generation of enterprises. For example, Huaneng Power’s power generation in the first half of the year decreased by 1.46% compared with the same period of last year. .
Although the electricity price increases significantly, there are views that the adjustment of the on-grid price for the continuous loss of thermal power companies, the effectiveness is limited. However, a number of people in the industry believe that the increase in profits of power generation companies in the first half of this year has mainly benefited from the impact of the increase in the on-grid tariffs last year.
The answer given by the semi-annual report pointed almost directly to this factor, which verified the analysis of the industry.
Huaneng Power International stated that the reduction in power generation, but the increase in profits, was mainly due to the effective control of the impact of the adjustment of the on-grid tariffs in the last year and the cost.
Datang Power, which has a power sales revenue of 88.85% of the total operating revenue, said that the company's net profit grew steadily year-on-year mainly due to the increase in electricity prices and the profit contribution of clean energy projects such as hydropower, wind power and non-electric projects. During the reporting period, the average on-grid tariff of Datang Power increased by 6.59% from the previous year, and the corresponding increase in power operating income was approximately RMB 2.26 billion. The increase in on-grid electricity increased the company’s revenue by approximately RMB 477 million.
Huadian International also attributed the main reasons for operating revenue and profit growth to the adjustment of the on-grid tariff adjustment and the growth of power generation last year.
In addition, the decline in coal prices is also one of the reasons.
Guodian Electric stated that coal prices began to dive from April, and the main transit stocks of coal were operating at high levels, and coal supply was relatively loose. The company actively seized market opportunities in fuel supply management, optimized procurement channels, and effective control of fuel costs.
However, some analysts hold different views that the benefits of coal price decline to thermal power companies in the first half of the performance is not obvious, the company will benefit more in the second half.
Analysts explained that the rapid decline in coal prices was mainly in June, the power plant's inventory cycle was around January, and even some power plants stored coal for up to 50 days, so the decline in coal prices is not reflected in the company's performance in the first half.
Datang Power also said that due to the year-on-year decrease in cumulative average utilization hours of power generation equipment in the country, although the price of thermal coal began to decline after entering in May, the profitability of thermal power is still under pressure.
The increase in electricity prices and the decline in coal prices will undoubtedly drastically improve the company's profitability. The company's operating profit margins and net profit margins have risen to varying degrees, and it seems that the thermal power companies, which are plunged into loss-making and dilapidated power, have pulled the shoreside. However, high financial costs have increased.
High financial costs In the first half of 2012, Huaneng Power's financial expenses were as high as 4.5 billion yuan, ranking first in the financial expenses of power companies; Datang Power followed closely, with financial expenses at 4.232 billion yuan; Guodian Power's financial expenses were 3.2 billion yuan. , a year-on-year increase of 45%; Huadian International's financial expenses was 3.151 billion yuan, a year-on-year increase of 40.21%.
The soaring financial costs caused concern in the industry, but there are different opinions on the reasons.
Datang Power said that it was mainly due to the combined effect of increased borrowings and a year-on-year increase in interest rates. Huadian International stated that it was mainly affected by the profit and loss of the company’s new machine operations and the impact of the country’s upward adjustment of interest rates last year. Guodian Power explained that due to the decrease in the amount of interest capitalization of the company's subsidiaries Guodian Dadu River Hydropower Development Co., Ltd. and Guodian Jiangsu Power Co., Ltd. and the increase in the current financing amount.
Analysts believe that during the year, the central bank lowered the bank loan interest rate continuously, the interest rate entered a downward trend, and the company’s capital cost decreased. This is undoubtedly a good news for power companies that have generally high debt ratios, especially long-term debt growth. In the second half of the year, as the economic situation improves, the operating environment of power companies will improve.
Various power generation companies stated that they will seize strategic opportunities, strive to improve the company's profitability, rationally adjust the structure of fund use, and reduce financial costs.
Huadian International pointed out in the semi-annual report that due to the fall in domestic coal demand, the continuous improvement of coal self-sufficiency in the power generation industry and the looseness of the international coal market, the company's thermal power sector will make full use of the favorable opportunities for coal supply and try to control coal prices. , Actively generate more power and continuously improve business performance.
Datang Power also proposes to increase the company's business resources to open up efforts to strengthen the power generation industry, fine non-electricity industry, and promote multiple synergy. The Duolun coal chemical project with an annual output of 460,000 tons of polypropylene, the Keqi coal-based natural gas project with an annual output of 4 billion cubic meters, the Fuxin coal-based natural gas project with an annual output of 4 billion cubic meters of natural gas, and Inner Mongolia University Tang International Renewable Resources Development Co., Ltd. has made progress in the comprehensive utilization of high-alumina fly ash.
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