Power industry's first half-year results exceed expected net profit average 30%

The power industry, which has long been depressed by coal prices, will "roll over" this year. As of August 27, a shares of 35 power listed companies have 24 reported performance, 24 companies in the first half of the profit growth rate averaged 30%, far exceeding market expectations.

Analysts point out that a 1% cut in coal prices will increase the profits of fossil-fired enterprises by 2.7%. And since the beginning of the year, the Bohai Sea area calorific value of 5500 kcal market power coal comprehensive average price fell 27%. If this is calculated, the thermal power industry profits will increase at least 50%.

Average first half net profit increased by 30%

This year, coal prices have been in a state of decline, into the middle and late August, coal prices are still at the bottom of the downward oscillation. Qinhuangdao Seaborne Coal Trading market August 26 The latest released data show that the Bohai Sea area calorific value of 5500 kcal power coal comprehensive average price of 409 yuan/ton, compared with the previous reporting period dropped 1 yuan/ton. On January 7, 2015, the average price of powered coal amounted to 520 yuan/ton, which means that coal prices have fallen by 27% per cent since this year.

As coal costs accounted for about 70% of the cost of thermal power enterprises, so, coal prices fell, for the thermal power industry is undoubtedly a good news. As of August 27, A shares of 35 electric power companies have 24 reported performance, these enterprises in the report profit growth average of 30%, exceeding the market expectations. In particular, thermal power enterprises overall to good, 20 thermal power companies in 14 of the results of the red, accounting for 70%. such as Kyrgyzstan Electric shares (000875, stocks bar) in the first half of the profit, attributable to the parent company shareholders net income growth of 211%, the main cause of the profit is the thermal power business gross margin increased. Benefited from the low cost of coal prices, leading the industry, Power International, Shanghai Electric (600021, stocks) the first half of the net profit of 31% and 36% respectively to achieve growth.

According to statistics, the first half of this year, China's thermal power project new production 23.43 Million-kilowatt, an increase of 55%. Local thermal Power projects approved the pace of start-up, approved under construction scale of 200 million, has been issued "flagging" about 200 Million-kilowatt.

Hydropower, the first half of this year, the total amount of water, large and medium-sized hydropower stations continue to put into production, hydropower generation shows rapid growth trend. According to the CLP statistics, as at the end of June, the National power plant 6,000-kilowatt and above hydropower capacity 268 million kw, the first half of the average utilization of hydropower equipment hours 1512 hours, up 82 hours. In the first half of the current statistics of net profit growth rate of the top 10 listed enterprises, 6 belong to the hydropower company, they are Guidong power, Guizhou Power, Laurel Power, Hubei Energy, Sichuan Investment Energy, Guang ' an love the public.

To the hydropower industry leader of the Three Gorges Water Conservancy as an example, the first half of the company realized operating income of 483 million yuan, an increase of 7.1%; achieve net profit of 67.8014 million yuan, an increase of 91.1%, the net profit of 64.8527 million yuan, up 102%, the earnings per share 0.25 yuan.

State-owned enterprise reform + electric catalyst will be

Under the market depth adjustment, the defense value of the Power Plate is prominent. As of August 27, the dynamic P/E ratios of thermal power and hydro-electric plates were 14 times times and 18 times times, respectively, at 2010-year lows.

Analysts pointed out that the state-owned reform top-level design plan is coming, the five core supporting documents are expected to be launched soon. In the future, the new electric reform will have an important impact on all aspects of the industry, the first is the power generation enterprises, in addition to the sale of electricity side release will bring new opportunities for the industry, the power system has previously been suppressed links will be released in succession energy. Improving the rate of asset securitization is the main line of the reform of state-owned enterprises in power industry, and the company will take the lead in the reform first, the clear commitment of large shareholders and the large extension space.

In the first half of this year, the nationwide electricity consumption of 26,600 kilowatt-hour, an increase of 1.3%, the growth rate of electricity. However, the CICC research reported that the power changes to show signs of recovery, the second half of 2015, the total output will be improved, is expected to increase by 2%-3%. Guotai Junan Research also pointed out that electricity prices are expected to slow upward, the hydropower industry will benefit in the future, thermal power fundamentals will be differentiated in the future, the first to carry out the sale of electricity business will benefit.

Founder Securities senior analyst Zhou Ziguang advised investors to focus on three main lines: Power system reform + energy Internet, Obor + nuclear power, steady growth investment + distribution network. In addition, power companies with high performance expectations and cleaner energy ratios are also worth attention. Building materials

Power industry's first half-year results exceed expected net profit average 30%