Cloud citizens buy private coal mines: China Electric Power Department coal assets scale before 10

Investor newspaper (reporter Rai Zhihui) The coal electricity deadlock is still not broken.　　The Huadian group, which does not get cheap coal, began to fend for itself and buy mines frequently. July 7, Huadian Group's Huadian International (600027.SH) Bulletin said that its wholly-owned subsidiary Shan Si Mouhua Energy Investment Co., Ltd., respectively, 398 million yuan and 363 million yuan to buy Shanxi Shuozhou million source two coal mining industry 70% stake and Shanxi East Easy to honest coal industry 70% equity. Just a week ago, Huadian Power, another listed company, was 600726.　　SH) funded 479 million yuan, bought Heihe Hing Edge Mining 70% Equity.　　Huadian Group has three consecutive reasons for buying ore: first, the coal power negotiations have no effect, the group did not sign a long contract with the coal companies; second, June electricity generation began to recover slightly, the group must reserve sufficient capacity to increase the amount of coal in advance; third, with the last year, the Chinese electric Power group general manager and Huadian International chairman cloud citizens. Cloud citizens have been the vice chairman of Shenhua Group, before entering the Shenhua Group, former vice president of Inner Mongolia Autonomous Region, vice governor of Shanxi Province, Taiyuan Municipal party secretary and other posts, has always attached importance to coal resources, and coal enterprises have management experience.　　Cloud citizen after taking office has publicly said, Huadian Group Coal development Goal is, to 2013 control, shares in coal production capacity of more than 100 million tons. The scale will surpass Hebei's largest coal group, China Shenhua, China's biggest coal company, and its current capacity is only 180 million tonnes per year.　　If according to the national "Eleven-Five" plan comparison, Huadian's coal assets can be ranked in the country's top 10.　　Coal production capacity of five years 100 million tons Huadian group is the end of 2002, the state power system was set up in five national wholly state-owned power generation Enterprise Group, currently its listed companies have Huadian International, Qian Yuan Electric power, Huadian power and power south from the country.　　Huadian International This acquisition of the East Easy honest coal industry company currently reserves 128.01 million tons, recoverable reserves of 60.28 million tons, the coal mine is expected to be completed in the first half of next year to put into production, and the million source two coal mining company reserves of 151.51 million tons, recoverable reserves of 72.85 million tons, is expected to be completed and put into The acquisition of these two coal enterprises, not only for the company's power plant to actively expand the supply of coal channels, in particular, the company is located in Shandong Power Generation enterprises to bring more stable coal source.　　At the same time, the company can also achieve stable economic benefits, and to extend the company's upstream and downstream industry chain and find new profit growth points. In the short term, acquisitions also have a positive impact on corporate profitability and share prices. The two coal mines will be put into production in the first half of next year, the total capacity of 1.35 million tons/year, China Merchants Securities that the coal net profit conservative in accordance with 100 yuan/ton calculation, the acquisition of coal mine can increase net profits of 135 million yuan, belong to the company's net profit increase of 94.5 million yuan, equivalent　　such as 20 times multiples, will enable the company to increase the value of 0.39 yuan per share, improve the range of 7%. In the long run, two coal mines will be able to expand capacity, the expansion of the total production capacity reached 3 million tons/year, tons of coal net profit still according to 100 yuan/ton calculation, the acquisition of coal mine can increase the net profit of 300 million yuan, belong to the company's net profits increased by 210 million yuan, equivalent to 0.035 yuan per share earnings.　　In 2007, Huadian International joined hands with Yanzhou coal industry, and Zoucheng City Asset Management company jointly established Huadian Zouxian Power Generation Co., Ltd., responsible for Huadian international Zouxian power Plant four phase two 1 Million-kilowatt generator set project management, joint ventures for the platform to develop coal-electric joint venture. Huadian power of the acquisition of the Hing Edge Mining industry is also for the coal-electric camp.　　Hing Edge Mining reserves of coal 46.8988 million tons, of which recoverable reserves of about 30.5841 million tons, the approval capacity of about 600,000 tons/year, financial data show that the hing edge mining industry in the first 4 months of operating profit of 16.81 million yuan, net profit of 13.5 million yuan.　　China Electric Energy chief Mei Junsu said, Huadian group in the Inner Mongolia not even ditch coal mine, Xinjiang Changji, Shanxi Qinyuan and other large-scale coal mine project construction, but also actively involved in Shanxi, Shaanxi, Mongolia, Nanjing, new and other resources enrichment provinces.　　Two path to enhance profitability for profit, Huadian group in addition to increasing self-sufficiency in coal, but also adopted a financial burden and asset restructuring two ways. Huadian International last year issued 3.5 billion short-term financing coupons and 3 billion medium-term notes, a total of 120 million interest payments. In early June this year, the company Non-public directional additional financing 3.5 billion yuan, used to supplement the construction project capital investment and operating funds. [Page] The Great Wall Securities analyst Zhang Lin that financing can promote performance growth in two ways: first, the company's debt rate fell 4%, from the current 82% to 78%, the company's capital cost from last year's 6.44% to lower than this year's 5%, annual savings at least financial costs 173 million yuan　　Second, the company's additional financing of 33.6% are used in hydropower, wind power projects, significantly increase the proportion of clean energy, optimize the company's power structure, the company's renewable energy consumption from 2.8% to 7.7%. Another way to boost profitability is to restructure assets.　　The Huadian Energy acquisition Hing Edge Mining industry on the group's assets to restructure the speculation: Huadian Group earlier on the power to locate the northeast of the asset integration platform, and currently Huadian group in the northeast of the main power plant has Tieling power plant and Hulan Ergi power plant. The acquisition of a local private coal mine is no doubt beneficial to the local power plant's power generation, followed by a possible takeover of the two power plants.　　The congenial report predicted that Huadian should be able to complete the acquisition next year.　　To compete for Shanxi and Inner Mongolia private coal mine It is noteworthy that Huadian Energy acquisition object Hing Edge Mining is private enterprises, Huadian International acquisition of the two coal mines also for private enterprises. In this regard, Huadian international securities officers to the "investor" stressed that the company more value Shanxi private enterprises coal mine.　　Reporter learned that, in addition to Huadian group, other power generation groups in Shanxi, Inner Mongolia and other local private coal mine contact. Huadian Group is fond of Shanxi private enterprise coal mine has its reason. One is Inner MongoliaAncient coal companies have many peers in contention, now in Inner Mongolia Coal enterprises, in addition to Shenhua and other state-owned coal enterprises, the five power group subsidiaries have already been stationed. Second, the current electricity enterprises are the most important source of coal is still in Shanxi, and Shanxi has a relatively complete coal transport system, which is the Inner Mongolia and other emerging coal provinces incomparable advantages. The most important part of the annual coal fair is to determine the volume of traffic ahead of time, without transportation, and no amount of coal will come out.　　Coal expert Li Chaolin said.　　And since the beginning of the coal-electric Top "cattle", making some large state-owned coal enterprises to form a profit alliance, unanimously opposed to power generation enterprise coal price decline requirements, and the United Front oath not to relent, which makes the power generation enterprises only to seek cooperation with private coal enterprises. At the same time, in Shanxi coal mine state-owned enterprises in the general trend of integration, for small and medium-sized private coal mines, technical backwardness and sales target instability in recent years more and more prominent, with large-scale electric enterprises, but also become a lot of private coal mine urgent expectations.