Rising net profit of Guo electric power is affected by coal price

October 30, National Electric Power (600795) SH) released the 2010 quarterly Business Report, January-September, the company realized operating income of 24.584 billion yuan, an increase of about 18.6% per cent, to achieve the parent company's net profit of 1.321 billion yuan, down 28.56%.　　In July-September, the company realized operating income of 8.636 billion yuan, an increase of 21.5%, to achieve net profit of 461 million yuan, a big drop of 49.85%. Ping An securities researcher Wang fan that the large decline in the performance of the country's electric power is mainly due to the rising cost of coal prices, and the net price has not been adjusted accordingly. The first three quarters, benefited from the national thermal Power utilization of the hourly pick-up and new production unit contribution, the company sold electricity growth of 21.39% year-on-year, led to the growth of business income.　　But subject to the industry's profit dilemma, the company's good growth can not be reflected in the growth of performance. August 5, 2010, the power of the General Assembly of shareholders to consider the adoption of a publicly issued a shares of the relevant bills, the proposed release of not more than 3 billion shares, raise funds not more than 9.7 billion yuan, for the acquisition of China National Electric Group Holdings of related power assets and investment company's own projects.　　The third quarterly disclosure, the program is currently in the CSRC approval process. Wang Fan said that the impact of the asset injection on the shareholder's thickening effect still depends on the level of asset pricing.　　From the past several pricing, the thickening effect is relatively limited, so the effect of the injection is still to be observed. State Power's performance embarrassment is not a case, according to statistics, the first three quarters of more than 40% of the power listed companies lost or profit decline.　　According to the latest report released by the ITU, as the market price of coal rose more than 100 yuan/ton in the previous year, plus other factors, the five power groups to the plant standard coal unit price increases on average more than 15%, operating pressure is huge. Wang Fan said that under the background of energy saving and emission reduction and resource price 栺 reform, the current price adjustment is relatively optimistic. Once the electricity price is rectified, the industry investment opportunity arrives, the National Electric Power is one of the industry leading enterprises with good growth, will have the strong investment value.