Funeng Shares (600483): Significant recovery of thermal power Offshore wind power will become a core growth point

Funeng Shares (600483): Significant recovery of thermal power Offshore wind power will become a core growth point
The company released the 2011 Annual Report, reporting that the two companies achieved operating income of 93.50,000 yuan, an increase of 37 in ten years.6%, net profit attributable to shareholders of listed companies10.5 ppm, an increase of 24 in ten years.5%.In 2018, the company’s total installed capacity was 484.10 kilowatts, 172 on-line electricity.6.6 billion kWh, an increase of 69 in ten years.4%. The performance of thermal power has improved significantly, and the utilization hours have increased rapidly: the company’s coal-fired power generation in 2018 was 136.400 million kilowatt-hours, an increase of 112% per year, the first is the increase in six branches and the utilization hours.Hongshan Thermal Power has reached a record high of 5,835 hours, and gradually realized net profit.390,000 yuan, an increase of 47 in ten years.2%.In addition, in the first half of the year, the company obtained equity investment in China Resources Wenzhou1.1.8 billion, thermal power sector is the main reason for the company’s performance growth. Offshore wind power has a high growth rate and will be put into production in 2019. Due to the worse wind conditions than last year, 南宁桑拿 the company’s wind power utilization hours are 2,692 hours, and every 145 hours, the net profit of the new energy subsidiary is 4.22 trillion, down 8 a year.3%.At the end of 2018, the company’s wind power installed capacity was 714MW, with an additional 50MW connected to the grid.In 2019, the company’s wind power grid connection speeds up, and 40MW has been added to the grid in four months, and it has gradually promoted the onshore wind power production of more than 100MW.Offshore wind power has been approved for a total of 898MW, of which 400MW is under construction. It is expected to put into production more than 120MW. The company has significant advantages in offshore wind power resources. Offshore wind power will become the most important performance growth point in the future. Gas and electricity are affected by asset 无锡桑拿网 impairment, and future profitability is enhanced: The company’s gas and electricity profit is mainly affected by the annual cost replacement compensation policy of the Fujian Economic and Information Commission, and its profit is basically stable in the long run.In 2018, the net profit of Jinjiang Gas and Electricity’s subsidiary was 41.39 million yuan, an increase of 26.41 million yuan per year. Jinjiang Gas and Electricity Unit No. 2 was upgraded and the fixed assets impairment affected part of the net profit.The electricity replacement policy in 2019 has been implemented, and the gross profit is expected to be about 6.10,000 yuan, an increase of 0 from the replacement gross profit in 2018.43 trillion, net profit of gas power is expected to rise to about 1 trillion. Earnings forecast: The company’s EPS for 2019-2021 is expected to be 0.90, 1.07 and 1.26 yuan, maintain “Buy” rating. Risk warning: wind power replenishment exceeds expectations, coal prices remain high