Energy-saving wind power (601016) Company dynamics: New projects put into operation and abandon wind power restriction improved to promote performance growth

Energy-saving wind power (601016) Company dynamics: New projects put into operation and “abandon wind power restriction” improved to promote performance growth
Dynamic events The company released its 2018 annual report.In 2018, the company achieved operating income of 23.7.6 billion yuan, an increase of 26 over the same period last year.96%; net profit attributable to shareholders of the listed company is 5.USD 1.5 billion, a year-on-year increase of 29.11%; net non-recurring profit or loss attributable to shareholders of the listed company is 4.88 ppm, an increase of 30 over the same period last year.52%; basic profit return is 0.12 yuan.The profit distribution plan for 2018 is: 0 cash for every 10 shares.464 yuan (including tax). Main point of view performance growth Nearly 30% of the company’s main business is the development, construction and operation of wind power projects.As of the end of 2018, the company’s grid-connected installed capacity reached 261.470,000 kilowatts, thus achieving online electricity 57.At 6.5 billion kilowatt hours, the average utilization hours were 2,249 hours, which was higher than the national average of 154 hours and higher than the same period of the previous year at 190 hours. In 2018, the company achieved operating income23.76 ppm, an increase of 26 in ten years.96%; net profit attributable to shareholders of the listed company is 5.15 ppm, an increase of 29 in ten years.11%.The increase in revenue and profit was mainly due to the increase in newly-commissioned projects and the improvement of “abandoned wind and electricity restriction”. In February 2018, the company was 17 in White Rock, Australia.The 50,000 kilowatt project was put into operation and realized business income increased by 2 compared with the previous year.830,000 yuan, realized income of 62.38 million yuan.In April 2018, the Guangyuan Jiange Tiantaishan Wind Farm project was put into operation and realized a revenue of 2586.530,000 yuan. “Abandoned wind and electricity restriction” improved in 2016, 2017, and 2018. The company ‘s potential power generation due to “abandoned wind and electricity restriction” was 1,356.5 million kilowatt-hours, 1,17,261 million kilowatt-hours, and 111,321 million kilowatt-hours, respectively.27 of generating capacity.08%, 19.64% and 16.92%.In the past two years, the company’s “abandonment of wind power” has improved significantly.With the accelerated construction of green power transmission channels and the increase in the company’s participation in local multilateral transaction sales, the situation of “abandoning wind and limiting power” has eased. The gross profit margin increased in 2018, and the company realized revenue from wind power main business23.70 ppm, main business cost11.5.0 billion, a year-on-year increase of 27.37% and 21.13%, gross margin 53.37%, an increase of 2 over the previous year.40 units. The proportion of market-oriented transactions increased in 2018, and the company’s market-oriented transaction power was 19.1.7 billion kWh, an increase of 35 over the same period last year.92%, accounting for 33% of the total online power.26%, an increase of 3.48 units. The reserve of projects under construction and preparation as of December 31, 2018, the total installed capacity of the company’s projects under construction is 166.750,000 kilowatts, with a total installed capacity of 226 foreseeable projects.800,000 kilowatts.And while accelerating the development and construction of wind farms, increase market development efforts in the central, eastern and southern regions, and develop follow-up projects in areas such as Hubei, Guangxi, Zhejiang, Henan, Sichuan and other existing projects., Chongqing, Jiangxi, Shandong and other regions carry out preliminary surveys and wind surveys of wind power projects to expand resource reserves. Reduced risk CDB Finance Co., Ltd. holds the company’s unlimited shares in circulation3.4.0 billion shares, accounting for 7 of the company’s total shares.32%, CDB Financial plans to reduce the company’s shares through centralized bidding and block trading.The reduction in holdings through centralized bidding shall not exceed 8,311.120,000 shares (that is, not more than 2% of the total number of shares in the company), which will be reduced by not more than 16,622 through block transactions.240,000 shares (that is, not more than 4佛山桑拿网% of the company’s total shares), and the total reduction of shares does not exceed 24,933.360,000 shares (that is, not more than 6% of the total number of shares of the company), and at the same time arbitrarily consecutive 90 days, reduce the holding of not more than 1% of the total number of shares of the company through centralized bidding, and not exceed 2% of the total number of shares of the company through block trading.The reduction price is determined according to the market price. Risks indicate industry policy risks, risk concentration in wind direction areas, risk of abandoning wind power, and risk of reduction of holdings. Investment advice: In the next six months, give a “cautious increase” rating. We forecast a 10-year return from 2019-2021 of zero.14 yuan, 0.17 yuan and 0.At 21 yuan, the corresponding 杭州桑拿网 dynamic urban surplus has been reduced by 22 times, 18 times and 15 times. The company estimates that it is slightly higher than the industry average valuation.We believe that the company ‘s “abandonment of wind and electricity” conditions have improved, and projects under construction and preparation are conducive to continued growth and maintain the company ‘s “cautious increase” rating.