Events
On January 24, 2022, the Shanghai Composite Index closed at 3524.11 points, up 0.04%; Shenzhen composite index closed at 14081.80 points, up 0.37%; The power sector index closed at 3216.91 points, down 0.07%. Among them, the top three companies in the photovoltaic equipment sector are: Yingkou Jinchen Machinery Co.Ltd(603396) (603396. Sh, 10.01%), Ginlong Technologies Co.Ltd(300763) (300763. SZ, 9.76%), Ja Solar Technology Co.Ltd(002459) (002459. SZ, 8.82%). The top three companies in the wind power equipment sector are: Xiangtan Electric Manufacturing Co.Ltd(600416) (600416. Sh, 7.52%), Shenzhen Hopewind Electric Co.Ltd(603063) (603063. Sh, 7.47%), Zhejiang Windey Co.Ltd(300772) (300772. SZ, 7.46%). The top three companies in the thermal power sector are: Huaneng Power International Inc(600011) (600011. Sh, 3.78%), Shenergy Company Limited(600642) (600642. Sh, 0.89%), Guangzhou Hengyun Enterprises Holdings Ltd(000531) (000531. SZ, 0.83%).
Comments
On January 19, Premier Li Keqiang presided over an executive meeting of the State Council to further strengthen the guarantee of coal, electricity, oil and gas transportation and market supply in the next stage, especially during the Spring Festival. The meeting proposed to give full play to the role of the inter ministerial coordination mechanism of coal, electricity, oil and gas transportation, consolidate the territorial responsibility of local governments and the main responsibility of enterprises to ensure energy supply, maintain normal coal production, and give priority to ensuring the transportation of coal for power generation and heating. Support coal-fired power enterprises to make full use of their power, increase the power generation output of new energy through multiple channels, make good use of cross provincial and cross regional transmission channels, and strengthen mutual assistance between surplus and shortage. Promote safe and full load production of oil and gas fields, strive to ensure oil and gas supply, and strengthen the guarantee of heating energy in winter in areas with tight resources in the north. With the Spring Festival and Winter Olympics approaching, the demand for electricity for production and life is also increasing. The strong demand also makes the price of thermal coal continue to rise. As of January 21, the spot price of thermal coal has exceeded 1000 yuan / ton. The rise in price will put some pressure on the profits of traditional thermal power enterprises.
Industry dynamics
\u3000\u30001. Wuling power’s power generation reached a new high in 2021, with an additional 2 billion kwh compared with 2020: in 2021, Wuling power generated 29.698 billion kwh, an increase of 2 billion kwh compared with last year, a year-on-year increase of 7.22%. In terms of hydropower, under the condition that the water is seriously dry in the second half of 2021, the 13 directly managed hydropower plants of Wuling power still have a cumulative power generation capacity of 18.007 billion kwh, an increase of 230 million kwh over the five-year average, maintaining the main support position of the company’s profits. (red net)
\u3000\u30002. China Huadian signed a strategic cooperation agreement with Linfen: on the afternoon of January 13, Linfen municipal government signed a strategic cooperation agreement with China Huadian Group Co., Ltd. to speed up the construction of Puxian pumped storage project and Xixian million kilowatt clean energy base project, so as to promote the in-depth development of the energy revolution. Puxian pumped storage project, with a total investment of about 7 billion yuan, mainly constructs upper reservoir, lower reservoir, underground powerhouse, water transmission and power generation system, etc. after the completion of the project power station, the annual power generation is expected to be 2 billion kWh and the annual output value is about 500 million yuan. (Century Energy Network)
Company dynamics
Lingda Group Co.Ltd(300125) (300125): in accordance with the accounting standards for business enterprises, the guidelines for the standardized operation of companies listed on the gem of Shenzhen Stock Exchange and the company’s accounting policies, in order to more truly and accurately reflect the company’s financial position and operating results as of December 31, 2021, based on the principle of prudence, The company and its subsidiaries within the scope of consolidation conducted impairment tests on various assets at the end of 2021, and made provision for impairment of assets with signs of impairment. The company’s assets with provision for impairment this time include accounts receivable, other receivables, notes receivable and inventory. The total amount of provision for impairment is 15.958 million yuan, all of which are included in 2021.
Risk tip: the epidemic fluctuation is higher than expected, the price fluctuation risk of raw materials, and the rise of electricity price is lower than expected.
