Securities Star News, May 24, 2024 Power input energy (002128) released an announcement that the company will accept institutional research on May 24, 2024, Cinda Securities Gao Sheng, Liu Bo, Li Chunchi, Xing Qinhao, Shanghai Qianxin Investment Management Co., Ltd., Cui Yunchuan, Zhonghan Life Insurance Co., Ltd., Lv Guojin, Qianhai Kaiyuan Fund Management Co., Ltd., Kong Fang, Nord Fund Management Co., Ltd., Gu Yu, China Europe Fund Management Co., Ltd., Zheng Sien, Xingzheng Global Fund Management Co., Ltd., Liu Yang Chen Xin and Lu Yan from ICBC Credit Suisse Fund Management Co., Ltd., Chen Boxian and Xuan Junjie from Sunshine Asset Management Co., Ltd., Meng Huawei and Zhang Haiqing and Lu Songxin from Value Source Private Fund Management Co., Ltd. participated.
The details are as follows:
Q: The company leaders will introduce the production and operation of the whole year of 2023 and the first quarter of 2024.
Answer: By the end of 2023, the company assets The total amount is 48.501 billion yuan, and the equity attributable to shareholders of listed companies is 30.887 billion yuan. In 2023, the company will realize business income 26.845 billion yuan, belonging to shareholders of listed companies Net profit 4.56 billion yuan, Earnings per share 2.11 yuan. By the end of 2023, the company has produced 46.547 million tons of raw coal, generated 8.7 billion kWh of electricity, and produced 875000 tons of electrolytic aluminum.
By the end of March 2024, the total assets of the company were 51.854 billion yuan, and the equity attributable to shareholders of listed companies was 33.01 billion yuan. In the first quarter of 2024, the company realized an operating income of 7.344 billion yuan, net profit attributable to shareholders of listed companies of 1.944 billion yuan, and earnings per share of 0.87 yuan. By the end of March 2024, the company has produced 12.7932 million tons of raw coal, 2.708 billion kilowatt hours of power generation, and 223400 tons of electrolytic aluminum.
Q: What are the remaining mining life of No.1 Open pit Mine in Huolinhe Coalfield and Zhahanaoer Open pit Mine in Huolinhe Coalfield? Does the company have any other measures to increase the reserve of coal resources?
Answer: The remaining mining life of No.1 Open pit Mine is about 20 years, and that of Zahanaoer Open pit Mine is about 30 years. The company has no measures to increase coal resource reserves. 3. Bai Yinhua promised to inject coal assets
Q: How is the progress of No.3 Mine?
Answer: The relevant procedures for the Land Use Certificate of Baiyinhua No. 2 and No. 3 Mines have been completed. The company will earnestly fulfill relevant commitments and actively promote relevant work.
Q: Does the company have plans to increase its existing mines? What is the current form of safety supervision in Inner Mongolia?
Answer: The company's existing mines have no plan of increase. Power Investment Energy always regards safety as the premise and foundation of all work, earnestly fulfills the responsibility of central enterprises, and makes every effort to prevent and resolve all kinds of risks. From January to March, the company's production safety situation was stable, and no production safety incidents occurred.
Q: The company's cost per ton of coal is actually very low. What rigid costs will continue to increase if the cost is split?
Answer: With the advancement of production and mining of open pit coal mines, it is necessary to continuously requisition and occupy new land for continuous production use. The requisition and occupation of land need to go through construction land procedures, pay land transfer fees, and obtain land use rights, so there are stages intangible assets Increase in amortization expense; According to the international market and monetary policy The price of raw materials for bulk goods (diesel, tires, gunpowder, etc.) has risen.
Q: Is there still room for the company's sales price to rise? What is the calorific value of each mining area?
A: At present, the company's sales price has no room for improvement. The calorific value of the company's coal is between 2800-3700 kcal/kg, and the overall calorific value of Zahanaoer Open pit Mine is slightly higher than that of No.1 Open pit Mine.
7. What is the current coal sales structure? What is the proportion and price of long-term coal and market coal respectively? What are the changes compared with last year?
In the current sales structure of the company, the sales volume of internal users of the group accounts for about 70%, of which the sales volume of the company's own power plants accounts for about 30%. The proportion of the company's long-term coal and market coal is about 85:15. In the first quarter, the average price of coal excluding tax was about 266 yuan, with a certain increase compared with last year.
Q: What is the sales proportion of self produced coal for self use? Is the average price equal to the price of coal sold?
Answer: About 30% of the company's self produced coal is for self use. The self used coal and the sold coal shall be of the same quality and price, and the price shall be the same.
Q: What is the current regional utilization level of thermal power of the company?
Answer: From January to March 2024, the company's thermal power utilization hours will be close to 1200 hours. The utilization hours of thermal power in the first quarter of East Mongolia are about 1127 hours.
Q: How about the company's investment scale and progress in the field of new energy power generation?
Answer: In 2024, the company will invest nearly 4.7 billion yuan in large and medium-sized infrastructure projects, including 4.2 billion yuan in new energy large and medium-sized infrastructure projects. In the first quarter of 2024, the accumulative investment completed is about 350 million yuan. At present, all projects are carried out as planned.
Q: The scale of new energy power generation on grid, whether it will be mainly on grid in the future, and what is the current utilization level by region?
Answer: In the first quarter of 2024, the average utilization hours of wind power equipment in eastern Mongolia will be about 689 hours, and the average utilization hours of photovoltaic equipment will be about 414 hours; The average utilization hours of wind power generation equipment in western Inner Mongolia are about 658 hours, and the average utilization hours of photovoltaic power generation equipment are about 347 hours.
Q: What is the expected profit contribution rate of wind and solar power business in the future? It is predicted that by the end of the 14th Five Year Plan, how likely is it that new energy power generation will become another supporting point for profit growth?
Answer: In 2023, the company's new energy business attributable to the parent accounted for about 5.6% of the net profit, and in the first quarter of this year accounted for about 6.5%. The profit contribution of new energy business is increasing year by year. By the end of 2023, Tongliao 1 million wind power, Alxa 400000 wind power, Abaga Banner 500000 wind power and other projects will be put into production, which will reflect the profit contribution in the future business period. With the promotion of the project and the commissioning of new projects, the profit contribution of new energy business will increase year by year.
Q: What is the company's planned new energy installation scale, production pace and current projects by the end of the 14th Five Year Plan?
Answer: The planned production scale is about 700000 kW in 2024, and about 2 million kW in 2025. At present, the determined projects mainly include the Huolinhe Circular Economy Demonstration Project Phase VI and Phase VII 650000 kW wind power projects.
In 2024, the installed capacity of new energy is expected to be about 5 million kilowatts. Wind power is about 4 million kilowatts.
In 2025, the scale of new energy is expected to reach 7 million kilowatts.
Q: In 2023, the gross profit rate of the three major sectors of coal, electricity and aluminum will be 4%, 5% and 9% respectively. What is the profit outlook for this year's electrolytic aluminum business segment?
A: According to the current aluminum price and raw material price level, the whole year is expected to be better than the plan at the beginning of the year.
Q: How about the increment of electrolytic aluminum business? Are there any plans for further business expansion?
Answer: The company is actively promoting the preliminary work of Zhalv Phase II project and performing relevant procedures. The project is expected to be put into production by the end of December 2025.
Q: Can the power generation of the self owned power plant of electrolytic aluminum fully match the power demand of electrolytic aluminum? Do you still need to purchase electricity?
Answer: All power sources are self owned power plants, including 1.8 million kilowatts of thermal power installations, 0.9 million kilowatts of wind power installations, and 150000 kilowatts of photovoltaic installations. When the unit is overhauled or the new energy is insufficient, the grid company will provide the standby power supply.
Q: What is the current green electricity ratio of electrolytic aluminum? Is there a further high level with the development of the company's green power business in the future? Can the cost of electricity per kilowatt hour of electrolytic aluminum decrease with green electricity?
Answer: At present, the company has formed 860000 tons of electrolytic aluminum capacity, which accounts for nearly 30% of green power. With the commissioning of the second phase of Zhalv and supporting new energy projects, the company's 1.21 million tons of electrolytic aluminum capacity, which accounts for about 40% of green power, has an average price of about 0.2 yuan/kilowatt hour. After increasing the proportion of green power, the cost of electricity can be reduced.
Q: The net profit of Inner Mongolia Huomei Hongjun Aluminum Power Co., Ltd. was only 8.6 billion yuan, a sharp decrease over the previous 22 years. Apart from the decrease in aluminum prices, has the cost increased in the past 23 years?
Answer: The year-on-year profit reduction of Inner Mongolia Huomei Hongjun Aluminum Power Co., Ltd. in 2023 is mainly due to the lower price of aluminum products. The full cost in 2023 is lower than that in 2022.
Q: The current progress of Zhalv Phase 2? Does the company prioritize which business to develop in the future in the integrated development strategy of coal, electricity and aluminum? Will the current business revenue structure be maintained? Or green power as the core of business development? The company is actively promoting the relevant work in the early stage of the second phase project of Zhalv, and fulfilling the relevant procedures. The project is expected to be put into production by the end of December 2025.
Answer: In the future, the company still adheres to the general idea of "power generation by coal, aluminum smelting by electricity, electrification by aluminum, and coal promotion by electricity". By the end of 2023, the company has coal production capacity of 48 million tons/year, thermal power installed capacity of public grid units of 1.2 million kilowatts, electrolytic aluminum production capacity of 860000 tons/year, and new energy installed capacity of 4.552 million kilowatts. The company has built the Huolinhe circular economy demonstration project with an annual consumption of about 9 million tons of coal, 1.8 million kilowatts of thermal power installed capacity, 900000 kilowatts of wind power installed capacity, 150000 kilowatts of photovoltaic installed capacity, 860000 tons of electrolytic aluminum capacity and supporting facilities. It is the world's first "coal electricity aluminum" circular economy green industrial cluster. According to the principle of "power generation with coal, aluminum smelting with electricity, aluminum electrification with electricity, and coal promotion with electricity" The overall idea is to build a demonstration area for the clean development of high energy carrying industries, consolidate the sustainable development ability of coal resources, and realize the transformation and upgrading of the industrial chain dominated by traditional coal power to the comprehensive smart energy industrial chain of "coal power+green energy base+industrial cluster".
Q: The company's asset liability ratio has declined year by year and is lower than the industry average. How does the company manage the asset liability ratio?
Answer: The company has improved its profitability through measures such as improving quality and efficiency. In recent years, the company's profits have increased year by year. Optimize through equity financing and other measures ownership structure , 2023 Private placement The stock price is 4 billion yuan. Strengthen capital control, do a good job in capital budget, strictly control the investment progress within the budget, reasonably control the loan scale, and prevent "double high deposit and loan". Through the above measures, reasonably control the asset liability ratio at a low level.
Main business of Power Investment Energy (002128): including coal and aluminum, electricity, new energy business, etc.
The first quarter report of Power Investment Energy in 2024 shows that the company's main revenue is 7.345 billion yuan, up 7.32% year on year; Net profit attributable to the parent company was 1.944 billion yuan, up 20.21% year on year; Deduct non net profit 1.914 billion yuan, up 20.84% year on year; The debt ratio is 29.3%, the investment income is 10.0969 million yuan, the financial expenses are 55.2362 million yuan, and the gross profit rate is 44.37%.
In the last 90 days, a total of 11 institutions have given ratings on the stock, including 10 buying ratings and 1 overweight rating; The average target price of the institution in the past 90 days is 25.29.
The following is the detailed profit forecast information:
Financed funds and bonds data showed that the stock's net financing inflow in the past three months was 167 million, and the financing balance increased; The net inflow of securities lending was 3.3033 million, and the balance of securities lending increased.
The above content is sorted out by Securities Star according to the public information and generated by the algorithm (WXJB No. 310104345710301240019), which has nothing to do with the position of our website. If there is any problem with the data, please contact us. This article is for data collation, and does not constitute any investment suggestions for you. Investment is risky, so please make prudent decisions.
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