Yangtze Power:Access China conference highlights

类别:公司研究 机构:德意志银行 研究员:Michael Tong,Hanyu Zhang 日期:2018-01-15

Yangtze Power attended our AccessChina 2018conference and we lay out thekey takeaways below:

    Power output: The water inflow improved much in 2H17and the totalgeneration in 2017was up by 2.4% yoy (vs. 4% decrease in 1H17). ThreeGorges/Gezhouba recorded 4.4%/4.1% generation growth while Xiluodu’s outputremained flattish and Xiangjiaba’s output decreased slightly by 1.2%. Accordingto the management, there are 6bn kwh power curtailment in 2017(vs. 210.8bnkwh total power output) mainly in Xiluodu/Xiangjiaba and management expects itto decrease going forward. The synchronized dispatching among Yangtze’s fourhydro plants has contributed 9.6bn kwh additional power output in 2017andmanagement believes there is still further room to improve.

    Tariff updates: Yangtze Power just announced the tariff hike for its Xiluodu/Xiangjiaba (effective on Jul 2017) due to the mid-year tariff hike for thermal power.Tariff was raised by Rmb1.9/mwh to Rmb326.3/mwh for Xiluodu (Right) and wasraised by Rmb4.6/mwh to Rmb300.6/mwh for Xiluodu (Left) and Xiangjiaba. Outof the total 210.8bn kwh power output in 2017, around 12bn kwh is market-basedvolume with a price discount of c.Rmb20/mwh.

    Capital deployment: Yangtze has budgeted Rmb12bn/year for externalinvestments for next 2-3year. They will mainly focus on hydro/power retail sectorin domestic market and are also interested in overseas opportunities in hydro/power retail/gas power sector.

    Other key takeaways: The company is aware of the draft version notice by NDRCto reduce the VAT for hydro power, but they are still waiting for further officialupdates on this. Mgmt expects the financial cost to drop yoy in 2017and remainflattish in 2018with some reduction in total debt offset by higher effective interestrate. Yangtze will stick to its dividend policy of no less than Rmb0.65/sh for2017-20.

股票代码 股票名称 最新价(元) 涨跌额(元) 涨跌幅(%) 成交额(万元) 成交量(手)
600900 @nn@ @n@ @c@ @cc@ @v@ @t@

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报
桃李面包 中性 -- 研报
建设银行 持有 -- 研报
工商银行 持有 -- 研报
农业银行 持有 -- 研报
招商银行 持有 -- 研报
宁波银行 持有 -- 研报
口子窖 持有 -- 研报
今世缘 持有 -- 研报
海天味业 持有 -- 研报
伊利股份 买入 -- 研报
中炬高新 买入 -- 研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
华泰证券 0.47 0.35 研报
意华股份 0 0 研报
剑桥科技 0 0 研报
亿联网络 0 0 研报
移为通信 0 0 研报
中兴通讯 1.14 0.49 研报
申通快递 0.54 1.19 研报
韵达股份 0.18 0.18 研报
圆通速递 0.88 0.76 研报
东方航空 0.47 0.32 研报
中国国航 0.86 0.43 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
贵州茅台 37 持有 买入
中信证券 34 持有 买入
三一重工 34 持有 买入
贵州茅台 28 买入 买入
隆基股份 27 买入 买入
华泰证券 27 持有 买入
上汽集团 26 买入 买入
五粮液 26 持有 买入
中顺洁柔 26 持有 买入
通威股份 25 买入 持有
中国国旅 25 持有 买入
万科A 24 买入 中性
三一重工 23 持有 买入
保利地产 23 买入 买入
恒瑞医药 23 买入 买入
伊利股份 23 持有 买入
芒果超媒 23 买入 买入

行业关注度

更多>>
行业名称关注度关注股票数买入评级数
电子信息 419 73 226
汽车制造 364 30 216
钢铁行业 340 28 212
化工行业 278 52 96
电子器件 277 48 156
金融行业 276 23 134
生物制药 242 42 138
建筑建材 239 33 122
机械行业 209 42 91
酿酒行业 180 16 103
家电行业 180 14 111
房地产 179 22 117
酒店旅游 179 20 62
交通运输 162 22 75
食品行业 146 21 68
有色金属 141 33 56
商业百货 136 19 79