Shanghai Electric Power (600021)： Non-recurring gains and losses are prominent, and performance has been steadily promoted.

Shanghai Electric Power (600021): Non-recurring gains and losses are prominent, and performance has been steadily promoted.

Event: The company released its 2018 annual report.

Initially achieved operating income of 225.

79 ppm, an increase of 18 years.

54%; net profit attributable to mother 27.

690,000 yuan, an increase of 178 in ten years.

53%, in line with Shen Wanwanyuan’s expectations.

The company released the 2019 first quarter report.

Achieved 58 in the first quarter.

28 ppm, an increase of ten years.

78%; net profit attributable to mothers2.

700,000 yuan, an increase of 182 in ten years.

12%, in line with Shen Wanhongyuan’s expectations.

Investment points: installed capacity and production + supply and demand have driven revenue growth, and Yangshupu’s land investment income has significantly increased profits.

Benefiting from the commissioning of 2 * 1 million kilowatt units of Jiangsu Company in 2017Q4, the company’s new energy installed capacity increased significantly, and the company actually achieved 484 power generation.

7.6 billion kWh, an annual increase of 18.

19%, of which thermal power, wind power and photovoltaic increased by 16.

72%, 12.

83% and 74.

86%, driving the company’s revenue to increase significantly.

The company’s affiliated Yangshupu plant was shut down in 2010. In 2018, the company invested in the land of Yangshupu Power Plant to set up Xinyu Real Estate with Yangshupu Real Estate. The company held 49% of the shares, so it recognized investment income20.

77 trillion, a significant increase in performance.

The company completed 125 generations in the first quarter.

8.3 billion kWh, a decline of 1 each year.

86%, mainly due to the significant increase in calls outside Shanghai, the company’s coal-fired power generation decreased 7.
.

91%, while gas, wind, and photovoltaic power generation still maintained rapid growth.

Accelerating cleanliness and transformation, the total installed capacity of new energy accounts for more than 40%, and offshore 深圳桑拿网 wind power has entered a period of rapid growth.

As of the end of December 2018, the company’s holding installed capacity was 1500.

250,000 kilowatts, of which 8.48 million kilowatts of coal power, 239 of gas power.

180,000 kilowatts, wind power 192.

190,000 kilowatts, photovoltaic 220.

880,000 kilowatts, a total of 43 clean energy installed capacity.

48%.

The company added 178 new energy installations in 2018 for ten years.

470,000 kilowatts, an increase of 76 in ten years.

At 07%, Jiangsu Yancheng Binhai North H2 Offshore Wind Power and Jiangsu Dafeng H3 Offshore Wind Power achieved full capacity grid-connected power generation.

The 1.1 million kilowatt offshore wind power of Jiangsu company was approved, and the 400,000 kilowatt offshore wind power of Zhejiang company Shengsi was approved. By the 深圳桑拿网 end of 2018, the total installed capacity of offshore wind power was 80.

240,000 kilowatts, 1.4 million kilowatts approved, 300,000 kilowatts started.
We actively responded to the implementation of the “Belt and Road” initiative and accelerated overseas projects.
The company’s overseas projects progressed rapidly in 2018, and the Montenegro wind power project achieved the first batch of wind turbines connected to the grid for power generation.

Turkey’s coal power project has completed the National Development and Reform Commission, the Ministry of Commerce’s record update and license change, and positive progress has been made in financing.

Equity mergers and acquisitions in Pakistan’s KE project, gas power in developing countries, coal power in Egypt, new energy in Japan, photovoltaic photovoltaic, etc. have been advanced in an orderly manner.

Pioneer overseas sector achieved profit 3.

83 ppm, an increase of 42 in ten years.

92%, return on net assets after tax 9.
.

45%, rising by 1 every year.

79 units.

As of the end of 2018, the ratio of the company’s overseas assets to total assets was 9.

34%, overseas expansion is worth looking forward to.

Earnings forecast and estimation: We temporarily maintain 2019-2020 net profit attributable to mothers respectively at 13.
.

23, 14.

The net profit attributable to mothers is expected to increase by 15% to $ 9.1 billion in 2021.

840,000 yuan, the corresponding EPS is 0.

51, 0.

57 and 0.

61 yuan / share, the current sustainable corresponding PE is 18, 16 and 15 times, maintaining the “overweight” level.