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In 2002, the power grid of the State Power Corporation was separatedFive major power generation groupsSince then.
Founded in 1985, the big brother - China Huaneng Group has always been the leader, ranking first in the country in terms of installed thermal power capacity;
In 2015, the originally weak China Power Investment Corporation reorganized with the State Nuclear Power Corporation to form the State Power Investment Corporation;
In 2017, Guodian Power and China Shenhua also formed a brotherhood to form the National Energy Group.
Today, only Datang Group and Huadian Group remain, neither the scale of the big brother Huaneng, nor the strong allies (the market speculates that the pair of brothers and sisters may merge?). ）。
*:Encyclopedia.
Datang Group and Huadian Group each have two listed power generation companies:Datang Power GenerationHuadian International
Among the five major listed power generation companies, Datang Power Generation and Huadian International are also relatively mediocre. However, there is a big gap between the two in horizontal comparison.
First, coal prices stabilized and performance differentiated
In terms of revenue scale, Datang and Huadian are almost the same. In the first three quarters of 2023, it achieved revenue of 9061.9 billion, 9072.5 billion.
But from the perspective of profits, in 2022, DatangLossesThe scale is HuadianDoubleAbove. In the first three quarters of 2023, DatangProfitThe scale is about only HuadianHalf
*: Collation of public data.
Through this set of data, it can be seen that in the past two years, the performance of Datang and Huadian has shown obviousBig ups and downs。The reason for this is mainly because——Coal prices
In 2021, due to factors such as the Russia-Ukraine conflict and radical decarbonization, there was an imbalance between coal supply and demand, and coal prices skyrocketed, which in turn led to thermal powerThe cost of electricity generationSoaring. In that year, Datang and Huadian suffered huge losses of 999.1 billion, 836.8 billion. Roughly calculated, the two major power generation groups are averageLost 100 million in 2 days
Fortunately, as coal supply and demand warmed, coal prices fell. In 2023, Datang and Huadian will successfully come back to life, and they will achieve a non-net profit of 21 in the first three quarters9 billion, 416.2 billion.
At present, coal prices have fallen back to a stable range, and the performance of Datang and Huadian has also returned to normal levels.
*: Straight flush ifind
However, in horizontal comparison, in the face of the same external environment, the profitability of Datang and Huadian is about twice as poor.
Especially if you compare it furtherAssetsscale, as of the end of the third quarter of 2023, the total assets of Datang and Huadian are 30101.2 billion, 22137.8 billion; The net assets were 9350 billion, 8465.9 billion.
Obviously, Datang's asset investment is significantly higher than that of Huadian.
The input is high and the output is small, and the loss is more and the profit is less. Today, Datang Power Generation has fallen to this step.
Second, the efficiency is low, and the interest is high
So, where is the investment in Datang Power Generation?
Let's look at two sets of data:
As of mid-2023, Datang Power has operating enterprises and projects under construction in 19 provinces, municipalities and districts across the country, with an in-service installed capacity of 72,25237 MW (in operation);
As of mid-2023, Huadian International operates power generation assets in 12 provinces, municipalities and districts across the country, with a holding installed capacity of 57,28424 MW.
In other words, in terms of investment in power generation assets, Datang is much higher than Huadian International. However, in the same operation of power generation assets, Datang's efficiency is far inferior to that of Huadian.
Specifically, in the first half of 2023, Datang Power Generation's full-caliber units will be utilized for hours1807 hours, a year-on-year increase of 4 hours; The average utilization hours of Huadian International generator sets1947 hours, an increase of 83 hours year-on-year.
*: Datang Power 2023 semi-annual report.
Not only that, in the first half of 2023, Datang will settle the electricity price on average feed-inYuan megawatt hours; Huadian feed-in tariffYuan megawatt hours;
*: Huadian International 2023 semi-annual report.
In other words, compared with Huadian International, Datang not only has a lower utilization hours of units, but also has a cheaper feed-in tariff, resulting in Datang's input-output ratio being far inferior to Huadian International.
In addition, from the perspective of profits, the gap between Datang and Huadian is far more than that.
In fact, from the perspective of gross profit margin, Datang is no worse than Huadian. In the first three quarters of 2023, Huadian's gross profit margin was only 692%, while Datang's gross profit margin has 1076%。As for the reason for the difference, it is most likely related to the business structure. In the first half of the year, about 95%** of Datang's revenue was in the power generation sector, while Huadian's coal and heating sectors accounted for about 2% of its revenue.
*: Straight Flush - data for the first half of 2023, Datang Power (left) and Huadian International (right).
However, Datang, which has a higher gross profit margin, has a net profit margin about one point lower than that of Huadian (4.).52%, Huadian 542%）。Under the scale of 100 billion revenue, the interest rate of one point is the interest rate difference of 10 billion.
After further comparative analysis, there are two main factors that drag down Datang's net profit margin:
1 Financial Expenses.
Datang's asset investment is higher, and its liabilities are also higher. As of the end of the third quarter of 2023, Datang's total liabilities have exceeded 200 billion, and the financial expenses alone in the first three quarters are as high43.4.3 billion, which is about 1.6 billion more than Huadian.
*: Collation of public data.
2 Investment Income.
In the first three quarters of 2023, Datang achieved an investment income of 178.3 billion, while Huadian achieved investment income of 313.6 billion.
Generally speaking, investment income does not reflect the operating level of the enterprise. However, Datang's investment income is much lower than that of Huadian, but it involves another problem, that is, yesGreen energylayout.
Third, the green transformation has shown failure
In the context of carbon peaking and carbon neutrality, the status of new energy sources such as wind and solar energy is increasing day by day. EnergyGreen transitionIt has become the best choice for the long-term development of thermal power enterprises.
As of mid-2023, Datang has an installed capacity of 72,252 in service37 megawatts, of which thermal power accounts for about 745%, hydropower accounted for 127%, and wind power and photovoltaic power, respectively. 5%。
and Huadian International 57284Of the 24 MW installed capacity, 957% from thermal power, 43% comes from hydropower.
*: Collation of public data.
It should be noted that Huadian did not not deploy new energy, but as early as 2021, it injected wind and solar assets into Fuxin Development, a subsidiary of Huadian Group, which was later renamedHuadian New Energy。As of mid-2023, Huadian holds 3103 Equity, not consolidated, but can enjoy investment income.
*: Qichacha-Huadian New Energy.
In the first half of 2023, Huadian achieved an investment income of 228.4 billion, of which the investment income from Huadian New Energy accounted for about 8 percent, reaching 181.1 billion.
In other words, Huadian's investment income crushes Datang, and the main driving force behind it is the new energy assets in which it participates.
At the beginning, Huadian participated in Huadian New Energy for the consideration of 27 new energy companies and 768.7 billion in cash, with a total cost of 2154.2 billion yuan.
*: Huadian International's 2021 annual report.
Today, Huadian New Energy has achieved an investment income of 18 in half a year1.1 billion, based on the initial investment cost, the annual return on investment has been reached
In the first three quarters of 2023, Huadian's comprehensive return on net assets was 983%。The return on net assets of Datang is only 566%。
In contrast, in the field of new energy, Huadian International and the group are joint ventures, and they have gained a lot of money. However, Datang Power Generation, which has developed thermal power and new energy across the board, seems to have failed.
Note: This article does not constitute any investment advice. **There are risks, and you need to be cautious when entering the market. There is no harm in buying and selling.