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Today we will talk about the highlights and changes of Shaanxi Energy.
1. Company profile
Shaanxi Energy is a large-scale energy enterprise with power and coal production as its main businessIt is the first batch of "Double Hundred Enterprises" to deepen the reform of state-owned enterprises determined by the State-owned Assets Supervision and Administration Commission, the leading enterprise in the conversion of coal resources and electricity in Shaanxi Province, and the capital operation platform for the integrated listing of coal and electricity in Shaanxi Province. The company's main business is thermal power generation, coal production and sales, and the main products include electricity, heat and coal. Relying on the advantages of coal resources in Shaanxi and Northwest China, the company is committed to clean, efficient and green coal mining, implements the strategy of coal and electricity integration, and carries out cogeneration and comprehensive utilization business, so as to build a first-class energy enterprise in China.
2. Revenue composition
The company's main business income can be divided into three major sectors according to product types: electricity, coal and heat. Among them, the power business has always been the company's most important revenue**, accounting for 76% of the revenue in the first half of 202395%；The export part of self-produced coal is the company's second revenue**, and the coal business revenue in the first half of 2023 accounts for 1933%；Thermal power is the company's third income**, and some of the company's subordinate power plants are cogeneration units, providing thermal ** services, and thermal revenue accounts for 268%。
The company's power business has increased year by year, mainly due to the gradual operation of the company's power plants under construction and the increase in power generation. With the increase in the proportion of the company's coal production for self-consumption and the growth of power business revenue, the company's coal business revenue has declined; At the same time, due to the significant increase in power business revenue, the proportion of coal business revenue decreased significantly. In 2021, due to the rebound in the proportion of coal business revenue of the coal market company, the proportion of power business revenue decreased.
According to the sales area, Shaanxi Energy's revenue mainly comes from the northwest region. In the first half of 2023, the company's northwest region accounted for 7104%。
The company's power products are mainly sold to the State Grid, and the main sales areas are Northwest, North China and East China.
The company's coal products are mainly sold to Northwest China and North China.
3. Profitability
Thanks to the efficient operation and management, the advantages of resources, production, and talents accumulated over the years in the coal field, the company's profitability is significantly ahead of other thermal power companies in the same industry. In the first three quarters of 2023, the gross profit margin was 4287% and net profit margin 2409%, deducting non-sales net profit margin of 1553%，The three major profitability indicators ranked first among the 27 thermal power generation enterprises.
4. Business performance
Operating income: 2019-2022 compound growth rate of 4068%；
Net profit after deducting non-attributable to the parent company: the compound growth rate from 2019 to 2022 is 6722%；
Net cash flow from operating activities: compound growth rate of 7784%。
Shaanxi Energy is a super cash cow, earning real gold, not just paper accounting profits. In the first three quarters of 2019-2023, the net profit deducted from non-attributable to the parent company accumulated 630.4 billion yuan, net cash flow from operating activities totaled 2489.4 billion yuan,Operating profit cash content ratio = 395。
5. Operational data
In 2023, 443 power generation will be completed0 billion kWh, down 380%；In 2023, 414 on-grid electricity will be completed4.1 billion kWh, down 389%。
In 2023, the coal output will be 2328950,000 tons, an increase of 1703%。Among them, 574 self-produced coal will be exported in 2023390,000 tons, down 1068%。
6. Production capacity
The company's existing production capacity and production capacity under construction (preparation) are as follows:
1) Power projects.
As of the end of June 2023, the Company held 11.18 million kW of coal-fired power capacity, of which 9.18 million kW was in service and 2 million kW was under construction (21,000 MW unit project of Qingshuichuan Energy Power Plant Phase III).
The specific details of the power plant project are as follows:
Zhaoshipan Coal Power Phase II: Announcement issued on October 10, 2023: approved.
Qingshuichuan Energy Power Plant Phase III: Announcement issued on January 16, 2024: 5 units of 1,000 MW have passed 168 hours of trial operation and have been successfully transferred to commercial operation.
Shangluo Power Generation Phase II: Announcement on February 27, 2024: The project duration is 25 months, that is, it will be put into operation in early 2027.
Shaanxi Investment Yan'an Cogeneration Project: Announcement on February 27, 2024: The investment project is expected to bear a total heating area of about 1,905 104 in the near term (2025) and a total heating area of about 2,252 104 in the long term (2030).
2) Coal mine projects.
As of the end of June 2023, the total coal resources of the company's coal mines are about 416.4 billion tons, the company holds 30 million tons of coal approved production capacity per year, of which 22 million tons of production capacity has been put into operation, 8 million tons of production capacity is under construction, and 4 million tons of production capacity is under construction.
The specific details of the coal mine project are as follows:
Coal resources are very important for integrated coal and power companies. Shaanxi Energy's coal resource reserves and production capacity are among the top in Shaanxi Province, which can meet the company's resource needs for the integrated development of coal and electricity.
The company pointed out in the prospectus that it is expected that by the end of 2024, the company's coal production capacity will reach 24 million to 28 million tons per year.
3) Asset injection.
The controlling shareholder had made a promise before the listing, and promised to transfer Xiaohaotu Coal Mine to Shaanxi Energy when the construction conditions were met.
The prospectus points out that the project is coordinating and promoting the preliminary work such as environmental impact assessment, feasibility study report and supporting document preparation for the regional planning, and the major shareholder promises to inject before the start of construction.
Based on the five-year preparation period, it is about to be injected in 2027.
7. Dividend returns
The company's dividend amount in 2022 is 131.3 billion yuan, with a dividend rate of 53%. Dividend per share is 0$35, current dividend yield = 035/9.12=3.84%
At present, the Articles of Association stipulate that "if the company does not have a major capital expenditure arrangement in the next 12 months and meets the conditions for cash dividends, the company shall first distribute profits in cash, and the cumulative profits distributed in cash each year shall not be less than 30% of the distributable profits realized in the current year".
8. Shareholders increase their holdings
On November 3, 2023, Shaanxi Energy disclosed the "Announcement on the Controlling Shareholder's Plan to Increase the Company's Shares": the controlling shareholder Shaanxi Investment Group plans to increase its holdings of the company's shares through centralized bidding within 6 months from November 3, 2023, with an increase amount of not less than RMB 100 million and no more than RMB 200 million, and the upper limit of the increase in holdings is not higher than 9$81 shares.
From November 3, 2023 to February 3, 2024, Shaanxi Investment Group increased its holdings of 11,665,001 shares of the company through centralized bidding, accounting for 031%, with an additional shareholding amount of RMB10,001760,000 yuan, the average increase in holdings **=857 yuan.
Shaanxi Investment Group accounted for 64 of the company's total share capital after this increase31%。
IPO issue price 96 yuan, dividend per share in 2023 035 yuan, the IPO issue price after ex-dividend is 925 yuan.
Founded in 2008, Shaanxi Coal Industry Co., Ltd. is the only listed platform for coal assets of Shaanxi Coal Chemical Group Co., Ltd., and the only provincial super-large coal enterprise in Shaanxi Province integrating production, transportation and sales.
Similarly, Shaanxi Energy is a leading enterprise in the conversion of coal resources and electricity in Shaanxi Province, and serves as a capital operation platform for the integrated listing of coal and electricity in Shaanxi Province. The installed power capacity of the company participating in the power market in Shaanxi Province ranks first among the enterprises in Shaanxi Province, and the approved coal production capacity of the company ranks second among the provincial enterprises.
In accordance with the "two-wheel drive" development strategy of Shaanxi Investment Group's finance and industry and the "three modernizations" development path of "resource capitalization, asset capitalization, and capitalization", Shaanxi Energy has comprehensively improved its management level and efficiency, committed to clean, efficient and green coal mining, implemented the strategy of coal and electricity integration, and carried out cogeneration and comprehensive utilization business, so as to build a first-class energy enterprise in China.
From the perspective of Shaanxi's energy strategic positioning, this may be the Shaanxi coal industry ten years ago!
Well, the information about Shaanxi Energy is written here, and we will continue to track the latest developments in the later stage.
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