The power sector swept away from Monday’s decline and broke out again on September 28. Driven by the power sector, Leshan Electric Power (600644) successfully countered the limit price. On September 28, the stock price staged a "ground board", from the limit price of 6.75 yuan per share, hitting a high to the limit price of 8.25 Yuan/share.
On the news, under the guidance of the energy consumption "dual control" target, various provinces have recently launched policies for orderly power consumption and high-energy-consuming industries to reduce and limit production, which will directly affect the demand for power consumption. In turn, it will affect coal demand and become the biggest uncertainty in the current expectations of the sector. The agency believes that if nationwide electricity demand is reduced by 10%, coal will return from tight supply to a state of balance between supply and demand.
Leshan Power's main business is electric power business, natural gas industry, tap water, integrated energy, hotels and hotels. In 2020, this part of the business will account for 61.66%, 19.1%, 11.84%, 4.49%, 1.16% of revenue, respectively. This year's semi-annual report shows that the operating income in the first half of the year was about 1.257 billion yuan, an increase of 18.08% year-on-year; the net profit was about 83.8 million yuan, a year-on-year decrease of 14.3%.
"Leshan Power's 2021 mid-year report achieved a year-on-year growth rate of operating income of 18.08%, and a year-on-year growth rate of net profit attributable to the parent company of -14.30%. The stock's increase in revenue but not profitability means that corporate profitability may be under pressure , But for some growth-oriented companies, the purpose is to expand. Increasing revenue but not profit is just to exchange profits for greater market space in the future.” Regarding the company’s “Earth-to-Sky Board” trend on September 28, a Guangzhou private equityist asked The reporter said: "This stock gapped and opened low on the same day. Among companies in the same industry, large-scale capital inflows ranked lower."
In the industry, the National Development and Reform Commission and the Ministry of Eco , time-of-use electricity price , and frequently speak out about "dual control" and atmospheric governance. The agency believes that it is good for new energy power generation, "dual carbon" and other related industries. Power stocks generally P/E ratio is low ,The market value scale is suitable for large capital to build positions, and the fund actively speculates to push up the power sector.
What needs to be mentioned is that recently Inner Mongolia, Ningxia and other provinces have successively loosened the upward trading restrictions in the thermal power tariff mechanism, and policy signals have begun to tilt toward the increase in electricity prices. Research institutions believe that if the on-grid electricity prices for thermal power in various provinces and cities are implemented in accordance with the benchmark + 10% increase, it is expected that the electricity price of coal power companies can increase by about 0.05 yuan/kWh to 0.06 yuan/kWh. This increase can effectively alleviate the recent pressure on coal prices. Speed up thermal power to get out of the bottom of the cycle and regain high flexibility. The expected increase in electricity prices is expected to intensify, catalyze the restoration of the valuation of the thermal power sector and improve the cost-effectiveness of high-quality clean energy such as water, scenery, and so on.
In response, the above-mentioned private equity sources further stated that the decrease in the number of shareholders of Leshan Power indicates a concentration of chips. Under normal circumstances, the increase in the number of shares held by the main force accelerates, which tends to produce the main force guiding market.
reporter Zhang Zhao
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