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投资者期待以久的电力改革方向初现雏型。到目前为止,在海外市场上市的中国电力企业都是独立发电企业(Independent Power Producer,IPP),包括华能国电(0902.HK),大唐电力(0091.HK)和山东国电(1071.HKh)。其中,华能国电最具备全国性发电企业的特性:总共在8个省市拥有1250万千瓦的发电能力(含新收购的4家电厂)。相比之下,北京大唐电力和山东国电则有较明显的地域特性,分别服务京,津,唐电网和山东省。我们将从盈利增长速度和盈利稳定性两个角度进一步分析电力改革对上述公司的影响。
Investors are looking forward to taking shape in the direction of long-term power reform. So far, Chinese power companies listed on overseas markets are all Independent Power Producers (IPPs), including Huaneng Guodian (0902.HK), Datang Power (0091.HK) and Shandong Guodian (1071.HKh). . Among them, Huaneng Power has the characteristics of a nation-wide power generation enterprise: In total, there are 12.5 million kilowatts of power generation capacity (including newly acquired four power plants) in eight provinces and cities. In contrast, Beijing Datang Power and Shandong State Power have more obvious regional characteristics, serving the Beijing, Tianjin, Tangshan Power Grid and Shandong Province respectively. We will further analyze the impact of power reform on these companies from the perspectives of profit growth rate and profitability stability.