Wed Nov 13, 2019 00:11
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CHINA RES POWER (836)

Principal Activities

The Group is engaged in the development, construction and operation of power plants, including large-scale efficient coal-fired generation units, wind farms, hydro-electric plants, gas-fired power plants and photovoltaic power projects as well as construction and operation of coal mines.

Latest Results

The Group's profit attributable to shareholders for the 6 months ended 30-06-2019 amounted to HKD 4.02 billion, an increase of 35.8% compared with previous corresponding period. Basic earnings per share was HKD 0.8352. An interim dividend of HKD 0.2 per share was declared. Turnover amounted to HKD 32.92 billion, a decrease of 16.3% over the same period last year, gross profit margin up 2.3% to 49.1%. (Announcement Date: 14 Aug 2019)

Business Review - For the six months ended June 30, 2019

Generation capacity

As at 30 June 2019, the Group had an attributable operational generation capacity of 38,005MW, of which the attributable operational generation capacity of our coal-fired power plants amounted to 29,389MW or 77.3%; and the attributable operational generation capacity of our clean and renewable energy power plants amounted to 8,616MW or 22.7%, representing an increase of 2.3 percentage points compared to the end of 2018.

In the first half of 2019, the Group commissioned 936MW, 53MW and 5MW of attributable wind, gas-fired and photovoltaic power generation capacity.

Net generation volume

The total net generation volume of our consolidated power plants amounted to 70,646,350MWh in the first half of 2019, representing a decrease of 5.1% from 74,427,598MWh in the first half of 2018. This was mainly due to the slowdown in power demand growth in the country, restrictions on generation by coal-fired power plants in Henan and Guangdong provinces, increased west-to-east power volume and other factors. The net generation volumes of CR Fuyang Power Plant for the first half of 2018 and 2019 were not included as it was reclassified as an associate in December 2018.

Excluding CR Fuyang Power Plant, for the 28 consolidated coal-fired power plants which were in operation for the first half of 2018 and 2019, the average full-load equivalent utilization hours amounted to 2,252 hours for the first half of 2019, representing a decrease of 7.3% from 2,429 hours for the first half of 2018, but exceeded the national average utilization hours of China’s thermal power industry by 186 hours.

In the first half of 2019, the net generation volume of our consolidated power plants that follow market-based pricing accounted for 60.5%; and that participated in direct power transactions (including bilateral long-term agreements and on-grid competitive bidding) amounted to 37,427,220MWh, accounting for 53.0%. The average tariff (exclusive of tax) of direct power transactions was 8.0% lower than the average approved tariff for such power plants.

Fuel costs

In the first half of 2019, the average standard coal cost per tonne of our consolidated coal-fired power plants was approximately RMB689.0/tonne, representing a decrease of 6.2% compared with the same period last year. The average unit fuel cost was RMB206.5/MWh, representing a decrease of 6.7% compared with the same period last year. The average net generation standard coal consumption rate was 296.2g/kWh, representing a decrease of 2.1g/kWh or approximately 0.7% compared with the same period last year.

Development of renewable energy

As at 30 June 2019, the attributable operational generation capacity of the Group’s wind power projects amounted to 7,752MW, representing an increase of 13.7% as compared to the end of 2018. The average full-load equivalent utilization hours of our wind farms amounted to 1,185 hours in the first half of 2019, exceeding the national average utilization hours of China’s wind power industry by 52 hours.

As at 30 June 2019, our attributable operational photovoltaic generation capacity reached 453MW and our attributable operational hydro-electric generation capacity reached 280MW.

Business Outlook - For the six months ended June 30, 2019

As at the end of June 2019, the attributable installed capacity of the Group’s coal-fired power plants under construction amounted to 3,234MW, including 2x1,000MW ultra-supercritical coal-fired power generation units of Caofeidian Power Plant in Hebei, 51% owned by the Group and one generation unit is expected to be commissioned in each of 2019 and 2020; 2x660MW ultra-supercritical coal-fired power generation units of Wujianfang in Inner Mongolia, 70% owned by the Group and both units are expected to be commissioned in 2019; 2x350MW heat and power co-generation units in Yundong, Hebei, 90% owned by the Group and one generation unit is expected to be commissioned in each of 2019 and 2020; and 2x660MW ultra-supercritical coal-fired generation units of Jinzhou project, 50% owned by the Group and both units are expected to be commissioned in 2020.

In 2019, the Group expects to commission a generation capacity of approximately 1,937 MW of wind and photovoltaic power projects. At the end of June 2019, the attributable installed capacity of our wind, photovoltaic, and hydro-electric power under construction was 2,412MW, 6MW and 107MW respectively.

Capital expenditure budgeted for 2019 is approximately HK$19.0 billion, of which approximately HK$13.7 billion to be used in the construction of wind, photovoltaic and hydro-electric power plants, approximately HK$3.0 billion to be used in the construction of coal-fired generation units, approximately HK$1.3 billion to be used in the upgrading of existing operational coal-fired generation units for lower emission, safety, energy saving and heat supply technology; and approximately HK$1.0 billion to be used in the upgrading and construction of coal mines. The Group will continue to control its capital expenditure based on the macro-economic conditions of China, in particular the domestic demand and supply of electricity, the government policies for energy and related industries and the Group’s strategies, and make prompt and necessary adjustments to its capital expenditure based on external market conditions and the macro-economic policies of the government.

Source: China Res Pow (00836) Interim Results Announcement

Business Nature

The Group is a fast growing independent power generation company incorporated in HK in August 2001 to invest, develop, own and operate large coal-fired power plants in the more affluent regions in China. As of 30 September 2003, the Group owns five power plants in commercial operation which give an attributable installed generation capacity of 1,545,MW and seven power plants under construction with an attributable installed generation capacity of 2,893 MW.

Prospect

The Group will continue to grow rapidly in the next couple of year. It aim to maximise its operation synergies in the areas of coal procurement, financial management, project development and human resources management, and maintain its leading position in the construction and operation cost in the power industry, in order to continue to deliver sustainable earning growth and create value for its shareholders.

Chairman
Li Ru Ge
Contact Info
Company Address:
Rooms 2001-2002, 20th Floor, China Resources Bldg, 26 Harbour Road, Wanchai, HK
Web: http://www.cr-power.com
Quote
HSI: 27,065.28 138.73
9.95
0.11 (1.1%)
As of16:15 12 Nov 2019
Open: 10.08 52Wk High: 16.28
Day High: 10.08 52Wk Low: 8.98
Day Low: 9.87 P/E: 12.042
Prev. Close: 10.06 Yield: 4.05%
Volume: 6.41M
Mkt Cap: 48.39B
Turnover: 63.82M NAV: 14.58
Quotes are delayed by at least 15 minutes.
Contact CHINA RES POWER
Company Address:
Rooms 2001-2002, 20th Floor, China Resources Bldg, 26 Harbour Road, Wanchai, HK
Web: http://www.cr-power.com

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