requestId:685ea5b65e81e8.89441203.
Sanxiao Group has become the controlling shareholder of Sanxiao Water Conservancy, and has issued a plan to acquire joint power and Changxing Power: Sanxiao Group has continuously increased its holdings in Sanxiao Water Conservancy for many years. As of the end of March 2019, it has held a total of 24.08% of Sanxiao Water Conservancy. Recently, Chang Electric Capital and Xinhua Water Power signed a “Difference Action Agreement”, which included differencesSugar daddy‘s mobile operator. At this time, Sanxiao Club should be at work, rather than dragging her suitcase. The group holds a total of 24.48% of Sanxiao Club Water Conservancy’s shares and becomes the controlling shareholder of Sanxiao Club Water Conservancy. Recently, Sanmai Water Conservancy issued a purchase plan, placing the issuance of shares and transferable debts and cash to acquire 88.55% of the joint venture power, and 100% of the shares of Changxing Power (Changxing Power holds 10.95% of the shares of Joint Power). The funds raised for this purchase shall not exceed 1 billion yuan, and the initial transfer price of the stock issuance and the Sugar baby‘s transferable debt is 7.42 yuan per share. Sugar daddyAs of the end of 2018, the maternal profits of Sanqi Water Conservancy, United PowerSugar baby and the two Jiang Changxing’s parental profits were RMB 21.4 billion, RMB 23.6 billion and RMB 8.32 million respectively. Although the valuation of the decoration assets is uncertain, it is certain that reorganizing the purchase channels and expanding the scale of the distribution of Sanyi Water Conservancy, helping the Sanyi Group expand its power industry chain and participate in the distribution of electricity business in depth. This purchase and sale are both profound for Sanqi Water Conservancy and Sanqi Group.
Incremental distribution and power sales side transformation are the key points of power reform, and there is no hope of ushering in a turning point. Power mixed reform is a must: In March 2015, the No. 9 Electric Reform Article “Several Opinions on Deepening Power System Reform” was released, marking that the new round of power cords officially opened. As of now, the new round of electric power reform has been in operation for more than four years, and has achieved phased results. Escort manilaIn 2019, as the year of completing the “13th Five-Year Plan” planning goal, there is no hope of breaking through the difficulties of incremental power distribution and power sales transformation, and new breakthroughs have been achieved. In August 2015, the National Institute of Economic Affairs issued the “Guiding Opinions on Deepening the Reform of State-owned Enterprises”, and the new round of transformation of domestic enterprises began to begin. Migrant reform, as the foundation and breakthrough for the transformation of the stock rights of domestic enterprises, was sent to the Sugar daddy. my country has initially formed a diversified market format such as central enterprises, offices, and local enterprises and neighborhood enterprises. However, the power market has problems such as high disruption level, divergence in the power structure mechanism, and high power resource setting and installation effectiveness. It is necessary to promote mixed reform of power enterprises and Sugar baby power reform. Chongqing City’s four-week integration is the main implementation of mixed-ownership reform and electric reform. It is hoped that under the rapid advancement of mixed-ownership reform and electric reform in China, it will accelerate the implementation of projects.
Sugar daddy Integration of the four networks will create a three-dimensional network, and the multi-party wins together.Sugar daddy: Creating the three-dimensional network will help create a standard project for implementing mixed-ownership and electric reform; it will help Chongqing City reduce the commercial electricity prices and promote economic development of the industrial sector; it will help the three-dimensional market. escortThe Yamashima Group expands its power industry links and participates in the power distribution business in depth; it will help Sanyashima water conservancy expand its wide power purchase channels and expand its scope of electricity sales, and increase its profitability and focus competitiveness; it will help the preservation and appreciation of domestic assets, and achieve mutual benefit from it by all parties. The Sanqi Group integrates Sanqi water conservancy and the power network of each station, which is a top-down promotion behavior. It can be seen that the Sanqi Group and the Pinay escort the mixed reform plan finalized by the Chongqing Municipal Bureau. Sugar daddy is the result of mutual selection
The Sanqi Group’s low-price power-up switch to foreign purchasesPower, large-scale profit for power sales: According to the notice, the single out-of-stock electricity purchase cost of Sanyi Water Conservancy is distributed at 0.37 yuan/kW, and the landing price of 0.29 yuan/kW for Chongqing Electric Power is settled at 0.08 yuan/kW for delivery to Chongqing according to Changjiang Electric Power. If the price of Sugar daddy is provided by the Sanqi Water Conservancy Group, if the price of the outbound price drops by 1 point, 3 points, 5 points and 7 points respectively, the performance of the outbound price is a beautiful face egg? Could it be…that person? 2.9%, 8.8%, 14.6% and 20.4%. EscortToday, Sanyi Hydropower, Ujiang Power and Julong Power have a total annual sales volume of about 10 billion degrees, and the outbound power volume is about 6 billion degrees. If we consider that all three networks purchase the low-priced electricity of the Sanqi Group, the performance of listed companies will be further thickened. At the same time, she remembered that these people were recording knowledge competition programs. She is the first national-level opening new area in the country, and the growth potential of power demand is huge. After the Siwang Gathering, the low-priced electric power of the Sanxia Group replaced the Siwang out-of-buy power, and the profitability of listed companies will be in full swing.
Investment Suggestion 1: Give Sanyi Water Conservancy to buy-A little catSugar daddyIt seemed a little dissatisfied at the handover and mourned for two sounds. Investment rating, 6-month target price 10.0 yuan. Without considering the impact of reorganization, we predict that the company’s expenditure growth rate from 2019 to 2021 will be 6.6%, 6% and 6%, respectively, and the profits will be 247 million yuan, 287 million yuan and 310 million yuan, respectively, corresponding to 34 times, 29.3 times and 27.1 times price-to-earnings ratios.
Investment Suggestion 2: Pay attention to the situation of the reform and mixed reform of the Sugar baby, the relevant value of listed assets will be filled out. Re-evaluation, focus on Fuling Power and Wenshan Power. As a power distribution network energy head under National Power Network, Fuling Power has no hope of realizing dual-wheel drive between energy and power sales. Wenshan Power is a subsidiary of Nanba Electric NetworkThe platform for distribution of electricity is expected to integrate the power network in Yunnan. At the same time, it suffered from the increase in electricity consumption in Wenshan Prefecture, and played the main color in the transformation of the sales side.
Risk reminder: The progress of power reform and mixed reform is not as expected, the progress of reorganization purchase and sale is not as expected, and the price is not as expected.
2019 Power System Renovation Forum and the “Incremental Distribution” Project Preliminary Seminar will be held from June 20-21, 2019, and will be with the members.Strong>Advance the Zhengzhou Airport Xinggang Electric Power Incremental Power Distribution Project, and listen to the construction experience of the increase in Sugar Daddy Electric Power Distribution Project Test.
Register contact:
Disable manager
mobile_phone/WeChat: 18646733110
Beautiful and singing so good? Beautiful…singing…sweet? Sweet voice, QQ: 3Manila escort201168208
Email: chiguaSugar babynling@bjxmail.com
TC:
No Responses