From 65438 to 0997, Baoxin Energy was listed on Shenzhen Stock Exchange. [2] In 2013, it was awarded as "the most valuable listed company in China in 2065 438+03". [3]
Chinese name
Baoxin energy
name
Baoxin energy
Securities code
000690
full name
Guangdong baolihua new energy company limited
Founding time
1997 65438+1October 20th
Headquarters address
Guangzhou, Guangdong Province
honour
Won the "20 13 most valuable listed company in China".
general situation
Stock code: 000690[4]
Securities abbreviation: Baoxin Energy
Company name: Guangdong Baolihua New Energy Co., Ltd.
English name of company: Guangdong Baolihua New Energy Co., Ltd.
Exchange: Shenzhen
The company once had a name: Guangdong Baolihua Industrial Co., Ltd.
Place of registration: China.
Province: Guangdong Province
City: Meizhou City
Industrial and commercial registration number: 44000000 13034
Registered address: Baolihua Building, Hong Kong Avenue, Hong Kong Garden, Overseas Chinese Town, Meixian County, Meizhou City, Guangdong Province
Office Address: Baolihua Building, Hong Kong Avenue, Hong Kong Garden, Overseas Chinese Town, Meixian County, Meizhou City, Guangdong Province
Registered capital: 1 15 1.075 million yuan.
Postal code: 5 14788
Tel: 86-753-25 1 1298, 86-753-3877338.
Company fax: 86-753-25 1 1398, 86-753-38770958.
Legal Representative: Ning Yuanxi
General Manager: Lin Jinping.
Date of establishment: 1997-0 1-20.
Key points of investment
The company has successfully transformed from a regional real estate developer to a new energy power enterprise. It is one of the two private listed power plants at present. The coal gangue power generation technology adopted conforms to the policy orientation of energy conservation and environmental protection advocated by the state, and has obtained major preferential conditions such as high on-grid electricity price and income tax reduction and exemption, and can maintain a high rate of return.
Comprehensive utilization of 2× 300,000 kW circulating fluidized bed resources in the second phase of Hehuayuan Power Plant. Unit 3 is connected to the grid for power generation in June, and Unit 4 is scheduled to be put into commercial operation in August. The third phase of Heshuyuan Power Plant is expected to be approved within this year, with double investment 10 year. In 2008- 10, the installed capacity of the company increased more than four times. In addition, the company plans to build a clean energy base with an installed capacity of 9.35 million kilowatts, which can ensure that the company's production capacity will increase by nearly 65,438+00 times from 2065,438+00 to 2020.
Guangdong's power demand will remain tight for a long time, the company's unit operation will maintain a high level, profitability will be effectively guaranteed, and a good market environment will provide a strong impetus for the company's rapid development.
In the first half of 2008, the company achieved operating income of 464 million yuan, down 36.46% year-on-year; The net profit was 333 million yuan, a year-on-year increase of 526,5438+03%. The company realized an investment income of 375 million yuan due to the sale of Yunnan Copper shares, accounting for 965,438+0.4% of the company's operating profit in the same period, and the net profit after deducting non-recurring gains and losses was 78.75 million yuan. In 2007-08, fuel prices continued to rise, and the thermal power industry was struggling. It is not easy for the company's power business to maintain profitability, which proves that it has strong profitability and can digest the cost pressure brought by rising fuel prices.
The estimated diluted earnings per share in 2008- 10 are 0.427, 0.4 1 1 and 0.4 19 yuan respectively. We believe that the company's reasonable price range is between 8.54- 10.25 yuan, and the current share price is 8.92 yuan, which is at the lower end of the reasonable range, so ".
Strategic transformation
company profile
Guangdong Baolihua New Energy Co., Ltd., formerly known as "Guangdong Baolihua Industrial Co., Ltd.", was founded on 1996 by Guangdong Baolihua Group Company, Meixian Jinsui Industrial Development Co., Ltd. and Meixian Dongfeng Enterprise Group Company, with clothing, municipal construction and real estate as its main business.
From June 5438 to February 2006, the company introduced strategic investors such as Xinchuang Electromechanical Co., Ltd. and southern fund through directional issuance of 96 million shares. From June 5438 to February 2007, the company exercised its stock options for the first time. At present, the company's total share capital is165438+27 million shares, and Baolihua Group is the largest shareholder, holding 34.87%.
Development history
Pioneer of new energy power
When the company was founded, it was mainly engaged in clothing and architecture. In 2000, the west dike regulation project of Meijiang levee was built with the funds raised by listing. According to the national industrial policy, the local government gave the company part of the land use right as compensation, which made the company set foot in real estate. In 2003, the company adjusted its main business by means of asset replacement, entered the new energy power industry, and invested in the construction of the 2× 1.35 million kilowatt inferior coal power generation project in the first phase of the Heshuyuan Power Plant in Meixian County. In May and September, 2005, two units were successfully put into operation to generate electricity. The company completed the strategic transformation of its main business, established a main business framework with new energy power as the core and real estate and construction as the foundation, and entered a benign development track of high growth and high return. Due to the small scale of Meizhou real estate market, the company reduced investment, gradually faded out of the real estate and construction engineering fields, and focused on the development of new energy power.
The 2×135,000 kW inferior coal gangue generator set in the first phase of Heshuyuan Power Plant is the first new energy power plant with the largest single unit capacity, comprehensive utilization of resources, energy saving and environmental protection in Guangdong Province. In 2005, the first phase of the power plant was put into operation, and the company's income and net profit increased significantly year by year. From 2004 to 2007, the compound growth rate of main business income was 67%, and the compound growth rate of net profit was as high as 93%. The company's profitability has advanced by leaps and bounds.
In 2007, the operating income of new energy power was 938 million yuan, an increase of 5% over the previous year, accounting for 73% of the main business income, and the operating profit was 286.5438 billion yuan, accounting for 82% of the main business profit.
Investment income supports performance, and the follow-up development funds are sufficient.
In the first half of 2008, the company achieved operating income of 464 million yuan, down 36.46% year-on-year; Net profit was 333 million yuan, up 52. 13% year-on-year, and earnings per share was 0.30 yuan. The company sold the equity of Yunnan Copper Company, achieving an investment income of 375 million yuan, accounting for 965,438+0.4% of the company's operating profit in the same period, and the investment income became the main source of profit. In addition, due to the sharp rise in coal prices, eroding profits and reducing the utilization rate of unit maintenance, the company's new energy power generation business realized income of 435 million yuan, down 7.12% year-on-year; Operating profit was 65,438+0.65,438+0.7 billion yuan, down 44.58% year-on-year. After deducting non-recurring gains and losses, the company's net profit was 78.75 million yuan and earnings per share was 0.07 yuan. Since the beginning of 2008, the fuel price has continued to rise sharply, and the production and operation of thermal power industry are struggling. Huaneng International, huadian power international and Guangdong Electric Power all forecast interim losses in the same period. In the face of unprecedented difficulties in the thermal power industry, it is not easy for the company's power business to maintain profitability, which proves that it has strong profitability.
The interim report shows that the company has sufficient funds to provide strong support for the follow-up project construction and fuel procurement. At present, the company has 200,000 tons of coal, which can be consumed for 30 days, maintaining a high level in the same industry.