Installed by the challenge of higher-margin growth in coal prices will help GD performance

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In GD (600 795) on March 31 shows at the 2009 performance at the company executives for 2010 performance full of confidence that performance this year for achieving substantial growth. Analysts say the company group in 2010 brought many new power of speculative increase will facilitate the better performance is expected to be achieved this year's net profit attributable to shareholders of listed companies is about 1.85 billion.
Company in 2009 net profit 1.595 billion yuan, greatly increased 792 percent year on year, mainly due to improvement in gross margin and consolidated the power range of new chemical business and other reasons. 31, GD shares rose 6.85% in Adversity, closing price 8.27 yuan / share.
Sustained high gross margin, or difficult
GD Power report shows that in 2009 coal prices were generally steady in the fourth quarter began to rise, along with effective cost control of fuel, into the furnace of an integrated coal equivalent unit price fell 8.33%, making the power margin increased 9.80 percentage points to 20.94%.
In addition to gross margin, the company's net profit growth in 2009, the main reason for the merger include the scope of the British force new State Power Corporation and the Special Energy and Chemical Group to increase investment income, while growth in electricity demand will drive to the good performance this year.
2010, the company plans to start capacity of 9,898,800 kilowatts unit, plans a new speculative group capacity of 4,594,500 kilowatts. Plans to complete the 77.6 billion kwh electricity, an increase of about 15 billion kwh.
GD Power executives in the performance of conference, the focus of this year signed a contract price of coal up by approximately 10%. As coal prices rise further risk exists, but also makes the company's high gross margin level in 2009 is difficult to continue in 2010. However, analysts said, as companies continue to increase the proportion of hydropower, coal prices are expected to offset the negative factors of up to ensure the margin steadily.
In addition, analysts say, GD controlling shareholder Guodian space assets, continued into the great, the company projects its abundant energy reserves.
Sensitivity to coal price drop integrated development
Upward pressure on coal prices is expected due to long-standing, GD attempt to reduce the company's performance in various ways on the coal price sensitivity. While strong in traditional areas of power generation to coal to expand upstream and downstream chemical industry chain, on the other hand, continue to build strong investment and new energy installed capacity of hydropower installed capacity to accelerate the pace of transformation.
In the power generation area, the company plans to installed capacity in 2012 than in 2009 quadrupled to reach 60 million kilowatts. At the same time the company accelerate the development of Inner Mongolia, Shanxi, Ningxia's coal projects, the resources into profit as soon as possible, program control by 2012, production capacity 31 million tons of coal.
Guoxin Securities researcher Xu Ying true that the company holds 50% of the national electricity projects and 51% of the British forces holding special projects will be put into production in the next two to three years, when the company's interest in coal output is expected to 1000 tons.
Development of new energy industries, the company in 2009 has approved the wind power installed capacity 400,000 kilowatts, peace Luo Zhongwei photovoltaic solar power plant projects have been approved documents to obtain and hold a groundbreaking ceremony, State Power Crystal Yang polysilicon project groundbreaking ceremony was held.
Program started in 2010 in the company of 9,898,800 kilowatts capacity of the units, including 1,039,500 kilowatts of wind power and 11.5 million kilowatts of PV.
In addition, two units with the Falls Hydropower Station successfully put into operation, GD greatly improved the power structure, water and electricity installed capacity reached 2.985 million kilowatts, accounting for 18.31% installed power generation capacity.
Companies are transformed into sets of "big water + fire + electric + big coal and new energy power generation equipment manufacturing" as an integrated energy company, company executives said the company's future nuclear power projects will also seek equity participation.

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