报告名称：Datang Int'l Power Alert(00991.HK)dbAccess China Conference 2016
报告类型：港股研究
报告日期：2016-01-13
研究机构：德意志银行
股票名称：大唐发电
股票代码：601991,00991
页数：1
简介：We met Datang Power at dbAccess China Conference 2016, and below are thekey takeaways:
Coal-chemistry restructuring: Datang is still negotiating with involvingparties regarding the coal-chemistry restructuring. Although the finaltiming of the restructuring is still uncertain, management believes therestructuring will finally happen. However, the deal asset size andtransaction proceed need to be reassessed as the last assessmenthappened in 1H14. According to the management, Duolun project willbear a net loss in 2015 due to both production suspension in 1H15 onenvironmental issue and decline in product price during the year.
Utilization: The total power generation of the company decreased byc.15% yoy in December 2015, primarily due to generation squeeze inLiaoning-Hebei-Beijing-Tianjin-Shandong area where Datang has lesscogeneration units versus peers. Management thinks power demand in2016 will continue to be weak.
Direct power supply: The total direct power supply volume for thecompany in 2015 was 9.7bn kWh, c.6% of its total power generation in theyear. The average tariff discount in 9M15 was Rmb4cents/kWh.
Tariff/coal price: The average impact of tariff cut on the company is ofRmb3cents/kWh, and management estimates that the companyˇs grossprofit could be reduced by Rmb3.4-4bn correspondingly. Managementthinks the current coal price is unlikely to rebound in 2016 with Rmb20-30/ton downside possibility.
Capex/financial cost: The total capex of the company for 2015 was lessthan Rmb20bn due to the delay in some of the approved thermal projectsin the year given the power market oversupply. Management expects theactual capex for 2016 to be over Rmb20bn. The average financial cost forthe company by 9M15 was 5.1%, and management guides an Rmb500-600m financial cost savings in 2016.

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