The new energy comprehensive service business of the headquarters was terminated, the revenue of Sichuan Energy Power declined, and Lijiagou lithium mine still needs to be put into production.
Reporter | Zhao Yangge
In the first half of 2022, Chuanneng Power (000155.SZ) is still quite interesting.
From January to June 2022, the operating income of Chuanneng Power was 1.46 billion yuan, down 56.12% year-on-year; The net profit was 332 million yuan, a year-on-year increase of 12.44%; The net cash flow from operating activities was 957 million yuan, a year-on-year increase of 64.02%.
Data show that Sichuan Energy PowerMainly engaged in new energy power generation and lithium battery business. The new energy power generation business is the development, construction and operation of wind power generation and photovoltaic power generation projects, as well as the investment operation and sanitation integration of waste incineration power generation projects; The lithium battery business is the research and development, production and sales of lithium carbonate and lithium hydroxide products, as well as the mining, production and sales of lithium ore (the project is still under construction). Among them, power sales revenue is the main source of income for Sichuan Energy Power, accounting for 66.39%, followed by lithium battery business sales revenue, accounting for 16.72%. The gross profit margin of power sales is 65.3%, and the gross profit margin of lithium battery business is 42.22%.
The reason why the operating income of Sichuan Energy Power has fallen sharply is mainly due to the company.The new energy comprehensive service business of the headquarters was terminated, so the sales expenses also decreased simultaneously, which was 1,133,800 yuan from January to June in 2022, a year-on-year decrease of 71.03%. In addition, there are reasons for the decrease in sales revenue of Sichuan Energy Environmental Protection Equipment.
The wind farms of Chuanneng Power are mainly located in Huidong County, Liangshan Prefecture, meigu county and Yanbian County, Panzhihua City, Sichuan Province. By the end of the reporting period, Chuanneng Wind Power has put into operation 16 wind power photovoltaic projects.final assemblyThe machine capacity is 944,200 kilowatts; 2 projects under construction,final assemblyThe machine capacity is 280,000 kilowatts; 1 project to be built, with an installed capacity of 72,000 kilowatts. In the first half of 2022, the total power generation was 1.636 billion kWh, a year-on-year increase of 17.64%; The electricity sales reached 1.59 billion kWh, up by 17.08% over the same period of last year. The main reason is that Shamaneto Phase I and Tangtang Wind Farm were newly put into operation in the second half of 2021, with an additional installed capacity of 174,800 kilowatts, and the company’s power generation increased compared with the same period of last year.
For power generation, the waste incineration power generation business of Chuanneng Power is mainly located in Ya ‘an, Suining, Guang ‘an, Zigong, Changyuan, Henan and Bayannaoer, Inner Mongolia. By the end of the reporting period, Chuanneng Environmental Protection had 8 waste incineration power generation projects.final assemblyThe scale of the machine is 156,500 kilowatts, and the daily garbage disposal capacity is 6,800 tons (the daily garbage disposal scale ranks first in Sichuan Province), and the annual garbage disposal capacity is 2.482 million tons. Among them, 7 garbage incineration power generation projects have been put into operation.final assemblyThe machine scale is 138,500 kilowatts; One garbage incineration power generation project under construction is Bayannaoer project, with an installed capacity of 18,000 kilowatts and a daily processing capacity of 700 tons. In the first half of 2022, Sichuan Energy Environmental Protection has put into operation projects to treat 1,358,300 tons of domestic garbage and generate 453.32 million kWh of electricity, up by 8.48% and 4.77% respectively. The construction progress of the project under construction is ahead of schedule, and the main body of Bayannaoer project is capped ahead of schedule on June 18th.
In addition, Chuanneng Power also has integrated sanitation business. During the reporting period, the company’s sanitation cleaning area was 46.17 million square meters, and 115,500 tons of garbage were removed. During the reporting period, we won the bid for a number of projects, such as the cleaning and pollution-free treatment of floating objects in front of the dam of Jinsha Hydropower Station, and the market-oriented service of rural domestic garbage collection and transportation in Shimian County, with a total contract value of 510.56 million yuan.
Sichuan province, where Sichuan Energy Power Wind Farm is located, belongs to Class IV area of wind energy resources.2021The average utilization hours of the company’s wind power in the whole year are2984.33Hours, higher than2021Annual national average utilization hours:2246hour(National Energy Administration released data.), the resource advantage is obvious(The annual utilization hours of some wind farms reach.4000Hours, ZengfourBe rated asAAAAAGrade wind farm). In addition to the projects that have been put into production and under construction, the company has about100Ten thousand kilowatts of high-quality wind power resources need to be developed and constructed, with great development potential.
In addition, on May 16th, 2022, the company disclosed that it planned to acquire minority shares of Chuanneng Wind Power, Huidong Energy, Meigu Energy, Yanbian Energy and Leibo Energy to further increase the equity power generation scale of the company’s new energy power generation business. Huaxi Securities Research Report believes that after the above-mentioned minority shares are owned by listed companies, the net profit of listed companies will be increased, which will bring stable cash flow increment to the company every year and provide financial support for the development and construction of the company’s lithium battery business.
What about the lithium battery business that the market pays close attention to?
First look at lithium ore resources. Chuanneng powerHolding the mining right of Lijiagou in Jinchuan County, Lijiagou has proven ore resources reserves of 38.812 million tons, with an average taste of 1.3%, and lithium oxide resources reserves of 502,200 tons, accompanied by rare metals such as tantalum, niobium, beryllium and tin ore. There are 15 ore bodies in the mining area, among which the main ore body I is the largest single spodumene mine in Asia which has been proved and obtained mining license. At present, the company is fully carrying out the construction of Lijiagou spodumene project with a capacity of 1.05 million tons/year. After the project is completed, it is estimated that the annual output of lithium concentrate will be about 180,000 tons. During the reporting period, Sichuan Energy Power realized the sales revenue of by-product ore of infrastructure construction of 27,876,100 yuan.
Look at the company’s lithium salt products. The lithium salt business of Chuanneng Power is carried out by Dingsheng Lithium Industry, a holding subsidiary. At present, it has formed an annual production capacity of 10,000 tons of battery-grade lithium carbonate and 5,000 tons of battery-grade lithium hydroxide (among them, the technical transformation project with an annual output of 5,000 tons of battery-grade lithium carbonate was completed and put into production in April 2022, and it is currently in the stage of capacity climbing). During the reporting period, Dingsheng Lithium Industry produced a total of 3,348.4 tons of lithium salt products by combining substitute processing and self-production, with a year-on-year increase of 59.35%.
Huaxi Securities judged that with the continuous promotion of Lijiagou project in the second half of the year, the income of by-product ore of Lijiagou infrastructure will increase significantly from the previous month. Lijiagou project is mainly based on cave mining and has high environmental protection standards. Under the background of stricter control of ecological environment protection, it conforms to the national plan to build a green mining development demonstration zone, and can effectively avoid problems such as shutdown and rectification caused by safety and environmental protection after the mine is completed. After adjustment, the annual production days of flotation section of concentrator can be changed from270Day to day330Days, the project not only meets the requirements of green mines, but also can achieve full production better and faster. As the company indicated that it would continue to increase the support for project construction and realize ore production as soon as possible, Huaxi Securities further predicted that Lijiagou project would become the first green spodumene mine project put into production in this cycle in China and even in the world, and the first lithium mine demonstration project developed by Sichuan Energy Power in western Sichuan.
In addition, Sichuan Energy Power is respectivelyfourmoon26Rihesixmoon14Announced on the day that it plans to acquire Sichuan Guoli.43.74%Equity and joint venture to build De ‘a Industrial ParkthreeTen thousand tons of lithium salt project. Some analysts pointed out that Dea Industrial ParkthreeThe 10,000-ton lithium salt project is to prepare for the processing of lithium concentrate after Lijiagou Mine is put into production. On the one hand, the introduction of Yiwei lithium energy and honeycomb energy into the lithium salt processing plant will meet the lithium salt procurement needs of battery plants, and on the other hand, it will test the water for further cooperation.