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Investment Report of China Electric Power Industry, 2000-2008

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Investment Report of China Electric Power Industry, 2000-2008 Investment Report of China Electric Power Industry, 2000-2008 Abstract Bytheendof2007,China'stotalinstalledcapacityhasamountedto713millionkilowatt.China'spowerdemandis expectedtocontinuetokeepthemomentumofasteadygrowthin2008,up13%yearonyear.Withtheshutdown ofsmallthermalpowergeneratingunitsandtheslowdownininvestmentinpowergeneration,thehighgrowthrate ofChina'snewlyincreasedinstalledcapacityin2008willdecelerate,andtherateisexpectedtoreach11.8%year onyear. Fromthelongrun,China'spowerindustry,boostedbyacceleratedprocessofindustrializationandurbanizationat home,willhaveanaverageannualgrowthrateof6.6%to7.0%in thenexttenyears,indicatingpowerindustrywill requireagreatdealofinvestment. Regardingtheinvestmentdirection,Chinahasthemomentumofacceleratingthepaceofinvestmentin hydropower,windpowerandnuclearpower,butitsinvestmentincoal-firedpowergenerationstillranksthefirstin termsofinvestmentamount.SuchastructureofChinapowerindustrywillremainbasicallyunchangedforalong time.Atpresent,China'shydropoweroutputamountsto13.88percentofthenationaltotal,nuclearpoweroutput accountsfor1.94percentandwindpoweroutputamountsto0.26percent,whilecoal-firedpoweroutputtakesup atleast78%ofthenationaltotal.China'scoal-firedpowergenerationwillstillbeinastageofstabledevelopment atleastbefore2020,whenChina'sinstalledcapacityofcoal-firedpowergeneratingunitswillremainatmorethan 70percent. Wemakeacomparisonofinvestmentbetweentheabove-mentionedseveraltypesofpowergeneration,andtheir asset-liabilityratiosarebasicallythesameintermsoffinancialindicators.Butintermsofcostrateandratioof profittogrossoutputvalue,hydropowerandnuclearpowerarehigherthantheaverageprofitleveloftheentire powerindustry.Especiallynuclearpower,itsratioofprofitto grossoutputvalueremainatover30%, muchhigher thanaround9%ofcoal-firedpowerandaround10%oftheentirepowerindustry. Thisreportmakesanin-depthstudyonallinvestment Aswecanseefromthefollowingchart,China'slisted projectsfinancedby56listedcompaniesinChina's powercompaniesinvestmostlyinthethreesectorsof powerindustryfrom2000to2008andalsomakes thermalpower,hydropowerandthermoelectricity,whose summaryofinvestmenttrendsofChina'spowerindustry investmentreachesCNY216.38billion,CNY97.73billion aswellasinvestmentfeaturesandinvestmenttrendsof andCNY48.58billionrespectively,followedbyinvestment thelistedcompanies. ingasexploitationandcoalmining. IntermsofinvestmentamountofChina'slistedpower companies,thetopthreeregionsareGuangdong InvestmentofChinaListedPowerCompaniesby province,InnerMongoliaAutonomousRegionand Segments,2000-2008 Shanghai,whoseinvestmentratiosare15.33%,13.84% and10.53%respectively,followedbySichuanand Beijing. RegionalInvestmentDistributionofChinaElectric PowerIndustry,2000-2008 Source:ResearchInChina Thisreportmakesanin-depthanalysisonallinvestmentprojectsfinancedby56listedcompaniesinChina'spower industry.Forexample,GuangdongElectricPowerDevelopmentCo., Ltd.(000539)isreferredinthisreport. TheinvestmentprojectsofGuangdongElectricPowerDevelopmentCo.,Ltd.after2001areallfinancedbynonfund raising.Itsannualinvestmentisrathermoderatecomparedtoothercompanies,anditsannualinvestmentranges fromCNY1.5billiontoCNY2.5billion. Thiscompanymainlyinvestsinthesectorsofthermalpower,hydroelectricpowerandthermoelectricity,followedby investmentingasturbinepowergenerationandcleanpowergeneration. InvestmentFeaturesofGuangdongElectricPowerDevelopmentCo MainBusiness:powersupply;diversificationdirection:insurance,financeandnewenergyexploitation. Allprojectsarefinancedbynonfundraisingafter2001withinvestmentfocusinSouthChina. Thecompanyisalsoengagedinfinancialindustry.ItincreaseditscapitalinjectioninGuangdongYuedian FinanceCo.Ltd.andinitiatedtheestablishmentofSunshineInsuranceGroupCorp.Ltd. Thecompanyhasalsomadegreatprogressinwindpowerbusiness. Shibeishan WindPowerProject(100MW), inwhichitholds30%stake,hasalreadystartedpowergeneration.Thecompanyalsoplanstoexploitthewind powergenerationprojectinZhanjiang,acityinGuangdongprovince. InvestmentDistributionofGEPDCbySegments, AnnualInvestmentofGEPDC,2000-1H2008 2000-2008 Resource:ResearchInChina Resource:ResearchInChina Note:Whenyoupurchasethisreport,wecanupdatethedatatothemostrecentquarter. TableofContent • 1. Investment Direction of China Power Industry 2.11 Investment Projects of Guodian Changyuan Electric Power Co., Ltd. 1.1 Overview of Power Industry 2.11.1 Investment Direction 1.2 Features of Investment in Power Projects 2.11.2 Investment Features 2.12 Investment Projects of Henan Yuneng Holdings Co., Ltd. 2.12.1 Investment Direction • 2. Investment Direction of Listed Thermal Power Companies 2.12.2 Investment Features 2.1 Investment Projects of China Datang Corporation 2.13 Investment Projects of Huaneng Power International Inc. 2.1.1 Investment Direction 2.13.1 Investment Direction 2.1.2 Investment Features 2.13.2 Investment Features 2.2 Investment Projects of Shenzhen Energy Co., Ltd. 2.14 Investment Projects of Shanghai Electric Power Co., Ltd. 2.2.1 Investment Direction 2.14.1 Investment Direction 2.2.2 Investment Features 2.14.2 Investment Features 2.3 Investment Projects of Guangdong Yuedian Group Co., Ltd. 2.15 Investment Projects of Huadian Power International Co., Ltd. 2.3.1 Investment Direction 2.15.1 Investment Direction 2.3.2 Investment Features 2.15.2 Investment Features 2.4 Investment Projects of Anhui Province Energy Group Co., Ltd. 2.16 Investment Projects of Guangzhou Development Industry (Holdings) 2.4.1 Investment Direction Co., Ltd. 2.4.2 Investment Features 2.16.1 Investment Direction 2.5 Investment Projects of Hebei Jiantou Energy Investment Co., Ltd. 2.16.2 Investment Features 2.5.1 Investment Direction 2.17 Investment Projects of Chongqing Jiulong Electric Power Co., Ltd. 2.5.2 Investment Features 2.17.1 Investment Direction 2.6 Investment Projects of Guangdong Baolihua New Energy Stock Co., Ltd. 2.17.2 Investment Features 2.6.1 Investment Direction 2.18 Investment Projects of Chongqing Fuling Electric Power Industrial Co., 2.6.2 Investment Features Ltd. 2.7 Investment Projects of Shandong Luneng Taishan Cable Co., Ltd. 2.18.1 Investment Direction 2.7.1 Investment Direction 2.18.2 Investment Features 2.7.2 Investment Features 2.19 Investment Projects of Shenergy Group 2.8 Investment Projects of Shanxi Zhangze Power Co., Ltd. 2.19.1 Investment Direction 2.8.1 Investment Direction 2.19.2 Investment Features 2.8.2 Investment Features 2.20 Investment Projects of Sichuan Chuantou Energy Stock Co., Ltd. 2.9 Investment Projects of Jilin Power Share Co., Ltd. 2.20.1 Investment Direction 2.9.1 Investment Direction 2.20.2 Investment Features 2.9.2 Investment Features 2.21 Investment Projects of Naitou Securities Co., Ltd. 2.10 Investment Projects of Jiangxi Ganneng Co., Ltd. 2.21.1 Investment Direction 2.10.1 Investment Direction 2.21.2 Investment Features 2.10.2 Investment Features 2.22 Investment Projects of Hunan Huayin Electric Power Co., Ltd. 2.22.1 Investment Direction 4.2 Investment Projects of Chifeng Fulong Thermal Power Co., Ltd. 2.22.2 Investment Features 4.2.1 Investment Direction 2.23 Investment Projects of Shanxi Top Energy Co., Ltd. 4.2.2 Investment Features 2.23.1 Investment Direction 4.3 Investment Projects of Shenyang Huitian Thermal Power Co., Ltd. 2.23.2 Investment Features 4.3.1 Investment Direction 2.24 Investment Projects of China Guodian Corporation 4.3.2 Investment Features 2.24.1 Investment Direction 4.4 Investment Projects of Shijiazhuang Dongfang Thermoelectric Co., 2.24.2 Investment Features Ltd. 2.25 Investment Projects of Inner Mongolia Mengdian Huaneng Thermal 4.4.1 Investment Direction Power Co., Ltd. 4.4.2 Investment Feature 2.25.1 Investment Direction 4.5 Investment Projects of Shenyang Jinshan Energy Co., Ltd. 2.25.2 Investment Features 4.5.1 Investment Direction 2.26 Investment Projects of SDIC Huajing Power Holdings Co., Ltd. 4.5.2 Investment Features 2.26.1 Investment Direction 4.6 Investment Projects of NingBo Thermal Power Co., Ltd. 2.26.2 Investment Features 4.6.1 Investment Direction 2.27 Investment Projects of Guangdong Shaoneng Group Co., Ltd. 4.6.2 Investment Features 2.27.1 Investment Direction 4.7 Investment Projects of Beijing Jingneng Thermal Power Co., Ltd. 2.27.2 Investment Features 4.7.1 Investment Direction 4.7.2 Investment Features • 3. Investment Direction of Listed Gas Turbine Generation 4.8 Investment Projects of Dalian Thermal Power Co., Ltd. 4.8.1 Investment Direction Companies 3.1 Investment Projects of Shenzhen Nanshan Power Co., Ltd. 4.8.2 Investment Features 3.1.1 Investment Direction 4.9 Investment Projects of Tianjin Binhai Energy & Development Co., Ltd 3.1.2 Investment Features 4.9.1 Investment Direction 3.2 Investment Projects of Guangzhou Hengyun Group Co., Ltd. 4.9.2 Investment Features 3.2.1 Investment Direction 4.10 Investment Projects of Liaoning Hongyang Energy Yesource Invest 3.2.2 Investment Features Co., Ltd. 3.3 Investment Projects of Shantou Electric Power Development Co., Ltd 4.10.1 Investment Direction 3.3.1 Investment Direction 4.10.2 Investment Features 3.3.2 Investment Features 4.11 Investment Projects of Luenmei Group Holding Co., Ltd. 4.11.1 Investment Direction 4.11.2 Investment Features • 4. Investment Direction of Listed Thermoelectricity Companies 4.12 Investment Projects of Xinjiang Tianfu Thermoelectric Co., Ltd. 4.1 Investment Projects of Harbin Hatou Investment Co., Ltd. 4.12.1 Investment Direction 4.1.1 Investment Direction 4.12.2 Investment Features 4.1.2 Investment Features 5. Investment Direction of Listed Hydropower Companies 5.11 Investment Projects of Sichuan Guangan Aaa Public Co., Ltd. 5.1 Investment
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