Sino-Singapore Jingwei, January 11 (Xiong Jiali) The annual report performance forecast of A-share listed companies has entered a period of intensive disclosure. The "V View Financial Report" (WeChat ID: VG-View) query data and found that some energy companies represented by Shanghai Electric Power appeared. loss of performance.
Wind data shows that as of the press release on January 11, a total of 215 A-share listed companies have announced their 2021 performance forecasts.
Among them, there are 181 companies that are pre-happy (including pre-increase, turnaround, continued profit, and slight increase), accounting for 84.19%; 34 companies are pre-loss, accounting for 15.81%.
3 thermal power companies lose more than 1 billion in advance
It is worth noting that individual sectors of listed companies performed poorly.
For example, three companies in the power sector are expected to have a net profit loss in 2021, and the amount of loss will exceed 1 billion yuan.
The three thermal power companies are Shanghai Electric Power, Zheneng Electric Power, and Jinshan.
On the afternoon of January 7, Shanghai Electric Power issued the "Announcement on Pre-loss of Annual Performance in 2021", stating that it is expected that the net profit attributable to shareholders of listed companies in 2021 will be -1.985 billion to -1.785 billion; From -2.037 billion to -1.837 billion.
Shanghai Electric Power stated that the main reasons for the loss of this performance are: first, coal prices will continue to rise sharply
in 2021 , increasing the company's annual fuel cost by about 5.3 billion yuan
; second, based on the principle of prudence, the provision for asset impairment is about 770 million yuan. .
On the same day, Zheneng Power also issued a pre-loss announcement.
Zheneng Power expects that the net profit attributable to shareholders of listed companies in 2021 will be -760 million to -1.14 billion yuan; the net profit after deducting non-deductibles in the same period is expected to be -1.16 billion to -1.54 billion yuan.
In comparison, Zheneng Power's net profit attributable to shareholders of listed companies in 2020 was 6.086 billion yuan, net profit after deduction was 5.913 billion yuan, and earnings per share were 0.45 yuan.
Regarding the main reasons for the pre-loss performance, Zheneng Power analysis pointed out that in 2021, under the severe situation of the rapid growth of social energy demand, the continuous tight balance of bulk commodities, and the rising
prices, the company's fuel costs have increased significantly due to the sharp rise in coal prices.
, the net profit attributable to the parent has dropped significantly year-on-year, resulting in a loss in 2021.
Earlier on the afternoon of January 5, Kingsoft announced that it is expected that the net profit attributable to shareholders of listed companies in 2021 will be -1.800 billion yuan to -2.038 billion yuan; 2.058 billion yuan.
In 2020, Kingsoft achieved a net profit of 82 million yuan attributable to shareholders of the listed company, a net profit of -46 million yuan after deduction, and an earnings per share of 0.0555 yuan.
Jinshan Co., Ltd. stated that the main reason for the pre-loss in performance is: affected by external factors,
the company's coal price rose significantly year-on-year during the reporting period, and the company's power generation and heating costs were inverted.
Institutions: optimistic about the recovery of performance in 2022
Regarding the announcement of pre-loss announcements by thermal power companies in 2021, CICC said that it was in line with expectations and affected short-term sentiment.
However, it remains optimistic that thermal power will usher in a bottom-up recovery in performance in 2022, as well as stable earnings enhancement and valuation repair under the market-oriented mechanism of "can rise and fall".
According to CICC analysis,
the electricity price in the nuclear power market is expected to regain lost ground in 2022, bringing performance flexibility.
China Nuclear Power and China General Nuclear Power Co., Ltd. participate in nearly 40% of the electricity market, and the electricity price is discounted by about 8-10%.
Looking forward to 2022, the current benchmark premium in Jiangsu, Guangdong and Guangxi are comparable to the approved electricity price, and the signing of other provinces is still progressing.
CICC expects that if the market electricity price is restored to the benchmark level in 2022, it may bring about a 20% performance elasticity.
Haitong Securities said that in the stage of economic transformation, the power industry has good consumption attributes, and the valuation should be repaired.
Haitong Securities also believes that in the
long run, China's electricity demand still has room for growth, and the industry should achieve a better valuation.
(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)
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