Thermal power stocks, which have been hit hard by the "coal super craze" in the past two years, will see a big turnaround in performance in 2023. On January 30, power stocks fluctuated and rose. Ganneng Energy (000899.SZ) and Shennan Electric A (000037.SZ) both hit the daily limit. Hangzhou Thermoelectricity (605011.SH), Baoxin Energy (000690.SZ), Zhejiang Electric Power Co., Ltd. (000690.SZ), Neng Electric (600023.SH) and others followed suit.

　　Ganneng Co., Ltd. announced on the evening of January 29 that it is expected to achieve a net profit attributable to shareholders of listed companies of 430 million to 530 million yuan in 2023, a year-on-year increase of 3938.17%-4877.27%, and non-net profits after deducting non-net profits will increase by 1270.97%-1573.18% year-on-year. The main reason for the change in performance is that units #7 and #8 of its Fengcheng Power Plant are in normal commercial operation during this period. The company's thermal power generation and operating income have increased significantly, while fuel costs have decreased compared with the same period last year.

　　The main business of Ganneng Co., Ltd. includes thermal power, hydropower and new energy power generation. Judging from production and operation data, the company's power plants will achieve 15.949 billion kilowatt-hours of grid-connected electricity in 2023, a year-on-year increase of 69.20%. Among them, thermal power generation has the largest increase, up 71.64% year-on-year, hydropower generation has declined 6.55% year-on-year, and photovoltaic power generation has increased 57.14%.

　　The high increase in net profit was due to the low base in the same period last year. In 2022, with coal prices operating at high levels, Ganneng Co., Ltd.'s net profit will be only 10.6484 million yuan. With the industry-wide coal and electricity price inversion in 2021, the company suffered a loss of 248 million yuan.

　　Declining fuel costs and rising electricity demand have also contributed significantly to the profits of Jiangsu Guosen (002608.SZ), which has dual main businesses of energy and finance.

　　Jiangsu Guosen disclosed that it expects to achieve net profit attributable to the parent company of 1.835 billion-2.275 billion yuan in 2023, a year-on-year increase of 2591.67%-3237.09%. The reasons for the expected increase in performance include the stable operating development of the financial sector and continued growth in revenue; the fall in coal prices, the strengthening of fuel management in the energy sector, and further improvement in profit contribution.

　　Guangdong Electric Power A (000539.SZ) issued a pre-profit on the same day. It is expected to achieve a net profit attributable to the parent company of 800 million to 1.2 billion yuan in 2023, turning a profit from a huge loss of 2.98 billion yuan in 2022.

　　Guangdong Electric Power Company A explained that in 2023, the company's grid-connected electricity for all major power supply types will achieve year-on-year growth, and its operating income will increase significantly, among which gas power, wind power, and photovoltaic electricity will increase significantly. The market price of coal fell, and the marginal income of the coal power business improved.

　　Benefiting from the high growth in electricity demand and the downward shift in coal prices, Wanneng Electric Power (000543.SZ) is expected to achieve a net profit attributable to the parent company of 1.31 billion to 1.5 billion yuan in 2023, a year-on-year increase of 161.84% to 199.82%.

　　Recently, a number of listed power companies have announced promising results. According to The Paper, Shanghai Electric Power (600021.SH), Shenergy Electric Co., Ltd. (600642.SH), etc. are expected to have net profits attributable to parent companies surge by more than 200% year-on-year last year; Zhejiang Electric Power (600023.SH), Shennan Electric Power A, etc. will turn losses For profit.

　　As of now, the major listed power companies under the five major power generation central enterprises have not announced last year's report card. However, The Paper noted that the 2024 work conference held recently by various power generation groups has given a "prediction."

　　According to information released by Huaneng Group, in 2023, “key production indicators such as annual power generation, heat supply, and coal production, major operating indicators such as profit, net profit, net profit attributable to shareholders, and economic value added, as well as the start and production of new energy and other green development indicators, all reaching the best level since the company was founded." Among them, thermal power has turned losses into profits, coal profits have hit a new high, and new energy sources account for nearly 50% of profits.

　　According to The Paper, Huadian Group’s “operation and development performance reached a record high” in 2023, with total annual profits increasing by 56.8% year-on-year; last year, Datang Group’s “production indicators hit a record high, operating indicators were the best in history, and development indicators reached a record high. "Historically the best"; China Energy Group's "many production and operation indicators have reached the best level in history"; State Power Investment Corporation's "revenue, profit, and net profit attributable to shareholders have all hit the best level in history."

　　The Paper reporter Yang Yang