As of July 22, several major thermal and hydropower companies listed on the stock exchange have released their mid-year reports, showing impressive performances. Jiantou Energy and Hunan Development both reported growth in operating income and profit, with net profits jumping by 330% and 27%, respectively, compared to the same period last year. These results reflect a broader trend across the power sector.
The strong financial reports from these two companies are just a glimpse into the overall performance of power firms during the first half of 2013. According to statistics, 28 power-related listed companies have issued interim reports. Out of these, 13 companies saw significant growth, 2 expected modest increases, 9 anticipated turning losses into profits, while 3 remained in the red and 1 experienced a decline. Overall, 86% of the companies reported positive results. Five additional companies released earnings reports, with three of them showing substantial net profit growth.
Industry analysts believe that the ongoing drop in coal prices and favorable water supply conditions are driving the strong performance in the power sector. This positive momentum is expected to continue throughout 2013, with many power companies projecting sustained profitability.
Looking at the companies that have not yet announced their semi-annual results, most are also expected to show improvement. Among the 28 power companies that have already released their reports, Guodian Power and Huadian Power International stand out, with the latter reporting a massive increase in net profit. Huadian International announced that its net profit for the first half of 2013 was approximately 2.7 billion yuan, up between 510% and 530% compared to the same period last year. The company attributed this surge to lower coal prices, which significantly reduced fuel costs and improved overall profitability.
Meanwhile, Gansu Dianchuan and Chuantiao Energy expect only slight improvements in their results, while nine companies, including Laurel Power and Dalian Thermal Power, anticipate turning losses into gains. However, Ningbo Thermal Power Co., Ltd. is the exception, as it expects a 60% drop in net profit for the first half of the year. This decline is due to the expiration of long-term power generation contracts and a drop in fair value gains from its financial assets amid a weak securities market.
Among the five companies that released full performance reports, Leshan Electric and Qijiang Hydropower saw a decrease in net profit, but three other companies, including Star Power, reported substantial gains.
A key factor behind the improved performance of thermal power companies is the continued decline in coal prices. On July 22, the Taiyuan coal index dropped to 90.72 points, marking another decline, while the Bohai steam coal price fell sharply, reaching a five-year low of 583 yuan per ton. Major coal producers like Shenhua and China Coal have also cut prices, putting downward pressure on the market. As a result, power companies have gained more leverage in negotiations, reducing their costs and boosting profits.
For hydropower companies, abundant rainfall has been a major driver of growth. Xichang Electric Power Express reported a 165% increase in net profit for the first half of 2013, thanks to higher river flows and increased power generation. Similarly, Wuyuan Power expects a 245% rise in profits compared to the same period last year, driven by better reservoir levels and lower financial expenses due to interest rate cuts.
Fuling Power also showed strong performance, with electricity sales rising by 16.85% year-on-year in the first half of the year.
Despite these positive trends, industry experts warn that the second half of 2013 may bring challenges, such as slower electricity demand growth and potential price reductions. However, analysts remain optimistic about the future of power companies, citing the continued drop in coal prices and stable water supplies as key factors supporting their performance. Even if electricity prices fall by 3% in December, most power companies are still expected to deliver strong and consistent growth, making them attractive investments.
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