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倒卖关停指标引证监会关注 风电能助华银电力扭亏为盈吗?

2017-09-26 08:52:54   中国经济网

原标题:主营业务持续低迷,倒卖关停指标引证监会关注,风电能助华银电力扭亏为盈吗?

《中国经济周刊》记者 李永华 | 长沙报道

2017年9月8日,华银电力(600744.SH)公告回复了《中国证监会行政许可项目审查一次反馈意见通知书》。在这份三个月前下发的通知书中,证监会对华银电力定向增发17亿元投入风电项目提出诸多问题,包括近3年未分红、置入资产业绩差异大以及收购过多火电关停指标等。

华银电力是湖南省装机规模最大的发电企业,2008年亏损近12亿元之后,华银电力的业绩在接下来的近10年内一直没有显著回升。在业绩低迷时期,靠着政府补助和变卖资产,华银电力才没有戴上ST的帽子。

主营火电行业的华银电力,在近些年来火电市场不景气、原料成本上升带来亏损的情况下,一直在拓展非火电板块的业务,试图通过优化产业结构,来平衡火电业务。然而,多年努力的效果却一直不容乐观。从2016年开始,华银电力将更多的精力放在风电板块,拟定增17亿元加码风电领域。然而,产能利用率偏低的风电市场存在着严重的两极分化问题,产业正处于加速淘汰整合期,竞争愈加激烈,电价持续走低。

华银电力此时转投风电,盈利能力依旧待考。

从2016 年开始,华银电力将更多的精力放在风电板块。不过,随着电价的调整,华银电力风电项目盈利能力堪忧。

火电板块业绩萎靡,17亿元加码风电业务

在华银电力的主营业务结构中,火电始终是大头。其定增报告显示,截至2015年末在役装机554.57万千瓦,其中火电机组524.32万千瓦,水电机组15.4万千瓦,风电装机14.85万千瓦。风电装机量不到火电的零头。

而随着电力消费需求放缓、非化石能源发电量高速增长等因素影响,火电发电市场正在萎缩。2015年底,我国火电装机占比从“十一五”末的73.2%降至68.4%,火电发电量自1974年以来首次出现负增长。近几年,火电机组设备利用小时也总体呈持续下降态势。虽然受益于煤炭市场不景气的现状,火电行业目前整体仍处于盈利状态,但盈利水平正在慢慢下降。

近年来,占比较高但盈利能力较低的火电板块,一直是华银电力的主业,也是其无法摆脱的困扰。火电受政府电价调整政策影响较大,盈利水平也随之波动。政府的每一次电价调整,都在一定程度上决定了华银电力全年的业绩。提升新能源发电业务占比、优化电源结构、拓展新的业务发展空间,以增加新的利润增长点,成为华银电力选择的方向。

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