Shaanxi Energy Investment Co., Ltd.
陕西能源
001286
Shenzhen Stock Exchange
Company Profile
(i) Prominent Regional Advantages The Company’s energy projects are primarily deployed in Shaanxi Province and Northwest China, possessing rich energy-resource advantages and undertaking the key functions of coal-to-electricity conversion and electricity transmission from West to East China. Shaanxi Province features abundant coal reserves of excellent quality, with convenient mining conditions and a well-developed transportation system. The Company’s coal resources are abundant in volume, superior in quality, and with favorable occurrence conditions. As of the end of the reporting period, the Company holds coal resource reserves of 5.184 billion tons, ranking among the top energy enterprises in Shaanxi Province. While ensuring power supply within Shaanxi Province, the Company supplies electricity to other regions of China through channels such as the Shaanxi-Wuhan DC, Baoji-Deyang DC, Changji-Guquan DC, and Yuheng-Weifang ultra-high voltage AC project, with 42.43% of its coal-fired units serving as complementary projects for “Electricity Transmission from West to East China”. (ii) Synergistic Deployment of Coal and Electricity The Company has a high degree of synergy between coal and electricity resources, with an installed capacity of power generation units reaching 17.25 million kW (including projects under construction and in planning), and an approved coal production capacity of 30 million tons/year (with 24 million tons/year already put into production). Two additional coal projects are being planned (Zhangba Mine and Qianyangshan Mine), with coal and electricity scale showing a phased growth and maintaining an overall dynamic balance. Effective synergy between power plants and coal mines helps hedge against coal price fluctuation risks, stabilize the Company’s operations, and support the Company’s cross-regional development of power business. The Company’s installed capacity of coal-electricity integration and pithead power plants accounts for 61.57%, with cost advantages being particularly prominent and comprehensive utilization efficiency of resources being relatively high. (iii) Advanced Technical Equipment Most of the Company’s power generation units are new units put into production in recent years, featuring advanced equipment and production technology. Among the approved installed capacity, ultra-supercritical units account for 89.04%, with energy efficiency and peak load regulation capacity ranking at the industry’s forefront. These technological advantages not only reduce operating costs but also support the Company in seizing opportunities during the market-oriented reform of the electricity industry. All mines are large-scale modern mines, utilizing advanced domestic equipment for mining, hoisting, and transportation. With high intelligence levels, safe and reliable performance, their competitive advantages are remarkable. (iv) Relatively Complete Industrial Chain Centered on the coal and power main business, the Company has built an integrated production, supply, and sales supporting system including combined heat and power generation, comprehensive resource utilization, and operation & maintenance services. Resource recycling businesses (such as coal gangue power generation, waste heat utilization, solid waste recycling) are initially taking shape, capable of reducing operating costs and improving comprehensive benefits. Responding to the “carbon peaking and carbon neutrality” strategy” strategy, the Company is accelerating the deployment of comprehensive energy services, energy storage, EV charging and swapping, and other new businesses, paying positive attention to developing diversified energy businesses and seizing the initiative in energy transformation. (v) Excellent Financial Condition In 2024, the Company’s asset-liability ratio was 53.13%, comprehensive gross profit margin was 34.97%, return on net assets was 12.57%, and operating cash receipt rate was 111.65%. Overall, the Company’s financial condition is stable, with a reasonable debt structure, good asset quality, and sufficient cash flow.
Full description
I. Basic information of the Company Shaanxi Energy Investment Co., Ltd. (hereinafter referred to as Shaanxi Energy, stock code: 001286) is a large-scale coal-electricity integration enterprise controlled by Shaanxi Investment Group Co., Ltd. (hereinafter referred to as SIGC). It was determined by the State-owned Assets Supervision and Administration Commission of the State Council as one of the first batch of “Double-hundred Enterprises” and was rated as a “benchmark enterprise” in 2023. Established in September 2003, it completed its restructuring and establishment on May 28, 2019. The Company’s shareholding structure is as follows: SIGC holds 64.31%, Shaanxi Yulin Energy Group Huisen Investment Management Co., Ltd. holds 8%, Chang’an Huitong Group Co., Ltd. holds 8%, and public shareholders hold 19.69%. Its registered capital is RMB 3.75 billion, with total assets approaching RMB 67 billion. The Company owns 34 fully-controlled enterprises, 10 shareholding enterprises, and over 10,000 registered employees. On April 10, 2023, Shaanxi Energy was listed on the main board of the Shenzhen Stock Exchange, being one of the first batch of enterprises under the registration-based IPO system. The Company raised RMB 7.2 billion in funds, exceeding one-third of the total funds raised by the first batch of main board registration-based enterprises. Shaanxi Energy is a specialized subsidiary group in the coal and electricity industry of SIGC and a leading enterprise for converting coal resources into electricity. Its affiliated enterprises are primarily located in Xi’an, Yan’an, Yulin, Luoyang and Baoji in Shaanxi Province, Changji in Xinjiang, Qingyang in Gansu, and Ganzhou in Jiangxi. The Company is mainly engaged in coal mining and transportation & sales, power generation and sales, power equipment testing and operation & maintenance, thermal energy production and sales, and comprehensive utilization of industrial wastes. The Company currently has a total installed capacity by thermal power plants of 17.25 million kW (with 11.23 million kW in-service), most of which are advanced units with high efficiency and parameters that have been put into production in recent years. Among these, ultra-supercritical units account for 89.04% of the total, and coal-fired units involved in the “Electricity Transmission from West to East China” project represent 42.43% of its installed capacity. The installed capacity of coal-electricity integration and pithead power plants reaches 10.62 million kW, accounting for 61.57% of the Company’s total installed capacity. The approved production capacity of coal is 30 million tons/year (of which, production capacity of coal mines already put into production is 24 million tons/year, and capacity under construction is 6 million tons/year), with an additional 10 million tons/year in planning, all of which are large-scale modern coal mines. II. Basic Information of Construction in Progress Currently, Shaanxi Energy is vigorously promoting the construction of key projects. In terms of power projects: the Shangluo Power Plant Phase II (2 * 660MW) project, Zhaoshipan Coal-Fired Power Plant Phase II (2 * 1,000MW) project, Xinfeng Energy Development (2 * 1,000MW) project, and Yan’an Ansai Thermal Power Station (2 * 350MW) project are being actively advanced. In terms of coal mine projects: Zhaoshipan Coal Mine (with an approved production capacity of 6 million tons/year) is currently under construction; the Zhangba Coal Mine project (with a planned capacity of 4 million tons/year) and Qianyangshan Coal Mine (with a planned capacity of 6 million tons/year) are steadily progressing in their preliminary work. Simultaneously, the Company will focus on exploring and tracking energy storage, new energy, advanced equipment manufacturing, and other synergistic industries, actively immersing itself in the construction of the new power system. III. Production and Operation In 2024, Shaanxi Energy generated 53.043 billion kilowatt-hours of electricity and produced 23.5628 million tons of raw coal, respectively. IV. Capital Market Performance In 2023, the Company stood out among peer listed companies with key indicators ranking at the top. Based on the financial data disclosed in the 2023 annual report and compared with 34 listed companies in the third-level CICC industry classification (thermal power), Shaanxi Energy demonstrated outstanding performance: its sales gross profit margin was 40.04%, ranking first in the industry; ratio of sales to cost was 59.96%, maintaining the industry’s best position; weighted average return on net assets was 12.69%, ranking second; basic earnings per share was RMB 0.73/share, ranking second (after excluding abnormal company data); net profit attributable to the parent company was RMB 2.556 billion, ranking seventh; and net cash flow from operating activities was RMB 7.133 billion, ranking twelfth. In the first three quarters of 2024, among the comparable listed companies, the Company’s indicators such as sales gross profit margin, weighted average return on net assets, and dividend yield ranked among the top in the industry. In the first three quarters of 2024, the Company’s key indicators ranked at the forefront among listed companies in Shaanxi Province. It achieved an operating revenue of RMB 16.835 billion, ranking sixth among the listed companies in Shaanxi; total profit of RMB 4.534 billion, ranking second; and net profit attributable to the parent company of RMB 2.497 billion, ranking third. Since its listing, Shaanxi Energy has consistently practiced the concept of proactively rewarding investors. In 2023, the cumulative dividend ratio was 53.10%, ranking eleventh among peer listed companies, with a dividend amount of RMB 1.313 billion, ranking fourth. In 2024, the cumulative dividend ratio was 52.82%, ranking eighth among peer listed companies, with a dividend amount of RMB 1.35 billion, ranking seventh. The high dividend ratio and stable development path fully demonstrated the Company’s internal growth advantages in coal-electricity integration to the capital market, significantly enhancing its market image.