GED(SZ:000539)2022-12-07 09:40Group 1: Company Overview - Guangdong Power Development Co., Ltd. is the largest power generation listed company in Guangdong Province, with a controlling shareholder being Guangdong Yuedian Group Co., Ltd. and actual controller being the State-owned Assets Supervision and Administration Commission of Guangdong Province [1] - The company's power generation is primarily coal-fired (approximately 85%), followed by natural gas (about 13%), and renewable sources such as wind and hydro (2%) [1] Group 2: Industry Situation - In 2014, the total electricity consumption in Guangdong Province was 523.52 billion kWh, representing a year-on-year growth of 8.4% [1] - The total electricity purchase volume in 2014 was 539.13 billion kWh, with a year-on-year increase of 31.9% [2] - The average utilization hours of coal-fired power units in the province fell below 5,000 hours due to increased electricity imports from western regions [2] Group 3: Coal Procurement - The company's coal is uniformly procured by a subsidiary fuel company, with both Guangdong Yuedian Group and Guangdong Power holding 50% equity [2] - In 2014, the proportion of imported coal was approximately 30%, and the fuel costs decreased by about 8% compared to the previous year [2] Group 4: Project Development - The company has approved coal-fired projects under construction, including Shaoguan Yuedong (2 units of 600 MW) and Meixian Dabu (2 units of 600 MW), both expected to be operational in 2015 [2] - Wind power projects under construction include Maoming Hot Water (49.5 MW), Shibanling (49.5 MW), Hongxinlou (50 MW), and Qujie (50 MW), with some planned for 2015 and others for 2016 [2] Group 5: State-Owned Enterprise Reform - Guangdong Province has issued opinions on deepening state-owned enterprise reform, focusing on expanding mixed ownership, optimizing state asset allocation, and innovating management mechanisms [2] - The company is actively studying relevant reform policies to seize opportunities for better development [2]