Jiangsu Guoxin (SZ:002608)2022-12-03 09:24Group 1: Market Conditions - The current market electricity trading model shows that bilateral negotiations account for approximately 41% of the market electricity volume, with the remainder primarily from monthly platform bidding and sporadic listed trading [2][3] - The market electricity release policy has resolved the dual-track pricing system, allowing coal prices to be reflected in electricity prices more promptly, which enhances the motivation of power generation and electricity sales companies [3] Group 2: Coal Supply and Pricing - The company's long-term coal supply accounts for about 70%, with a ratio of monthly to annual long-term contracts approximately 1:1 [3][4] - The long-term coal prices are aligned with the five major power generation groups [3] Group 3: External Electricity Impact - The influx of external electricity has significantly reduced the utilization hours of local coal-fired power generation in Jiangsu Province, primarily due to the province's coal reduction plan [3] - The company is planning to establish a holding company to acquire coal and power generation projects in Shanxi, aiming to increase its power generation share in Jiangsu [3] Group 4: Future Development and Expansion - The company has successfully obtained approval for a 2×100MW gas-fired cogeneration project in Jingjiang in the first half of 2018 [4] - The company will continue to pursue a dual-driven strategy, integrating finance and energy sectors, leveraging the stable cash flow from power generation to support the development of the thermal power sector [4]