Financial Performance - The company's net profit attributable to shareholders reached RMB 6.355 billion, a year-on-year increase of 23.87%, with earnings per share of RMB 0.7398[12]. - Revenue for 2023 was RMB 37,638 million, a decrease of 5.5% compared to RMB 39,862 million in 2022[17]. - Net profit for 2023 was RMB 6,868 million, representing an increase of 12.1% from RMB 6,128 million in 2022[19]. - The total comprehensive income for 2023 was RMB 6,890 million, an increase from RMB 6,096 million in 2022, reflecting a growth of 12.9%[31]. - The company's operating revenue for 2023 was RMB 37.638 billion, a decrease of RMB 2.224 billion or 5.6% compared to RMB 39.862 billion in 2022[104]. - The net profit attributable to the company's equity holders for 2023 was RMB 6.355 billion, an increase of 23.9% from RMB 5.131 billion in 2022, primarily due to the profit increase in the wind, thermal, and photovoltaic segments[146]. - The wind power segment's revenue for 2023 was RMB 27.496 billion, a growth of 0.9% compared to RMB 27.248 billion in 2022, driven by increased installed capacity and sales volume[149]. - The thermal power segment's revenue for 2023 was RMB 8.418 billion, a decrease of 28.1% from RMB 11.716 billion in 2022, primarily due to reduced coal sales volume and average selling price[153]. - The photovoltaic segment's revenue surged by 114.3% to RMB 1.408 billion in 2023 from RMB 0.657 billion in 2022, mainly due to increased installed capacity and sales volume[160]. Operational Highlights - In 2023, the company achieved a development target of 22.75 GW and put into operation 4.51 GW, reaching a total installed capacity of 35.59 GW, maintaining its industry-leading position[11]. - The company generated a total electricity output of 61,353 GWh in 2023, compared to 58,308 GWh in 2022, representing an increase of 5.2%[26]. - The company’s installed capacity of wind power reached 27,754.39 MW as of December 31, 2023, representing a 5.97% increase from 26,191.84 MW in 2022[88]. - The total electricity generation for 2023 reached 76,225,816 MWh, a year-on-year increase of 7.92%[79]. - The company added a total installed capacity of 4,509.83 MW in 2023, including 1,562.55 MW from wind power[77]. - The company has expanded its operations to 31 provinces in China and several countries, contributing to global green energy development[33]. - The company reported a significant increase in renewable energy capacity, with a total of 59.53% of its operations focused on renewable energy sources[37]. Digital Transformation and Innovation - The company established a leading digital platform for renewable energy production, integrating over 42 GW of installed capacity and processing an average of 58 billion data points daily[13]. - The company is focusing on digital transformation and has built the largest digital platform for renewable energy production globally, managing over 58 billion data points daily[98]. - The company has implemented a digital construction management system, enhancing project management efficiency and safety measures[85]. - The company’s new energy generation simulation platform has completed modeling and simulation tasks for 10 large wind and solar power stations[89]. - The company is committed to digital transformation solutions, which have been awarded for their innovative contributions to the energy sector[51]. Sustainability and ESG Initiatives - The company has received multiple national-level ESG awards, reflecting its commitment to sustainable practices and corporate governance[13]. - The company is focusing on sustainable practices and aims to achieve carbon neutrality by 2030, aligning with global energy trends[36]. - Longyuan Power was selected for the "Central Enterprise ESG Pioneer 100 Index" with a four-and-a-half-star rating, ranking second in the power and heat production and supply industry[57]. - The company is actively participating in carbon market construction and completed the trading compliance work for the second compliance cycle of the national carbon market, achieving 100% compliance ahead of schedule for two consecutive cycles[93]. Market Expansion and Strategic Initiatives - The company is focusing on expanding its overseas markets, particularly in South Africa and Southeast Asia, while also advancing significant projects in Ningxia and Gansu[11]. - The company aims to enhance its management efficiency through shared resources and the integration of ESG principles into all project phases[8]. - The company plans to leverage the strategic opportunities presented by the rapid growth of the renewable energy sector in 2024, focusing on safety, scale development, digital empowerment, and technological innovation[14]. - The company aims to expand its market reach through strategic acquisitions and partnerships, particularly in the renewable energy sector[36]. - The company has developed a three-year overseas development plan focusing on five countries in Southeast Asia and South Africa, aiming for high-quality overseas development[94]. Financial Position and Investments - The total assets of the company at the end of the year amounted to RMB 229.915 billion, with net assets of RMB 82.026 billion and a net debt-to-equity ratio of 59.28%[12]. - The total liabilities for 2023 were RMB 147,889 million, an increase from RMB 143,816 million in 2022, indicating a rise of 2.4%[32]. - The net debt-to-equity ratio as of December 31, 2023, was 59.3%, up 3.1 percentage points from 56.2% on December 31, 2022, due to a higher increase in debt compared to equity[187]. - Capital expenditures for 2023 amounted to RMB 23.896 billion, a 33.1% increase from RMB 17.959 billion in 2022, with wind power project expenditures at RMB 10.469 billion and solar power project expenditures at RMB 12.014 billion[184]. Research and Development - The company has developed over ten new key technologies for the world's first floating wind-fish integration project and is exploring integrated pathways for green electricity, green ammonia, and green hydrogen[7]. - The company has increased its R&D investment intensity, with a focus on technology innovation to improve operational efficiency[98]. - The company successfully developed key formulas for the recycling and resource utilization of waste energy blades and completed the acceptance of six technology projects, including the research on digital key technologies for new energy engineering based on domestic BIM, resulting in 32 new invention patent applications[90]. Safety and Risk Management - The company has established a risk prevention mechanism and conducted 11 emergency drills in 2023 to enhance emergency response capabilities[78]. - The company has strengthened safety and environmental protection measures, implementing a three-year safety plan and enhancing risk management systems[78]. - Longyuan Power's achievements in safety culture were recognized with a best practice case award for its safety development practices[49].

| 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2024 | 年度第八期超短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 广发银行股份有限公司 | | | | | | | | 联席主承销商 | 中国光大银行股份有限公司 | | | | | | | | 超短期融资券简称 | 24 龙源电力 | SCP008 | 期限 | 88 天 | | | | | 超短期融资券代码 | 012481369 | | 发行日 | 2024 | 年 04 | 月 | 19 日 | | 起息日 | 2024 年 04 月 | 22 日 | 兑付日 | 2024 | 年 07 | 月 | 19 日 | | 计划发行总额 | 25 亿元人民币 | | 实际发行总额 | 25 | 亿元人民币 | | | | 发行价格 | 100 元/张 | | 票面利率 | 1.76% | | | | 证券代码：001289 证券简称：龙源电力 公告编号：2024-027 龙源电力集团股份有限公司 关于公司 2024 年第八期超短期融资券发行的公 ...

Investment Rating - The report maintains a "Buy" rating for Longyuan Power (0916.HK) with a target price of HKD 8.16, indicating a potential upside of 48% from the current price of HKD 5.52 [2][11]. Core Insights - The company's 2023 performance was impacted by significant impairment provisions, leading to a revenue decline of 5.6% year-on-year to CNY 37.638 billion, while net profit attributable to equity holders increased by 23.9% to CNY 6.355 billion [3][8]. - The dividend per share for 2023 was CNY 0.2225, a 90% increase from CNY 0.1171 in 2022, with the payout ratio rising from 20% to 30% [3][8]. - Longyuan Power is focusing on upgrading its aging wind turbine units, with over 12 million kilowatts of units below 1.5S, and plans to upgrade an additional 10 million kilowatts, which is expected to enhance efficiency by 30-50% [5][9]. - The company has a robust project pipeline, with plans to start 10GW of new energy projects in 2024 and expects to commission 7.5GW, supported by a resource reserve of 54GW acquired in 2023 [6][10]. Summary by Sections Financial Performance - In 2023, Longyuan Power reported revenues of CNY 37.638 billion, a decrease of 5.6% year-on-year, while net profit reached CNY 6.355 billion, reflecting a 23.9% increase [3][8]. - The earnings per share for 2023 was CNY 0.7398, and the company declared a dividend of CNY 0.2225 per share [3][8]. Project Development - The company has secured a total of 54GW in new resource reserves, including 24.65GW of wind power and 23.95GW of solar power, with significant projects located in resource-rich provinces [6][10]. - Longyuan Power plans to accelerate its installation capacity, with a target of 10GW of new energy projects to commence in 2024 and 7.5GW expected to be operational [6][10]. Long-term Strategy - The ongoing upgrade of older wind turbine units is anticipated to significantly improve operational efficiency and profitability, with the cost of upgrades being lower than new installations [5][9]. - The company aims to enhance its overall profitability through these upgrades and the expansion of its renewable energy projects, which are expected to support future earnings growth [6][10].

证券代码：001289 证券简称：龙源电力 公告编号：2024-026 龙源电力集团股份有限公司 关于公司 2024 年第七期超短期融资券发行的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"公司"）于 2023 年 6 月 15 日召开 的 2022 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以统一注册或分品种注册的形式在中国银行间市场交易商协会注册、发行 不超过人民币 800 亿元（含 800 亿元）的债务融资工具的相关事宜，类型包括但 不限于超短期融资券、短期融资券、中期票据（含中长期含权票据）、永续票据、 定向债务融资工具、资产支持票据、项目收益票据、权益出资型票据等在内的债 务融资工具；并同意董事会转授权公司经理层处理上述相关事宜。 公司已于 2024 年 4 月 16 日发行了 2024 年度第七期超短期融资券，所募集 资金将主要用于补充日常流动资金及偿还发行人及其子公司有息债务。相关发行 情况如下： | 超 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 董事會會議召開日期 唐 堅 董事長 中 國 北 京，二 零 二 四 年 四 月 十 五 日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 唐 堅 先 生 和 宮 宇 飛 先 生；非 執 行 董 事 為 唐 超 雄 先 生 和 馬 冰 岩 先 生；及 獨 立 非 執 行 董 事 為 魏 明 德 先 生、高 德 步 先 生 和 趙 峰 女 士。 * 僅供識別 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 四 年 四 月 二 十 五 日（星 期 四）舉 行 董 事 會 會 議，以 審 議 及 批 准（其 中 包 括）本 公 司 及 其 附 屬 公 司 截 至 二 零 二 四 年 三 月 三 十 一 日 止 三 個 月 的 季 度 業 績 及 發 ...

中国国际金融股份有限公司 关于龙源电力集团股份有限公司 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 管理制度、内控制度、内部审计制度、关联交易 | 是 | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是，根据2023年度内控自我评价报告、2023年 度内部控制鉴证报告，发行人有效执行了相关 | | | 规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用 | | （2）公司募集资金项目进展是否与信息披露文件 | 不适用 | | 一致 | | | 4.公司治理督导情况 | | 1 | （1）列席公司股东大会次数 | 无 | | --- | --- | | （2）列席公司董事会次数 | 无 | | （3）列席公司监事会次数 | 无 | | 5.现 ...

中信证券股份有限公司 | 工作进度、质量及发现的重大问题等（如适用） | | | --- | --- | | 6.内部审计部门是否至少每季度向审计委员会报告一次内 | | | 部审计工作计划的执行情况以及内部审计工作中发现的问 | √ | | 题等（如适用） | | | 7.内部审计部门是否至少每季度对募集资金的存放与使用 | √ | | 情况进行一次审计（如适用） | | | 8.内部审计部门是否在每个会计年度结束前二个月内向审 | √ | | 计委员会提交次一年度内部审计工作计划（如适用） | | | 9.内部审计部门是否在每个会计年度结束后二个月内向审 | √ | | 计委员会提交年度内部审计工作报告（如适用） | | | 10.内部审计部门是否至少每年向审计委员会提交一次内 | √ | | 部控制评价报告（如适用） | | | 11.从事风险投资、委托理财、套期保值业务等事项是否建 | √ | | 立了完备、合规的内控制度 | | | （三）信息披露 | | | 现场检查手段：查阅公司与信息披露相关的管理制度、信息披露支持性文件及公 | | | 司公告 | | | 1.公司已披露的公告与实际情况是否一 ...

中国国际金融股份有限公司 | （六）业绩情况 | | | | --- | --- | --- | | 现场检查手段：查阅公司定期报告；查阅同行业公司公告文件 | | | | 1.业绩是否存在大幅波动的情况 | | √ | | 2.业绩大幅波动是否存在合理解释 | | √ | | 3.与同行业可比公司比较，公司业绩是否不存在明显异常 √ | | | | （七）公司及股东承诺履行情况 | | | | 现场检查手段：查阅公司关于承诺履行情况的公告，核查公司有关承诺事项的履 | | | | 行情况等 | | | | 1.公司是否完全履行了相关承诺 | √ | | | 2.公司股东是否完全履行了相关承诺 | √ | | | （八）其他重要事项 | | | | 现场检查手段：查阅《公司章程》、分红规划，检查执行情况等 | | | | 1.是否完全执行了现金分红制度，并如实披露 | √ | | | 2.对外提供财务资助是否合法合规，并如实披露 | | √ | | 3.大额资金往来是否具有真实的交易背景及合理原因 | √ | | | 4.重大投资或者重大合同履行过程中是否不存在重大变化 | √ | | | 或者风险 | | ...

中信证券股份有限公司 关于龙源电力集团股份有限公司 2023年度持续督导报告书 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称： 龙源电力 | | --- | --- | | 保荐代表人姓名：李宁 | 联系电话：010-60836989 | | 保荐代表人姓名：康昊昱 | 联系电话：010-60838376 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制 | | | 度） | | | （2）公司是否有效执行相关规章制度 | 是，根据2023年度内控自我评价报告、2023年度 内部控制鉴证报告，发行人有效执行了相关规章 | | 3.募集资金监督情况 | 制度 | | （1）查询公司募集资金专户次数 | 不适用 | | ...

公司研究 龙源电力(0916.HK)： 经营利润保持平稳，长期成长空间广阔 香港 电力/新能源 经营利润保持平稳。公司2023年实现营收376.38亿元，同比-5.6%，公司 2024年04月09日 买入 权益持有人应占净利润63.55亿元，同比+23.9%。23年营收下滑主要由于 期内年煤炭价格下行，销售煤炭收入同比下降49.5%至32.42亿元。公司经 目标价（HKD） 11.00 营利润基本保持稳定，归母净利润增长主要来自于财务费用同比减少约3.63 收盘价 (08 Apr 24) 5.61 亿元及应占联营公司和合营企业利润同比增加4.47亿元。2023年公司经营 上升/下降 96.08% 活动的现金流入净额为138.84亿元，较上年同期的295.68亿元减少156.84 恒生指数 16732.85 亿元，主要由于是应收售电补贴款回款减少所致。 总市值 (HKD亿) 468.55 发电量持续增长，上网电价有所下降。受益于公司装机规模的稳步提升， 52周最高/最低 (HKD) 9.11/4.37 2023年公司累计完成发电量76,225.8吉瓦时，同比增长7.9%，其中风电、 资料来源: Wind，国信证 ...