Financial Performance - For the six months ended June 30, 2024, the company reported consolidated operating revenue of RMB 18.883 billion, a decrease of 4.9% compared to RMB 19.860 billion for the same period in 2023[3]. - The company's profit before tax for the same period was RMB 5.681 billion, down 18.9% from RMB 7.002 billion in 2023[3]. - Net profit attributable to equity holders of the company was RMB 4.020 billion, a decline of 21.6% from RMB 5.127 billion in the previous year[3]. - Basic earnings per share decreased to RMB 0.4767 from RMB 0.6001 in the same period last year[3]. - Operating profit for the first half of 2024 was RMB 7.145 billion, a decline of 17.1% from RMB 8.623 billion in the same period of 2023[60]. - The company achieved a net profit of RMB 4.692 billion, a decrease of 19.6% compared to RMB 5.837 billion in the same period of 2023[40]. - The wind power segment's revenue was RMB 13.781 billion, down 9.4% from RMB 15.215 billion year-on-year, primarily due to a decrease in average utilization hours and selling prices[41]. - The photovoltaic segment saw a significant increase in revenue to RMB 0.945 billion, up 98.9% from RMB 0.475 billion in the previous year, driven by increased installed capacity and generation[41]. - Operating expenses rose to RMB 12.363 billion, an increase of 3.9% from RMB 11.902 billion in the same period last year[46]. - The company recorded a credit impairment reversal of RMB 27 million in the first half of 2024, compared to a credit impairment provision of RMB 6 million in the same period of 2023[57]. Assets and Liabilities - As of June 30, 2024, the company's total assets amounted to RMB 242.628 billion, an increase from RMB 230.644 billion at the end of 2023[8]. - The total liabilities of the company were RMB 158.033 billion, up from RMB 148.422 billion at the end of 2023, resulting in a debt-to-equity ratio of 97%[8]. - The company's current assets amounted to RMB 49.092 billion, an increase of RMB 4.036 billion (3.0%) from RMB 45.056 billion as of December 31, 2023[99]. - The company's current liabilities as of June 30, 2024, were RMB 80.011 billion, up RMB 8.754 billion (12.3%) from RMB 71.257 billion as of December 31, 2023[101]. - The net current liabilities increased to RMB 30.919 billion as of June 30, 2024, from RMB 26.201 billion as of December 31, 2023, reflecting an increase of RMB 4.718 billion (18.0%)[101]. Renewable Energy Development - The company aims to enhance its compliance and regulatory framework to support the development of clean energy projects in response to new government policies[10]. - The company is focusing on expanding its renewable energy capacity and improving its market participation through the establishment of a green electricity trading mechanism[10]. - In the first half of 2024, the company added 47 new projects, with a total installed capacity of 2,286.73 MW, including 595.00 MW from wind power and 1,691.73 MW from solar power[13]. - The total electricity generation for the first half of 2024 was 40,081,845 MWh, representing a year-on-year increase of 0.84%, while wind power generation decreased by 4.60% to 31,584,604 MWh[15]. - The company is actively participating in the "Thousand Villages and Ten Thousand Towns Wind Action" initiative to promote wind energy development in rural areas, aiming to support rural revitalization and carbon neutrality[12]. - The company is committed to advancing its digital transformation and innovation strategies to support its growth objectives and enhance operational efficiency[13]. Environmental and Sustainability Initiatives - The company has implemented a waste-free enterprise initiative, focusing on the comprehensive utilization of ash, slag, and desulfurization gypsum as building materials and concrete admixtures[136]. - The company has established an emergency response plan for environmental incidents, including dynamic assessments of ecological risks and emergency resource investigations[137]. - The company has developed self-monitoring plans for environmental protection, ensuring compliance with national and industry standards through effective monitoring[139]. - The company has actively responded to local environmental protection requirements, voluntarily reducing the emissions of three major pollutants[142]. - The company invested RMB 3.18 million in paid assistance and RMB 18 million in free assistance for rural revitalization and poverty alleviation efforts in Shanxi Province, with a total of RMB 9.24 million disbursed for the first batch of assistance projects[144]. Corporate Governance and Management - The company has fully complied with the corporate governance code as per the listing rules from January 1 to June 30, 2024[147]. - The audit committee reviewed and confirmed the interim performance announcement for the six months ended June 30, 2024[150]. - The company has appointed three independent non-executive directors with appropriate professional qualifications[149]. - The independent review report concluded that the interim financial report was prepared in accordance with International Accounting Standard 34[172]. - The company has signed long-term strategic cooperation agreements with banks to optimize project financing management[37]. Market and Strategic Initiatives - The company is enhancing its market analysis capabilities to respond to market challenges and improve electricity pricing strategies[26]. - The company is committed to expanding its market presence by developing offshore projects and optimizing resource acquisition in onshore areas[129]. - The company is actively exploring new business models in energy storage and hydrogen production to enhance safety management capabilities[129]. - The company aims to enhance its strategic implementation capabilities to build a world-class renewable energy asset management platform, focusing on value creation and maintaining its leading position in the global renewable energy sector[128].

Financial Performance - For the six months ended June 30, 2024, the company reported consolidated operating revenue of RMB 18.883 billion, a decrease of 4.9% compared to RMB 19.860 billion for the same period in 2023[4]. - The company's profit before tax for the same period was RMB 5.681 billion, down 18.9% from RMB 7.002 billion in 2023[4]. - Net profit attributable to equity holders of the company was RMB 4.020 billion, a decrease of 21.6% from RMB 5.127 billion in the previous year[4]. - Basic earnings per share for the period were RMB 0.4767, down from RMB 0.6001 in 2023[4]. - In the first half of 2024, the company achieved a net profit of RMB 4.692 billion, a decrease of 19.6% compared to RMB 5.837 billion in the same period of 2023[45]. - The net profit attributable to the company's equity holders for the first half of 2024 was RMB 4.02 billion, a decrease of 21.6% compared to RMB 5.12 billion in the same period of 2023[77][78]. - Operating profit for the first half of 2024 was RMB 7.145 billion, a decline of 17.1% from RMB 8.623 billion in the same period of 2023[66]. Assets and Liabilities - As of June 30, 2024, the company's total assets amounted to RMB 242.628 billion, an increase from RMB 230.644 billion at the end of 2023[13]. - The total liabilities of the company were RMB 158.033 billion, compared to RMB 148.422 billion at the end of 2023, resulting in a debt-to-equity ratio of 97%[13]. - The company's current assets amounted to RMB 49.092 billion, an increase of RMB 4.036 billion (3.0%) from RMB 45.056 billion as of December 31, 2023[116]. - The company's current liabilities as of June 30, 2024, were RMB 80.011 billion, up RMB 8.754 billion (12.3%) from RMB 71.257 billion as of December 31, 2023[119]. - The net current liabilities increased to RMB 30.919 billion as of June 30, 2024, from RMB 26.201 billion as of December 31, 2023, reflecting an increase of RMB 4.718 billion (18.0%)[119]. Power Generation and Capacity - The total electricity generation for the first half of 2024 reached 40,081,845 MWh, a year-on-year increase of 0.84%, with wind power generation at 31,584,604 MWh, down 4.60%[20]. - The installed capacity of power generation in the country reached 3.07 billion kilowatts, an increase of 14.1% year-on-year, with wind power capacity growing by 19.9%[14]. - The company added 47 new projects with a total installed capacity of 2,286.73 MW, including 7 wind power projects (595.00 MW) and 40 solar projects (1,691.73 MW)[18]. - As of June 30, 2024, the company's total installed capacity was 37,880.40 MW, with wind power capacity at 28,349.39 MW and photovoltaic capacity at 7,656.01 MW[28]. - The total power generation from thermal power holdings was 4,907,935 MWh, a decrease of 2.39% compared to the same period in 2023[25]. Revenue Segments - The wind power segment's revenue was RMB 13.781 billion, down 9.4% from RMB 15.215 billion year-on-year, primarily due to a decrease in average utilization hours and selling prices[46]. - The photovoltaic segment saw a significant increase in revenue to RMB 0.945 billion, up 98.9% from RMB 0.475 billion in the previous year, driven by increased installed capacity and generation[46]. - The thermal power segment's revenue for the first half of 2024 was RMB 4.05 billion, a decline of 1.3% from RMB 4.10 billion in the same period of 2023[85]. Costs and Expenses - Operating expenses rose to RMB 12.363 billion, an increase of 3.9% from RMB 11.902 billion in the same period last year[52]. - Depreciation and amortization expenses increased by 5.6% to RMB 5.588 billion, primarily due to new projects being capitalized[54]. - Employee costs rose by 8.1% to RMB 2.358 billion, influenced by increased staffing due to growth in photovoltaic and wind projects[58]. - The company recorded a reversal of credit impairment losses of RMB 27 million in the first half of 2024, compared to a provision of RMB 6 million in the same period of 2023[63]. Environmental and Social Responsibility - The company invested RMB 3.18 million in paid assistance and RMB 18 million in free assistance for rural revitalization efforts in Shanxi Province, with a total of RMB 924,000 disbursed for the first batch of assistance projects[172]. - The company has implemented a waste-free enterprise initiative, focusing on the comprehensive utilization of ash, slag, and desulfurization gypsum as building materials and concrete admixtures[164]. - The company has established an emergency response plan for environmental incidents, including dynamic assessments of ecological risks and adequate reserves of emergency materials[165]. - The company’s two thermal power enterprises achieved ultra-low emissions operation, controlling the emissions concentrations of smoke dust, sulfur dioxide, and nitrogen oxides to below 3, 15, and 25 mg/m³ respectively[170]. Strategic Initiatives - The company aims to enhance its compliance and regulatory framework to support the sustainable development of clean energy projects[15]. - The company is focusing on expanding its green electricity trading mechanisms to address the growing demand for renewable energy[15]. - The company is committed to digital transformation and innovation as part of its strategic development goals for 2024[18]. - The company is actively pursuing project acquisitions with a focus on high-quality, large-scale projects with good creditworthiness[26]. Governance and Management - The company has fully complied with the corporate governance code as per the listing rules from January 1 to June 30, 2024[176]. - The audit committee reviewed and confirmed the interim performance announcement for the six months ended June 30, 2024[179]. - The company has appointed three independent non-executive directors with appropriate professional qualifications[178]. - The company has no significant legal disputes as of June 30, 2024[194].

龙源电力集团股份有限公司 关于完成 2024 年度第四期中期票据发行的公告 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 2024 年 6 月 6 日召开 的 2023 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 9 月 20 日发行 2024 年度第四期中期票据，所募集资金将 主要用于补充营运资金或偿还公司及子公司有息债务。相关发行情况如下： | 中期票据全称 | 龙源电力集团股份有限公司 年度第四期中期票据（品种 | | | | 2024 ...

| 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2024 | | 年度第十六期超短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 上海浦东发展银行股份有限公司 | | | | | | | | 超短期融资券简称 | 24 龙源电力 SCP016 | | 期限 | 180 天 | | | | | 超短期融资券代码 | 012483069 | | 发行日 | 2024 年 | 9 | 月 12 | 日 | | 起息日 | 年 月 日 2024 13 | 9 | 兑付日 | 年 2025 | 3 | 月 12 | 日 | | 计划发行总额 | 亿元人民币 20 | | 实际发行总额 | 20 | 亿元人民币 | | | | 发行价格 | 元/张 100 | | 票面利率 | 2.04% | | | | 1 本 期 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 （ http://www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （http://www.s ...

Group 1: Operational Performance - The company added a total of 2,286.73 MW of new energy capacity in the first half of 2024, including 1,691.73 MW from solar projects [2] - As of June 30, 2024, the total controllable installed capacity reached 37,880.40 MW, representing a year-on-year increase of 7.72% [2] - The wind power controllable installed capacity was 28,349.39 MW, with a year-on-year increase of 126.04% [2] Group 2: Project Development - The company is focusing on large-scale projects to drive significant development and innovation, particularly in the "Shagehuang" wind-solar base project and offshore wind power initiatives [2] - There is an emphasis on project mergers and acquisitions, targeting projects with complete procedures, high quality, large scale, and good owner credit [2] - The company aims to implement "large instead of small" projects and promote the "Muguang Yufeng" initiative in conjunction with rural revitalization [2] Group 3: Financial Overview - The report does not provide specific details on the company's funding costs for the first half of 2024 [4]

业务板块及地区分布 2024 年 8 月 发电量 （兆瓦时） 2023 年 8 月 发电量 （兆瓦时） 8 月同比 变化率 （%） 2024 年 累计发电量 （兆瓦时） 2023 年 累计发电量 （兆瓦时） 年累计发 电量 同比变化 率 （%） 风电业务 3,157,872 3,151,578 0.20 39,192,896 41,043,874 -4.51 其中：黑龙江 166,885 162,318 2.81 1,861,775 2,019,405 -7.81 吉林 82,028 90,637 -9.50 1,358,748 1,319,514 2.97 辽宁 99,262 162,186 -38.80 2,206,799 2,410,050 -8.43 内蒙古 280,795 297,295 -5.55 4,129,080 4,706,788 -12.27 江苏陆上 102,363 115,193 -11.14 1,556,005 1,641,115 -5.19 江苏海上 278,859 279,399 -0.19 3,863,399 3,680,011 4.98 浙江 13,654 22,088 -3 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's performance was impacted by poor wind conditions and a decline in on-grid electricity prices [2] - The company plans to divest thermal power assets to focus on its core new energy business [2] - The company is accelerating new energy construction, with a planned annual production capacity of 7.5GW [2] - The green power sector faces concerns over the profitability of new projects, but long-term demand remains strong due to the dual-carbon strategy [3] - The company is expected to see a recovery in profitability, with projected net profits of 59.51, 68.73, and 73.15 billion RMB for 2024-2026 [3] Financial Performance and Valuation - Revenue for 2024E is projected at 406.62 billion RMB, with a year-on-year growth of 8.02% [1] - Net profit attributable to the parent company for 2024E is expected to be 59.51 billion RMB, a decrease of 4.77% year-on-year [1] - EPS for 2024E is forecasted at 0.71 RMB per share [1] - The company's PE ratio for 2024E is 7x [1] - The company's PB ratio is 0.65, with a market capitalization of 48.7 billion HKD [1] Operational Highlights - The company added 595MW of wind power capacity in the first half of 2024, but wind power generation decreased by 4.60% due to poor wind conditions [2] - The average on-grid electricity price for wind power decreased by 6.35% to 441 RMB/MWh [2] - The company plans to divest 1.215GW of thermal power capacity, with the transaction expected to generate 1.319 billion RMB [2] - The company has signed development agreements for 7.59GW of new energy projects and obtained development indicators for 6.09GW, a 51.87% increase year-on-year [2] - The company has already put 2.29GW of new energy capacity into operation, including 1.69GW of photovoltaic and 0.60GW of wind power [2] Industry Outlook - The green power sector is expected to see a recovery in investment rationality, with operational returns potentially aligning with stable utility yields [3] - Policy-driven benefits are likely to act as catalysts for the company's trend-driven performance [3] - The dual-carbon strategy remains a strong driver for long-term demand in the new energy sector [3]

[Table_MainInfo] 公司研究/公用事业 证券研究报告 龙源电力（001289）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 14.37 | | 52 周股价波动（元） | 14.37-20.74 | | 总股本 / 流通 A 股（百万股） | 8360/133 | | 总市值 / 流通市值（百万元） | 120131/49594 | | 相关研究 | | | [Table_ReportInfo] 《风电运营资深龙头，"以大代小"先行者》 | | | 2024.04.28 | | 市场表现 [Table_QuoteInfo] 龙源电力 海通综指 -24.25% -15.25% -6.25% 2.75% 11.75% 20.75% | --- | - ...

[Table_MainInfo] 公司研究/公用事业 证券研究报告 龙源电力（001289）公司半年报点评 Jie Wu j.wu@htisec.com Yifan Fu yf.fu@htisec.com Haofei Chen haofei.chen@htisec.com [Table_InvestInfo]风电业绩承压，资产整合推进 [Table_Summary] 投资要点： 公司 发 布 24 年 半年报： 24H1 实 现营收 /归母净 利 189/38.3 亿元， YOY-4.9%/-22.9%。Q2 实现营收/归母净利 90/14.3 亿元，YOY-10%/-45.4%。 资源扰动，风电量价承压。测算公司 24H1 度电净利 0.098 元，同比-0.031 元。 （1）电价：24H1 风电平均电价 0.441 元/度，同比-0.028 元/度；光伏平均电 价 0.283 元/度，同比-0.031 元/度，主要仍系市场电比例、平价项目增加所致； 火电电价（位于江苏）0.415 元/度，同比持平。（2）利用小时：测算公司 24H1 度电折旧 0.133 元，同比+0.006 元，主要系风资源影响，2 ...

证券研究报告 | 公司点评 龙源电力(001289.SZ) 2024 年 09 月 01 日 买入（维持） 所属行业：公用事业/电力 当前价格(元)：15.18 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 龙源电力 沪深300 建设 | --- | --- | --- | --- | |--------------|---------|---------|-------| | -26% 2023-09 | 2024-01 | 2024-05 | | | | | | | | | | | | | | | | | 沪深 300对比 1M 2M 3M 绝对涨幅(%) -11.65 -10.83 -16.72 相对涨幅(%) -8.14 -6.78 -9.50 资料来源：德邦研究所，聚源数据 相关研究 1.《国常会核准 11 台核电机组，行业 保持高景气》，2024.8.20 2.《国家层面首次对全面绿色转型进 行系统部署，打造更有全球竞争力的 现代化经济体系》，2024.8.12 3 ...