上海电力（600021.SH） 优于大市 煤电板块效益持续改善，24Q3 归母净利润增幅较大 营业收入小幅增长，归母净利润增幅较大。2024 前三季度，公司实现营业收 入 325.66 亿元（+3.41%），归母净利润 24.59 亿元（+66.57%），扣非归母 净利润 23.56 亿元（+60.85%）。2024 年第三季度，公司实现营业收入 124.45 亿元（+11.13%），归母净利润 11.32 亿元（+67.57%），扣非归母净利润 10.40 亿元（+49.53%）。公司营业收入及归母净利润增长的原因在于：一是煤电 边际效益持续改善，控股及参股煤电企业效益提升；二是公司加快绿色转型 发展，境内外清洁能源发电装机规模和效益实现增长。 2024Q3 火电发电量实现同比增加，气电、风电、光伏发电量同步增幅较大。 2024 年第三季度，公司煤电发电量 156.16 亿千瓦时（+3.95%），气电 发电量 33.03 亿千瓦时（+28.48%），风电发电量 21.92 亿千瓦时 （+20.52%），光伏发电量 20.08 亿千瓦时（+21.62%）。 煤电、新能源项目新增装机逐步落地，公司业绩规模有望进 ...

上海电力股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600021 证券简称：上海电力 上海电力股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 年初至报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-------------------|-------------------|-------------------|-------- ...

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 2024 年 10 月 18 日 上海电力 (600021.SH) 买入（维持） ——三季度业绩超预期 占据华东区域优势兼具弹性与成长 投资要点： ➢ 事件：公司发布 2024 年前三季度业绩预增公告。预计前三季度实现归母净利润 22.52~26.80 亿元，同比增长 53%-82%；扣非后归母净利润 21.58~25.68 亿元， 同比增长 48%-76%。单三季度实现归母净利润 9.25~13.53 亿元，同比增长 36%-99%；扣非后归母净利润 8.42~12.52 亿元，同比增长 20%-78%。公司三季 度业绩超出市场预期。 ➢ 三季度火电、风电电量超预期，业绩同比、环比实现正增长。公司单三季度扣非归母 净利润同比、环比实现正增长，或主要与电量相关 ...

证券简称：上海电力 证券代码：600021 编号：临 2024-70 | --- | --- | |--------------------------------------------------------------------|-------| | | | | | | | 上海电力股份有限公司 2024 年前三季度业绩预增公告 | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 | | | 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | 重要内容提示 1.公司预计2024年1-9月实现归属于上市公司股东的净利润为22.52亿元到 26.80亿元。与上年同期（法定披露数据）相比，将增加7.83亿元到12.11亿元， 同比增加53.30%-82.44%。 2. 公司2024年1-9月实现归属于上市公司股东的扣除非经常性损益的净利 润预计为21.58亿元到25.68亿元。与上年同期（法定披露数据）相比，将增加7.00 亿元到11.10亿元，同比增加48.01%-76.13%。 一、本期业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 20 ...

公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 股票数据： 2024 年 8 月 28 日 收盘价（元） 8.42 一年内最高/最低（元） 10.44/7.06 总市值（百万元） 23717 市净率 PB 1.26 基础数据： 2024 年 6 月 30 日 总股本（百万股） 2817 总资产（百万元） 174759 净资产（百万元） 52319 每股净资产（元） 6.71 资料来源：公司公告，wind 请务必仔细阅读正文之后的免责声明 盈利预测与估值 2022 2023 2024E 2025E 2026E 营业总收入（百万元人民币） 39249 42402 43243 44262 50459 同比增长率（%） 8.0% 2.0% 2.4% 14.0% 归母净利润（百万元人民币） 334 1593 2505 2904 3 ...

证券研究报告 | 2024年08月28日 上海电力（600021.SH） 优于大市 煤电板块效益提升，24H1 归母净利润增长显著 营业收入微降，归母净利润实现大幅增长。2024H1，公司实现营业收入 201.21 亿元（-0.85%），归母净利润 13.27 亿元（+65.72%），扣非归母净利润 13.16 亿元（+71.08%）。2024 年第二季度，公司实现营业收入 95.13 亿元（-4.41%）， 归母净利润 6.93 亿元（+48.83%），扣非归母净利润 6.80 亿元（+54.56%）。 公司营业收入同比小幅下降的原因在于公司所属子公司土耳其公司因检修 及电价波动等因素导致售电收入下降；公司归母净利润显著增长主要系煤价 下降使得燃料成本同比下降影响，控股和参股煤电企业效益提升。 煤电盈利趋于稳健，公司煤电项目储备充足，未来煤电板块业绩规模有望进 一步增长。电改持续推进，未来火电将逐步成为调节、支撑电源，收入 来源包括电量电价、容量电价、辅助服务收入等，有助于实现盈利稳定； 预计未来电价、煤价趋稳，点火价差保持稳定，公司煤电业务板块度电 利润水平将维持合理水平。公司目前在建的煤电项目包括漕泾综 ...

Financial Performance - Revenue for the first half of 2024 was RMB 20,121,269,840.72, a slight decrease of 0.85% compared to the same period last year[13] - Net profit attributable to shareholders of the listed company increased by 65.72% to RMB 1,327,099,844.11 compared to the same period last year[13] - Net cash flow from operating activities surged by 64.97% to RMB 4,343,040,392.51 compared to the same period last year[13] - Basic earnings per share (EPS) increased by 64.14% to RMB 0.4166 compared to the same period last year[14] - Total assets grew by 3.67% to RMB 174,758,783,831.22 compared to the end of the previous year[14] - Weighted average return on equity (ROE) increased by 2.16 percentage points to 6.3297% compared to the same period last year[14] - The company's total profit for the first half of 2024 reached 3.175 billion yuan, a year-on-year increase of 28.83%, with net profit attributable to shareholders of 1.327 billion yuan, up 65.72% year-on-year[22] - The company's weighted average return on equity (ROE) for the first half of 2024 was 6.33%, an increase of 2.16 percentage points compared to the same period last year[22] - Operating revenue for the first half of 2024 decreased by 0.85% year-on-year to 201.21 billion yuan, primarily due to a decline in electricity sales revenue from the Turkish subsidiary[23][25] - Operating costs decreased by 4.51% year-on-year to 148.46 billion yuan, mainly due to a 12.13% drop in coal costs and improved internal cost control[23][25] - R&D expenses increased by 21.83% year-on-year to 705.37 million yuan, reflecting the company's increased investment in research and development[25] - Net cash flow from operating activities surged by 64.97% year-on-year to 4.343 billion yuan, driven by improved accounts receivable collection[25] - Net profit attributable to parent company shareholders reached 1,327,099,844.11 yuan, a significant increase from 800,817,343.79 yuan in the previous year[134] - Total comprehensive income amounted to 2,528,910,253.72 yuan, compared to 1,983,112,523.86 yuan in the prior year[135] - Basic earnings per share (EPS) stood at 0.4166 yuan, up from 0.2538 yuan in the previous year[135] - Interest expenses were 1,627,902,110.26 yuan, slightly lower than the previous year's 1,754,765,551.79 yuan[134] - Investment income from associates and joint ventures increased to 652,032,900.17 yuan from 439,116,451.91 yuan[134] - Operating profit rose to 3,193,573,342.54 yuan, up from 2,457,458,253.65 yuan in the previous year[134] - Total revenue for the parent company was 1,583,425,670.67 yuan, a decrease from 3,502,110,209.71 yuan in the prior year[136] - Net profit for the parent company was 870,720,007.21 yuan, a significant improvement from a loss of 151,756,310.76 yuan in the previous year[136] - Other comprehensive income after tax for the parent company was -206,132.36 yuan, compared to 55,232.77 yuan in the prior year[137] - Sales of goods and services received cash of RMB 20,106,544,163.55 in the first half of 2024, an increase from RMB 18,434,105,376.31 in the same period of 2023[138] - Total cash inflow from operating activities reached RMB 20,696,757,818.55 in the first half of 2024, up from RMB 19,273,613,471.05 in the same period of 2023[138] - Net cash flow from operating activities was RMB 4,343,040,392.51 in the first half of 2024, compared to RMB 2,632,607,488.31 in the same period of 2023[139] - Cash paid for goods and services was RMB 12,699,550,513.06 in the first half of 2024, slightly down from RMB 12,766,662,239.61 in the same period of 2023[138] - Net cash flow from investing activities was negative RMB 4,494,266,956.13 in the first half of 2024, an improvement from negative RMB 5,601,153,635.03 in the same period of 2023[139] - Net cash flow from financing activities was RMB 1,597,474,183.91 in the first half of 2024, down from RMB 4,416,419,196.18 in the same period of 2023[139] - Cash received from sales of goods and services in the parent company was RMB 1,961,087,341.78 in the first half of 2024, a decrease from RMB 4,146,350,005.96 in the same period of 2023[140] - Net cash flow from operating activities in the parent company was RMB 124,775,290.50 in the first half of 2024, up from RMB 27,634,192.52 in the same period of 2023[140] - Cash received from investments in the parent company was RMB 2,941,050,000.00 in the first half of 2024, significantly higher than RMB 1,144,784,000.00 in the same period of 2023[140] - Net cash flow from investing activities in the parent company was negative RMB 301,572,275.38 in the first half of 2024, an improvement from negative RMB 930,692,259.71 in the same period of 2023[140] - Total cash inflow from financing activities was 28.56 billion yuan, with cash outflow of 28.17 billion yuan, resulting in a net cash flow from financing activities of 387.12 million yuan[141] - The company repaid 27.18 billion yuan in debt during the period[141] - Cash and cash equivalents increased by 210.33 million yuan, reaching a total of 417.83 billion yuan at the end of the period[141] - Total comprehensive income for the period was 1.76 billion yuan, with a significant portion attributed to minority shareholders[142] - Owner's equity increased by 5.30 billion yuan, driven by capital injections and profit growth[144] - The company allocated 563.35 million yuan for profit distribution to shareholders[142] - Capital reserves increased by 901.41 million yuan, reflecting additional investments and capital adjustments[144] - The company's total assets grew to 52.32 billion yuan, with a notable increase in undistributed profits[143] - Comprehensive income for the first half of 2024 reached 1,150,836,970.83 yuan, a significant increase from the previous period[145] - Total owner's equity at the end of the period was 49,604,837,481.27 yuan, reflecting strong financial health[145] - Owner's capital contributions amounted to 223,690,000.00 yuan, with a net increase of 220,490,000.00 yuan after adjustments[145] - Profit distribution to owners totaled -459,400,792.66 yuan, indicating substantial returns to shareholders[145] - Special reserves increased by 10,652,580.49 yuan, with 15,437,955.88 yuan extracted and 4,785,375.39 yuan used during the period[147][148] - Other comprehensive income decreased by -206,132.36 yuan, reflecting minor adjustments in financial performance[147] - Capital reserve adjustments included a significant increase of 56,571,557.65 yuan, primarily from other sources[147] - Retained earnings at the end of the period stood at 996,504,708.65 yuan, showing a healthy balance[148] - Total equity at the end of the period was 23,086,179,599.43 yuan, indicating robust financial stability[148] - Total owner's equity at the beginning of the period was 18,187,507,639.89 RMB[149] - Comprehensive income for the period was -151,701,077.99 RMB[149] - Owner's capital injection and reduction amounted to 228,987,096.20 RMB[149] - Profit distribution to owners was -98,586,027.58 RMB[149] - Special reserve usage for the period was 6,831,886.34 RMB[150] - Total owner's equity at the end of the period was 18,168,128,333.52 RMB[150] Operational Efficiency and Capacity - The company's installed capacity and power generation data were not explicitly mentioned in the provided content, but the financial performance indicates strong operational efficiency[13][14] - The company's installed capacity reached 22.69 million kW, with clean energy accounting for 56.60% and new energy installed capacity at 9.22 million kW[19] - The company's renewable energy installed capacity reached 9.2237 GW by the end of June 2024, with cumulative power generation of 8.012 billion kWh in the first half of 2024[59] - The Changxing Island Power Plant's carbon capture and utilization project has cumulatively transported 24,494 tons of CO₂ in the first half of 2024[59] Risk Management - The company highlighted risks such as power market reform, international market risks, and project safety, but no significant risks impacted operations during the reporting period[4] - The company faces risks from power market reforms, requiring improved market analysis, forecasting, and marketing strategies to enhance competitiveness[40] - The company is exposed to overseas political and market risks, necessitating strengthened risk control measures, including due diligence, partnerships, and exchange rate hedging[40] - The company is managing risks related to project safety, progress, quality, and cost, particularly for large-scale thermal power and renewable energy projects[40] Environmental and Sustainability - The company and its subsidiaries did not experience any sudden environmental incidents or major environmental issues in the first half of 2024[45] - Total emissions for the first half of 2024: 114.77 tons of soot, 1280.09 tons of sulfur dioxide, and 2624.81 tons of nitrogen oxides[45] - Shanghai Shangdian Caojing Power Generation Co., Ltd. emitted 11.98 tons of soot, 335.82 tons of sulfur dioxide, and 440.96 tons of nitrogen oxides in the first half of 2024[46] - Shanghai Waigaoqiao Power Generation Co., Ltd. emitted 10.98 tons of soot, 176.27 tons of sulfur dioxide, and 259.73 tons of nitrogen oxides in the first half of 2024[46] - Shanghai Electric Power Co., Ltd. Wujing Thermal Power Plant emitted 12.51 tons of soot, 87.19 tons of sulfur dioxide, and 127.49 tons of nitrogen oxides in the first half of 2024[46] - Shanghai Changxing Island Thermal Power Co., Ltd. emitted 1.22 tons of soot, 4.32 tons of sulfur dioxide, and 13.79 tons of nitrogen oxides in the first half of 2024[46] - Huaihu Electric Power Co., Ltd. Tianji Second Power Generation Co., Ltd. emitted 28.16 tons of soot, 122.43 tons of sulfur dioxide, and 322.57 tons of nitrogen oxides in the first half of 2024[46] - Jiangsu Kanshan Power Generation Co., Ltd. emitted 15.25 tons of soot, 145.59 tons of sulfur dioxide, and 217.82 tons of nitrogen oxides in the first half of 2024[46] - A total of 174.09 tons of hazardous waste were disposed of in the first half of 2024, with Shanghai Shangdian Caojing Power Generation Co., Ltd. accounting for 161.60 tons and Shanghai Caojing Thermal Power Co., Ltd. accounting for 12.49 tons[48] - The company's coal-fired power plants have achieved 100% operation rate for dust removal facilities with an efficiency of over 99.90%, 99.995% operation rate for denitrification with an efficiency of 84.57%, and 100% operation rate for desulfurization with an efficiency of 98.89%[49] - The total desulfurization efficiency across all coal-fired power plants is 98.89% with a 100% operation rate, and the total denitrification efficiency is 84.57% with a 99.995% operation rate[50] - The company has completed the re-application of emission permits for Tianji No. 2 Plant and Changxing Gas Turbine, and completed the modification of emission permits for Binhai Power Plant in the first half of 2024[52] - The company has revised and released several environmental protection management measures, including the "Ecological Environmental Protection Reward and Punishment Implementation Measures" and "Carbon Emission Management Measures" in the first half of 2024[58] - The company has established a comprehensive environmental management system, including real-time monitoring of emissions and automatic transmission of data to environmental protection departments[49] - The company has completed environmental risk assessments and emergency response plans for Hami Gas Turbine and Minhang Gas Turbine in the first half of 2024[53] - The company has implemented a self-monitoring program for environmental indicators, including automatic monitoring of emissions from each boiler chimney and manual monitoring of wastewater and noise[54] - The company has improved solid waste management by establishing a full-process ledger management system and registering it in the national solid waste management information system[55] Strategic Development and Innovation - The company's development strategy focuses on building large-scale clean energy bases in the west and expanding international energy markets, with projects in Gansu and Japan already underway[20] - The company is advancing technological innovation in areas such as carbon capture (CCUS), flexible coal power, zero-carbon transportation, and energy storage[21] - The company has implemented 12 poverty alleviation projects with a total capacity of 327.2 MW, all of which are photovoltaic projects distributed across Shandong, Hebei, Hunan, Yunnan, and Jiangsu provinces[60] - The company's "Yingshanhong" series of sub-brand activities have expanded internationally, providing educational support and promoting Chinese culture and environmental awareness in countries such as Malta and Montenegro[60] Corporate Governance and Shareholder Information - The company did not propose any profit distribution or capital reserve conversion plans for the reporting period[2] - The company approved a 2.5 billion euro loan hedging business for Shanghai Electric Power Hong Kong Co., Ltd. during the 2024 first extraordinary general meeting[41] - The company approved a 17 billion yen loan hedging business for Shanghai Electric Power Hong Kong Co., Ltd. during the 2024 first extraordinary general meeting[41] - The company passed the 2023 annual financial report and 2024 financial budget during the 2023 annual general meeting[41] - No profit distribution or capital reserve transfer plan was proposed for the period[43] - The company has committed to avoiding new businesses that compete with its main operations and will prioritize Shanghai Electric Power for any new opportunities in the power sector[62] - The company has pledged to minimize and avoid related-party transactions with Shanghai Electric Power, ensuring fair pricing and compliance with legal and regulatory requirements[62] - The company has guaranteed the value of assets transferred to Shanghai Electric Power and committed to compensating for any losses due to land use issues within three months of the loss occurrence[64] - The company has committed to completing the registration of property rights for certain assets within one year of provincial government approval[66] - The company has pledged to complete the registration of sea use rights for specific projects within six months of approval by the local government[66] - The company has committed to compensating Shanghai Electric Power for any additional expenses or losses incurred due to delays or inability to register property, land, or sea use rights[66] - The company has committed to compensating Shanghai Electric Power in full within 3 months for any losses incurred due to the inability to obtain or delay in obtaining necessary operating qualifications for projects under Jiangsu Power Company[67] - As of August 31, 2016, the accounts receivable balance for Jiangsu Power Company and its subsidiaries due to unreceived national renewable energy subsidies was RMB 516.88 million, which decreased to RMB 175.32 million by July 31, 2017[67] - The company has pledged not to interfere with the management activities of the listed company and not to encroach on the interests of the listed company[67] - The company has a priority development right for power generation projects in the Shanghai area that the State Power Investment Corporation has the right to develop, invest in, construct, and operate[67] - The State Power Investment Corporation has committed not to transfer or otherwise dispose of the 199,579,449 shares of the company's stock acquired in the recent issuance for 36 months following the issuance[69] - As of June 30, 2024, the company's deposit balance in the State Power Investment Corporation's financial company settlement account was RMB 4.62 billion[73] - As of June 30, 2024, the company's loan balance with the State Power Investment Corporation's financial company was RMB 3.607 billion[73] - The company has no significant litigation or arbitration matters during the reporting period[72] - The company and its controlling shareholders and actual controllers have no outstanding court judgments or significant debts due and unpaid during the reporting period[72] - The company has no significant related-party transactions during the reporting period[73] - The company's deposit balance at State Power Investment Hong Kong Treasury Management Co., Ltd. was RMB 452 million as of June 30, 2024[74] - The financing balance for fixed asset financial leasing and other financial services at SPIC Ronghe Financial Leasing Co., Ltd. was RMB 7.861 billion as of June 30, 2024[74] - The company used RMB 11.459 billion of debt financing tools from State Power Investment Corporation as of June 30, 2024[74] - The deposit balance at State Power Investment Group Finance Co., Ltd. was RMB 4.620 billion as of June 30, 2024[80] - The loan balance at State Power Investment Group Finance Co., Ltd. was RMB 3.607 billion as of June 30, 2024[81] - The loan balance at State Power Investment Hong Kong Treasury Management Co

证券简称：上海电力 证券代码：600021 编号：临 2024-53 | --- | --- | |--------------------------------------------------------------------|-------| | | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 | | | 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | 重要内容提示 1.公司预计2024年上半年实现归属于上市公司股东的净利润为12.17亿元到 14.48亿元。与上年同期（法定披露数据）相比，将增加4.29亿元到6.60亿元， 同比增加54.44%-83.76%。 2.公司预计2024年上半年实现归属于上市公司股东的扣除非经常性损益的 净利润预计为12.07亿元到14.36亿元。与上年同期（法定披露数据）相比，将增 加4.51亿元到6.80亿元，同比增加59.66%-89.95%。 一、本期业绩预告情况 （一）业绩预告期间 2024 年 1 月 1 日至 2024 年 6 月 30 日。 （二）业绩预告情况 经财务部门初步测算，公司预计2024 ...

尊敬的各位投资者大家上午好我是上海电力副总经理总会计师董事会秘书陈文浩欢迎大家参加上海电力2023年度及2024年第一季度业绩说明会今天公司出席交流会的有公司董事长林华先生公司独立董事叶克胜先生和我以及公司相关部门的负责人为方便投资者更好地与公司进行交流 本次会议采用视频直播结合网络互动的方式今天的会议分为三个部分首先请公司董事长林华先生致辞然后由我向大家介绍公司概况及2023年度和2024年第一季度的业绩情况最后进行问答互动交流的程序那么下面请公司董事长林华先生致辞好 尊敬的各位投资者 上午好欢迎大家参加上海电力2023年度及2024年第一季度一级说明会我仅代表公司对大家的积极参与表示热情的欢迎和诚挚的谢意并衷心感谢各位投资者朋友长期以来对公司的关心与支持 2023年是全面贯彻党的二十大精神的开局之年公司始终坚持为股东创造最大价值的宗旨紧紧围绕战略和经营目标出力奋发 勇于前行圆满完成了各项目标任务上市公司质量和市场形象得到显著提升一年来公司经营业绩大幅增长 23年度公司全年实现运营收入424.02亿元同比增长8.03%利润总额44.04亿元同比增长72%净利润35.68亿元同比增长122%归属于母公司净利润 ...

尊敬的各位投资者大家上午好我是上海电力副总经理总会计师董事会秘书陈文浩欢迎大家参加上海电力2023年度及2024年第一季度业绩说明会今天公司出席交流会的有公司董事长林华先生公司独立董事叶克胜先生和我以及公司相关部门的负责人为方便投资者更好地与公司进行交流 本次会议采用视频直播结合网络互动的方式今天的会议分为三个部分首先请公司董事长林华先生致辞然后由我向大家介绍公司概况及2023年度和2024年第一季度的业绩情况最后进行问答互动交流的程序那么下面请公司董事长林华先生致辞好 尊敬的各位投资者上午好欢迎大家参加上海电力2023年度及24年第一季度一级说明会我仅代表公司对大家的积极参与表示热情的欢迎和诚挚的谢意并衷心感谢各位投资者朋友长期以来对公司的关心与支持 2023年是全面贯彻党的二十大精神的开局之年公司始终坚持为股东创造最大价值的宗旨紧紧围绕战略和经营目标出力奋发 勇于前行圆满完成了各项目标任务上市公司质量和市场形象得到显著提升一年来公司经营业绩大幅增长 23年度公司全年实现运营收入424.02亿元同比增长8.03%利润总额44.04亿元同比增长72%净利润35.68亿元同比增长122%归属于母公司净利润15. ...