上海电力股份有限公司于2025年4月9日发行了2025年度第三期中期票据，现将发 行结果公告如下： | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力MTN003 | | --- | --- | --- | --- | | 具名称 | 度第三期中期票据 | 简称 | | | 代码 | 102581521 | 债务融资工具 期限 | 3年 | | 计息方式 | 付息固定利率 | 发行总额 | 19亿元/人民币 | | 起息日 | 2025年4月10日 | 兑付日 | 2028年4月10日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.81% | | | 宁波银行股份有限公司、南京银行股份有限公司、中国银行股份有限 | | | | 承销商 | 公司、兴业银行股份有限公司、中国建设银行股份有限公司 | | | 本期中期票据通过簿记建档集中配售的方式在全国银行间债券市场公开发行，募 集资金主要用于归还到期债券。 特此公告。 上海电力股份有限公司董事会 二〇二五年四月十二日 证券简称：上海电力 证券代码：600021 编号：临 2025- 032 上海电力股份有 ...

证券简称：上海电力 证券代码：600021 编号：临 2025-033 1 本次关联交易尚需提交股东大会审议。 上海电力股份有限公司（以下简称"公司"）所属全资子公司上海电力能源 发展（香港）有限公司（以下简称"香港公司"）拟向控股股东国家电力投 资集团有限公司（以下简称"国家电投集团"）的全资子公司国家电投香港 财资管理有限公司（以下简称"财资公司"）下属 100%控股的 SPV 公司（以 下简称"SPV 公司"）进行 3 亿美元（等值于约 22 亿人民币）的永续债权融 资。 鉴于国家电投集团为本公司的控股股东，财资公司为国家电投集团的全资子 公司，本次交易构成关联交易。 关联人回避事宜：本次关联交易已经公司董事会 2025 年第三次临时会议审 议通过，为保证董事会所形成决议的合法性，公司 7 名关联方董事回避了该 项议案的表决。 本次交易未构成重大资产重组。 证券简称：上海电力 证券代码：600021 编号：临 2025-033 上海电力股份有限公司 关于向控股股东进行永续债权融资 暨关联交易的公告 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 ...

一、 股东大会有关情况 1. 股东大会的类型和届次： 2024 年年度股东大会 证券代码：600021 证券简称：上海电力 公告编号：2025-034 上海电力股份有限公司 关于 2024 年年度股东大会增加临时提案的公告 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。 2025 年 4 月 10 日，公司董事会收到公司控股股东国家电力投资集团有限公 司告知函，国家电力投资集团有限公司将《关于开展永续债权融资的议案》作为 临时提案提请上海电力股份有限公司 2024 年年度股东大会审议。 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600021 | 上海电力 | 2025/4/16 | 二、 增加临时提案的情况说明 公司已于 2025 年 4 月 1 日公告了股东大会召开通知，单独持有 44.43%股份 的股东国家电力投资集团有限公司，在 2025 年 4 月 10 日提出临时提案并书面提 交股东大会召集人。股东大会召集人按照《上市公司股东大会规 ...

Core Insights - The first large-scale V2G (Vehicle-to-Grid) testing in China is being conducted in Shanghai, involving multiple stakeholders including the State Grid Shanghai Electric Power Company and various automotive and charging pile companies [1][2] - The National Development and Reform Commission and the National Energy Administration have announced the first batch of pilot cities and projects for V2G applications, with Shanghai being one of the selected cities [1] Group 1 - The V2G technology allows electric vehicles to charge during low electricity demand and supply power back to the grid during peak demand [1] - Shanghai aims to establish 30,000 to 50,000 smart charging and discharging piles by 2030 as part of its new energy storage development plan [1] Group 2 - The testing framework includes a comprehensive verification system focusing on vehicle-pile compatibility, charging pile grid connection performance, and battery discharge safety [2] - The testing involves 19 vehicle models from 10 automotive companies and 13 V2G charging piles from 9 charging pile companies, covering electric passenger cars, buses, and heavy trucks [2] - The results of the testing will provide critical data for the development of V2G technology standards and its industrial promotion, with a report to be released detailing the tested vehicles and charging piles [2]

上海电力股份有限公司 2025年第一季度发电量完成情况公告 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。 一、2025年第一季度发电量完成情况 根据公司统计，2025年1-3月，公司完成合并口径发电量193.72亿千瓦时，同比上升1.59%，其中煤电完 成127.29亿千瓦时，同比上升0.51%，气电完成20.89亿千瓦时，同比下降6.71%，风电完成29.63亿千瓦 时，同比上升0.16%，光伏发电完成15.91亿千瓦时，同比上升31.75%；上网电量185.48亿千瓦时，同比 上升1.58%；上网电价均价（含税）0.59元/千瓦时。 2025年1-3月，公司市场交易结算电量139.79亿千瓦时。其中省内交易结算电量（中长期、现货等） 122.08亿千瓦时，跨省区交易结算电量17.71亿千瓦时。 证券简称：上海电力 证券代码：600021 编号：临2025-031 上海电力股份有限公司董事会 二〇二五年四月九日 公司发电量上升的主要原因是：清洁能源发电装机规模和发电量持续增长。 公司所属主要发电公司/项目2025年年度发电 ...

上海电力股份有限公司 2025 年第一季度发电量完成情况公告 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。 一、2025 年第一季度发电量完成情况 根据公司统计，2025 年 1-3 月，公司完成合并口径发电量 193.72 亿千瓦时， 同比上升 1.59%，其中煤电完成 127.29 亿千瓦时，同比上升 0.51%，气电完成 20.89 亿千瓦时，同比下降 6.71%，风电完成 29.63 亿千瓦时，同比上升 0.16%， 光伏发电完成 15.91 亿千瓦时，同比上升 31.75%；上网电量 185.48 亿千瓦时， 同比上升 1.58%；上网电价均价（含税）0.59 元/千瓦时。 2025 年 1-3 月，公司市场交易结算电量 139.79 亿千瓦时。其中省内交易结 算电量（中长期、现货等）122.08 亿千瓦时，跨省区交易结算电量 17.71 亿千瓦 时。 公司发电量上升的主要原因是：清洁能源发电装机规模和发电量持续增长。 公司所属主要发电公司/项目 2025 年年度发电量数据如下： 证券简称：上海电力 证券代码：60 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][18] Core Views - The company's operating performance continues to improve, with a slight increase in revenue and a significant rise in net profit. In 2024, the company achieved revenue of 42.734 billion yuan (+0.78%) and a net profit of 2.046 billion yuan (+28.46%) [7][3] - The growth in revenue is primarily driven by new projects coming online, while the increase in net profit is attributed to lower fuel costs and growth in clean energy generation capacity [7][3] - The company is actively advancing coal power projects, which are expected to further boost performance upon completion. Key projects include the Caoyang Comprehensive Energy Center Phase II and the expansion projects in Jiangsu and Shanghai [16][3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.734 billion yuan, a slight increase of 0.78%, and a net profit of 2.046 billion yuan, reflecting a growth of 28.46%. The net profit excluding non-recurring items was 1.895 billion yuan, up 26.57% [7][4] - The company's coal price decreased to 1,072.41 yuan/ton, down 7.32% year-on-year, contributing to improved margins [7][9] - The company's gross margin improved to 23.47%, an increase of 1.54 percentage points, due to lower fuel costs [9][14] Project Development - The company is focusing on expanding its renewable energy capacity, with an addition of 2.2255 million kilowatts in 2024, bringing the total renewable capacity to 11.1849 million kilowatts [17][2] - Future development will prioritize offshore wind energy, with a target to expedite the commissioning of new renewable projects in provinces like Shandong, Shanghai, and Zhejiang [17][2] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards due to anticipated declines in electricity volume. Expected net profits are 2.685 billion yuan in 2025, 3.012 billion yuan in 2026, and 3.263 billion yuan in 2027, with respective growth rates of 31.2%, 12.2%, and 8.3% [3][18] - The current stock price corresponds to a PE ratio of 9.7 for 2025, with a reasonable valuation range of 9.53 to 10.48 yuan per share, indicating a potential upside of 3% to 13% from the current price [3][18]

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][18] Core Views - The company's operating performance continues to improve, with a slight increase in revenue and a significant rise in net profit. In 2024, the company achieved revenue of 42.734 billion yuan (+0.78%) and a net profit of 2.046 billion yuan (+28.46%) [7][3] - The growth in revenue is primarily attributed to the contribution from newly commissioned projects, while the increase in net profit is due to a decrease in fuel costs and growth in the scale and efficiency of clean energy generation [7][3] - The company is actively advancing coal power projects, which are expected to further boost performance upon completion. Key projects include the Caoyang Comprehensive Energy Center Phase II and the expansion projects in Jiangsu and Shanghai, with six 1 million kilowatt units expected to be operational after 2026 [16][3] Revenue and Profit Forecast - The company forecasts net profits of 2.685 billion yuan, 3.012 billion yuan, and 3.263 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 31.2%, 12.2%, and 8.3% [3][18] - Earnings per share (EPS) are projected to be 0.95 yuan, 1.07 yuan, and 1.16 yuan for the same years, with current price-to-earnings (PE) ratios of 9.7, 8.6, and 8.0 [3][18] Financial Performance - In 2024, the company's gross margin improved to 23.47%, an increase of 1.54 percentage points, primarily due to lower fuel costs [9][14] - The net profit margin increased to 9.74%, up 1.33 percentage points from the previous year, driven by improved gross margin and reduced expense ratios [9][14] - The return on equity (ROE) rose to 9.33%, reflecting the upward trend in net profit margins [14][9] New Energy Development - The company continues to expand its new energy capacity, adding 2.2255 million kilowatts in 2024, bringing the total to 11.1849 million kilowatts, including 4.8506 million kilowatts of wind power and 6.3343 million kilowatts of solar power [17][2] - Future development will focus on offshore wind energy, with plans to expedite the commissioning of new energy projects in provinces like Shandong, Shanghai, and Zhejiang [17][2]

Core Viewpoint - Shanghai Electric's operating performance continues to grow, with a slight increase in revenue and a significant rise in net profit for 2024 [2][3] Financial Performance - In 2024, Shanghai Electric achieved operating revenue of 42.734 billion yuan, a year-on-year increase of 0.78% [3] - The net profit attributable to shareholders reached 2.046 billion yuan, reflecting a growth of over 28% compared to the previous year [2][3] - The company's net profit excluding non-recurring gains and losses was 1.895 billion yuan, up 26.57% year-on-year [3] - In Q4 2024, the company reported operating revenue of 10.168 billion yuan, a decline of 6.80% year-on-year, and a net loss of 413 million yuan [4] Quarterly Performance - For the first three quarters of 2024, the operating revenue was 10.608 billion yuan, 9.513 billion yuan, and 12.445 billion yuan, with year-on-year changes of 2.57%, -4.41%, and 11.13% respectively [3] - The net profit for these quarters was 634 million yuan, 693 million yuan, and 1.132 billion yuan, showing significant growth rates of 89.20%, 48.83%, and 67.57% respectively [3] Impairment Losses - In Q4 2024, the company recorded credit impairment losses of 286 million yuan, impacting the net profit for the quarter [5][6] - The impairment was related to the fuel procurement business of its subsidiary, which faced challenges in recovering amounts owed [5] Financial Costs - The financial expenses for Q4 2024 reached 1.023 billion yuan, the highest level for any quarter, increasing by 199 million yuan year-on-year [7] Dividend Distribution - Shanghai Electric plans to distribute cash dividends of 789 million yuan, accounting for 38.55% of the annual net profit [8] Green Energy Transition - The company is focusing on green transformation, with clean energy accounting for 60.05% of its installed capacity by the end of 2024 [9][11] - In 2024, the total power generation was 771.47 billion kWh, a year-on-year increase of 2.27%, with growth in gas, wind, and solar power generation [11] Investment and Expansion - Shanghai Electric is actively investing in renewable energy projects, with significant developments in wind and solar power across various regions [9][10] - The company has a total installed capacity of 24.6531 million kW, with ongoing projects in both domestic and international markets [10][11] Market Confidence - The stock market shows confidence in Shanghai Electric's future, with significant share purchases by institutional investors in 2024 [11]