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]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 01 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 03 | 31 日 | | 月 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 9.25 | | | | | 一 年 内 最 低 | 最 | 高 | | | 10.74/7.91 | / | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 26,054.88 | | | | | 流通市值（百万元） | | | | | 24,208.77 | | | | | 总股本（百万股） | | | | ...

General Principles - The rules aim to standardize the decision-making process and operational procedures of the board of directors of Shanghai Electric Power Co., Ltd. to enhance strategic decision-making and risk management [1][2] - The board is responsible for the company's development goals and major operational decisions, safeguarding the legal rights of the company and all shareholders [1][2] Board Structure and Committees - The board has established specialized committees including the Strategy and Investment Committee, ESG Committee, Nomination Committee, Compensation and Assessment Committee, and Audit and Risk Committee, which are accountable to the board [2][3] - The Strategy and Investment Committee's main responsibilities include researching long-term strategic planning and major investment proposals [2][4] ESG Committee Responsibilities - The ESG Committee is tasked with reviewing the company's ESG development policies, supervising the implementation of ESG strategies, and ensuring compliance with national policies and regulations [3][4] Audit and Risk Committee Functions - The Audit and Risk Committee oversees external and internal audit work, evaluates financial reports, and supervises internal controls and risk management systems [4][5] Nomination and Compensation Committees - The Nomination Committee proposes the composition of the board and selects qualified candidates for directors and senior management [5][6] - The Compensation and Assessment Committee develops compensation plans and evaluates the performance of directors and senior management [6][7] Board Meeting Procedures - The board must hold at least four regular meetings annually, with significant proposals requiring in-person meetings [17][18] - A quorum for board meetings requires the presence of more than half of the directors [18][19] Decision-Making and Voting - Decisions require a majority vote from the directors present, with specific rules for related party transactions and other significant matters [20][21] - Directors must recuse themselves from voting on matters where they have a conflict of interest [21][22] Documentation and Record-Keeping - Meeting records must be comprehensive, including attendance, proposals discussed, and voting results, and must be signed by attendees [24][25] - The board secretary is responsible for maintaining meeting archives for at least ten years [26][27]

Core Viewpoint - The announcement details the revisions made to the Board of Directors' Rules of Procedure for Shanghai Electric Power Co., Ltd., aimed at enhancing corporate governance in accordance with new regulations and internal practices [1][18]. Summary by Sections Major Revisions - The revisions include the establishment of a decision-making authority for the Chairman and General Manager, requiring the Board to approve a list of authorized decision-making matters [1][3]. - The requirement for directors to personally sign written confirmations for periodic reports has been emphasized, prohibiting delegation of this responsibility [1][11]. Comparison of Revisions - The previous rule mandated that matters requiring Board decisions must be reviewed by the Board to ensure decision-making authority [2]. - The revised rule maintains this requirement while allowing the Board to authorize the Chairman and General Manager for specific decision-making within the scope of shareholder meeting authorizations [2][3]. Investment Authorization - Specific investment thresholds have been established for various projects, such as: - Investments in subsidiaries with registered capital below 500 million yuan require Board approval if the capital is below 30 million yuan [3][5]. - Investments in domestic infrastructure projects below 1.8 billion yuan require Chairman approval, while those below 100 million yuan can be approved by the General Manager [4][5]. - For mergers and acquisitions, transactions below 400 million yuan require Chairman approval [5][6]. Financial Management - The rules specify that the General Manager can approve annual operating expense plans after Board approval, ensuring that financial management aligns with corporate governance standards [8][9]. - The Chairman has the authority to adjust long-term loan limits by no more than 10% within the approved annual budget [8][9]. Governance Structure - The revisions include a new chapter dedicated to the appointment and dismissal of senior management, enhancing clarity in governance [10]. - The rules also stipulate that the Board must adhere to relevant laws and regulations when approving related party transactions [10][12]. Meeting Procedures - The revised rules outline procedures for convening Board meetings, including conditions under which meetings must be called within five working days [11][12]. - Proposals that are not approved cannot be re-evaluated within a month unless significant changes occur [14][15]. Conclusion - The revised Board Rules have been approved by the Board and are pending shareholder approval, reflecting a commitment to improved governance practices [18].

| 上海电力股份有限公司 | | | | | | --- | --- | --- | --- | --- | | 独立董事潘斌 年度述职报告 | 2024 | | | | | 本人潘斌作为上海电力股份有限公司（以下简称"公 | | | | | | 司"）的独立董事，2024 年我严格按照《公司法》 | | | | | | 《上海证券 | | | | | | 交易所上市公司自律监管指引第 1 号——规范运作》 | | | | | | 《上市 | | | | | | 公司独立董事管理办法》《公司章程》等有关规定和要求， | | | | | | 本着"恪尽职守、勤勉尽责"的工作态度，认真出席股东大 | | | | | | 会和董事会会议，认真审议各项议案，切实维护了公司和全 | | | | | | 体股东的合法利益，对促进董事会的科学决策、公司的规范 | | | | | | 运作和高质量发展起到了积极作用。现将 2024 年度履行职 | | | | | | 责情况报告如下： | | | | | | 一、基本情况 | | | | | | 潘斌，男，1972 月出生，硕士研究生学历。现任 | 12 年 | | | | ...