Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][2]. Core Insights - The company has shown significant improvement in its performance for the year 2023 and the first quarter of 2024, with a notable increase in revenue and profitability driven by higher power generation and cost improvements [1][2]. - The expected earnings per share (EPS) for 2024-2026 are projected to be 0.57, 0.61, and 0.70 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 10.7, 10.0, and 8.8 times based on the closing price of 6.14 yuan on May 8, 2024 [2]. Financial Performance Summary - In 2023, the company achieved a revenue of 95.975 billion yuan, a year-on-year increase of 19.68%, and a net profit of 6.520 billion yuan, marking a turnaround from losses [1][3]. - The first quarter of 2024 saw revenues of 20.024 billion yuan, up 13.45% year-on-year, and a net profit of 1.815 billion yuan, reflecting a 79.62% increase [1][3]. - The company's gross profit margin improved to 9.34% in the first quarter of 2024, an increase of 5.03 percentage points year-on-year, primarily due to cost reductions in upstream raw materials [1][3]. Market Dynamics - The company is positioned as a leading player in the thermal power sector in Zhejiang Province, benefiting from a significant increase in local electricity demand, which grew by 6.8% in 2023 and 12.2% in the first quarter of 2024 [1][2]. - The commissioning of new power generation units is expected to further enhance the company's performance, with the total installed capacity in the province increasing to 57.6% due to the completion of new projects [1][2]. Future Outlook - The report anticipates continued high growth in electricity demand driven by economic expansion and the development of new industries in Zhejiang Province, including 5G, new energy vehicles, and photovoltaic industries [1][2]. - The acquisition of a 9.7% stake in Zhonglai Co., which specializes in photovoltaic components, is expected to provide new growth momentum for the company [1][2].

公司报告 | 年报点评报告 浙能电力（600023） 证券研究报告 2024年05月 08日 投资评级 火电盈利显著修复，业绩改善下高分红预期落地 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 6.22元 事件 目标价格 元 公司发布2023 年报和2024 一季报，2023 年、2024Q1 分别实现营业收入 基本数据 959.75、200.24亿元，同比分别增长19.68%、13.45%；分别实现归母净利 润65.20、18.15亿元，同比分别增长456.83%、79.62%。 A股总股本(百万股) 13,408.73 流通A股股本(百万股) 13,408.73 一季度发电量高增，控股火电盈利显著修复 A股总市值(百万元) 83,402.32 从收入端来看，在浙江省全社会用电量增长及新增装机（乐清电厂三期 2 流通A股市值(百万元) 83,402.32 台机组）投产的带动下，公司发电量增速明显，2023 年、2024Q1 分别完 每股净资产(元) 5.19 成发电量1632.38、383.48 亿千瓦时，同比分别增长7.40%、17.79%。从成 资产负债率(%) 44.25 本端来看，煤 ...

[Table_StockInfo] 买入 2024年 05月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 6.23元 浙能电力（600023） 公用事业 目标价： ——元（6个月） 火电盈利提升，参股核电稳业绩 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报及 2024年一季报，2023年公司实现营收 960亿 [分Ta析bl师e_：Au池th天or惠] 元，同比增长 19.7%；实现归母净利润 65.2亿元，同比增长 457%。24Q1公 执业证号：S1250522100001 司实现营收200亿元，同比增长13.5%，实现归母净利润18.2亿元，同比增长 电话：13003109597 79.6%。2023年公司每 10股派发现金红利 2.5元人民币（含税），现金分红比 邮箱：cth@swsc.com.cn 例达51.4%。 分析师：刘洋  省内供需偏紧+燃料成本下行，电力业绩修复。2023 年公司电力业务实现营收 执业证号：S1250523070005 电话：18019200867 689亿元，同比增长7.9%，毛利率 7.4%，同比增 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 7.53 CNY per share, indicating a potential upside from the current price of 6.23 CNY [1][30]. Core Views - The company has significantly improved its performance, achieving a net profit of 6.52 billion CNY in 2023, compared to a loss of 1.83 billion CNY in the previous year, driven by lower coal prices and improved fuel costs [4][12]. - The company added 2GW of coal-fired power capacity in 2023, bringing its total coal-fired capacity to 35GW, which is expected to enhance its asset growth [19][25]. - The company maintains a high return on equity (ROE) exceeding 10% and is expected to continue growing its net assets due to ongoing investments and operational improvements [25][30]. Summary by Sections 1. Performance Improvement - In 2023, the company reported a revenue of 95.975 billion CNY, a year-on-year increase of 19.7%, and a net profit of 6.52 billion CNY, marking a turnaround from a loss in the previous year [4][12]. - For Q1 2024, the company achieved a revenue of 200.24 billion CNY, up 13.5% year-on-year, and a net profit of 1.815 billion CNY, reflecting a 79.6% increase [4][6]. 2. Capacity Expansion - The company’s coal-fired power generation capacity reached 34.9GW by the end of 2023, with the addition of 2GW from the new coal power units [19][25]. - The company is actively pursuing further capacity expansions, with ongoing projects expected to increase total coal-fired capacity to over 40GW [25][30]. 3. Financial Metrics - The company’s gross margin and net margin improved significantly in 2023, with gross margin at 9.4% and net margin at 6.8%, recovering from negative margins in the previous year [6][21]. - Investment income reached 4.6 billion CNY in 2023, accounting for over 70% of the net profit, primarily from investments in nuclear and thermal power [12][29]. 4. Dividend Policy - The company plans to distribute a cash dividend of 2.5 CNY per share for 2023, totaling 3.352 billion CNY, which represents a payout ratio of 51.42% and a dividend yield of 5.42% based on the year-end share price [17][30]. 5. Future Outlook - The company is projected to achieve net profits of 8.781 billion CNY, 9.416 billion CNY, and 10.056 billion CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 9.51, 8.87, and 8.31 [30][31]. - The company is expected to benefit from the implementation of a two-part electricity pricing system starting in 2024, which could provide additional capacity compensation of over 1.841 billion CNY [27][28].

浙能电力（600023.SH）2023年年报及2024年一季报点评 控、参火电修复趋势不改，分红重回正轨 2024年04月30日 ➢ 事件概述：4 月 29 日，公司发布 2023 年度报告，报告期内实现营业收入 谨慎推荐 维持评级 959.75亿元，同比增长19.68%（经重述）；归母净利润65.20亿元，同比扭亏 为盈；扣非归母净利润61.60亿元，同比扭亏为盈；公司拟向全体股东每股派发 当前价格： 6.19元 现金股利0.25元，合计派发现金红利33.52亿元，现金分红比例约51.42%。公 目标价： 6.96元 司发布2024年一季报，报告期内实现营业收入200.24亿元，同比增长13.45%； 归母净利润18.15亿元，同比增长79.62%；扣非归母净利润17.58亿元，同比 [Table_Author] 增长110.76%。 ➢ 电量高增，Q1业绩延续修复：因1Q23公共卫生事件造成的低基数效应， 1Q24浙江省内用电量同比增长12.2%，火电发电量同比增长11.1%，公司单季 度火电完成发电量382.90亿千瓦时，同比增长17.8%，增速略高于全省火电增 速，主要因 2023 年乐清三期两台机组 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-018 浙江浙能电力股份有限公司 关于 2023 年度暨 2024 年第一季度 业绩说明会召开情况的公告 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。 浙江浙能电力股份有限公司（以下简称"公司"）于 2024 年 4 月 30 日 15:00-16:00 召开了 2023 年度暨 2024 年第一季度业绩说明会。现就有关情况公 告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于 2024 年 4 月 19 日在上海证券交 易所网站(www.sse.com.cn)披露了《关于召开 2023 年度暨 2024 年第一季度业绩 说明会的公告》（公告编号：2024-011）。2024 年 4 月 30 日 15:00-16:00，公 司在上海证券交易所上证路演中心召开了2023年度暨2024年第一季度业绩说明 会。公司董事长虞国平、独立董事倪晨凯、董事会秘书魏峥参会，与投资者在线 进行互动交流，并就投资者关注的主要问题进行回复。 二、本次业绩说 ...

业绩简评 4月28日晚间公司发布23年年报及24年一季报，23全年实现营 收959.8亿元，同比+19.7%；实现归母净利润65.2亿元，同比扭 亏为盈。1Q24实现营收200.2亿元，同比+13.5%；实现归母净利 润18.2亿元，同比+79.6%。2023年度计划现金分红0.25元/股， 分红比例约51.4%，当前股价对应股息率约4.0%。 经营分析 浙江电力供需仍偏紧，23年公司煤机利用小时数同比+123小时。 23 年浙江省用电量同比+6.8%、最大负荷同比增长 8.2%。火电作 为电力系统的“压舱石”承担顶峰保供责任。23年迎峰度夏期间， 浙江省内燃煤机组最高负荷率达97.3%，较22年历史最高值提升 0.2pct；而公司煤机占全省统调煤电装机规模的 57.6%，23 年利 用小时数达5533小时、同比+123小时。叠加乐电三期在迎峰度夏 7.00 900 前投产，全年完成发电量1632.4亿度，同比+7.4%。 800 6.00 700 1Q24营收增速低于电量增速，或受电价下降及光伏产品销量减少 600 500 5.00 拖累。1Q24公司完成上网电量383.5亿千瓦时、同比+18.0%；其 4 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 20,023,654,859.74, representing a year-on-year increase of 13.45%[4] - Net profit attributable to shareholders was CNY 1,815,129,771.68, a significant increase of 79.62% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached CNY 1,758,119,195.63, marking a 110.76% increase year-on-year[4] - Basic and diluted earnings per share were both CNY 0.14, reflecting a growth of 75.00%[6] - The company reported a net profit margin improvement, although specific figures were not disclosed in the provided data[18] - In Q1 2024, the company reported a net profit of ¥1,940,532,357.52, a significant increase from ¥1,061,266,302.68 in Q1 2023, representing an increase of approximately 83.5%[20] - Total revenue from operating activities reached ¥23,449,862,013.51, compared to ¥17,763,689,489.61 in the same period last year, marking a growth of about 32.5%[22] - The total comprehensive income for Q1 2024 was ¥2,213,037,914.69, significantly higher than ¥942,696,529.50 in Q1 2023, representing an increase of about 134%[21] - The total comprehensive income for Q1 2024 was CNY 1.46 billion, an increase from CNY 860.69 million in Q1 2023[29] Assets and Liabilities - Total assets at the end of the reporting period were CNY 147,696,576,738.38, a slight increase of 0.31% from the end of the previous year[6] - Non-current assets totaled ¥106,654,515,013.95, an increase from ¥104,796,878,969.40 in the previous period[16] - Total assets amounted to ¥147,696,576,738.38, compared to ¥147,240,775,217.75 previously, indicating a slight growth[17] - Current liabilities decreased to ¥30,153,444,005.42 from ¥32,057,206,295.07, a reduction of approximately 5.9%[16] - Non-current liabilities slightly decreased to ¥35,202,791,262.29 from ¥35,216,314,631.10, showing a marginal decline[17] - The total liabilities decreased to ¥3,658,762,240.14 in Q1 2024 from ¥3,842,654,045.24 in Q4 2023[25] Cash Flow - The company's cash flow from operating activities was CNY 1,795,774,115.80, with a year-on-year increase of 240.13%[10] - The net cash flow from operating activities for Q1 2024 was ¥1,795,774,115.80, a significant improvement compared to the negative cash flow of ¥1,281,505,859.93 in Q1 2023[23] - The cash flow from operating activities was negative at CNY -148.69 million in Q1 2024, slightly improved from CNY -149.13 million in Q1 2023[30] - The company experienced a net cash outflow from investing activities of CNY -786.29 million in Q1 2024, compared to CNY -2.64 billion in Q1 2023[31] Shareholder Information - The total number of common shareholders at the end of the reporting period was 118,275[11] - Zhejiang Energy Group Co., Ltd. holds 9,312,667,001 shares, accounting for 69.45% of the total shares[11] - The company has no significant changes in the top 10 shareholders or their shareholding status compared to the previous period[12] - There are no outstanding shares involved in margin trading or securities lending as of the end of the reporting period[12] Operational Efficiency - The company plans to continue enhancing operational efficiency and cash flow management to support future growth[10] - The company has no new strategies or significant operational changes to report for the current quarter[13] Expenses - Total operating costs for Q1 2024 were ¥19,177,521,271.91, up from ¥17,690,151,653.40 in Q1 2023, reflecting a rise of 2.8%[18] - Research and development expenses increased to ¥75,542,857.75 from ¥52,197,384.77, showing a rise of approximately 44.7%[20] - The company's financial expenses, including interest expenses, totaled ¥316,082,114.17, slightly up from ¥299,715,373.34, reflecting a 5.5% increase[20] - The company's tax expenses for the quarter were ¥200,957,552.06, compared to ¥151,484,854.16 in Q1 2023, reflecting a rise of about 32.6%[20] - The company reported a tax expense of CNY 1.49 million in Q1 2024, up from CNY 684,343 in Q1 2023[27]

Financial Performance - The company's operating revenue for 2023 reached ¥95.98 billion, an increase of 19.68% compared to ¥80.19 billion in 2022[17]. - Net profit attributable to shareholders was ¥6.52 billion, a significant recovery from a loss of ¥1.83 billion in 2022[17]. - The net cash flow from operating activities was ¥11.48 billion, a substantial increase of 5,022.17% from ¥224 million in 2022[17]. - The total assets of the company at the end of 2023 were ¥147.24 billion, reflecting a growth of 21.76% from ¥120.92 billion in 2022[17]. - The net assets attributable to shareholders increased to ¥67.40 billion, up 10.11% from ¥61.22 billion in 2022[17]. - Basic earnings per share for 2023 were ¥0.49, recovering from a loss of ¥0.14 per share in 2022[18]. - The weighted average return on equity increased to 10.14%, up 13.06 percentage points from -2.92% in 2022[18]. - The total revenue for the year reached 95.98 billion RMB, marking a year-on-year growth of 19.68%, while the net profit attributable to shareholders was 6.52 billion RMB, indicating a turnaround from losses[35]. Cash Flow and Investments - The company’s operating cash flow net amount was 11.48 billion RMB, a significant increase of 5,022.17% compared to the previous year[36]. - The investment activities generated a net cash outflow of 7.27 billion RMB, primarily due to increased infrastructure investments[36]. - The company’s cash received from investment activities was approximately ¥3.73 billion, a 66.12% increase compared to the previous year[52]. - The company’s total capital expenditure for fixed assets and other long-term assets was approximately ¥9 billion, reflecting a 60.20% increase from the previous year[52]. Operational Highlights - The company achieved a record electricity generation of 163.238 billion kWh and user-side heating supply of 33.8036 million tons in 2023, marking historical highs[30]. - The company’s coal-fired power generation accounted for 55.68% of the total provincial regulated power plant generation, demonstrating its significant market presence[30]. - The company’s installed capacity in the province increased to 57.6% of the total regulated coal power capacity, following the successful completion of several key projects[30]. - The company’s solar backsheet shipments ranked first globally for two consecutive years, with a production capacity of 16GW for high-efficiency battery projects[30]. - The total power generation for the year reached 1,632.38 billion kWh, with a year-on-year increase of 7.40%[62]. Research and Development - Research and development expenses surged by 105.13% to 535.76 million RMB, reflecting the company's commitment to innovation[36]. - The company has committed to invest CNY 1.75 billion in a partnership fund with Zhejiang Tiandi Environmental Technology Co., Ltd. and Zhejiang Zheneng Puhua Equity Investment Co., Ltd.[72]. Environmental and Social Responsibility - The company invested 50 million RMB in environmental protection during the reporting period[121]. - Total investment in social responsibility projects amounted to CNY 13.61 million, with CNY 11.39 million in cash donations and CNY 2.22 million in material contributions, benefiting 32,700 people[132]. - The company has implemented measures to reduce carbon emissions, including the use of clean energy and the development of new products aimed at carbon reduction[130]. Governance and Compliance - The company emphasizes the importance of governance and compliance with legal regulations to protect shareholder rights[85]. - The company has not faced any penalties from securities regulatory authorities in the past three years[97]. - The company has established a performance assessment and compensation plan for senior management, approved by the board, in line with provincial guidelines for state-owned enterprises[116]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 129,945, an increase from 118,275 at the end of the previous month[177]. - Zhejiang Energy Group Co., Ltd. holds 69.43% of the shares, with a decrease of 2,365,600 shares during the reporting period[178]. - The company has not reported any significant changes in the use of raised funds or investment projects during the reporting period[172]. Risks and Challenges - The company faces risks from macroeconomic downturns and declining electricity demand, which could adversely affect profitability[83]. - The company acknowledges the risk of increased competition in the electricity market due to ongoing reforms and the establishment of a market-based pricing mechanism[83]. - The company recognizes the pressure of low-carbon transition due to a high proportion of coal power in its installed capacity[83].

证券代码：600023 证券简称：浙能电力 公告编号：2024-010 浙江浙能电力股份有限公司 全资及控股发电企业 2024 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个别及连带责任。 根据浙江浙能电力股份有限公司（以下简称"公司"）统计，2024 年第一季度，公司全资 及控股发电企业按合并报表口径完成发电量 3,834,795.73 万千瓦时，上网电量 3,637,842.11 万 千瓦时，同比分别上涨 17.79%和 17.99%。 2024 年 4 月 19 日 公司电量上升的原因主要是浙江省全社会用电量增长及同比新增乐清电厂三期 2 台机组。 公司全资及控股发电企业 2024 年 1-3 月发电量及上网电量数据如下： | 分类 | 省份 | 电厂名称 | 发电量 | 上网电量 | | --- | --- | --- | --- | --- | | | | | （万千瓦时） | （万千瓦时） | | 火电 | 浙江 | 台州发电厂 | 150,673.16 | 139,001.10 | | | ...