Investment Rating - The investment rating for the company is "Outperform the Market" [4][2]. Core Views - The company has shown stable performance with an increase in profitability despite a slight decline in revenue. In H1 2024, the company reported operating revenue of 401.65 billion yuan (-3.75%) and a net profit attributable to shareholders of 39.27 billion yuan (+41.33%) [1][5]. - The profitability of coal-fired power generation is stabilizing, with ongoing growth in coal power capacity. The company is expected to maintain reasonable profit levels in its coal power segment due to stable electricity and coal prices [1][11]. - Continuous investment in nuclear power is anticipated to further increase investment returns. The company has received approval for new nuclear projects, which will enhance its equity capacity in nuclear power [1][12]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved an operating revenue of 401.65 billion yuan, a decrease of 3.75%, while the net profit attributable to shareholders increased by 41.33% to 39.27 billion yuan. The non-recurring net profit was 36.22 billion yuan, up 38.17% [1][5]. - The second quarter of 2024 saw a revenue of 201.41 billion yuan (-16.36%) and a net profit of 21.12 billion yuan (+19.44%) [1][5]. Profitability Metrics - The gross margin for H1 2024 was 11.03%, an increase of 4.60 percentage points year-on-year, primarily due to a decrease in coal prices [8]. - The net profit margin improved to 11.06%, up 3.70 percentage points from the same period in 2023 [8]. Future Projections - The company forecasts net profits of 75.7 billion yuan, 80.6 billion yuan, and 85.6 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 16.1%, 6.5%, and 6.2% [2][15]. - The expected earnings per share (EPS) for the same years are 0.56 yuan, 0.60 yuan, and 0.64 yuan, with corresponding price-to-earnings (PE) ratios of 10.7, 10.0, and 9.4 [2][15]. Investment Valuation - The company's reasonable market value is estimated to be between 833 billion yuan and 908 billion yuan, translating to a per-share value of 6.21 to 6.77 yuan, indicating a premium of 3% to 13% over the current stock price [2][15].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a significant year-on-year increase in net profit of 41.3%, reaching 39.3 billion yuan in the first half of 2024, despite a 3.7% decline in revenue to 402 billion yuan [2][9]. - The improvement in profitability is attributed to better coal power margins and stable investment income, with investment income amounting to 26 billion yuan, a 3.7% increase year-on-year [2][17]. - The company is expected to maintain a high return on equity (ROE) and continue to grow its net assets due to ongoing capacity expansions and improvements in coal costs [2][24]. Summary by Sections 1. Main Business Profitability and Investment Income - The company's main business profitability improved, with a gross margin increase of 4.6 percentage points year-on-year, supported by stable electricity prices and lower coal costs [2][21]. - The first half of 2024 saw a significant increase in operating cash flow, which reached 53 billion yuan, a 305% increase year-on-year [2][20]. 2. Impact of Hydropower and Coal Prices - The company's electricity generation increased by 0.8% year-on-year, but the hydropower output during the flood season suppressed coal power generation [21]. - The average settlement price for electricity was approximately 0.434 yuan per kilowatt-hour, reflecting a 2.3% decrease year-on-year [21][22]. 3. High ROE and Continuous Asset Growth - The company’s ROE exceeded 10% by the end of 2023, with expectations for continued growth driven by new capacity coming online [24][25]. - The company has ongoing projects that will enhance its coal power capacity, with a total expected capacity of 36.88 GW upon completion [24]. 4. Dividend Expectations - The company is projected to distribute cash dividends of 42 billion yuan in 2024, corresponding to a dividend yield of 5% based on the latest closing price [2][4]. 5. Financial Projections - The forecasted net profits for 2024, 2025, and 2026 are 83.32 billion yuan, 92.35 billion yuan, and 98.64 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.83, 8.87, and 8.31 [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for H1 2024 was CNY 40.165 billion, a decrease of 3.75% year-on-year, while the net profit attributable to shareholders was CNY 3.927 billion, an increase of 41.33% year-on-year [2][5] - The decline in coal prices has improved profit margins, with a gross margin of 11.03% and a net margin of 11.06% for H1 2024, both showing significant year-on-year increases [5] - The company is expected to see revenue growth from CNY 97.207 billion in 2024 to CNY 103.743 billion in 2026, with a compound annual growth rate (CAGR) of 11.8% [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a total power generation of 75.47 billion kWh, a year-on-year increase of 0.77% [5] - The company’s operating costs decreased by 8.48% year-on-year, contributing to improved profitability [5] - The company’s investment income for H1 2024 was CNY 2.612 billion, an increase of CNY 0.092 billion year-on-year [5] Revenue and Profit Forecast - The forecasted revenues for 2024, 2025, and 2026 are CNY 97.207 billion, CNY 101.008 billion, and CNY 103.743 billion, respectively, with year-on-year growth rates of 1.28%, 3.91%, and 2.71% [6] - The net profit attributable to shareholders is projected to be CNY 8.088 billion in 2024, CNY 8.490 billion in 2025, and CNY 9.121 billion in 2026, with growth rates of 24.06%, 4.97%, and 7.43% respectively [6] Valuation Metrics - The earnings per share (EPS) for 2024, 2025, and 2026 are expected to be CNY 0.60, CNY 0.63, and CNY 0.68, with price-to-earnings (P/E) ratios of 10.3, 9.8, and 9.2 respectively [6] - The company’s price-to-book (P/B) ratio is projected to decrease from 1.1 in 2024 to 1.0 in 2026 [6]

火电 浙能电力（600023.SH） 增持-A(维持) 业绩符合预期，盈利能力持续提升 | --- | --- | --- | |---------------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年半年报： 24H1 公司实现营业收入 401.65 亿元，同比 -3.75% ；实现归母净利润 39.2 ...

上 市 公 司 证 券 研 究 报 告 公用事业 2024 年 09 月 03 日 浙能电力 (600023) ——火电盈利能力显著改善 投资收益稳中有升 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 6.29 | | 一年内最高/最低（元） | 7.85/4.09 | | 市净率 | 1.2 | | 息率（分红/股价） | 3.97 | | | 84,341 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.12 | | 资产负债率 % ...

浙能电力（600023.SH) 买入(维持评级 证券研究报告 Q2 电量承压，煤电价差扩大增利 业绩简评 8 月 29 日公司发布 24 年半年报,1H24 实现营收 401.6 亿,同比- 3.8%;实现归母净利 39.3亿,同比+41.3%;扣非后归母净利 36.2 亿,同比+38.2%。2Q24 实现营收 201. 4 亿,同比-16.4%;实现归 母净利 21.1 亿，同比+19.4%。 经营分析 1H24 完成上网电量同比+0.7%，主要受外来水电挤出影响。1H24 公 司完成上网电量 714. 4 亿度,其中 1024/2024 分别完成约 364/351 亿度,同比分别+18.0%/-12.6%。公司火电电量占比超 99%,2Q24 上网电量同/环比下滑主因:1) 2024 来水改善促西南水电大幅增 发,5、6M24 浙江省输入电量分别同比+25.6%、+35.3%,火电发挥 调节功能降低负荷,让发电空间于清洁能源:2)6M24 持续降水天 气致迎峰度夏延迟开启,杭州平均气温较上年同期低 2 度,当月 浙江省三产、居民用电量分别同比下降 0.1%、4.7%。而 7月以来, 极端高温天气持续影响浙 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-042 浙江浙能电力股份有限公司 关于 2024 年半年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 8 月 30 日 15:00-16:00 召开了 2024 年半年度业绩说明会。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 8 月 21 日在上海证券交 易所网站（www.sse.com.cn）披露了《关于召开 2024 年半年度业绩说明会的公 告》（公告编号：2024-036）。2024 年 8 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 2024 年半年度业绩说明会。公司董事长虞国平， 董事会秘书魏峥，独立董事程金华、王智化和倪晨凯参会，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、本次业绩说明会投资者提出的问题及公司回复情况 问题 1：请问公司上半年 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-039 表决情况：3 票同意，0 票反对，0 票弃权 特此公告。 一、监事会会议召开情况 浙江浙能电力股份有限公司（以下简称"公司"）第五届监事会第二次会议 于 2024 年 8 月 29 日以通讯方式召开。本次会议应出席监事 3 人，实际出席会议 监事 3 人。会议的召开符合《公司法》、《公司章程》及有关法律、法规、规范性 文件的规定，会议合法有效。 二、监事会会议审议情况 会议审议通过以下议案： 1、关于审议公司 2024 年半年度报告的议案 监事会认为：公司 2024 年半年度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定；内容和格式符合中国证监会和上海证 券交易所的各项规定，在所有重大方面公允地反映公司 2024 年半年度的经营管 理和财务状况等事项。 浙江浙能电力股份有限公司 第五届监事会第二次会议决议公告 本公司监事会及全体监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监事会 2024 年 8 月 30 日 1 ...

浙江省能源集团财务有限责任公司风险评估报告 （2024年上半年度） 一、财务公司基本情况 （一）基本信息 浙江省能源集团财务有限责任公司（以下简称"财务公司"）是于2006年8月 经原中国银行业监督管理委员会（现"国家金融监督管理总局"）批准成立的一家 非银行金融机构，法定代表人：施云峰；现住所：浙江省杭州市西湖区紫荆花路36 号浙能源力科创中心A楼2层（201-226）、A楼3层（301-333）、A楼4层（408- 409）、B楼2层（227-237）；注册资本金：人民币3,531,553,501.12元；金融许可 证机构编码：L0046H233010001；统一社会信用代码：91330000717866688J。 2 （一）控制环境 财务公司已按照《浙江省能源集团财务有限责任公司章程》中的规定建立了股 东会、董事会、监事会和高级管理层的"三会一层"治理架构，并对董事会、监事 会和董事、监事、高级管理层在风险管理中的责任进行了明确规定；财务公司治理 结构健全，并按照决策系统、监督反馈系统、执行系统互相制衡的原则，建立了分 工合理、职责明确、报告关系清晰的组织结构，为内部控制有效性提供了必要的前 提条件。财 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 40,164,880,511.41, a decrease of 3.75% compared to CNY 41,729,125,517.97 in the same period last year[13]. - Net profit attributable to shareholders was CNY 3,926,887,990.24, representing a significant increase of 41.33% from CNY 2,778,588,045.78 year-on-year[13]. - The net cash flow from operating activities reached CNY 5,330,552,170.17, a remarkable increase of 304.60% compared to CNY 1,317,481,195.94 in the previous year[13]. - The basic earnings per share for the first half of 2024 was CNY 0.29, up 38.10% from CNY 0.21 in the same period last year[14]. - The company reported a significant increase in cash flow from operating activities, amounting to approximately 5.33 billion RMB, a 304.60% increase year-on-year[23]. - The company reported a net profit margin decline due to increased operating costs and R&D expenses, impacting overall profitability[96]. - The total profit for the first half of 2024 was CNY 5,056,630,267.69, an increase of 43.0% compared to CNY 3,532,510,148.85 in the first half of 2023[97]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 151,134,614,373.82, an increase of 2.64% from CNY 147,240,775,217.75 at the end of the previous year[13]. - The net assets attributable to shareholders at the end of the reporting period were CNY 68,661,560,793.62, reflecting a growth of 1.86% from CNY 67,404,750,749.83 at the end of the previous year[13]. - The total liabilities as of June 30, 2024, were not explicitly stated but are implied to be managed effectively given the increase in total assets[90]. - The total liabilities reached CNY 7,109,308,110.39, significantly higher than CNY 3,842,654,045.24 in the previous year, indicating an increase of 84.5%[95]. - The company's total liabilities increased to ¥69.43 billion from ¥67.27 billion, representing a rise of approximately 3.2%[92]. Cash Flow - The total cash inflow from operating activities reached ¥47,920,210,549.53, compared to ¥45,851,299,581.02 in the previous year, indicating a growth of approximately 4.5%[102]. - The cash flow from investment activities resulted in a net outflow of ¥2,189,883,510.42, an improvement from the previous year's outflow of ¥2,971,723,165.34[104]. - The company reported a net cash flow from financing activities of -¥1,316,224,951.61, compared to a positive cash flow of ¥3,548,610,282.10 in the same period last year[104]. Research and Development - The company has increased its R&D expenses by 22.39% year-on-year, reaching approximately 195.07 million RMB[23]. - Research and development expenses increased to CNY 195,065,105.75, up from CNY 159,380,843.80, representing a growth of 22.4%[96]. Market Position and Strategy - The company has a strong market position, controlling about half of the province's thermal power installed capacity[21]. - The company plans to continue expanding its renewable energy capacity, with a projected total installed capacity of approximately 3 billion kW from wind and solar by the end of 2024[21]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[90]. Environmental and Regulatory Compliance - The company has completed environmental monitoring plans and has publicly disclosed pollutant discharge information in compliance with regulations[52]. - The company has implemented pollution prevention facilities, including dust removal and wastewater treatment systems, which are operating normally[48]. - The company has made progress in carbon emission reduction projects, completing efficiency upgrades on several turbine units by the end of the reporting period[55]. - The company has received no administrative penalties for environmental issues during the reporting period[53]. Related Party Transactions - The company reported a total of 833,925,887.73 RMB in related party transactions, primarily involving natural gas procurement and coal sales[66]. - The total amount of related party transactions for 2024 is approximately RMB 2.42 billion, with the largest transaction being engineering construction and supervision services amounting to RMB 1.48 billion[67]. - The company has not engaged in any major related party transactions during the reporting period[79]. Shareholder and Governance - The company has elected new board members, including independent directors, and has seen changes in supervisory roles[44]. - The total number of ordinary shareholders at the end of the reporting period is 114,874[83]. - The company did not distribute profits or increase capital reserves, with no dividends or stock bonuses declared for the fiscal year[45]. Accounting Policies and Financial Reporting - The company's financial statements are prepared based on the assumption of going concern, with no significant doubts about its ability to continue operations[115]. - The company’s accounting policies comply with the requirements of enterprise accounting standards, ensuring accurate reflection of financial status[117]. - The company recognizes liabilities for termination benefits when it cannot unilaterally withdraw the termination plan or when costs related to termination benefits are confirmed[169]. Risks and Challenges - The company faces risks related to macroeconomic downturns and declining electricity demand, which could adversely affect profitability[40]. - The company is exposed to risks from fluctuations in raw material prices, particularly coal, which significantly impacts the cost structure of coal-fired power generation[40]. - The company is under pressure to reduce the proportion of coal-fired power generation in its installed capacity due to the push for carbon neutrality[40].