浙江新能（600032.SH）2023年年报及2024年一季报点评 电量修复，业绩兑现高弹性，浙江海风或存惊喜 2024年05月02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 45.23亿元，同比下降1.62%（经重述）；归母净利润6.27亿元，同比下降19.16% （经重述）；扣非归母净利润6.01亿元，同比增长11.47%（经重述）；公司拟 当前价格： 7.54元 向全体股东每股派发现金股利0.07元，合计派发现金红利1.68亿元，现金分红 目标价： 9.00元 比例约26.84%。公司发布2024年一季报，报告期内实现营业收入11.73亿元， 同比增长12.10%；归母净利润1.73亿元，同比增长42.88%；扣非归母净利润 [Table_Author] 1.62亿元，同比增长42.76%。 ➢ 1Q24水电增速转正，海风增速全面兑现：2023年公司新增装机合计87.57 万千瓦，累计装机达到525.38万千瓦，其中陆风、海风（台州1号投产）、光 伏分别新增 14.7、30、42.9 万千瓦，同比分别增长 21.5%、49.7%、21.9% ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 9.00 CNY based on a PE of 20.0 for 2024 [3][10]. Core Views - The company reported a revenue of 4.523 billion CNY in 2023, a decrease of 1.62% year-on-year, while the net profit attributable to shareholders was 627 million CNY, down 19.16% year-on-year. However, the non-recurring net profit increased by 11.47% year-on-year to 601 million CNY [1]. - In Q1 2024, the company achieved a revenue of 1.173 billion CNY, representing a year-on-year growth of 12.10%, and a net profit of 173 million CNY, up 42.88% year-on-year [1]. - The company has seen a positive turnaround in hydropower output and significant growth in wind and solar installations, which are expected to drive high growth in 2024 [1][2]. Summary by Sections Financial Performance - The company’s total revenue for 2023 was 4,523 million CNY, with a projected increase to 5,618 million CNY in 2024, reflecting a growth rate of 24.2% [2][7]. - The net profit attributable to shareholders is expected to rise from 627 million CNY in 2023 to 1,083 million CNY in 2024, indicating a growth rate of 72.6% [2][7]. - The earnings per share (EPS) is projected to increase from 0.26 CNY in 2023 to 0.45 CNY in 2024 [2][7]. Operational Highlights - The company added a total of 875,700 kW of new capacity in 2023, with cumulative installed capacity reaching 5,253,800 kW. The new installations included 147,000 kW of land wind, 300,000 kW of sea wind, and 429,000 kW of solar power [1]. - In Q1 2024, the company generated 2.228 billion kWh of electricity, a year-on-year increase of 22.5%, with significant contributions from hydropower and sea wind [1]. Future Outlook - The company is expected to benefit from the acceleration of offshore wind development in Zhejiang province, with a successful bid for a 750,000 kW offshore wind project [1]. - A mid-year dividend plan is anticipated, with cash dividends not less than 10% of the net profit attributable to shareholders for the corresponding period [1].

Financial Performance - In 2023, the company's operating revenue was approximately CNY 4.52 billion, a decrease of 1.62% compared to 2022[19]. - The net profit attributable to shareholders was approximately CNY 627.15 million, down 19.16% from the previous year[19]. - The basic earnings per share decreased by 26.78% to CNY 0.2731 in 2023[19]. - The weighted average return on equity fell by 3.53 percentage points to 5.78%[19]. - The net cash flow from operating activities was approximately CNY 2.46 billion, a decrease of 15.48% compared to 2022[19]. - The total assets increased by 13.45% to approximately CNY 52.93 billion at the end of 2023[19]. - The net assets attributable to shareholders increased by 40.23% to approximately CNY 12.10 billion[19]. - The quarterly revenue for Q4 2023 was approximately CNY 1.03 billion, showing a decline compared to previous quarters[21]. - Non-recurring gains and losses amounted to approximately CNY 26.25 million in 2023, significantly lower than the previous year's CNY 236.75 million[22]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.07 per share, totaling approximately RMB 168.33 million, which accounts for 26.84% of the net profit attributable to shareholders for the year[4]. - The company has established a cash dividend policy, committing to distribute at least 20% of the annual distributable profit to shareholders[157]. - In 2022, the company distributed a cash dividend of RMB 0.0692 per share, totaling RMB 166,403,532.42[157]. Corporate Governance - The company has established a sound corporate governance structure in compliance with national laws and regulations, ensuring transparency and accountability in operations[119]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[119]. - The company has implemented measures to maintain independence from its controlling shareholder, with no interference in decision-making processes reported[121]. - The company has committed to timely and accurate disclosure of significant matters, enhancing the quality of information available to shareholders[120]. - The company held its first extraordinary general meeting of 2023 on March 30, with resolutions published on the designated website[124]. Operational Highlights - The company completed refinancing of 3 billion CNY and introduced strategic investors, optimizing its equity structure[27]. - The company is committed to maintaining transparency and has disclosed its annual report through multiple media channels[15]. - The company has a comprehensive business layout covering conventional hydropower, pumped storage, offshore and onshore wind power, as well as centralized and distributed photovoltaic[46]. - The company is actively involved in the development of pumped storage hydropower, which is crucial for the stability of the power system and the integration of renewable energy sources[38]. Renewable Energy Initiatives - The company aims to expand its renewable energy capacity, with a target of increasing wind and solar installations by approximately 16 million kW in 2023[36]. - The company successfully secured a 300,000 kW wind power project in Jiuquan and a 500,000 kW photovoltaic development right in Fujian, marking a breakthrough in self-developed projects in the Sichuan-Tibet region[28]. - The installed capacity of renewable energy reached 1.516 billion kW, accounting for 51.9% of the total installed capacity in the country, with a significant increase in wind and solar power[34]. - The company is focused on attracting high-quality talent through innovative recruitment mechanisms to support its high-quality development[48]. Risk Management - The company is actively managing risks associated with natural disasters that could impact production and operations[116]. - The company faces risks related to industry policy changes, market competition, and potential fluctuations in renewable energy subsidies[111][114]. - The company has a robust internal control system in place to monitor compliance and operational effectiveness[119]. Social Responsibility - The company has invested a total of 431.70 million yuan in social responsibility projects, benefiting 1,070 people[173]. - The company has conducted ecological restoration activities, releasing 23.431 million jellyfish and 6.214 million crabs into the sea[170]. - The company has successfully hatched the first batch of artificially bred juvenile Chinese softshell turtles, a national first-class protected species[170]. - The company has committed to the "3060" carbon peak and carbon neutrality goals, focusing on renewable energy development[174]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[130]. - The company plans to enhance the development of renewable energy projects in 2024, focusing on timely completion and orderly development of large wind and photovoltaic base projects[103]. - The projected national electricity consumption for 2024 is expected to reach 9.8 trillion kilowatt-hours, representing a growth of approximately 6% compared to 2023[103].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,172,645,832.59, representing a year-on-year increase of 12.10%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 172,922,853.99, reflecting a significant increase of 42.88% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 162,015,533.04, also up by 42.76% year-on-year[4] - The basic earnings per share for Q1 2024 was CNY 0.0719, representing a year-on-year increase of 23.54%[4] - The weighted average return on equity for Q1 2024 was 1.42%, an increase of 0.03 percentage points compared to the previous year[4] - Total operating revenue for Q1 2024 reached RMB 1,172,645,832.59, an increase of 12.1% compared to RMB 1,046,055,225.84 in Q1 2023[18] - Net profit for Q1 2024 was RMB 240,776,825.63, representing a 24.9% increase from RMB 192,976,131.17 in Q1 2023[19] - Earnings per share for Q1 2024 were RMB 0.0719, compared to RMB 0.0582 in Q1 2023, reflecting a growth of 23.9%[19] Cash Flow - The net cash flow from operating activities for Q1 2024 was CNY 409,867,459.08, an increase of 9.18% compared to the previous year[4] - Cash flow from operating activities for Q1 2024 was RMB 409,867,459.08, an increase from RMB 375,416,130.85 in Q1 2023[21] - Net cash flow from investing activities was -$262.13 million, a decrease from -$818.26 million[22] - Cash inflow from financing activities totaled $1.86 billion, compared to $3.72 billion in the previous period[22] - Cash outflow from financing activities was $2.03 billion, down from $3.47 billion[22] - The net cash flow from financing activities was -$174.05 million, contrasting with a positive $247.21 million previously[22] - The ending cash and cash equivalents balance was $2.39 billion, down from $2.20 billion[22] - Cash received from borrowings amounted to $1.86 billion, compared to $3.53 billion in the prior period[22] - Cash paid for the acquisition of subsidiaries and other business units was $5.98 million, down from $48.30 million[22] - Cash paid for investments was $42.50 million, a decrease from $122.55 million[22] - Cash inflow from investment activities was $3.14 million, compared to $1.24 million previously[22] - The cash balance at the beginning of the period was $2.42 billion, slightly up from $2.40 billion[22] Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 53,521,655,060.72, showing a growth of 1.12% from the end of the previous year[5] - The equity attributable to shareholders at the end of Q1 2024 was CNY 12,280,564,247.05, which is an increase of 1.52% from the previous year-end[5] - As of March 31, 2024, total assets amounted to RMB 53.52 billion, an increase from RMB 52.93 billion as of December 31, 2023, reflecting a growth of approximately 1.1%[14] - The company's current assets totaled RMB 11.37 billion, up from RMB 10.89 billion, indicating an increase of about 4.5%[14] - Long-term equity investments reached RMB 3.34 billion, compared to RMB 3.23 billion in the previous period, representing a growth of approximately 3.4%[15] - The total liabilities stood at RMB 34.98 billion, slightly up from RMB 34.65 billion, marking an increase of around 1%[16] - The total equity attributable to shareholders increased to RMB 12.28 billion, compared to RMB 12.09 billion, reflecting a growth of approximately 1.6%[16] - The company reported a decrease in short-term borrowings to RMB 1.41 billion from RMB 1.44 billion, a reduction of about 2.9%[16] Non-Recurring Gains and Expenses - The increase in net profit was primarily due to higher electricity generation from wind and hydropower projects and a decrease in financial expenses due to interest rate cuts[8] - The company reported non-recurring gains of CNY 10,907,320.95, with significant contributions from debt restructuring gains of CNY 7,543,301.03[6] - Financial expenses for Q1 2024 decreased to RMB 246,075,718.48 from RMB 268,039,235.60 in Q1 2023, a reduction of 8.2%[18] - Tax expenses for Q1 2024 were RMB 37,276,324.31, compared to RMB 20,632,884.27 in Q1 2023, indicating a significant increase[19] - Other income for Q1 2024 was RMB 2,212,868.56, a substantial rise from RMB 65,000.00 in Q1 2023[19] - The company reported a net exchange loss of RMB 61,491,109.76 in Q1 2024, an improvement from a loss of RMB 65,823,299.31 in Q1 2023[18] Business Development - The company has not disclosed any significant new product developments or market expansion strategies during this reporting period[13]

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： 会议召开时间：2024年05月16日(星期四) 下午 13:00-14:30 证券代码：600032 证券简称：浙江新能 公告编号：2024-019 浙江省新能源投资集团股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩暨现金分 红说明会的公告 会议召开方式：自行视频录制与网络文字互动相结合 投资者可于 2024 年 05 月 09 日(星期四) 至 05 月 15 日(星期 三)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 zjnepe@163.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 05 月 16 日 下午 13:00-14:30 （二） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开地点：上海证券交易所上证路演中心（网址： https://ro ...

证券代码：600032 证券简称：浙江新能 公告编号：2024-012 浙江省新能源投资集团股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 8 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,985,852,062 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 82.5829 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事长张坚群先生主持，采取现场投票与网络投票相结合的方式 进行表决。会议的召开符合《公司法》和《公司章程》等有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2024 年 4 月 24 日 (二) 股东大会召开的地点：杭州市凤起东路 8 号 4040 会议室 (三) 出席会议的 ...

法律意见书 二〇二四年四月 | 一、本次股东大会的召集和召开程序 | 3 | | --- | --- | | 二、出席本次股东大会人员的资格 | 3 | | 三、本次股东大会的表决程序和表决结果 | 4 | | 四、结论意见 | 5 | 北京中伦（杭州）律师事务所 关于浙江省新能源投资集团股份有限公司 2024 年第一次临时股东大会的 浙江省杭州市上城区钱江路 1366 号华润大厦 A 座 22 层 邮编：310020 22/F, Block A, China Resources Building, 1366 Qianjiang Road, Shangcheng District, Hangzhou, Zhejiang 310020, P.R. China 电话/Tel : +86 571 5692 1222 传真/Fax : +86 571 5692 1333 www.zhonglun.com 北京中伦（杭州）律师事务所 关于浙江省新能源投资集团股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：浙江省新能源投资集团股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 ...

浙江省新能源投资集团股份有限公司 2024 年第一次临时股东大会会议资料 二零二四年四月 浙江省新能源投资集团股份有限公司 2024 年第一次临时股东大会议程 会议方式：现场会议和网络投票相结合 现场会议时间：2024 年 4 月 24 日下午 14：00 现场会议地点：杭州市凤起东路 8 号 4040 会议室 参会人员：公司股东及股东代表，公司董事、监事、高级管理人员及 公司聘请的见证律师等 会议议程： | 序号 | 议案名称 | | --- | --- | | 1 | 关于选举董事的议案 | | 2 | 关于选举监事的议案 | 关于选举董事的议案 各位股东及股东代表： 公司原董事林咸志先生因工作安排已申请辞去公司董事、董事会战 略与决策委员会委员及董事会薪酬与考核委员会委员职务，林咸志先生 在任职期间恪尽职守、勤勉尽责，公司及公司董事会对林咸志先生任职 期间为公司发展做出的重要贡献表示衷心感谢。 公司于 2024 年 4 月 7 日召开的第二届董事会第十四次会议审议通 过了《关于提名董事候选人的议案》，同意提名陆林海先生（简历见附 件）为第二届董事会董事候选人，任期自股东大会审议通过之日起至第 二届董事会 ...

特此公告。 2024 年 4 月 13 日 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。 浙江省新能源投资集团股份有限公司（以下简称"公司"）主营业务涉及水 电、风电及光伏发电业务，根据公司初步统计，现将 2024 年第一季度发电量完 成情况披露如下： 2024 年第一季度公司直属及控股发电企业累计完成发电量 22.68 亿千瓦时， 较上年同期增长 22.51%。其中水电完成发电量 4.68 亿千瓦时，较上年同期增长 6.28%；光伏完成发电量 6.84 亿千瓦时，较上年同期增长 5.65%；风电完成发电 量 11.16 亿千瓦时，较上年同期增长 46.18%（陆上风电完成发电量 4.42 亿千瓦 时，较上年同期增长 13.17%；海上风电完成发电量 6.74 亿千瓦时，较上年同期 增长 80.69%）。 浙江省新能源投资集团股份有限公司董事会 证券代码：600032 证券简称：浙江新能 公告编号：2024-011 浙江省新能源投资集团股份有限公司 2024 年第一季度发电量完成情况公告 项目 装机容量 (万千瓦) 2024 ...

证券代码：600032 证券简称：浙江新能 公告编号：2024-009 浙江省新能源投资集团股份有限公司 关于使用部分暂时闲置的募集资金进行现金管理的公告 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。 重要内容提示： 公司扣除发行费用后的募集资金净额将全部用于以下项目： 注："补充流动资金"项目已按计划实施完毕。 现金管理额度及期限：浙江省新能源投资集团股份有限公司（以下简称 "公司"）及控股子公司浙江浙能临海海上风力发电有限公司（以下简称"临海 风电"）拟使用最高额度不超过人民币 3.3 亿元的暂时闲置募集资金进行现金管 理，使用期限自董事会审议通过之日起 12 个月内有效，在上述额度和期限内， 资金可以滚动使用。 现金管理受托方：商业银行等金融机构 现金管理产品：安全性高、流动性好的理财产品（定期存款、协定存款 等） 履行的审议程序：公司于 2024 年 4 月 7 日分别召开第二届董事会第十四 次会议及第二届监事会第十二次会议，审议通过《关于使用部分闲置的募集资金 进行现金管理的议案》，同意公司及临海风电在不影响公司募 ...