Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 1.095 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.90%, while the net profit attributable to shareholders reached 409 million yuan, an increase of 6.34% [2][3]. - Despite a decline in electricity generation, the company achieved revenue growth due to higher average electricity prices, particularly in the Fujian region, which has a higher weight of offshore wind assets [3]. - The company’s net profit margin reached a three-year high, with gross and net profit margins at 39.86% and 25.33%, respectively, driven by reduced operating costs and increased other income [3]. - The company is expanding its portfolio with the acquisition of quality assets, including a controlling stake in offshore wind power projects, which is expected to enhance its operational scope [3]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.39 yuan, 0.54 yuan, and 0.59 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.69, 11.30, and 10.34 [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating costs of 637 million yuan, a decrease of 2.89% year-on-year, and a total revenue of 1.095 billion yuan [2][3]. - The company’s total assets are projected to reach 16.934 billion yuan by 2025, with a net profit of 1.095 billion yuan expected in 2026 [6]. Future Outlook - The company is expected to benefit from the upcoming contributions from the Fujian offshore wind market and the potential profitability of new projects, such as the Xiapu B area project [3]. - The report highlights the company's strong return on equity (ROE) from existing assets and the anticipated positive impact of asset injections from the parent group [3].

2024 年第二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。 证券代码：600163 证券简称：中闽能源 公告编号：2024-049 中闽能源股份有限公司 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 | 438 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,275,630,608 | | 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（%） | 67.0327 | (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。 本次股东大会由公司董事会召集、董事长郭政先生主持，公司全体董事、全 体监事和董事会秘书出席了会议，部分高级管理人员列席了会议；本次会议采取 现场投票和网络投票相结合的表决方式，现场投票采取记名投票表决方式。会议 的召集和召开程序、出席会议人员的资格、会议的表决方式和程序均符合相关法 律、法规和规范性文件及《公司章程》等有关规定, 并经福建君立律 ...

D&EFG 地址 ADD：福州市鼓楼区工业路 572 号凤凰望郡三楼 邮政编码 ZIP：350004 电话 TEL：+86-591-87563807/87563808/87563809 传真 FAX：+86-591-87530756 二〇二四年十一月 "#$%&'()*! +,-./0123456! 7879 :;<=>?1@ABC! ! 福建君立律师事务所 关于中闽能源股份有限公司 2024 年第二次临时股东大会的法律意见书 致：中闽能源股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、 法规和其他有关规范性文件的要求，福建君立律师事务所（以下简称"本所"） 接受中闽能源股份有限公司（以下简称"公司"）的委托，指派律师参加公司 2024 年第二次临时股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员 资格、召集人资格、表决程序、表决结果及会议决议发表法律意见，并不对本次股 ...

本次董事补选完成后，为完善公司治理结构，保证公司董事会专门委员会规 范运作，公司于同日召开第九届董事会第十六次临时会议，审议通过了《关于调 整公司第九届董事会专门委员会委员的议案》。根据《上市公司治理准则》、《公 司章程》及公司董事会各专门委员会工作细则的有关规定，董事会同意对公司第 九届董事会专门委员会委员进行调整，调整后的公司第九届董事会专门委员会组 成情况如下： 1、战略委员会：郭政（主任委员）、张骏、唐晖、黄慧湄、林联青、温步瀛、 许萍 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。 2024 年 11 月 1 日，中闽能源股份有限公司（以下简称"公司"）召开 2024 年第二次临时股东大会，审议通过了《关于增补公司第九届董事会非独立董事的 议案》，增补黄慧湄女士、庄旭阳先生为公司第九届董事会非独立董事。 证券代码：600163 证券简称：中闽能源 公告编号：2024-050 中闽能源股份有限公司 关于调整第九届董事会专门委员会委员的公告 2、审计委员会：许萍（主任委员）、林联青、温步瀛、唐晖、吴明 3、提名委员会：林 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock performance relative to the industry index over the next six months [3][12]. Core Views - The company is expected to benefit from the leading wind resources in Fujian province and a steady growth in local electricity demand, with historical wind power utilization rates reaching 100% [3]. - The company is the only publicly listed energy platform for its shareholder group, which will allow it to benefit from the release of performance from certain projects and the scarcity of quality wind power assets [3]. - Revenue projections for 2024-2026 are estimated at 1.778 billion, 1.896 billion, and 2.023 billion yuan, with year-on-year growth rates of 2.7%, 6.7%, and 6.7% respectively [3]. - The expected net profit for the same period is projected to be 736 million, 804 million, and 873 million yuan, with growth rates of 8.5%, 9.1%, and 8.7% respectively [3]. Financial Summary - The company's operating revenue for 2022 was 1,791 million yuan, which decreased to 1,732 million yuan in 2023, with a projected increase to 1,778 million yuan in 2024 [5][6]. - The net profit attributable to the parent company was 729 million yuan in 2022, dropping to 678 million yuan in 2023, with an expected recovery to 736 million yuan in 2024 [5][6]. - The company's return on equity (ROE) was 13.2% in 2022, decreasing to 11.2% in 2023, with projections of 11.0% in 2024 [5][7]. - The earnings per share (EPS) for 2022 was 0.38 yuan, expected to decrease to 0.36 yuan in 2023, and projected to rise to 0.39 yuan in 2024 [5][7]. Operational Insights - The company's total power generation in Q3 was 4.8 billion kWh, showing a year-on-year decline, influenced by seasonal changes [3]. - The wind power generation in Fujian was 16.89 billion kWh, with a slight year-on-year increase of 0.58%, while other regions experienced declines [3]. - The company has a strong competitive position in local resources, with several projects expected to contribute positively to its performance [3].

光伏电站开发建设方案项目清单的公告 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。 近日，福建省发展和改革委员会发布《关于印发福建省 2024 年度光伏电站 开发建设方案的通知》（闽发改新能〔2024〕502 号），中闽能源股份有限公司（以 下简称"公司"）申报的中闽能源诏安四都 80MW 渔光互补光伏电站、中闽北岸 400MW 渔光互补光伏电站列入福建省 2024 年度光伏电站开发建设方案项目清单， 相关情况如下： 二、对公司的影响 公司申报的 2 个光伏电站项目列入福建省 2024 年度光伏电站开发建设方案 项目清单，有利于公司紧抓双碳战略机遇，深化福建省内光伏发电业务布局，提 升公司新能源装机规模。 证券代码：600163 证券简称：中闽能源 公告编号：2024-048 中闽能源股份有限公司 关于公司申报的光伏电站项目列入福建省 2024 年度 三、风险提示 1、上述项目尚处于前期筹备阶段，项目建设前尚需获得项目备案、用地用 序号 项目名称 项目类型 所属市 项目规模 （MW） 1 中闽能源诏安四都 80MW 渔光互补 ...

中闽能源股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600163 证券简称：中闽能源 中闽能源股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人郭政、主管会计工作负责人柳上莺及会计机构负责人（会计主管人员）俞宙保证季度 报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|----------------|--------------------------------------|------------------|------------------ ...

证券代码：600163 证券简称：中闽能源 公告编号：2024-047 中闽能源股份有限公司 第九届董事会第六次会议决议公告 本议案已经公司第九届董事会审计委员会第九次会议审议通过。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 2、审议通过了《关于调整公司内部管理机构设置的议案》 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、董事会会议召开情况 中闽能源股份有限公司（以下简称"公司"）第九届董事会第六次会议通知 和材料于 2024 年 10 月 18 日以电子邮件的方式送达全体董事，会议于 2024 年 10 月 29 日在福州市五四路 210 号国际大厦 22 层第一会议室以现场和通讯相结 合的方式召开。本次会议由董事长郭政先生主持，会议应到董事 7 名，实到董 事 7 名，公司全体监事、部分高级管理人员列席了会议，会议的召集、召开符 合有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 经全体与会董事认真审议，以记名投票表决方式，逐项表决审议通过了以下 议案： 1、审 ...

Investment Rating - The report assigns a "Buy" rating to Zhongmin Energy (600163 SH) with a first-time coverage [4] Core Views - Zhongmin Energy is one of the twin stars of provincial power companies under Fujian Investment Group, focusing on new energy power generation [4] - The company has experienced rapid growth in installed capacity and revenue, with cumulative increases of 119 31% and 224 65% respectively from 2018 to 2023 [4] - Despite excellent profitability, the company's valuation remains at the lower end of the industry due to concerns over growth trajectory and quality [4] - The report expects a more rationalized bidding scheme and improved electricity prices for offshore wind projects in 2024, potentially boosting returns [5] - The parent group has abundant high-quality resources, and asset injections could significantly enhance Zhongmin Energy's growth prospects [6] Company Overview - Zhongmin Energy was established in 1993 and went public in 2015 through a backdoor listing, becoming a key new energy power generation platform in Fujian Province [12] - The company's installed capacity has grown from 436 5 MW in 2018 to 957 3 MW by H1 2024, with offshore wind accounting for 30 92% of total capacity [13] - Offshore wind, despite its smaller share in installed capacity, contributed 63 40% of the company's net profit in 2023 [4] - The company's ROE reached 10 85% in 2023, outperforming the new energy power generation sector by 2 06 percentage points [4] Market Performance - Zhongmin Energy's stock price closed at 5 18 yuan on October 22, 2024, with a total market capitalization of 190 3 million shares [2] - The company's 12-month high and low prices were 5 56 yuan and 3 33 yuan, respectively [2] - Over the past 12 months, Zhongmin Energy's stock performance has outperformed the CSI 300 Index, with a 29% increase compared to the index's 13% [3] Growth Drivers - The report forecasts that Zhongmin Energy's net profit will reach 734 million yuan, 1 019 billion yuan, and 1 114 billion yuan in 2024, 2025, and 2026, respectively [7] - The company's EPS is expected to be 0 39 yuan, 0 54 yuan, and 0 59 yuan for the same period, with corresponding P/E ratios of 13 43x, 9 68x, and 8 85x [7] - The parent group's commitment to asset injections, including offshore wind and pumped storage projects, could significantly boost the company's future growth [6] Industry Analysis - Fujian Province boasts some of the best wind resources in China, with annual equivalent full-load hours ranging from 2,200 to 3,800 hours, significantly higher than the national average [24] - The province's wind power utilization rate has consistently remained at 100%, with no curtailment issues [25] - The report highlights that Zhongmin Energy's wind turbines in Fujian have achieved utilization hours of 2,744 hours for onshore wind and 3,905 hours for offshore wind in 2023, far exceeding the national average [25] Valuation and Risks - Despite its strong profitability, Zhongmin Energy's valuation remains low, with a P/E (TTM) of 14 20x as of October 22, 2024, compared to the sector average of 21 53x [26] - The report attributes the low valuation to concerns over the impact of low electricity prices from offshore wind bidding in 2022 and 2023, which have affected the company's growth trajectory [27] - The report also notes that the company's growth prospects could be constrained if offshore wind electricity prices remain low or if asset injections are delayed [27]

会 议 资 料 2024 年 11 月 1 日 中闽能源股份有限公司 ZHONGMIN ENERGY CO.,LTD. 2024 年第二次临时股东大会 中闽能源 2024 年第二次临时股东大会会议资料 目 录 | 中闽能源 | 2024 年第二次临时股东大会会议须知 2 | | --- | --- | | 中闽能源 | 2024 年第二次临时股东大会会议议程 4 | | 议案 | 1：关于增补公司第九届监事会监事的议案 6 | | 议案 | 2024 2：关于公司变更会计师事务所暨聘任 年度审计机构的议案 7 | | 议案 | 3：关于增补公司第九届董事会非独立董事的议案 8 | 1 中闽能源 2024 年第二次临时股东大会会议资料 中闽能源股份有限公司 2024 年第二次临时股东大会会议须知 为保障中闽能源股份有限公司（以下简称"公司"）全体股东的合法权益， 确保本次股东大会的正常秩序及顺利召开，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司股东大会规则》及《公司章程》、《公司股 东大会议事规则》等有关规定，特制定股东大会须知如下，望出席本次股东大会 的全体人员遵照执行。 一、本次股东 ...