月 13 日《上海证券报》《证券日报》及上海证券交易所网站 www.sse.com.cn 公告）。 二、对外担保逾期情况 证券代码：600310 证券简称：广西能源 公告编号：临 2025-018 广西能源股份有限公司 关于对参股公司担保逾期的公告 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： 一、对外担保基本情况 公司分别于 2019 年 3 月 18 日、2019 年 4 月 12 日召开第七届董事会第十三次会议、 2018 年年度股东大会审议通过《关于为建筑产业化公司提供担保的议案》，公司参股公司 建筑产业化公司拟向有关金融机构借款不超过人民币 1.5 亿元，公司按持股比例 20%为建 筑产业化公司向有关金融机构借款提供不超过人民币 3,000 万元的连带责任担保。担保期 限为借款合同每笔债务履行期届满之日起不超过两年（详见 2019 年 3 月 20 日、2019 年 4 1 被担保人名称：广西建筑产业化股份有限公司（以下简称"建筑产业化公司"），为公 司参股公司（持股比例 20%）。 参股公司借款逾 ...

Group 1 - Local stocks in Guangxi have surged, with a focus on ASEAN free trade direction leading the gains [1] - Notable stocks that hit the daily limit include Beibu Gulf Port (000582), Wuzhou Transportation (600368), Nanning Department Store (600712), Baiyang Co., Ltd. (002696), and Hualan Group (301027) [1] - Other stocks that quickly followed the upward trend include Tianye Co., Ltd., Yuegui Co., Ltd. (000833), Guangxi Broadcasting (600936), LiuGong (000528), and Guangxi Energy (600310) [1] Group 2 - Dark pool funds are currently flowing into these stocks, indicating increased investor interest [2]

广西能源股份有限公司 2024 年年度股东大会会议资料 广西能源股份有限公司 2024 年年度股东大会秘书处 2025 年 4 月 18 日 1 广西能源股份有限公司 2024 年年度股东大会材料目录 2 一、大会须知； 二、大会议程； 三、大会表决说明； 四、股东大会议案 议案 1：《公司 2024 年年度报告及摘要》； 议案 2：《公司 2024 年度董事会工作报告》； 议案 3：《公司 2024 年度监事会工作报告》； 议案 4：《公司 2024 年度财务决算及 2025 年度财务预算报告》； 议案 5：《公司 2024 年度利润分配预案》； 议案 6：《广西能源股份有限公司 2025 年度投资计划》； 议案 7：《关于为全资子公司桂旭能源公司提供担保的议案》； 议案 8：《关于计提减值准备及预计负债的议案》； 议案 9：《关于 2025 年度日常关联交易事项的议案》； 议案 10：《关于向有关金融机构申请不超过 163 亿元授信额度的议案》； 议案 11：《关于向有关金融机构申请不超过 15 亿元融资租赁额度的议案》； 议案 12：《关于补选公司第九届董事会非独立董事的议案》。 五、独立董事宣读 20 ...

Investment Rating - The investment rating for Guangxi Energy is "Outperform the Market" [5][15]. Core Views - The company's revenue decreased by 76.48% year-on-year to 3.932 billion yuan in 2024, primarily due to the divestiture of its oil business. However, the net profit attributable to shareholders surged by 3704.04% to 63 million yuan, driven by improved water inflow and fair value changes [1][7]. - The company has seen an increase in self-generated electricity, with the supply business achieving a non-recurring net profit of 415 million yuan, a year-on-year increase of 48 million yuan. The hydropower business benefited from better water inflow, resulting in a non-recurring net profit of 228 million yuan, up 126 million yuan year-on-year [1][7]. - The company is actively advancing its renewable energy projects, including offshore wind and solar power, which are expected to exceed the capacity of its existing hydropower and thermal power plants upon completion [2][13]. Summary by Sections Financial Performance - In 2024, the company achieved a total electricity generation of 6.383 billion kWh, a year-on-year increase of 5.50%, with an average on-grid electricity price of 345.81 yuan/MWh. The sales volume reached 8.585 billion kWh, up 1.45%, with an average selling price of 507.82 yuan/MWh [2][13]. - The company's revenue and profit forecasts for 2025-2027 are adjusted to 271 million yuan, 394 million yuan, and 452 million yuan respectively, with corresponding EPS of 0.19, 0.27, and 0.31 yuan [3][15]. Business Segments - The supply business and hydropower business showed positive performance, while the thermal power segment faced challenges due to high coal prices and reduced utilization hours, resulting in a non-recurring net profit of -286 million yuan [1][7]. - The company is focusing on renewable energy, with significant projects underway, including offshore wind farms and solar power projects, which will enhance its overall capacity [2][13]. Valuation Metrics - The company's financial metrics indicate a significant improvement in profitability, with a gross margin of 25.40%, up 19.88 percentage points year-on-year, and a net margin of 1.60%, an increase of 1.43 percentage points [10][11]. - The projected P/E ratios for 2025-2027 are 24.2, 16.6, and 14.5 respectively, reflecting a positive outlook despite the recent revenue decline [4][15].

Investment Rating - The investment rating for Guangxi Energy is "Outperform the Market" [5][15][3] Core Views - The company's revenue for 2024 is projected to be 3.932 billion yuan, a decrease of 76.48% year-on-year, primarily due to the divestiture of its oil business. However, the net profit attributable to shareholders is expected to reach 63 million yuan, a significant increase of 3704.04% year-on-year [1][3][7] - The company has seen an increase in self-generated electricity, with the supply business achieving a net profit of 415 million yuan, a year-on-year increase of 48 million yuan. The hydropower business has also benefited from improved water inflow, resulting in a net profit of 228 million yuan, an increase of 126 million yuan year-on-year [1][7] - The company is actively advancing its renewable energy projects, including offshore wind and solar power, with a total planned capacity exceeding that of its existing hydropower and thermal power [2][13][14] Financial Performance Summary - In 2024, the company achieved a cumulative power generation of 6.383 billion kWh, a year-on-year increase of 5.50%, with an average on-grid electricity price of 345.81 yuan/MWh. The sales volume reached 8.585 billion kWh, up 1.45% year-on-year, with an average selling price of 507.82 yuan/MWh [2][13] - The company's financial metrics indicate a significant improvement in profitability, with a gross margin of 25.40%, up 19.88 percentage points year-on-year, and a net margin of 1.60%, an increase of 1.43 percentage points [10][11] - The forecast for net profit attributable to shareholders for 2025-2027 is 271 million, 394 million, and 452 million yuan, respectively, with corresponding EPS of 0.19, 0.27, and 0.31 yuan [3][15][17]

登录新浪财经APP 搜索【信披】查看更多考评等级 独立财务顾问 ■ 二零二五年四月 声明 第一创业证券承销保荐有限责任公司（以下简称"本独立财务顾问"）受广西能源股份有限公司（以下简 称"上市公司"、"广西能源"）委托，担任其2023年的重大资产出售暨关联交易事宜的独立财务顾问。 根据《公司法》《证券法》《重组管理办法》《上市公司并购重组财务顾问业务管理办法》等法律法规 的相关规定和要求，按照证券行业公认的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，本独 立财务顾问对广西能源履行持续督导职责，并结合广西能源2024年年度报告，对本次重大资产出售出具 持续督导意见暨持续督导总结报告。 ■ 说明：除特别说明外，本持续督导意见中部分合计数若出现与各加数直接相加之和在尾数上有差异，均 为四舍五入所致。 本独立财务顾问根据《重组管理办法》《上市公司并购重组财务顾问业务管理办法》等有关法律法规、 规范性文件的要求，按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态度，对本 次重组实施情况进行了持续督导，并结合广西能源2024年年度报告，出具独立财务顾问持续督导意见如 下： 一、交易资产的交付或者过户情 ...

广西能源股份有限公司 重大资产出售暨关联交易 之 2024 年度持续督导意见 第一创业证券承销保荐有限责任公司 关于 暨持续督导总结报告 独立财务顾问 二零二五年四月 声明 第一创业证券承销保荐有限责任公司（以下简称"本独立财务顾问"）受广 西能源股份有限公司（以下简称"上市公司"、"广西能源"）委托，担任其 2023 年的重大资产出售暨关联交易事宜的独立财务顾问。 根据《公司法》《证券法》《重组管理办法》《上市公司并购重组财务顾问业 务管理办法》等法律法规的相关规定和要求，按照证券行业公认的业务标准、道 德规范，本着诚实信用和勤勉尽责的原则，本独立财务顾问对广西能源履行持续 督导职责，并结合广西能源 2024 年年度报告，对本次重大资产出售出具持续督 导意见暨持续督导总结报告。 本持续督导意见所依据的文件、材料由本次交易各方提供，提供方对所提供 的文件、材料的真实性、准确性、完整性和及时性负责，保证资料不存在重大遗 漏、虚假记载或误导性陈述，并对其真实性、准确性、完整性承担个别和连带法 律责任。本独立财务顾问不承担由此引起的风险责任。 本持续督导意见不构成对广西能源的任何投资建议，对投资者根据本持续督 导意 ...

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]

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 03 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 | 基本数据 | | | | | 年 | 04 | 月 | 03 | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 4.47 | | | | | | 一 年 内 | 最 | 高 | / | 低 | | | 5.70/3.04 | | | 最 | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | 6,551.73 | | | | | | 流通市值（百万元） | | | | | ...

Group 1 - The pumped storage concept saw an increase of 1.95% on April 1, with a net inflow of 49.66 million yuan from main funds, where 29 stocks rose and 2 fell [1] - The top stocks by net inflow were Guoji Heavy Industry (601399) with 37.82 million yuan, Waneng Electric Power (000543) with 33.32 million yuan, and Three Gorges Energy (600905) with 25.87 million yuan [1] Group 2 - The top performing stocks in the pumped storage sector included: - Guoji Heavy Industry (601399) with a latest price of 3.17 yuan and a rise of 3.26%, net inflow of 37.82 million yuan, accounting for 6.02% of the main fund [2] - Waneng Electric Power (000543) with a latest price of 7.74 yuan and a rise of 3.75%, net inflow of 33.32 million yuan, accounting for 6.83% of the main fund [2] - Three Gorges Energy (600905) with a latest price of 4.30 yuan and a rise of 1.65%, net inflow of 25.87 million yuan, accounting for 3.87% of the main fund [2]