登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600452 证券简称：涪陵电力 公告编号：2025-024 （一）公司如何根据自身优势和市场需求来制定和实施这些发展目标？ 回答：公司将专注于主责主业，积极应对市场变化带来的冲击。在电网经营上，积极服务地方招商引 资、改善营商环境、培育新的用电客户，实现增供扩销，保持电量的稳步增长；深入分析新能源消纳能 力，促进新能源与电网协同发展，服务能源绿色转型，做好新能源新业态并网、绿电交易等服务。在配 电网节能业务上，积极拓展配电网节能业务市场，加快储备项目落地见效；综合分析现有的市场环境， 转变业务服务模式，深入挖掘业务新业态，努力实现市场订单新的突破；聚焦"能效提升改造、配电网 补强改造、供电保障服务改造"构建电网节能业务服务体系，探索新型储能等新兴业务与主营业务的协 同效应。 重庆涪陵电力实业股份有限公司 关于参加国家电网有限公司控股上市公司 2024年度暨2025年第一季度集体业绩说明会召开情况的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重大 遗漏负连带责任。 重庆涪陵电力实业股份有限公司（以下简称 ...

构筑区域能源服务生态，引领智能电网创新发展。涪陵电力主要从事业务包括电网运营业务：供应与销 售电力、电力调度及电力资源开发、输变电工程设计、电力测试及维修等，在供电区域内拥有完善的供 电网络，能够为供电辖区内电力用户提供优质、可靠的供电服务，主要集中于重庆市涪陵区行政区域； 配电网节能业务：主要包括配电网能效管理系统、多级联动与区域综合治理、配电网节能关键设备改造 等，目前已覆盖全国20 个省、市、自治区。 2020-2024 年公司收入和归母净利润CAGR 分别为4.09%和6.46%。2024 实现收入31.17 亿元，同比下降 9.46%；归母净利润5.14 亿元，同比下降2.07%；扣非归母净利润5.04 亿元，同比下降2.55%；2025Q1 实现收入7.09 亿元，同比下降4.09%；归母净利润0.9 亿元，同比下降16.29%；扣非归母净利润0.85亿 元，同比下降19.89%，业绩波动主要是部分配电网节能项目到期退出所致。 背靠国网集团，积极拓展配电网节能业务。在业务拓展方面，根据不同地区的电网特点和客户需求，量 身定制差异化解决方案，目前已在华东、华北等多个区域市场取得显著成效。截至2024 ...

Investment Rating - The report gives a "Cautious Recommendation" rating for the company, marking its first coverage [6]. Core Viewpoints - The company is positioned as a comprehensive energy service provider, leveraging its electricity sales business as a foundation while focusing on energy-saving initiatives in the distribution network as a key to transformation [3][11]. - The electricity consumption demand is steadily increasing, with a significant rise in electricity sales volume contributing to performance growth [2][46]. - The company is backed by the State Grid Corporation, actively expanding its energy-saving business in the distribution network, which is expected to benefit from the growth of comprehensive energy services [3][54]. Summary by Sections 1. Company Overview and Business Model - The company primarily engages in electricity supply and sales, power dispatch, and energy-saving services, with a well-established supply network mainly in the Fuling District of Chongqing [11][12]. - The energy-saving business includes energy efficiency management systems and key equipment upgrades, currently covering 20 provinces and regions nationwide [11]. 2. Financial Performance - From 2020 to 2024, the company's revenue and net profit CAGR are projected at 4.09% and 6.46%, respectively [17]. - In 2024, the company achieved revenue of 3.117 billion yuan, a year-on-year decrease of 9.46%, and a net profit of 514 million yuan, down 2.07% [17][5]. - The first quarter of 2025 saw a revenue of 709 million yuan, down 4.09%, and a net profit of 90 million yuan, down 16.29% [17]. 3. Electricity Sales and Energy-Saving Business - The total electricity sales volume in 2024 reached 346,384 million kWh, a year-on-year increase of 7.71%, with a stable average selling price [2][38]. - The direct sales volume accounted for 94.94% of total sales, reflecting a growing competitive advantage in the end-user electricity market [38][46]. - The energy-saving business is crucial for the company's transformation, with a focus on reducing losses and improving efficiency in the distribution network [48][54]. 4. Profit Forecast and Investment Recommendations - The forecast for net profit from 2025 to 2027 is 524 million, 555 million, and 603 million yuan, with year-on-year growth rates of 1.9%, 5.8%, and 8.8%, respectively [3][5]. - The estimated PE ratios for 2025 to 2027 are 28x, 27x, and 25x, indicating a relatively low valuation compared to peers [3][71].

Investment Rating - The report gives a "Cautious Recommendation" rating for the company, marking its first coverage [6]. Core Viewpoints - The company is positioned as a comprehensive energy service provider, leveraging its electricity sales business as a foundation while focusing on the critical transformation of its energy-saving business [3][11]. - The electricity consumption demand is steadily increasing, with a significant rise in electricity sales volume contributing to performance growth [2][46]. - The company is actively expanding its distribution network energy-saving business, which is expected to benefit from the growth of the State Grid's comprehensive energy services [3][54]. Summary by Relevant Sections 1. Business Overview - The company primarily engages in electricity supply and sales, power dispatch, and energy-saving services, with a well-established supply network mainly in the Fuling District of Chongqing [11][12]. - The energy-saving business has expanded to cover 20 provinces, municipalities, and autonomous regions across China [11]. 2. Financial Analysis - From 2020 to 2024, the company's revenue and net profit attributable to shareholders are projected to grow at CAGRs of 4.09% and 6.46%, respectively [17]. - In 2024, the company reported revenues of 3.117 billion yuan, a decrease of 9.46% year-on-year, and a net profit of 514 million yuan, down 2.07% year-on-year [17]. - The first quarter of 2025 saw revenues of 709 million yuan, a decline of 4.09% year-on-year, with net profit dropping 16.29% to 90 million yuan [17]. 3. Electricity Sales and Energy-Saving Business - The total electricity sales volume in 2024 reached 346,384 million kWh, an increase of 7.71% year-on-year, with a stable average selling price of 643.65 yuan per MWh [2][38]. - The direct sales volume accounted for 94.94% of total sales, reflecting a growth of 8.05% year-on-year, while the bulk sales volume decreased by 5.68% [2][38]. - The energy-saving business is crucial for the company's transformation, with new contracts expected to drive additional revenue [48][54]. 4. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2025-2027 is 524 million, 555 million, and 603 million yuan, with year-on-year growth rates of 1.9%, 5.8%, and 8.8%, respectively [3][67]. - The estimated PE ratios for 2025-2027 are 28x, 27x, and 25x, indicating a relatively low valuation compared to peers [3][71].

Meeting Overview - The annual general meeting of Chongqing Fuling Power Industry Co., Ltd. was held on May 21, 2025, at the company's conference room in Fuling District, Chongqing [2] - The meeting was convened by the board of directors and chaired by Chairman Ma Wenhai, complying with relevant laws and regulations [2][3] Attendance and Voting - The meeting had attendance from 5 out of 9 current directors and 2 out of 3 current supervisors, with some members unable to attend due to personal matters [4][5] - All resolutions were passed with more than half of the voting rights held by attending shareholders [6] Resolutions Passed - The following key resolutions were approved: - 2024 Annual Board Work Report [4] - 2024 Annual Supervisory Board Work Report [4] - 2024 Annual Financial Settlement Report [5] - 2024 Annual Profit Distribution Proposal [5] - 2024 Annual Report and Summary [5] - Confirmation of 2024 and 2025 Salary Plans for Directors, Supervisors, and Senior Management [5] - Authorization for the Board to formulate the 2025 Mid-Year Dividend Plan [5] - Reappointment of the financial and internal control audit firm for 2025 [5] - Approval of the contract energy management project and related transactions [6] Legal Compliance - The meeting was witnessed by Chongqing Yuanwei Law Firm, confirming that the convening and proceedings of the meeting complied with the Company Law and relevant regulations [6]

重庆源伟律师事务所 关于重庆涪陵电力实业股份有限公司 2024 年年度股东大会的法律意见书 致:重庆涪陵电力实业股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》、中国证券监督管理委员会发布的《上市公司股东会规则》(以下 简称"《股东会规则》")和《上海证券交易所上市公司自律监管指引第1号一 规范运作》等法律、行政法规、规范性文件以及《重庆涪陵电力实业股份有限 公司章程》(以下简称"《公司章程》")的规定,重庆源伟律师事务所(以下简 称"本所")接受重庆涪陵电力实业股份有限公司(以下简称"公司")的委 托,指派程源伟、邢恩田律师出席公司于 2025年 5 月 21 日 15 点 00 分在重庆 市涪陵区望州路 20 号公司会议室召开的 2024 年年度股东大会(以下简称"本次 股东大会"),对本次股东大会的召集、召开程序的合法性、召集人和出席会议 人员资格的合法有效性、会议表决程序和表决结果的合法有效性出具法律意见 书。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了本所律师认为出具法律意见所必须的文件、资料,并对有关事实进行了 必 ...

证券代码：600452 证券简称：涪陵电力 公告编号：2025-023 重庆涪陵电力实业股份有限公司 2024年年度股东大会决议公告 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 (一)股东大会召开的时间：2025 年 5 月 21 日 (二)股东大会召开的地点：重庆市涪陵区望州路 20 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 993 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 766,923,605 | | 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（%） | 49.9123 | (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，会议由公司董事长马文海先生主持；本次会 议的召集、召开符合《公司法》《重庆涪陵电力实业股份有限公司公司章程》《重庆 涪陵电力实业 ...

2024年度暨2025年第一季度集体业绩说明会的公告 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： 会议主题："价值引领发展 创新电亮未来"国家电网有限公司控股上市 公司2024年度暨2025年第一季度集体业绩说明会 会议召开时间：2025年5月23日（星期五）14：00-17：00 网络直播地址：上海证券交易所上证路演中心(https://roadshow.ssein fo.com/) 会议召开方式：现场交流、视频直播、网络文字互动 证券代码：600452 证券简称：涪陵电力 公告编号：2025-022 重庆涪陵电力实业股份有限公司 关于参加国家电网有限公司控股上市公司 董事长：马文海 董秘兼财务总监：刘薇 预征集投资者提问的相关安排：投资者可于2025年5月16日（星期五）至 5月22日（星期四）16:00前登录上证路演中心网站首页点击"提问预征集"栏目 （https://roadshow.sseinfo.com/preCallQa），根据活动时间，选中本次活动 或通过公告中的电子邮箱进行提问。公司将在说 ...

重庆涪陵电力实业股份有限公司 2024 年年度股东大会会议材料 重庆涪陵电力实业股份有限公司 2024 年年度股东大会 会 议 材 料 重庆涪陵电力实业股份有限公司 会 议 议 程 一、审议议案 （一）《关于公司 2024 年度董事会工作报告的议案》； （二）《关于公司 2024 年度监事会工作报告的议案》； （三）《关于独立董事 2024 年度述职报告的议案》； 董 事 会 2025 年 5 月 21 日 重庆涪陵电力实业股份有限公司 2024 年年度股东大会会议材料 （四）《关于公司 2024 年度财务决算报告的议案》； （五）《关于公司 2024 年度利润分配预案的议案》； 重庆涪陵电力实业股份有限公司 2024 年年度股东大会 （八）《关于提请股东大会授权董事会制定 2025 年度中期分 红方案的议案》； （九）《关于公司续聘 2025 年度财务和内部控制审计机构的 议案》； （十）《关于签订合同能源管理项目合同暨关联交易的议 案》。 二、议案表决 三、律师发表现场股东大会见证意见 - 1 - （六）《关于公司 2024 年年度报告及其摘要的议案》； （七）《关于确认董事、监事和高级管理人员 2024 ...