Investment Rating - Strong Buy (Maintained) with a target price of 14 CNY, compared to the current price of 9.50 CNY [1] Core Views - The company's revenue for Q3 2024 was 3.82 billion CNY, a decrease of 4.13% YoY, while the revenue for the first three quarters of 2024 was 10.485 billion CNY, an increase of 1.22% YoY [1] - Net profit attributable to shareholders in Q3 2024 was 585 million CNY, a decrease of 16.6% YoY, while the net profit for the first three quarters was 1.773 billion CNY, an increase of 8.38% YoY [1] - The performance in Q3 was affected by the timing of alternative electricity confirmation and investment income fluctuations, with investment income dropping by 100 million CNY YoY to 285 million CNY [2] - Power generation remained stable overall, with a slight decline in coal-fired power generation due to seasonal factors and power supply-demand dynamics [2] - The company's future growth is supported by its planned capacity expansion in both thermal and renewable energy sectors, with a significant portion of profits coming from renewable energy [2] - The report forecasts net profit attributable to shareholders for 2024-2026 to be 2.944 billion CNY, 3.132 billion CNY, and 3.437 billion CNY, respectively, with growth rates of 12.2%, 6.4%, and 9.7% [2] Financial Performance - In Q3 2024, the company generated 6.464 billion kWh of electricity, a decrease of 3.51% YoY, with offshore wind, onshore wind, and coal-fired power generation at 598 million kWh, 419 million kWh, and 1.473 billion kWh, respectively [2] - For the first three quarters of 2024, the company generated 17.623 billion kWh of electricity, an increase of 0.37% YoY, with grid-connected electricity at 16.758 billion kWh, up 0.47% YoY [2] - The company's total revenue for 2023 was 14.695 billion CNY, with a projected increase to 15.106 billion CNY in 2024, 15.509 billion CNY in 2025, and 16.336 billion CNY in 2026 [3] - Net profit attributable to shareholders is expected to grow from 2.623 billion CNY in 2023 to 2.944 billion CNY in 2024, 3.132 billion CNY in 2025, and 3.437 billion CNY in 2026 [3] - The company's EPS is projected to increase from 0.99 CNY in 2023 to 1.11 CNY in 2024, 1.18 CNY in 2025, and 1.29 CNY in 2026 [3] Valuation and Market Performance - The company's market capitalization is 25.289 billion CNY, with a total share capital of 2.662 billion shares and a fully diluted share capital of 2.662 billion shares [4] - The company's P/E ratio is expected to be 8x in 2024, 8x in 2025, and 7x in 2026, while the P/B ratio is projected to be 1.0x in 2024, 1.0x in 2025, and 0.9x in 2026 [3] - The company's 12-month high and low prices were 12.14 CNY and 7.90 CNY, respectively [4] Industry and Growth Prospects - The company's growth is driven by its renewable energy projects, particularly offshore wind, which is expected to benefit from industry catalysts and new project launches [2] - The company's profitability is expected to improve, with a projected gross margin of 27.1% in 2024, 28.9% in 2025, and 29.5% in 2026, and a net margin of 23.8% in 2024, 24.6% in 2025, and 25.6% in 2026 [6] - The company's ROE is expected to increase from 12.0% in 2023 to 12.2% in 2024, 12.5% in 2025, and 13.1% in 2026 [6]

| 证券代码：600483 | 证券简称：福能股份 公告编号：2024-065 | | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | 福建福能股份有限公司 关于"福能转债"到期兑付暨摘牌的第三次提示性公告 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个别及连带责任。 自 2024 年 12 月 4 日至 2024 年 12 月 6 日，"福能转债"持有人仍可以依据约定的 条件将"福能转债"转换为公司股票。 福建福能股份有限公司(以下简称公司)经中国证券监督管理委员会《关于核准福建 福能股份有限公司公开发行可转换公司债券的批复》（证监许可〔2018〕1732 号）文批 准，于2018年12月7日通过上海证券交易所向社会公开发行2,830万张可转换公司债 券，每张面值 100 元，发行总额 28.3 亿元人民币，期限为 6 年。经上海证券交易所"自 律监管决定书〔2018〕161 号"文同意，上述 28.3 亿元可转换公司债券于 2018 年 12 月28日起在上海证券交易所挂牌交易，证券简称为"福能转债 ...

福建福能股份有限公司 2024 年 10 月投资者沟通情况 福建福能股份有限公司 2024 年 10 月份与投资者在信息披露范围内互动交流情况： 参加长江证券、国盛证券、华源公司线上投资者交流 3 次；投资者来电 5 次，主要关注公 司经营状况、风电项目来风情况、战略规划、行业政策等。 | 序号 | 沟通方式 | 次数 | | --- | --- | --- | | 1 | 线上交流及现场路演 | 3 | | 2 | 接听投资者咨询热线 | 5 | ...

Investment Rating - The report maintains a "Buy" rating for Funeng Power (600483 SH) [3] Core Views - Q3 2024 results slightly below expectations with revenue of RMB 3 82 billion (-4 13% YoY) and net profit of RMB 585 million (-16 6% YoY) [3] - Power generation declined 3 51% YoY in Q3 2024 mainly due to coal-fired unit maintenance offsetting benefits from lower coal costs [3] - Newly approved offshore wind projects totaling 660MW with good wind resources expected to start operation by end-2026 [3] - Fujian province expected to accelerate offshore wind approvals with more reasonable pricing mechanisms improving project returns [3] Financial Performance - 2024-2026 net profit forecasts maintained at RMB 2 988 billion RMB 3 145 billion and RMB 3 47 billion respectively [3] - 2024-2026 EPS projected at RMB 1 12 RMB 1 18 and RMB 1 30 with PE ratios of 8x 8x and 7x [3][4] - 2024-2026 revenue growth rates forecast at -0 91% 3 23% and 5 23% respectively [4] - ROE expected to remain stable around 12% from 2024-2026 [4] Project Development - Total approved thermal power capacity reaches 2 62GW including newly approved Quanhui Phase II project [3] - Offshore wind projects under construction through joint ventures total 900MW with 500MW already operational [3] - Offshore wind turbine prices have dropped to RMB 3 680 kW nearly half of 2021 peak levels [3] Industry Outlook - Fujian province plans to add 10 3GW of offshore wind capacity during 14th Five-Year Plan period [3] - Offshore wind approval process expected to accelerate in 2024-2025 with more reasonable pricing mechanisms [3] - Fujian's offshore wind resources ranked first in China supporting higher project returns [3]

●可转债到期日和兑付登记日：2024 年 12 月 6 日 | 证券代码：600483 | 证券简称：福能股份 公告编号：2024-064 | | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | 福建福能股份有限公司 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个别及连带责任。 关于"福能转债"到期兑付暨摘牌的第二次提示性公告 重要内容提示： 福建福能股份有限公司(以下简称公司)经中国证券监督管理委员会《关于核准福建 福能股份有限公司公开发行可转换公司债券的批复》（证监许可〔2018〕1732 号）文批 准，于2018年12月7日通过上海证券交易所向社会公开发行2,830万张可转换公司债 券，每张面值 100 元，发行总额 28.3 亿元人民币，期限为 6 年。经上海证券交易所"自 律监管决定书〔2018〕161 号"文同意，上述 28.3 亿元可转换公司债券于 2018 年 12 月28日起在上海证券交易所挂牌交易，证券简称为"福能转债"，证券代码为"110048"。 根据《上市公司证券发行管理办法》 ...

Investment Rating - The report maintains a "Buy" rating for Fueneng Power (600483 SH) [3] Core Views - Fueneng Power's main business operations remain stable but performance is constrained by investment income [1][3] - Q3 2024 revenue decreased 4 13% YoY to 3 82 billion yuan - Net profit attributable to parent company decreased 16 60% YoY to 585 million yuan - Thermal power and gas power businesses showed growth while coal power declined [3] - Thermal power generation increased 0 08% YoY to 2 279 billion kWh - Gas power generation increased 9 66% YoY to 1 682 billion kWh - Coal power generation decreased 20 19% YoY to 1 473 billion kWh - Wind power performance was pressured by weak wind conditions [4] - Total wind power generation decreased 1 34% YoY to 1 017 billion kWh - Offshore wind power generation decreased 1 41% YoY to 598 million kWh - Onshore wind power generation decreased 1 24% YoY to 419 million kWh Financial Performance - Gross profit increased 2 37% YoY to 745 million yuan in Q3 2024 [4] - Investment income decreased 26 05% YoY to 285 million yuan due to accounting timing differences [4] - Key financial projections for 2024-2026 [10] - EPS estimated at 1 09 1 18 and 1 33 yuan respectively - PE ratios projected at 8 82x 8 12x and 7 23x respectively - Net profit margin expected to increase from 17 9% in 2023 to 21 9% in 2026 Business Segments - Thermal power business remained stable with coal price fluctuations partially offset by long-term contracts [3] - Q5500 coal price at Qinhuangdao Port decreased 18 10 yuan/ton YoY - Estimated coal price increase of 13 58 yuan/ton when considering inventory - Gas power business benefited from earlier implementation of replacement electricity policy [3] - Replacement electricity policy implemented from April 2024 compared to September 2023 - Coal power business impact was limited due to low profit contribution (3 82% of total profit in H1 2024) [3] Valuation and Outlook - The company's long-term growth potential remains promising with potential restart of Fujian offshore wind power approvals [6] - Key valuation metrics [10] - Current price to book ratio: 1 11x - Projected price to book ratio for 2026: 0 91x - EV/EBITDA for 2026: 6 50x - ROE expected to increase from 12 0% in 2023 to 12 6% in 2026

Investment Rating - The investment rating for the company is "Outperform the Market" [5][14]. Core Views - The company's revenue slightly increased, while the net profit attributable to shareholders grew year-on-year. In the first three quarters of 2024, the company achieved a revenue of 10.485 billion yuan (+1.22%) and a net profit of 1.773 billion yuan (+8.38%) [1][7]. - The company has sufficient project resources on hand, with new approvals for combined heat and power projects expected to enhance its thermal power capacity further [2][13]. - The company is gradually advancing its offshore wind power projects, with expectations for new project resources to be secured [2][13]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 3.820 billion yuan (-4.13%) and a net profit of 585 million yuan (-16.60%). The decline in revenue was primarily due to a decrease in power generation [1][7]. - The total power generation for the first three quarters was 17.623 billion kWh (+0.37%), with grid-connected power generation at 16.758 billion kWh (+0.47%) [1][7]. Project Developments - The Fujian Development and Reform Commission approved the second phase of the combined heat and power project in August 2024, which will add 2×650MW supercritical coal-fired units [2][13]. - The company has a total of 2.62 million kW of combined heat and power projects under construction and planned, expected to be operational between 2026 and 2027 [2][13]. Profitability and Valuation - The company's gross margin improved to 21.99%, an increase of 3.25 percentage points, mainly due to a decrease in coal prices [11]. - The estimated net profit for 2024-2026 is projected to be 2.83 billion yuan, 3.03 billion yuan, and 3.28 billion yuan, respectively, with corresponding EPS of 1.06, 1.14, and 1.23 yuan [14][16]. - The current stock price corresponds to a PE ratio of 9.0, 8.4, and 7.8 for the years 2024, 2025, and 2026, respectively [14][16]. Market Position - The company's reasonable market value is estimated to be between 25.5 billion and 28.3 billion yuan, with a corresponding stock price range of 9.57 to 10.64 yuan per share, indicating a potential premium of 0% to 11% over the current stock price [14][16].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company's Q3 performance showed a decline in revenue and net profit, with Q3 revenue at 3.82 billion yuan, down 4.13% year-on-year and 10.16% quarter-on-quarter. Net profit attributable to shareholders was 585 million yuan, down 16.60% year-on-year and 11.93% quarter-on-quarter [1]. - Despite the short-term performance pressure due to coal power unit maintenance and weak wind conditions, the company has a robust pipeline of energy projects that ensure high certainty in installed capacity in the long term [1]. - The company is expected to achieve net profits of 2.87 billion yuan, 3.19 billion yuan, and 3.26 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.08, 1.20, and 1.22 yuan [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 10.485 billion yuan, a year-on-year increase of 1.22%, and a net profit of 1.773 billion yuan, up 8.38% year-on-year [1]. - Q3 electricity generation was 6.464 billion kWh, a decrease of 3.51% year-on-year, while heat supply increased by 3.09% to 2.5344 million tons [1]. - The company has significant ongoing projects, including the East Bridge (Quanhui) cogeneration project with an estimated investment of over 6.9 billion yuan, expected to generate 6.204 billion kWh annually [1]. Project Pipeline and Future Outlook - The company has a rich portfolio of offshore wind and pumped storage projects, with the Changle offshore wind project approved this year, involving a total investment of 6.588 billion yuan and a planned capacity of 656,000 kW [1]. - The company is actively pursuing the Jinjiang gas power phase II project, which is expected to enhance profitability in gas power generation [1]. - The report highlights that the company’s long-term growth prospects remain strong due to its extensive project reserves and the expected increase in installed capacity [1].

| 证券代码：600483 | 证券简称：福能股份 | 公告编号：2024-063 | | --- | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | | 福建福能股份有限公司 关于"福能转债"到期兑付暨摘牌的第一次提示性公告 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个别及连带责任。 ●可转债到期日和兑付登记日：2024 年 12 月 6 日 ●兑付本息金额：109 元人民币/张（含税） 自 2024 年 12 月 4 日至 2024 年 12 月 6 日，"福能转债"持有人仍可以依据约定的 条件将"福能转债"转换为公司股票。 福建福能股份有限公司(以下简称公司)经中国证券监督管理委员会《关于核准福建 福能股份有限公司公开发行可转换公司债券的批复》（证监许可〔2018〕1732 号）文批 准，于2018年12月7日通过上海证券交易所向社会公开发行2,830万张可转换公司债 券，每张面值 100 元，发行总额 28.3 亿元人民币，期限为 6 年。经上海证券交易所"自 律监管决定书〔2018〕161 ...

福建福能股份有限公司 审计报告及财务报表 二○二一年度 6-1-1-1 福建福能股份有限公司 审计报告及财务报表 （2021 年 01 月 01 日至 2021 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | | 表 | | | | 财务报表附注 | 1-133 | 6-1-1-2 审计报告 信会师报字[2022]第 ZA11446 号 福建福能股份有限公司全体股东： 一、 审计意见 我们审计了福建福能股份有限公司（以下简称福能股份）财务报 表，包括 2021 年 12 月 31 日的合并及母公司资产负债表，2021 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大 ...