Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Insights - The company reported a 2023 revenue of 14.69 billion yuan, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 2.62 billion yuan, up 1.1%, aligning with expectations [3]. - The company plans to maintain a cash dividend payout ratio of at least 30% of the net profit attributable to shareholders for the years 2024-2026 [3]. - The company has significant offshore wind power project indicators, with over 1 GW secured, positioning it for future growth as it accelerates project acquisition [3]. - The report forecasts net profits of 2.99 billion yuan for 2024, 3.15 billion yuan for 2025, and 3.47 billion yuan for 2026, with respective growth rates of 14%, 5.3%, and 10.3% [4]. Financial Performance Summary - The company achieved a total revenue of 14.69 billion yuan in 2023, with a projected revenue of 14.66 billion yuan for 2024, reflecting a slight decline of 0.2% [4]. - The net profit for 2023 was 2.62 billion yuan, with a forecasted increase to 2.99 billion yuan in 2024, representing a growth rate of 14% [4]. - The earnings per share (EPS) for 2023 was 1.03 yuan, expected to rise to 1.08 yuan in 2024 [4]. - The gross margin is projected to improve from 23.8% in 2023 to 28.0% in 2024 [4].

福能股份（600483.SH）2024年一季报点评 来风不佳抵消火电修复，业绩长期向好 2024年04月24日 ➢ 事件：4 月 24 日，公司发布 2024 年一季度报告，报告期内实现营业收入 推荐 维持评级 30.88亿元，同比增长0.52%；归母净利润5.26亿元，同比下降1.16%；扣非 当前价格： 9.95元 归母净利润5.23亿元，同比下降1.39%。 目标价： 12.98元 ➢ 火电业绩有望持续修复：1Q24公司火电板块的热电联产、气电、燃煤发电 分别完成发电量11.44、6.46、20.24亿千瓦时，同比分别-2.83、+2.35、+3.41 [T able_Author] 亿千瓦时，同比分别-19.8%、+57.2%、+20.3%；公司单季度供热量同比增加 23.56万吨至201.81万吨，增幅13.2%，相较而言工业供热收益更高，公司合 理调整热、电规模有利于进一步增厚火电业绩。成本端，2024Q1秦皇岛港Q5500 动力末煤平仓价均值约902元/吨，同比下降20.1%，港口电煤价格下降明显叠 加长协覆盖率的提升，我们判断公司煤电业绩修复趋势不改。参股煤电企业同样 分析师 严家源 迎业绩修 ...

平安证券股份有限公司 关于福建福能股份有限公司 公开发行可转换公司债券节余募集资金永久补充流动资金的核查意见 平安证券股份有限公司（以下简称保荐机构或平安证券）作为福建福能股份有限公 司（以下简称福能股份或公司）公开发行可转换公司债券募集资金使用期内履行持续督 导义务的保荐机构，根据中国证券监督管理委员会（以下简称中国证监会）《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求(2022 年修订)》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》的相关规定，对公司公开发行可 转换公司债券节余募集资金永久补充流动资金情况进行了核查，核查情况如下： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 经中国证监会证监许可〔2018〕1732 号《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》文件核准，并经上海证券交易所同意，公司由主承销商平安 证券通过上海证券交易所系统于 2018 年 12 月 7 日采用全部向二级市场投资者定价配售 方式，向社会公众公开发行了可转换公司债券 283 万手（2,830 万张），发行价为每张人 民币 100 元。截至 2018 年 ...

| 证券代码：600483 | 证券简称：福能股份 公告编号：2024-021 | | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | 福建福能股份有限公司 第十届监事会第七次临时会议决议公告 本公司监事会及全体监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。 （二）本次会议的通知和材料已于 2024 年 4 月 19 日，由董事会办公室以电子邮件 和短信的方式提交全体监事。 （三）本次会议于 2024 年 4 月 24 日 11:00 以通讯表决方式召开。 监事会对公司董事会编制的《2024 年第一季度报告》进行了认真审核，一致认为： 1.公司 2024 年第一季度报告的编制和审议程序符合法律、法规、公司章程及公司 内部管理制度的各项规定； 一、监事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的规定。 （四）本次会议应参与表决监事 5 人，实际参与表决监事 5 人。 （五）本次会议由公司监事会主席陈演先生召集并主持，公司董事会秘书和证券事 务代表列席了会议 ...

证券代码：600483 证券简称：福能股份 公告编号：2024-023 福建福能股份有限公司 关于召开 2023 年年度股东大会的通知 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： 股东大会召开日期：2024年5月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 21 日 14 点 30 分 召开地点：福建省鸿山热电有限责任公司会议室（泉州市石狮市鸿山镇伍堡集控区 20 号） 网络投票起止时间：自 2024 年 5 月 21 日 至 2024 年 5 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会 召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00- ...

| 证券代码：600483 | 证券简称：福能股份 公告编号：2024-020 | | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | （三）本次会议于2024年4月24日10:00以通讯表决方式召开。 （四）本次会议应参与表决董事9人，实际参与表决董事9人。 （五）本次会议由董事长桂思玉先生召集并主持，公司监事和高级管理人员列席了 会议。 福建福能股份有限公司 第十届董事会第二十五次临时会议决议公告 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个别及连带责任。 一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的相关规定。 （二）本次会议的通知和材料已于2024年4月19日，由董事会办公室以电子邮件和 短信的方式提交全体董事和监事。 二、董事会会议审议情况 经与会董事认真审议，以记名和书面方式，逐项表决通过了以下议案： （一）以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过了《关于<2024 年第 一季度报告>的议案》。详见同日刊登于上海 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 3,087,813,995.95, representing a year-on-year increase of 0.52%[4] - The net profit attributable to shareholders was CNY 526,374,296.24, showing a decrease of 1.14% compared to the same period last year[4] - The basic earnings per share (EPS) was CNY 0.21, down 4.55% from the previous year[4] - Total operating revenue for Q1 2024 was approximately $3.09 billion, a slight increase from $3.07 billion in Q1 2023, representing a growth of 0.07%[15] - Net profit for Q1 2024 was approximately $665.26 million, compared to $680.23 million in Q1 2023, indicating a decrease of 2.13%[16] - Total profit for Q1 2024 was approximately $747.16 million, compared to $739.75 million in Q1 2023, representing an increase of 1.06%[16] Cash Flow - The net cash flow from operating activities reached CNY 876,644,334.66, reflecting an increase of 5.98% year-on-year[4] - The net cash flow from operating activities for Q1 2024 was approximately $876.64 million, an increase from $827.19 million in Q1 2023, showing a growth of 5.97%[17] - The total cash inflow from operating activities for Q1 2024 was approximately $3.11 billion, down from $3.39 billion in Q1 2023, indicating a decrease of 8.12%[17] - Net cash flow from investment activities was -355,762,543.17, worsening from -284,902,818.72 year-over-year[18] - Net cash flow from financing activities was -233,705,108.39, compared to -162,628,163.19, indicating a deterioration in cash flow[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 51,212,180,563.97, an increase of 1.03% from the end of the previous year[5] - The company's total liabilities decreased to CNY 22,425,336,664.14 from CNY 22,737,017,242.39, a reduction of about 1.4%[13] - The total equity increased to CNY 28,786,843,899.83 from CNY 27,952,609,261.37, representing a growth of approximately 3%[13] - The company's retained earnings rose to CNY 10,051,269,793.04, compared to CNY 9,524,895,496.80, indicating an increase of about 5.5%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,885[8] - The largest shareholder, Fujian Energy Group Co., Ltd., held 59.82% of the shares, totaling 1,531,925,937 shares[8] Current Assets - As of March 31, 2024, the company's total current assets increased to CNY 12,283,828,880.53, up from CNY 11,765,191,541.87 as of December 31, 2023, representing a growth of approximately 4.4%[11] - The company's cash and cash equivalents reached CNY 6,104,042,875.28, compared to CNY 5,830,935,117.58 at the end of 2023, indicating an increase of about 4.7%[11] - Accounts receivable rose to CNY 5,201,588,145.94 from CNY 4,813,537,246.86, reflecting a growth of approximately 8.1%[11] Research and Development - The company is focusing on research and development of new technologies to enhance operational efficiency and product offerings[14] - Research and development expenses for Q1 2024 were approximately $30.03 million, compared to $28.44 million in Q1 2023, marking an increase of 5.61%[15] Future Plans - The company plans to expand its market presence through new product launches and strategic partnerships in the upcoming quarters[14] Other Financial Metrics - The company reported non-recurring gains and losses totaling CNY 3,463,618.46 for the period[7] - Other comprehensive income after tax for Q1 2024 was approximately $8.27 million, up from $5.50 million in Q1 2023, indicating a growth of 50.36%[16] - Sales expenses for Q1 2024 were approximately $5.11 million, an increase from $4.42 million in Q1 2023, reflecting a rise of 15.43%[15] Accounting Standards - The company did not apply new accounting standards for the first quarter of 2024[19]

永久补充流动资金的公告 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个别及连带责任。 重要内容提示： ●福建福能股份有限公司（以下简称公司）拟将公开发行可转换公司债券节余募集 资金49,700.95万元及募投项目应付未付质保金11,509.11万元，合计61,210.06万元永 久性补充公司流动资金，用于公司日常生产经营活动。公司将按照相关交易合同的约定 以自有资金继续支付前述项目质保金，直至公司募投项目的付款义务履行完毕。 ●本事项尚须公司股东大会审议通过。 一、募集资金及募投项目基本情况 证券代码：600483 证券简称：福能股份 公告编号：2024-022 转债代码：110048 转债简称：福能转债 福建福能股份有限公司 关于公开发行可转换公司债券节余募集资金 | 序号 | 项目名称 | 项目投资总额 | 拟使用募集资金金额 | | --- | --- | --- | --- | | 1 | 永春外山风电场项目 | 18,903.36 | 10,400.00 | | 2 | 南安洋坪风电场项目 | | 18,122.57 | 1 ...

公用事业 | 证券研究报告 — 调整盈利预测 2024年4月23日 600483.SH 福能股份 增持 火电盈利能力持续改善，来风偏弱影响业绩 原评级：增持 市场价格:人民币 10.05 公司发布2023年年报，业绩同比增长1.11%，受益于燃料成本的下行，公司 火电板块盈利能力同比显著修复；但受到2023年来风较弱的影响，公司风力 板块评级:强于大市 发电收入与盈利能力有所下滑。维持增持评级。 支撑评级的要点 股价表现  2023年公司业绩同比增长1.11%：公司发布2023年年报，实现收入146.95 14% 亿元，同比增长2.63%；实现归母净利润26.23亿元，同比增长1.11%； 8% 实现扣非净利润25.81亿元，同比增长0.04%。 2%  电力板块全年收入表现稳健：2023 年公司电力板块实现营业收入 138.45 亿元，同比增长 1.99%；全年上网电量达到 229.90 亿千瓦时，同比增长 (5%) 8.25%；拆分发电品种来看，2023 年公司风电售电量同比下降 4.35%至 (11%) 53.72 亿千瓦时，收入亦同比下降 3.70%至 34.36 亿元，主要是受到福建 (18%) ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - In 2023, the company achieved a net profit of 2.623 billion yuan, a year-on-year increase of 1.11%, driven by a significant recovery in thermal power business performance, with net profit from Hongshan Thermal Power reaching 384 million yuan, up 188.31% year-on-year [3][4]. - The company's wind power business faced challenges due to weak wind conditions, resulting in a decrease in wind power generation hours by 4.07% year-on-year, but overall performance was supported by the recovery in thermal power [4][5]. - The company plans to distribute a dividend of 3.1 yuan per 10 shares, with a dividend payout ratio of 30.26%, indicating potential for increased shareholder returns in the future [4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 14.695 billion yuan, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 2.623 billion yuan, reflecting a modest growth [3][4]. - The first quarter of 2024 saw power generation of 5.326 billion kWh, up 2.37% year-on-year, indicating stable operational performance despite ongoing challenges [3]. Business Segments - The thermal power segment showed significant improvement, with total coal-fired power generation increasing by 6.23% year-on-year, and gas-fired power generation rising by 45.38% [5]. - The company's wind power generation was impacted by weak wind conditions, leading to a 13.55% decrease in onshore wind power generation, while offshore wind power generation increased by 4.41% [4][5]. Future Outlook - The company forecasts earnings per share (EPS) of 1.17 yuan, 1.26 yuan, and 1.42 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 8.71, 8.11, and 7.16 [4][9].