本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 21 日 福 能股份(600483.SH) 证券研究报告 火电业绩持续改善，风光火储积极扩张 其他发电 投资评级 买入-A 事件： 维持评级 公司发布 2023 年年报，2023 年公司实现营业收入 146.95 亿元，同 6 个月目标价 13.89元 比增长 2.63%；实现归母净利润26.23 亿元，同比增长1.11%；实现 股价 (2024-04-19) 10.26元 扣非归母净利润25.81 亿元，同比增长0.04%，业绩整体保持稳健。 交易数据 煤价下行叠加利用小时提升，火电业绩持续改善： 总市值(百万元) 26,273.69 流通市值(百万元) 26,273.69 截至 2023 年底，公司控股在运装机容量 599.39 万千瓦，其中火电板 块热电联产129.6 万千瓦、燃煤发电132 万千瓦、天然气发电152.8 总股本(百万股) 2,560.79 万千瓦。2023 年公司实现火电上网电量 175.7 亿千瓦时，同比增长 流通股本(百万股) 2,560.79 12.8%，主要由福能贵电利用小时数显著提升至52 ...

[Table_StockInfo] 买入 2024年 04月 17日 （维持） 证券研究报告•2023年年报点评 当前价： 10.50元 福能股份（600483） 公用事业 目标价： ——元（6个月） 量价齐升火电业绩稳增，项目储备多位布局 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，实现营收 146.9亿元，同比增长 2.6%；实现归 [分Ta析bl师e_：Au池th天or惠] 母净利润 26.2亿元，同比增长 1.1%；分红方面，公司拟向全体股东每股派发 执业证号：S1250522100001 现金股利0.31元，现金分红比例约30.26%。 电话：13003109597 邮箱：cth@swsc.com.cn  量价齐升火电业绩持续向好。报告期内公司火电板块实现营收81亿元，同比增 加 5.1%。报告期内公司发电量/上网电量同比分别增加 12.6%/12.8%；电价较 分析师：刘洋 去年亦小幅提升，福建省内燃煤/燃气电价分别为467.03/632.6元/兆瓦时，同比 执业证号：S1250523070005 电话：18019200867 分别增加0.3 ...

2024 年 04 月 19 日 公司研究 评级：买入 (首次覆盖 ) 研究所： [Table_Title] 控股火电利润大幅改善，来风偏弱影响业绩 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn ——福能股份（ ）点评报告 600483 最近一年走势 事件 : 2024年4月17日，福能股份发布2023年年报：2023年公司实现收入 146.9亿元，同比+2.6%，实现归母净利润26.2亿元，同比+1.1%；2023Q4 实现收入43.4亿元，同比-15.4%，实现归母净利润9.9亿元，同比+0.2%。 分红：公司拟派发现金红利0.31元/股（含税），合计7.94亿元，占2023 年归母净利润比重30.3%。 投资要点 : 相对沪深300表现 2024/04/19 表现 1M 3M 12M  2023年福建、贵州控股火电业绩均同比大幅改善。2023年公司控 福能股份 4.7% 25.4% 7.1% 股火电业绩改善明显，鸿山热电净利润7.4亿元，同比+33%，主要 沪深300 -1.0% 8.3% -14.1% 是因为供热量同比增加、燃料采购成本同比下降，其中，鸿山热 ...

Summary of the Conference Call for Funiu Co., Ltd. (福能股份) Company Overview - The conference call was held to discuss the 2023 annual report of Funiu Co., Ltd. (stock code: 600483) on April 19, 2024, highlighting the company's operational performance amidst challenging market conditions [1][2]. Key Points and Arguments 1. Performance Context - The company achieved a net profit of 2.581 billion yuan in 2023, with slight revenue growth attributed to the performance of its gas-fired power plant in Jinjiang, which had higher output due to unfavorable hydropower conditions in the first half of the year [6][7]. - The overall wind power generation was negatively impacted by a warm winter, leading to lower electricity generation hours [6][13]. 2. Profitability Drivers - The stable performance of the company's thermal power assets, particularly Hongshan Thermal Power, contributed significantly to maintaining profit levels despite market pressures [8][9]. - The company’s coal procurement costs were lower than industry averages, enhancing profitability [10][11]. 3. Future Outlook - The management expressed optimism for 2024, anticipating improved performance in the second and third quarters due to lower coal costs and stable demand for thermal power [19][20]. - The company is focusing on expanding its thermal power operations and optimizing its asset portfolio, including ongoing projects with state-owned energy groups [11][12]. 4. Dividend Policy - The company reiterated its commitment to a minimum dividend payout of 30% of distributable profits, with considerations for special dividends or mid-term dividends in the future [14][15][16]. 5. Regulatory Environment - Changes in bidding rules for power generation in Fujian province were discussed, with expectations for more favorable conditions for wind power projects in the upcoming year [30][31][32]. Additional Important Information - The company’s wind power assets, while underperforming relative to national averages, are expected to improve as weather conditions stabilize [13][14]. - The management highlighted the importance of maintaining a balanced approach between thermal and renewable energy sources to ensure long-term sustainability and profitability [12][13]. This summary encapsulates the critical insights from the conference call, focusing on the company's performance, strategic outlook, and regulatory context.

Summary of Fuan Co., Ltd. 2023 Annual Report Conference Call Company Overview - **Company**: Fuan Co., Ltd. (福能股份) - **Industry**: Power Generation, specifically focusing on thermal and wind energy Key Points and Arguments 1. **Performance Context**: The company achieved solid performance despite a weak overall market environment and high operational costs, reflecting management's efforts [1][2][3] 2. **Market Valuation**: The company's market capitalization has shown resilience, maintaining a valuation floor of 20 billion and recently rising to approximately 25 billion [2][3] 3. **Operational Challenges**: The company faced challenges in wind energy generation due to a warm winter, which negatively impacted wind resource availability, particularly in Q4 2023 [5][6][19] 4. **Profitability**: The company reported a net profit of 2.581 billion, with slight revenue growth attributed to increased output from its Jinjiang gas power plant [7][8] 5. **Asset Quality**: The company's profitability was primarily supported by its high-quality thermal power assets, particularly Hongshan Thermal Power, which has shown stable earnings [8][9][10] 6. **Coal Price Impact**: A decrease in coal prices throughout the year contributed positively to the company's profit margins, despite challenges in wind energy generation [6][20] 7. **Dividend Policy**: The company maintains a dividend distribution policy of at least 30% of distributable profits, with considerations for special dividends in the future [15][16][17] 8. **Future Outlook**: The company is optimistic about the upcoming quarters, expecting improved performance due to lower coal costs and stable demand for thermal power [21][20] 9. **Wind Power Assets**: The company operates both onshore and offshore wind power assets, although the overall wind resource in Fujian is below the national average [13][14] 10. **Regulatory Environment**: Changes in bidding rules in Fujian province may positively impact future project allocations and pricing structures for wind energy [34][35][36] Additional Important Information - **Investment in Renewable Energy**: The company is focusing on expanding its thermal power generation capabilities while maintaining a strategic interest in renewable energy projects [12][39] - **Subsidy Collection**: The company is in the process of collecting overdue subsidies related to renewable energy projects, which may improve cash flow in the near future [46][47] - **Market Dynamics**: The company is closely monitoring changes in market pricing and regulatory frameworks that could affect its operational strategies and profitability [38][39] This summary encapsulates the key insights from the conference call regarding Fuan Co., Ltd.'s performance, challenges, and future outlook in the power generation industry.

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.98 CNY per share based on a PE valuation of 11.0 times for 2024 [4][2]. Core Views - The company reported a revenue of 14.695 billion CNY in 2023, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 2.623 billion CNY, up 1.11% year-on-year [2][3]. - The thermal power segment continues to perform well, with a total power generation of 77.95 billion kWh, a slight decrease of 0.6% year-on-year, while heat supply increased by 9.3% to 953.93 million tons [2][3]. - The company is actively pursuing multi-energy development, including investments in thermal, wind, and nuclear power projects, indicating strong growth potential [2][3]. Financial Summary - Revenue and Profit Forecast: The company expects revenues to grow to 15.837 billion CNY in 2024 and 16.567 billion CNY in 2025, with net profits projected at 3.012 billion CNY and 3.227 billion CNY respectively [7]. - Earnings Per Share (EPS) is forecasted to be 1.18 CNY for 2024 and 1.26 CNY for 2025, with a target EPS of 1.29 CNY for 2026 [2][3]. - The company plans to distribute a cash dividend of 0.31 CNY per share, totaling 794 million CNY, representing a cash dividend payout ratio of approximately 30.26% [2][3]. Segment Performance - The thermal power segment's profitability is improving, with a net profit contribution from coal power estimated at 935 million CNY, a year-on-year increase of 42.9% [2]. - Wind power generation saw a total output of 54.97 billion kWh, with a decline in land wind generation but an increase in offshore wind generation [2]. - The gas power segment reported a 45.4% increase in power generation, contributing to stable annual performance despite rising costs [2]. Future Outlook - The company is focusing on expanding its multi-energy portfolio, with ongoing projects in thermal, offshore wind, and nuclear power, which are expected to enhance long-term growth prospects [2][3]. - The report indicates that the current downward trend in coal prices will support the recovery of coal power profitability, while gas power remains stable [2].

| 证券代码：600483 | 证券简称：福能股份 公告编号：2024-019 | | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | 福建福能股份有限公司 2024 年第一季度经营信息公告 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。 根据福建福能股份有限公司（以下简称公司）的初步统计，2024 年第一季度，公 司控股各运行电厂按合并报表口径完成发电量 53.26 亿千瓦时，同比增长 2.37%；完成 上网电量 50.64 亿千瓦时，同比增长 2.27%；累计完成供热量 201.81 万吨，同比增长 13.22%。 详细情况如下表： | 电源类别 | 发电量（亿千瓦时） | 上网电量（亿千瓦时） | | --- | --- | --- | | | 1-3 月 | 1-3 月 | | 1.风电 | 14.95 | 14.61 | | 其中：海上风电 | 8.61 | 8.40 | | 陆上风电 | 6.34 | 6.21 | | 2.光伏 | 0.17 | 0.16 | | 3.火电 | ...

福建福能股份有限公司 网址：http://www.fjec.com.cn 地址：福州市鼓楼区五四路75号福建外贸大厦29层 邮编： 350003 电话：0591-86211285 传真: 0591-86211275 邮箱：fwb_fngf@fjec.com.cn 上交所股票代码: 600483 双 目 | 关于本报告 | 2 | | --- | --- | | 董事长致辞 | 4 | | 关于福能股份 | 6 | | 公司介绍 | 6 | | 组织架构 | 8 | | 主营业务 | 9 | | 社会荣誉 | 10 | | ESG 治理 | 12 | | ESG 治理战略 | 12 | | ESG 治理架构 | 12 | | 实质性议题评估 | 12 | | 利益相关方沟通 | 13 | | 清洁福能，山水与共 | 14 | | --- | --- | | 奉献清洁能源 | 16 | | 构建绿色体系 | 16 | | 降低环境影响 | 17 | | 绿色低碳行动 | 18 | | 以人为本,和衷共济 | 20 | | --- | --- | | 助力员工成长 | 22 | | 保护员工权益 | 22 | | ...

福建福能股份有限公司 独立董事 2023 年度述职报告 本人于 2023 年 12 月 29 日当选为福建福能股份有限公司（以下简称公司）独立董 事、董事会审计委员会主任委员、薪酬与考核委员会和提名委员会委员，本人严格按照 《中华人民共和国公司法》《上市公司独立董事管理办法》等法律、法规、规范性文件 以及公司制定的《章程》《独立董事工作制度》的要求，充分发挥专业优势，认真、勤 勉、谨慎地履行独立董事的职责，切实维护公司整体利益和全体股东尤其是中小股东的 合法权益。现将 2023 年度履职情况报告如下： 一、独立董事的基本情况 本人林兢，女，1966年4月出生，中国国籍，硕士，教授，中共党员。现任福州大 学经济与管理学院会计系教授、硕士生导师；兼任福建中小企业创新基金评审财务专家、 福建省经贸项目评审财务专家、福建高级审计师评审专家、福建高级会计师评审专家、 福建省审计学会理事；曾任中国会计学会财务成本分会理事，福州大学会计系主任。 2023年，本人任职符合《上市公司独立董事管理办法》第六条规定的独立性要求， 不存在任何影响独立性的情况。 二、独立董事年度履职概况 （一）参加股东大会、董事会、董事会各专门委员会 ...

福建福能股份有限公司 （三）在保证公司正常经营业务发展的前提下，坚持以现金分红为主。 三、股东分红回报规划的制定周期及相关决策程序 公司董事会根据公司《章程》确定的利润分配政策，制定股东分红回报规划。公司 应至少每三年重新审议一次股东分红回报规划，并根据股东(特别是中小股东)、独立董 事和监事的意见，对公司正在实施的利润分配政策作出适当的、必要的修改，以确定该 期间的股东分红回报规划。 2024—2026年度股东分红回报规划 为进一步健全和完善福建福能股份有限公司（以下简称公司）分红决策和监督机制， 增强利润分配透明度，维护投资者的合法权益，根据中国证监会《上市公司监管指引第 3号——上市公司现金分红（2023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（2023年12月修订）》等相关规定，结合公司实际情况，特制定公 司2024—2026年度股东分红回报规划，具体内容如下： 一、制定本规划的主要考虑因素 着眼于公司长远和可持续发展，在充分考虑经营发展实际及业务发展目标、股东要 求和意愿、社会资金成本、外部融资环境等因素的基础上，结合公司目前及未来可预期 项目投资资金需求、发展所处阶段、 ...