| 证券代码：600483 | 证券简称：福能股份 公告编号：2024-067 | | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | 福建福能股份有限公司 重要内容提示： ●本次权益变动系福建福能股份有限公司（以下简称公司）可转换公司债券转股导 致公司总股本增加，控股股东福建省能源集团有限责任公司（以下简称能源集团）持股 比例被动稀释，由前次权益变动报告披露的61.60%降至当前的56.54%，合计被动稀释 5.06%。 ●本次权益变动不涉及要约收购，不会导致公司控股股东及实际控制人发生变化。 公司于 2024 年 11 月 21 日收到控股股东能源集团的《福建福能股份有限公司简式 权益变动报告书》，由于公司公开发行的"福能转债"转股使公司总股本增加，导致公 司控股股东的持股比例被动稀释，由 2021 年 10 月编制的权益变动报告书披露的 61.60% 降至当前的 56.54%，合计被动稀释 5.06%。 | 注册资本 | 万元 1,000,000 | | --- | --- | | 统一社会信用代码 | 913500000035922677 | | 注册地址 | 福建省福 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 10.485 billion yuan for the first nine months of 2024, representing a year-on-year increase of 1.22%. The net profit attributable to the parent company was 1.773 billion yuan, up 8.38% year-on-year, while the net profit excluding non-recurring items was 1.744 billion yuan, an increase of 10.6% year-on-year. In Q3 2024, the company achieved a revenue of 3.82 billion yuan, a decrease of 4.13% year-on-year, and a net profit of 585 million yuan, down 16.6% year-on-year [1] Summary by Relevant Sections Financial and Operational Performance - For the first three quarters of 2024, the company completed an on-grid electricity generation of 167.58 billion kWh, a year-on-year increase of 0.47%. However, Q3 saw a slight decline in on-grid electricity generation, down 3.35% year-on-year. The company’s gas-fired power generation increased by 9.65% year-on-year to 16.46 billion kWh, while coal-fired generation decreased by 20.41% to 13.65 billion kWh, leading to an overall decline in thermal power generation by 3.77% year-on-year [1] Project Development and Future Outlook - The company has a robust project reserve, with an expected installed capacity of 6.038 million kW as of H1 2024. The company is advancing several projects, including the Ningde Nuclear Power Phase II and various wind power projects, which are expected to contribute significantly to future earnings. The company’s ongoing construction projects have seen a 136% year-on-year increase in the amount recorded, reaching 2.228 billion yuan as of Q3 2024 [1][13] Profit Forecast and Investment Recommendations - The company is viewed positively for its long-term growth potential, with profit forecasts for 2024, 2025, and 2026 set at 2.870 billion yuan, 3.100 billion yuan, and 3.467 billion yuan respectively, reflecting year-on-year growth rates of 9.41%, 8.00%, and 11.85%. The current stock price corresponds to a PE ratio of 8.82 for 2024, 8.16 for 2025, and 7.30 for 2026 [1][13]

Investment Rating - The report maintains a **"Overweight"** rating for the company, with a target price of RMB 9.65 [1] - The sector rating is **"Outperform"** [1] Core Views - The company's profitability is recovering, with a **8.38% YoY growth in net profit** for the first three quarters of 2024 [3] - The company has a **rich project pipeline**, with total construction-in-progress reaching RMB 2.228 billion, a **44.34% increase** compared to the end of 2023 [3] - The company's **gross margin improved by 3.25 percentage points** to 21.99%, and the net margin increased by 1.81 percentage points to 20.33% in the first three quarters of 2024 [3] Financial Performance - The company reported **RMB 10.485 billion in revenue** for the first three quarters of 2024, a **1.22% YoY increase**, with net profit attributable to shareholders of RMB 1.773 billion, up **8.38% YoY** [3] - In Q3 2024, the company's net profit attributable to shareholders was RMB 585 million, a **16.60% YoY decrease** and an **11.66% QoQ decrease** [3] - The company's **EPS for 2024-2026 is forecasted to be RMB 1.08, 1.14, and 1.21**, respectively, with a P/E ratio of 8.9x, 8.4x, and 7.9x [3] Operational Highlights - The company's **power generation in Q3 2024 decreased by 3.51% YoY** to 6.464 billion kWh, mainly due to a **20.19% decline in coal-fired power generation** and a **1.34% decline in wind power generation** [3] - The company's **operating expenses ratio decreased by 0.45 percentage points** to 6.94% in the first three quarters of 2024, with financial expenses ratio dropping by 0.71 percentage points to 3.66% [3] Valuation and Forecast - The company's **2024-2026 revenue is forecasted to grow at a CAGR of 3.1%**, reaching RMB 16.118 billion by 2026 [4] - The company's **EBITDA is expected to grow from RMB 4.867 billion in 2023 to RMB 6.421 billion in 2026**, with a CAGR of 9.7% [4] - The company's **net profit attributable to shareholders is forecasted to grow at a CAGR of 5.9%**, reaching RMB 3.233 billion by 2026 [4] Industry and Market Performance - The company's stock price has shown **strong performance over the past 12 months**, with a **22% increase**, outperforming the Shanghai Composite Index [1] - The company's **market capitalization is RMB 25.689 billion**, with a **3-month average daily trading volume of RMB 196.61 million** [2]

| 证券代码：600483 | 证券简称：福能股份 公告编号：2024-066 | | --- | --- | | 转债代码：110048 | 转债简称：福能转债 | 福建福能股份有限公司 关于控股股东持股比例被动稀释超过 1%的提示性公告 一、本次权益变动基本情况 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）核准，公司于 2018 年 12 月 7 日公开发行 28.30 亿元"福能转债"，债券代码"110048"，"福能转债"自 2019 年 6 月 14 日起进入转股 期。 截至 2024 年 11 月 5 日，因"福能转债"转股，公司总股本增加至 2,677,472,857 股。本次权益变动前，2024 年 8 月 22 日能源集团持有公司股份 1,531,925,937 股，占 公司总股本的比例为 58.24%。因上述转股事项，公司总股本增加，能源集团持股比例被 动稀释至 57.22%，持股比例被动稀释超过 1%。 二、本次权益变动信息披露义务人情况 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 ...

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