证券代码：600642 证券简称：申能股份 公告编号：2025-009 申能股份有限公司 关于完成 2025 年度第一期绿色中期票据（碳中和债） 的公告 日前，公司 2025 年度第一期绿色中期票据（碳中和债）发行完 成。经 2023 年 5 月 23 日召开的公司第四十三次（2022 年度）股东 大会审议通过，公司本次中期票据的注册金额为人民币 80 亿元。本 期绿色中期票据（碳中和债）发行总额为人民币 9 亿元，发行期限为 3 年，发行利率为年利率 2.05%。 特此公告。 申能股份有限公司 2025 年 3 月 25 日 ...

Summary of Shenneng Co., Ltd. Conference Call Company Overview - Shenneng Co., Ltd. is a major power supplier in Shanghai, holding over one-third of the thermal power market share and significant natural gas supply. The total installed capacity is nearly 18 million kilowatts, with thermal power accounting for 80% [doc id='8'][doc id='9']. Industry Insights - The public utility sector currently shows clear investment value, with significant dividend yields compared to ten-year government bonds. For instance, Changjiang Electric Power has a dividend yield of 3.5% [doc id='3']. - The coal price has decreased significantly year-on-year, benefiting regions with favorable competition, such as Shanghai, where electricity prices are well-supported [doc id='4']. Key Financial Metrics - Shenneng's financial health is strong, with a declining debt-to-asset ratio and a free cash flow of 7.3 billion yuan in 2023, maintaining positive cash flow since 2015 [doc id='7'][doc id='10']. - The company distributed 2 billion yuan in cash dividends in 2023, representing 56.6% of its annual profit, indicating robust distributable capacity [doc id='7']. Growth and Development - Shenneng's renewable energy business is growing significantly, particularly with the attractive planning of the deep-sea wind project in Shanghai. The company plans to further develop offshore wind projects, providing new growth momentum [doc id='6'][doc id='22']. - The projected profits for Shenneng from 2024 to 2026 are 3.98 billion, 4.05 billion, and 4.14 billion yuan, respectively, with a current PE ratio of about 11 times and a dividend yield of approximately 4.6% [doc id='23']. Market Position and Competitive Advantage - Shenneng's thermal power utilization hours are significantly higher than national competitors, with lower coal consumption than the national average by 21 grams per kilowatt-hour. This reflects the company's superior infrastructure and lower power supply costs [doc id='21']. - The company is a key player in the Shanghai electricity market, contributing to 85% of the city's power generation alongside three other companies [doc id='12']. Regional Demand and Supply Dynamics - Shanghai's electricity consumption ranks among the top in China, with a projected GDP exceeding 5 trillion yuan in 2024 and electricity consumption reaching 198.4 billion kilowatt-hours, a year-on-year growth of over 7% [doc id='12']. - The supply-demand situation in Shanghai is critical, with limited new coal power installations expected in the next three years, maintaining competitive pricing and utilization hours [doc id='15']. Regulatory and Market Changes - The capacity compensation policy in Shanghai will increase from 30% to 50% by 2026, potentially enhancing revenue per kilowatt-hour by approximately 0.016 yuan [doc id='20']. - The current trial operation of the Shanghai spot market shows promising results, with lower loss rates for electricity companies compared to other regions [doc id='19']. Conclusion - Shenneng Co., Ltd. is positioned as a benchmark company in the thermal power sector, with strong financials, a growing renewable energy portfolio, and a favorable market outlook driven by regional demand and supply dynamics. The company is expected to see further asset value appreciation and should be closely monitored by investors [doc id='23'].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Views - The company is positioned as a benchmark for high dividend yield in thermal power, with a strong focus on core assets in quality regions [9]. - The company has a diversified business model, primarily engaged in electricity and oil and gas, with thermal power maintaining a high proportion and renewable energy contributing incremental growth [17][19]. - The company benefits from a robust operational efficiency and a favorable supply-demand balance in the Shanghai region, which supports electricity prices [9][44]. Summary by Sections 1. Diversified Business Operations - The company operates in both electricity and oil and gas sectors, with thermal power accounting for nearly 80% of its installed capacity [19]. - As of Q4 2024, the company’s total installed capacity reached 17.96 million kW, with coal power at 8.4 million kW and gas power at 3.43 million kW [19]. - The company has maintained a high dividend payout ratio, exceeding 55% since 2020, with a TTM dividend yield of 4.41% as of March 17, 2025 [9]. 2. Thermal Power Positioning - The company’s thermal power capacity in Shanghai accounts for 82.7% of its total, indicating a strong regional focus [9][47]. - Shanghai's electricity demand is robust, with a projected GDP of over 5 trillion yuan in 2024 and electricity consumption of 198.4 billion kWh, reflecting a year-on-year increase of over 7% [51]. - The company’s coal power generation efficiency is superior, with a coal consumption rate of 281 grams per kWh, which is 21 grams lower than the national average [9][35]. 3. Renewable Energy Expansion - The company’s renewable energy capacity has increased to 34% of its total installed capacity, with ongoing projects in offshore wind and solar energy [9][19]. - The company is actively participating in Shanghai's offshore wind and solar energy projects, with significant capacity planned for the coming years [9][19]. - The company’s renewable energy projects are expected to contribute to its revenue starting in 2025, with major projects in Xinjiang and Hainan [9][19]. 4. Financial Performance and Forecast - The company’s revenue for 2023 was 29.142 billion yuan, a 3.36% increase year-on-year, with net profit soaring to 3.459 billion yuan, up 219.52% [21]. - The report forecasts net profits of 39.8 billion yuan, 40.5 billion yuan, and 41.4 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11.1, 11.0, and 10.7 [9][21]. - The company’s financial health is strong, with a decreasing debt-to-asset ratio, which was 54.23% as of the latest report [6][35].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a benchmark for high dividends in thermal power, with a strong focus on core assets in quality regions. It has a diversified energy supply business, primarily engaged in electricity and oil and gas operations [9][17]. - The company has a robust financial outlook, with projected net profits increasing from 39.8 billion yuan in 2024 to 41.4 billion yuan in 2026, corresponding to a P/E ratio of 11.1, 11.0, and 10.7 respectively [9][11]. Summary by Sections 1. Diversified Business Operations - The company operates in both electricity and oil and gas sectors, with thermal power maintaining a high proportion of its operations while renewable energy contributes incrementally [17][19]. - As of Q4 2024, the company's installed capacity reached 17.96 million kilowatts, with coal power accounting for 8.4 million kilowatts, representing 46.8% of the total capacity [19][21]. 2. Thermal Power Positioning - The company benefits from strong electricity demand in Shanghai, with a projected GDP growth of 5% in 2024, leading to an expected electricity consumption of 198.4 billion kilowatt-hours, a year-on-year increase of over 7% [51][58]. - The company’s thermal power generation capacity in Shanghai is significant, with 71.5% of its controlled capacity located in the region, ensuring a stable supply amidst limited new installations [47][49]. 3. Renewable Energy Expansion - The company is actively expanding its renewable energy portfolio, with renewable energy accounting for 34% of its total installed capacity by the end of 2024 [9][11]. - New projects in wind and solar energy are expected to contribute to the grid by 2025, including a 2GW solar project in Xinjiang and a 0.6GW offshore wind project in Hainan [9][11]. 4. Financial Performance and Forecast - The company reported a revenue of 29.142 billion yuan in 2023, a 3.36% increase year-on-year, with net profit soaring to 3.459 billion yuan, a 219.52% increase due to falling coal prices [21][30]. - The company maintains a high dividend payout ratio, with a dividend yield of 6.23% in 2023, reflecting its commitment to shareholder returns [40][41].

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关于完成 2025 年度第三期超短期融资券发行的公告 日前，公司 2025 年度第三期超短期融资券发行完成。经 2023 年 5 月 23 日召开的公司第四十三次（2022 年度）股东大会审议通过， 公司本次超短期融资券注册金额为人民币 120 亿元。本期超短期融资 券发行总额为人民币 7.5 亿元，发行期限为 180 日，发行利率 2.09%。 证券代码：600642 证券简称：申能股份 公告编号：2025-008 特此公告。 申能股份有限公司 申能股份有限公司 2025 年 3 月 15 日 ...

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日前，公司 2025 年度第二期超短期融资券发行完成。经 2023 年 5 月 23 日召开的公司第四十三次（2022 年度）股东大会审议通过， 公司本次超短期融资券注册金额为人民币 120 亿元。本期超短期融资 券发行总额为人民币 15 亿元，发行期限为 180 日，发行利率 1.85%。 特此公告。 申能股份有限公司 2025 年 2 月 20 日 证券代码：600642 证券简称：申能股份 公告编号：2025-007 申能股份有限公司 关于完成 2025 年度第二期超短期融资券发行的公告 ...

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