申能股份有限公司 第四十四次（2023 年度） 股东大会文件 二○二四年六月七日 文件目录 | 申能股份有限公司第四十四次（2023 | 年度）股东大会议程 5 | | --- | --- | | 申能股份有限公司 2023 | 年度董事会工作报告 7 | | 申能股份有限公司 2023 | 年度监事会工作报告 17 | | 申能股份有限公司 2023 | 年度财务决算报告 24 | | 申能股份有限公司 2023 | 年度利润分配方案 29 | | 申能股份有限公司 2024 | 年度财务预算报告 31 | | 关于申请注册公开发行公司债券的报告 33 | | | 关于修订《公司章程》部分条款的议案 36 | | | 关于修订《独立董事工作制度》的议案 96 | | | 关于调整公司第十一届董事会董事人选的议案 114 | | | 申能股份有限公司独立董事吴柏钧 | 2023 年度述职报告 116 | | 申能股份有限公司独立董事何贤杰 | 2023 年度述职报告 123 | | 申能股份有限公司独立董事俞卫锋 | 2023 年度述职报告 130 | | 申能股份有限公司独立董事秦海岩 | 2023 年度述 ...

证券代码：600642 证券简称：申能股份 公告编号：2024-016 申能股份有限公司 关于第四十四次（2023 年度）股东大会更正补充公告 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法律责任。 一、 股东大会有关情况 2. 原股东大会召开日期：2024 年 6 月 7 日 3. 原股东大会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600642 | 申能股份 | 2024/5/31 | 二、 更正补充事项涉及的具体内容和原因 1、取消议案的说明 公司于 2024 年 4 月 26 日召开第十一届董事会第五次会议，审议通过了 《关于改聘大华会计师事务所（特殊普通合伙）为公司 2024 年度财务报告审计 机构并支付上会会计师事务所（特殊普通合伙）2023 年度审计报酬的报告》、《关 于改聘大华会计师事务所（特殊普通合伙）为公司 2024 年度内部控制审计机构 并支付上会会计师事务所（特殊普通合伙）2023 年度审计报酬的报告》，并提交 ...

证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃ ＃d申yCo能mpa股ny＃份 （ 600642 ） investSug 增持 ( 维ges持tionC）h 000 燃00 料9 成本改善释放＃ 利tit 润le＃ ，如期实现高分红 ange＃ ＃createTime1＃ 2024年5月17 日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry＃：申能股份发布2023年报及2024一季报，2023年公司合计实现营 日期 2024/5/16 业收入291.42亿元，同比+3.36%，归母净利润34.59亿元，同比+219.52%， 收盘价（元） 8.59 扣非后归母净利30.84亿元，同比+271.42%，2024Q1公司延续利润改善 总股本（百万股） 4,894 势头，当期公司实现营业收入80.71亿元，同比+10.87%，归母净利11.59 流通股本（百万股） 4,865 亿元，同比+57.96%，扣非后归母净利8.91亿元，同比+86.63%。结合公 司经营数据，我们点评如下： 净资产（百万元） 35,751  火电：负荷稳定保证业绩基本盘， ...

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance [2][3]. Core Insights - The company has shown significant improvement in profitability, with a notable increase in net profit and operating income for 2023 and Q1 2024, driven by enhanced profitability in the coal power sector and unexpected growth in investment income [2][3]. - The company is positioned as a leading coal-fired power player in the Yangtze River Delta, with expectations for continued growth across coal, water, and renewable energy sectors, enhancing overall earnings elasticity [3]. Financial Performance Summary - In 2023, the company achieved operating income of 29.142 billion yuan, a year-on-year increase of 3.36%, and a net profit of 3.459 billion yuan, up 219.52% [2]. - For Q1 2024, the company reported operating income of 8.071 billion yuan, a 10.87% increase year-on-year, and a net profit of 1.159 billion yuan, reflecting a 57.96% growth [2]. - The gross margin for 2023 was 18.46%, an increase of 6.5 percentage points year-on-year, with the coal power segment achieving a gross margin of 10.68%, up 10.64 percentage points [2][3]. Future Earnings Projections - The company is projected to have EPS of 0.80, 0.86, and 0.92 yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 10.7, 10.0, and 9.3 [3].

Investment Rating - The report maintains a "Buy" rating for the company, citing its high performance and high dividend payout [4][6] Core Views - The company's coal power business has shown significant improvement, with a 219 52% YoY increase in net profit attributable to the parent company in 2023 and a 57 96% increase in Q1 2024 [1] - The decline in coal prices has alleviated fuel cost pressures, leading to a 17 52% YoY decrease in coal costs in 2023 and a 10 64pct increase in gross margin for the coal power business [2] - The new energy power generation business continues to expand, with a 19 4% YoY increase in installed capacity to 5 122 million kW by Q1 2024, contributing to a 8 2% and 21 9% YoY increase in wind and solar power generation, respectively [3] - The company plans to increase its total installed capacity to 22-26 million kW by the end of the 14th Five-Year Plan, with non-hydro renewable energy accounting for 50% [3] - The gas power, oil and gas pipeline transportation, and equity investment businesses have shown stable growth, with gas power generation increasing by 71 2% YoY in Q1 2024 and equity investment income growing by 476 16% YoY in 2023 [4] Financial Performance and Valuation - The company's revenue in 2023 and Q1 2024 was 29 142 billion yuan and 8 071 billion yuan, respectively, representing YoY growth of 3 36% and 10 87% [1] - Net profit attributable to the parent company in 2023 and Q1 2024 was 3 459 billion yuan and 1 159 billion yuan, respectively, with YoY growth of 219 52% and 57 96% [1] - The company's 2023 dividend payout ratio was 56 60%, with a cash dividend of 0 40 yuan per share [4] - The report forecasts net profit attributable to the parent company for 2024-2026 to be 4 310 billion yuan, 4 635 billion yuan, and 5 121 billion yuan, respectively, with YoY growth of 24 61%, 7 53%, and 10 49% [4] - The company's PE ratio for 2024-2026 is expected to be 9 62x, 8 94x, and 8 10x, respectively [4] Business Segments - Coal power: The company completed 40 201 billion kWh of coal power generation in 2023, a 1 7% YoY decrease, but Q1 2024 saw a 10 0% YoY increase to 11 316 billion kWh [2] - New energy: The company's new energy installed capacity reached 5 122 million kW by Q1 2024, with wind and solar power generation increasing by 8 2% and 21 9% YoY, respectively [3] - Gas power: Gas power generation in Q1 2024 was 2 121 billion kWh, a 71 2% YoY increase [4] - Oil and gas pipeline transportation: The segment achieved a gross profit of 780 million yuan in 2023, a 4 06% YoY increase [4] - Equity investment: The company's equity investment income in 2023 and Q1 2024 was 1 567 billion yuan and 345 million yuan, respectively, with YoY growth of 476 16% and 113 95% [4]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in net profit for 2023, achieving a net profit of 3.459 billion yuan, a year-on-year growth of 219.52%, which aligns with expectations [2] - The company's revenue for 2023 was 29.142 billion yuan, reflecting a growth of 3.36% year-on-year [2] - The first quarter of 2024 saw a net profit of 1.159 billion yuan, up 57.96% from the same period last year, exceeding expectations [2] - The company plans to distribute a dividend of 0.4 yuan per share, resulting in a dividend yield of 4.7% based on the closing price on April 30 [2] Summary by Sections Financial Performance - In 2023, the company generated total revenue of 29.142 billion yuan, with a year-on-year growth rate of 3.4% [3] - The net profit for 2023 was 3.459 billion yuan, with a remarkable year-on-year growth rate of 219.5% [3] - The company’s gross margin improved significantly, increasing by 10.64 percentage points to 10.68% [2] Power Generation and Pricing - The company’s power generation volume reached 45.978 billion kWh in 2023, with an on-grid power volume of 44.153 billion kWh, both showing year-on-year increases of 4.42% and 4.48% respectively [2] - The average on-grid electricity price for 2023 was 494.67 yuan per MWh, an increase of 9.81 yuan per MWh year-on-year [2] - The company expects continued improvement in profitability due to favorable coal supply and demand dynamics and the implementation of capacity pricing [2] Renewable Energy Development - The company added 830,000 kW of new renewable energy capacity in 2023, bringing the total renewable energy capacity to 5.1215 million kW, which constitutes 30.2% of its total capacity [2] - The company’s wind and solar power generation volumes for 2023 were 5.257 billion kWh and 2.477 billion kWh, respectively, representing year-on-year growth of 6.17% and 26.82% [2] Oil and Gas Business - The oil and gas segment achieved revenue of 2.820 billion yuan in 2023, a year-on-year increase of 23.56%, with a gross margin of 27.65% [2] - The company is making progress in its oil and gas exploration and production initiatives, which are expected to enhance long-term performance [2] Financial Strategy - The company is actively expanding its industrial chain through equity participation, which helps mitigate structural risks [2] - The company successfully issued a perpetual bond of 1 billion yuan at a record low interest rate of 2.50% [2] - Financial expenses decreased by 5.79% year-on-year to 1.184 billion yuan in 2023, indicating improved cost control [2] Earnings Forecast - The net profit forecasts for 2024 and 2025 have been raised to 3.958 billion yuan and 4.476 billion yuan, respectively, with a new forecast for 2026 set at 4.836 billion yuan [2] - The current stock price corresponds to price-to-earnings ratios of 11, 9, and 9 for the years 2024, 2025, and 2026, respectively [2]

[Table_StockInfo] 买入 2024年 05月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 8.51元 申能股份（600642） 公用事业 目标价： ——元（6个月） 火电量价齐升，高股息价值凸显 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年年报和 2024年一季报，2023年公司实现营收 291亿 [分Ta析bl师e_：Au池th天or惠] 元，同比增加3.4%；实现归母净利润34.6亿元，同比增加220%；2024Q1公 执业证号：S1250522100001 司实现营收80.7亿元，同比增长10.9%，实现归母净利润11.6亿元，同比增长 电话：13003109597 58.0%。2023年公司拟每 10股派发现金红利 4元，分红比例达56.6%，股息 邮箱：cth@swsc.com.cn 率达4.7%（按4月30日股价计算）。 分析师：刘洋  燃料成本下行，火电业绩修复显著。2023年公司煤电业务实现收入 131亿元， 执业证号：S1250523070005 电话：18019200867 同比下滑0.93%，煤电完成发电 ...

证券代码：600642 证券简称：申能股份 公告编号：2024-015 申能股份有限公司关于参加上海国有控股上市公司 2023 年度集体业绩说明会的公告 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法律责任。 重要内容提示： 申能股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日披 露公司 2023 年度报告，为进一步加强公司与投资者的沟通交流，让 广大投资者能深入了解公司经营情况、未来发展战略等，公司将参加 由上海市国资委、上海证券交易所共同举办的上海国有控股上市公司 2023 年度集体业绩说明会，就投资者关心的问题进行互动交流。 一、 说明会类型 本次投资者说明会以"上证路演中心视频直播和网络互动"形式 召开，公司将针对 2023 年度经营情况及未来发展战略等情况与投资 者进行互动交流和沟通，在信息披露允许的范围内解答投资者普遍关 注的问题。 二、 说明会召开的时间、地点 （一）会议主题：上海国有控股上市公司 2023 年度集体业绩说 明会 会议召开时间：2024 年 5 月 10 日（星期五）下午 13:30- ...

股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[申ITnaf 能bol]e 股_Ti份tle]( 600642) [评Tab级le_：Inv est] 增持 上次评级： 增持 参控股业务持续好转，长期股息价值凸显 目标价格： 10.08 上次预测： 8.30 公 申能股份 2023年报及 2024年一季报点评 当前价格： 8.51 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.05.05 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 报 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 5.7 47 1- ,8 6. 56 13 告 本报告导读： 总股本/流通A股（百万股） 4,894/4,8 ...

2024年5月5日 公司研究 煤电盈利改善显著叠加投资收益贡献，24Q1 业绩超预期 ——申能股份（600642.SH）2023 年年报暨 2024 年第一季度报点评 要点 增持（维持） 当 前价：8.51元 事件：公司发布2023年年报及2024年第一季度报。2023年公司实现营收291.42 亿元，同比增长3.36%；归母净利润34.59亿元，同比增长219.52%；公司拟 向全体股东每股派发现金股利0.40元，合计派发现金红利19.58亿元，现金分 作者 红比例约56.34%。24Q1公司实现营收80.71亿元，同比增长10.87%；归母净 分析师：殷中枢 利润11.59亿元，同比增长57.96%。 执业证书编号：S0930518040004 010-58452071 发电量高增叠加成本下行，煤电板块盈利持续修复。2023 年公司控股发电企业 yinzs@ebscn.com 分析师：宋黎超 完成发电量551.11亿千瓦时，同比增加2.6%。其中：煤电完成402.01亿千瓦 执业证书编号：S0930523060001 时，同比减少1.7%。煤电发电量稍有下行，对应营收同比下降0.93%；但由于 021-5 ...