证券研究报告 公用事业|电力 公司点评 2024年05月05日 申能股份 (600642.SH ) 买入 ——优质资产价值凸显 连续两季度业绩历史新高 （维持） 投资要点： 证券分析师 ➢ 事件：公司发布2023年年报及2024年一季报，2023年实现归母净利润34.59亿元，同比 刘晓宁 S1350523120003 增长220%；2024年一季度实现归母净利润11.59亿元，同比增长58%，超过我们此前预期 liuxiaoning@huayuanstock.com 的9亿元。2023年度分红每股0.4元，分红比例56.60%，符合预期。 ➢ 2023年煤电除吴泾二发和外高桥一发外（披露口径）全面扭亏，年底未计提减值损失，2023 研究支持 年四季度业绩创历史新高。从公司披露的参控股公司业绩来看，2023 年吴泾二发亏损 0.79 亿元（净利润口径，下同，上年同期亏损3.6亿元），外高桥三发盈利3.05亿元（上年同期 联系人 亏损1.71亿元）。外高桥一发、二发分别实现投资收益-2.13亿元和1.09亿元（上年同期分 刘晓宁 别为-3.0亿元和-0.97亿元），煤电参控股公司均实现减亏扭亏，年底未计提减值损 ...

申能股份（600642.SH）2023年年报及2024年一季报点评 “火力全开”，业绩高增 2024年05月01日 ➢ 事件概述：4 月 29 日，公司发布 2023 年度报告，报告期内实现营业收入 推荐 维持评级 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%； 扣非归母净利润 30.84 亿元，同比增长 271.42；公司拟向全体股东每股派发现 当前价格： 8.51元 金股利0.40元，合计派发现金红利19.58亿元，现金分红比例约56.34%。公司 目标价： 9.48元 发布2024年一季报，报告期内实现营业收入80.71亿元，同比增长10.87%； 归母净利润11.59亿元，同比增长57.96%；扣非归母净利润8.91亿元，同比增 [Table_Author] 长86.63%。 ➢ 2023年火电持续修复，1Q24“火力全开”：2023年公司控股煤电机组发 电量为310.70亿千瓦时，同比下降1.5%；但受益于煤价中枢下移，全年煤电板 块实现毛利13.98亿元，同比增加13.92亿元；气电机组发电量为71.80亿千瓦 时，同比增长28.9%；气电板块实现毛利7. ...

申能股份（600642.SH）2023年年报及2024年一季报点评 “火力全开”，业绩高增 2024年05月01日 ➢ 事件概述：4 月 29 日，公司发布 2023 年度报告，报告期内实现营业收入 推荐 维持评级 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%； 扣非归母净利润 30.84 亿元，同比增长 271.42；公司拟向全体股东每股派发现 当前价格： 8.51元 金股利0.40元，合计派发现金红利19.58亿元，现金分红比例约56.34%。公司 目标价： 9.48元 发布2024年一季报，报告期内实现营业收入80.71亿元，同比增长10.87%； 归母净利润11.59亿元，同比增长57.96%；扣非归母净利润8.91亿元，同比增 [Table_Author] 长86.63%。 ➢ 2023年火电持续修复，1Q24“火力全开”：2023年公司控股煤电机组发 电量为310.70亿千瓦时，同比下降1.5%；但受益于煤价中枢下移，全年煤电板 块实现毛利13.98亿元，同比增加13.92亿元；气电机组发电量为71.80亿千瓦 时，同比增长28.9%；气电板块实现毛利7. ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 8,070,802,677.09, representing a year-on-year increase of 10.87%[4] - The net profit attributable to shareholders was RMB 1,159,333,342.09, reflecting a significant increase of 57.96% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 890,754,907.45, up by 86.63% year-on-year[4] - The basic earnings per share for the period was RMB 0.238, an increase of 57.96% year-on-year[4] - The diluted earnings per share was RMB 0.237, reflecting a year-on-year increase of 56.95%[4] - The company reported a total comprehensive income of ¥1,373,404,193.01 for Q1 2024, compared to ¥749,102,803.78 in Q1 2023, an increase of 83.4%[20] - The net profit for Q1 2024 was ¥1,373,411,445.29, up 83.3% from ¥749,103,459.64 in Q1 2023[19] - Operating profit for Q1 2024 was ¥1,623,863,792.50, a significant increase from ¥914,118,459.98 in Q1 2023, representing an increase of 77.5%[19] - The company’s total profit for Q1 2024 was ¥673,414,884.49, up from ¥479,552,579.90 in Q1 2023, which is an increase of approximately 40.5%[29] Assets and Liabilities - Total assets at the end of the reporting period were RMB 95,981,774,967.37, a 1.88% increase from the end of the previous year[6] - The equity attributable to shareholders was RMB 35,751,432,237.72, representing a 6.60% increase from the end of the previous year[6] - Current assets totaled ¥24,815,699,082.65, up from ¥23,669,517,393.33, indicating an increase of about 4.84%[15] - Total liabilities decreased to ¥52,268,105,000.35 from ¥52,906,729,548.97, a reduction of about 1.21%[16] - The company's total liabilities amounted to CNY 10,958,761,188.29, slightly up from CNY 10,957,158,618.99[26] - The owner's equity increased to CNY 30,274,550,494.32 from CNY 28,659,685,775.03, representing a growth of approximately 5.6%[26] Cash Flow - The net cash flow from operating activities was RMB 2,270,249,742.84, showing a decrease of 17.53% year-on-year[4] - Cash flow from operating activities totaled ¥9,213,823,906.20 in Q1 2024, compared to ¥8,746,927,235.68 in Q1 2023, indicating an increase of 5.3%[21] - The net cash flow from operating activities was CNY 2,270,249,742.84, a decrease of 17.5% compared to CNY 2,752,716,744.97 in the previous year[22] - The total cash inflow from financing activities was CNY 4,624,905,051.52, an increase from CNY 3,939,566,216.03 year-over-year[23] - The cash paid to employees increased to CNY 367,809,712.73 from CNY 306,450,203.38, reflecting a rise of 19.9%[22] Expenses - Total operating costs for Q1 2024 were ¥7,165,712,990.61, an increase of 4.4% from ¥6,863,811,226.72 in Q1 2023[18] - Research and development expenses decreased to ¥980,355.13 in Q1 2024 from ¥3,398,980.61 in Q1 2023, a reduction of 71.2%[18] - The tax expense for Q1 2024 was ¥250,475,870.59, compared to ¥167,550,124.25 in Q1 2023, reflecting an increase of 49.4%[19] - Financial expenses increased to ¥62,689,803.90 in Q1 2024, compared to ¥53,227,590.38 in Q1 2023, marking a rise of about 17.5%[27] Investment and Other Income - Investment income for Q1 2024 was ¥345,156,824.15, compared to ¥161,328,011.35 in Q1 2023, marking an increase of 114.2%[19] - The company recorded a fair value change gain of ¥318,652,907.25 in Q1 2024, compared to ¥277,528,322.83 in Q1 2023, reflecting an increase of about 14.8%[29] - The interest income for Q1 2024 was ¥3,107,855.66, compared to ¥2,488,615.53 in Q1 2023, showing an increase of about 24.8%[27] Inventory and Other Assets - Inventory decreased to ¥743,061,558.17 from ¥996,618,433.83, a decline of approximately 25.43%[14] - Other current assets increased to ¥1,464,529,623.23 from ¥1,417,384,666.60, showing a growth of about 3.32%[15] - The total non-current assets increased to ¥71,166,075,884.72 from ¥70,539,831,257.86, reflecting a growth of about 0.89%[15]

Financial Performance - The company's operating revenue for 2023 reached ¥29,141,612,184.37, an increase of 3.36% compared to ¥28,193,118,547.05 in 2022[22] - Net profit attributable to shareholders was ¥3,458,659,109.38, representing a significant increase of 219.52% from ¥1,082,465,422.75 in the previous year[22] - The net profit after deducting non-recurring gains and losses was ¥3,084,395,912.38, up 271.42% from ¥830,424,491.15 in 2022[22] - Cash flow from operating activities amounted to ¥7,344,946,949.14, reflecting a 53.27% increase from ¥4,792,035,009.32 in the previous year[22] - The total assets of the company at the end of 2023 were ¥94,209,348,651.19, a 4.79% increase from ¥89,899,667,652.03 in 2022[23] - The company's net assets attributable to shareholders increased by 8.68% to ¥33,538,079,771.36 from ¥30,859,430,043.43 in the previous year[23] - Basic earnings per share rose to ¥0.710, a 221.27% increase compared to ¥0.221 in 2022[24] - The weighted average return on equity improved to 10.75%, an increase of 7.22 percentage points from 3.53% in the previous year[24] Dividend Distribution - The company plans to distribute a cash dividend of ¥4 per 10 shares, totaling approximately ¥1,957,733,010.40, based on the total share capital as of December 31, 2023[6] - The proposed cash dividend is ¥4 per 10 shares, amounting to a total distribution of ¥1,957,733,010.40 (including tax) based on the total share capital as of December 31, 2023[132] - The company declared a cash dividend of CNY 1,957,733,010.40, which accounts for 56.60% of the net profit attributable to ordinary shareholders in the consolidated financial statements[136] Renewable Energy Development - The company added 830,000 kW of new installed capacity in renewable energy, surpassing a total of 5 million kW, which now accounts for over 30% of the total installed capacity[39] - The company’s new energy installed capacity reached 5.12 million kW, accounting for 30.2% of the total installed capacity[45] - The company is actively expanding its new energy projects across various regions, including Anhui, Ningxia, Qinghai, Xinjiang, and Inner Mongolia[44] - The company achieved a coal consumption rate of 249.31 grams per kilowatt-hour, the lowest in the world for rated load conditions, setting a new benchmark for coal power generation[39] - The company is focusing on green electricity and low-carbon reduction, expanding its services to provide integrated energy solutions[85] Operational Efficiency - The company’s financial expenses decreased by 5.79% to approximately 1.18 billion RMB[53] - The company’s research and development expenses decreased by 7.61% to approximately 16.94 million RMB[53] - The company has implemented a performance-based salary distribution system to enhance employee motivation and retention[127] - The company has established a performance evaluation system for senior management, focusing on shareholder value, operational performance, project expansion, and management effectiveness[139] Market Presence and Customer Relations - The top five customers contributed ¥2.23 billion in sales, representing 76.65% of total annual sales[59] - The company reported a significant reliance on a few customers, with one customer accounting for over 50% of total sales[59] - The company intends to expand its market presence and enhance revenue through strategic marketing and electricity trading initiatives[97] Environmental Commitment - The company invested CNY 73,444.81 million in environmental protection during the reporting period[144] - All power generation units have achieved ultra-low emissions, with average emissions of particulate matter, sulfur dioxide, and nitrogen oxides below national standards[145] - The company has established an environmental self-monitoring plan, ensuring real-time transmission of environmental data from emission sources[148] - The company has developed emergency response plans for environmental incidents, ensuring quick and effective responses to minimize pollution[147] - Carbon emission intensity has decreased by 1.4% compared to the previous year, reflecting the company's commitment to carbon reduction measures[150] Corporate Governance - The company held 1 shareholders' meeting, 4 board meetings, and 4 supervisory board meetings during the reporting period, all in compliance with legal regulations[102] - The company maintains independence from its controlling shareholder, Shenneng (Group) Co., Ltd., in business, personnel, assets, institutions, and finance[103] - The company has a clear asset ownership structure with no instances of fund or asset misappropriation between the company and its controlling shareholder[104] - The company has established a robust internal control system to effectively manage and mitigate various risks[102] - The company’s governance structure aligns with the regulations set by the China Securities Regulatory Commission, ensuring compliance and promoting high-quality development[141] Human Resources and Leadership - The total number of employees at the company and its main subsidiaries is 2,617, with 83 in the parent company and 2,534 in subsidiaries[126] - The company has 302 employees with postgraduate degrees, indicating a strong educational background among its workforce[126] - The company’s leadership team includes individuals with extensive experience in various sectors, enhancing its strategic capabilities[109] - The company is actively managing its human resources and corporate governance to align with its strategic objectives[110] Related Party Transactions - The total amount of related party transactions between the natural gas pipeline company and Shanghai Gas Co., Ltd. during the reporting period was RMB 1.597 billion[164] - The amount of related party transactions between the oil and gas company and Shanghai Gas Co., Ltd. during the reporting period was RMB 827.18 million[165] - The total amount of related party transactions for various natural gas power plants with Shanghai Gas Co., Ltd. during the reporting period was RMB 4.269 billion[165] Strategic Initiatives - The company is exploring new business models in hydrogen, ammonia, and biomass co-firing technologies to diversify its energy portfolio[95] - The company is committed to digital transformation, aiming to integrate digital projects into safety production and market operations to enhance management efficiency[98] - The company aims to enhance traditional energy efficiency and optimize coal-fired power generation, targeting improved operational standards[95] Risks and Challenges - The company faces risks from fluctuating electricity market demands and fuel supply prices, which could impact operational stability[99] - The company will strengthen safety production and risk management systems to mitigate potential operational hazards[94]

证券代码：600642 股票简称：申能股份 公告编号：2024-007 申能股份有限公司 2024 年第一季度控股发电量完成情况公告 一、公司控股企业发电量情况 经统计，2024 年第一季度控股发电企业完成发电量 155.42 亿千 瓦时，同比增加 15.9%。其中： 1、煤电完成 113.16 亿千瓦时，同比增加 10.0%，主要是市内用 电量增长。 2、天然气发电完成 21.21 亿千瓦时，同比增加 71.2%，主要是市 内用电量增长及发电用天然气安排影响。 3、风力发电完成 15.15 亿千瓦时，同比增加 8.2%；光伏及分布 式发电完成 5.90 亿千瓦时，同比增加 21.9%，主要是公司新能源项目 装机规模同比增长。 2024 年第一季度，公司控股发电企业上网电量 149.48 亿千瓦时， 上网电价均价 0.515 元/千瓦时（含税），参与市场交易电量 115.73 亿 千瓦时。 | | | 公司 | 装机容量 | 发电量 | 上网电 | | --- | --- | --- | --- | --- | --- | | 电源 | 企业项目名称 | 持股 | （万千 | （亿千 | 量（亿千 | | 类 ...

证券代码：600642 股票简称：申能股份 公告编号：2024-006 申能股份有限公司董事会 特此公告。 2024 年 4 月 3 日 申能股份有限公司关于董事会秘书履职的公告 申能股份有限公司（以下简称"公司"）于 2024 年 1 月 29 日召 开第十一届董事会第四次会议，同意聘任杨波为公司副总裁、董事会 秘书（具体内容详见 2024 年 1 月 31 日披露的《申能股份有限公司第 十一届董事会第四次会议决议公告》，公告编号 2024-004）。近日， 杨波已取得上海证券交易所董事会秘书任职资格证明，自取得该证明 之日起正式履职公司董事会秘书。 ...

特此公告。 申能股份有限公司 2024 年 3 月 29 日 申能股份有限公司（以下简称"公司"）面向专业投资者公开发 行总额不超过 60 亿元的可续期公司债券已经上海证券交易所审核同 意，并经中国证券监督管理委员会同意注册（具体详见 2023 年 10 月 28 日披露的《申能股份有限公司关于向专业投资者公开发行可续期 公司债券获得中国证券监督管理委员会注册批复的公告》，公告编号 2023-031）。 日前，公司发行完成 2024 年面向专业投资者公开发行碳中和绿 色科技创新乡村振兴可续期公司债券（第一期）（以下简称"本期债 券"）。本期债券发行规模为人民币 10 亿元，发行期限为 2+N 年， 票面利率为 2.50%。 证券代码：600642 证券简称：申能股份 公告编号：2023-005 申能股份有限公司关于完成 2024 年面向专业投资者 公开发行碳中和绿色科技创新乡村振兴可续期公司 债券（第一期）的公告 ...

证券代码：600642 股票简称：申能股份 编号：2024-004 申能股份有限公司 三、以全票同意，谢峰不再担任公司副总裁、董事会秘书。 第十一届董事会第四次会议决议公告 四、以全票同意，舒彤不再担任公司副总裁。 申能股份有限公司第十一届董事会第四次会议于 2024 年 1 月 29 日以通讯表决方式召开。公司于 2024 年 1 月 24 日以法律规定方式通 知全体董事。会议应参加表决董事 11 名，实际参加表决董事 11 名。 会议符合《公司法》和《公司章程》有关规定。会议审议并通过了以 下决议： 一、以全票同意，聘任陈涛为公司总裁，任期同本届董事会。（陈 涛简历附后） 二、以全票同意，聘任杨波为公司副总裁、董事会秘书，任期同 本届董事会。公司将安排杨波参加最近一期上海证券交易所举办的上 市公司董秘任职资格培训，对杨波董事会秘书的聘任将于其取得相关 培训合格证明后正式生效，在此之前由杨波代行董事会秘书职责。（杨 波简历附后） 公司董事会对谢峰、舒彤在任职期间为公司经营发展所做出的贡 献表示衷心感谢！ 公司独立董事事先审阅了任免相关高级管理人员的资料，对上述 陈涛，男，1973年3月出生，汉族，上海人，中 ...