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 ...

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]