Financial Performance - Revenue for Q3 2024 reached ¥8,692,861,859.93, an increase of 8.84% compared to the same period last year[2] - Net profit attributable to shareholders was ¥1,089,547,262.61, representing a significant increase of 65.91% year-over-year[2] - Net profit excluding non-recurring gains and losses for the quarter was ¥1,094,633,593.47, up 34.88% from the previous year[2] - Basic earnings per share for the quarter were ¥0.222, an increase of 64.44% year-over-year[3] - Diluted earnings per share for the quarter were also ¥0.222, reflecting a 65.67% increase compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥22,372,458,358.12, an increase from ¥21,889,069,273.82 in the same period of 2023, representing a growth of approximately 2.2%[16] - Operating profit for the first three quarters of 2024 was ¥4,533,857,336.15, up from ¥3,255,612,793.61 in 2023, indicating a significant increase of approximately 39.2%[16] - Net profit attributable to shareholders of the parent company was ¥3,280,713,116.96, up from ¥2,503,318,666.78, reflecting a year-over-year increase of about 30.9%[17] - Basic earnings per share for the first three quarters of 2024 were ¥0.669, compared to ¥0.514 in 2023, indicating a growth of approximately 30.2%[18] - The total comprehensive income for the first three quarters of 2024 was ¥3,934,861,976.65, compared to ¥2,957,349,458.10 in 2023, reflecting an increase of approximately 33%[17] Cash Flow and Liquidity - Operating cash flow for the quarter was ¥1,675,748,668.43, a decrease of 32.16% compared to the same period last year[2] - Cash flow from operating activities for the first three quarters of 2024 was ¥6,130,566,496.14, slightly up from ¥6,126,334,018.90 in the same period last year[19] - The company reported cash and cash equivalents at the end of September 2024 amounting to ¥14,338,737,051.14, up from ¥12,197,709,936.60 at the end of December 2023[20] - The company's cash and cash equivalents increased to ¥27,121,296,497.68 from ¥23,669,517,393.33, representing a growth of approximately 14.5%[14] - The company reported a cash and cash equivalents balance of 1,953,661,356.65 RMB at the end of the period, up from 673,303,296.07 RMB at the end of the previous year, indicating improved liquidity[26] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥99,246,663,862.88, a growth of 5.35% from the end of the previous year[3] - Total assets rose to ¥99,246,663,862.88, compared to ¥94,209,348,651.19 in the previous year, marking an increase of approximately 5.3%[15] - Total liabilities increased to ¥53,826,390,885.00 from ¥52,906,729,548.97, representing a growth of about 1.7%[15] - The total liabilities increased to CNY 12.14 billion, up from CNY 10.96 billion, which is an increase of approximately 10.8%[22] - Long-term borrowings increased to ¥21,920,123,385.43 from ¥19,424,675,514.01, reflecting a growth of about 12.9%[15] - The company's equity attributable to shareholders reached ¥37,191,991,529.51, up from ¥33,538,079,771.36, indicating an increase of approximately 10.0%[15] - The total equity increased to CNY 30.74 billion, up from CNY 28.66 billion, reflecting a growth of approximately 7.3% year-over-year[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 85,312[9] - The largest shareholder, Sheneng (Group) Co., Ltd., holds 2,626,545,766 shares, representing 53.67% of total shares[10] - The second-largest shareholder, China Yangtze Power Co., Ltd., holds 459,222,635 shares, representing 9.38% of total shares[10] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three shareholders alone accounting for over 65%[10] - There are no pledged, marked, or frozen shares among the top ten shareholders[9] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[12] Operational Efficiency - The decrease in operating cash flow is mainly due to a reduction in net cash inflows related to operating activities[8] - Total operating costs decreased to ¥19,777,158,014.69 from ¥19,934,823,467.49 year-over-year, a reduction of about 0.8%[16] - The company received cash from sales of goods and services totaling ¥24,533,496,051.99 in the first three quarters of 2024, slightly down from ¥24,686,435,024.34 in 2023[19] - The company paid cash for purchasing goods and services amounting to ¥15,834,862,055.90, compared to ¥16,351,329,827.60 in the same period last year, indicating a decrease of about 3.2%[19] - Employee compensation payments increased to 80,023,497.92 RMB from 69,243,990.03 RMB year-over-year, reflecting a rise in workforce costs[25] - The total cash outflow from operating activities was 131,293,083.41 RMB, compared to 117,953,738.87 RMB in the previous year, indicating higher operational expenses[25] Investment and Financial Strategy - The company reported an investment income of ¥1,440,594,665.21, up from ¥1,245,226,502.80 year-over-year, which is an increase of approximately 15.7%[16] - Total cash inflow from investment activities was ¥1,163,752,468.71, compared to ¥967,009,337.91 in 2023, marking an increase of about 20.3%[20] - The net cash flow from investment activities was -1,014,610,313.12 RMB, contrasting with a positive cash flow of 777,750,809.84 RMB in the same period last year, highlighting a shift in investment strategy[26] - Cash inflow from financing activities totaled 11,348,522,000.00 RMB, compared to 5,820,000,000.00 RMB in the previous year, indicating a strong increase in financing efforts[26] - The net cash flow from financing activities was 1,210,895,887.49 RMB, a recovery from a negative cash flow of -1,036,229,466.01 RMB in the same period last year, suggesting improved financial management[26] - The company received 2,198,522,000.00 RMB from investment absorption, marking a new source of cash inflow[26]

证券代码：600642 股票简称：申能股份 公告编号：2024-037 公司主要控股发电企业 2024 年前三季度发电量情况 1 1、煤电完成 313.53 亿千瓦时，同比增加 3.6%，主要是用电需求 增长，燃煤机组发电量同比增加。 2、天然气发电完成 66.96 亿千瓦时，同比增加 18.5%，主要是用 电需求增长及发电用天然气安排影响。 3、风力发电完成 40.23 亿千瓦时，同比增加 4.4%；光伏及分布 式发电完成 24.66 亿千瓦时，同比增加 37.1%，主要是公司新能源项 目装机规模同比增长。 2024 年前三季度，公司控股发电企业上网电量 427.52 亿千瓦时， 上网电价均价 0.511 元/千瓦时（含税），参与市场交易电量 323.76 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 | | 类型 | | 比例 | 瓦） | 瓦时） | 瓦时） | | | | （%） | | | | 申能股份有限公司 2024 ...

证券代码：600642 证券简称：申能股份 公告编号：2024-036 申能股份有限公司投资者交流会议纪要 时 间：2024年9月19日 地 点：申能股份有限公司会议室 交流会形式：线下调研 公司参与人员：杨波（副总裁、董事会秘书）、 周鸣（证券部 总经理、证券事务代表） 参会机构：中信建投证券、申万宏源证券、国泰君安证券、华福 证券、天风证券、兴业证券、广发证券、华泰证券、华源证券、东方 红资管、宁银理财、泰信基金、华泰柏瑞、泉果基金、招商基金、太 平养老 Q1：公司2024年上半年经营情况及业绩增长分析 2024上半年，公司实现营业收入136.8亿元，归母净利润21.9亿 元，同比增长18.7%，业绩同比增长主要由于煤价同比下跌因素影响。 公司控股发电量完成264.1亿千瓦时，同比增加2.1%。 Q2：近期公司燃料成本情况及未来价格展望 公司深挖燃料降本潜力，强化长协资源落实及经济、足量兑现， 优化煤炭采购结构，加大经济煤掺烧力度，落实迎峰度夏储煤方案。 公司上半年控股电厂平均耗用标煤价984元/吨，同比下降163元/吨。 未来煤炭价格仍将持受供需格局关系、国内宏观经济、气候、国际形 势等诸多因素影响，存 ...

证券代码：600642 证券简称：申能股份 公告编号：2024-035 申能股份有限公司 关于 A 股限制性股票激励计划首次授予部分 第二个限售期解除限售暨股票上市的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： （一）本激励计划已履行的决策程序 1、2021 年 1 月 25 日，公司召开第十届董事会第四次会议，审议通过了《关 于<申能股份有限公司 A 股限制性股票激励计划（草案）>及其摘要的议案》、《关 于制定公司 A 股限制性股票激励计划<实施考核办法>与<实施管理办法>的议案》 及《关于提请公司股东大会授权董事会办理 A 股限制性股票激励计划相关事宜的 议案》，公司独立董事对本激励计划的相关议案发表了独立意见。 2、2021 年 1 月 25 日，公司召开第十届监事会第四次会议，审议通过了《关 于<申能股份有限公司 A 股限制性股票激励计划（草案）>及其摘要的议案》、《关 于制定公司 A 股限制性股票激励计划<实施考核办法>与<实施管理办法>的议案》。 本次股票上市类型为股权激励股份；股 ...

ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ ⁵ᶐ䐵俿侣᷿㘋敒⋺ ( 侣敒ℸ⼩侣䡪㻂↳媣℔梘㨣㊊ᶊ忪℈ 䨮ᶎᴬ敒㘡壥敦敒㙣᷸ㄒ⬳ 䗺⁵ᶍ杻䖆 㯗⺍】壃ᵨ ᶎɃᶎ◝ 㘊 ☲♂澿ᴌ㱹ⴄ㱨ᴞ㒲∼揸⛐ᴯ峱 ⋹ᴌ㱹ᴯ⻅⠩⊨ ⭄ 䐷嫟澿 Ḣ䘡澿 徰丘澿 ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ 㯗⺍】壃ᵨ ᴌ㱹ⴄ搨⠫⛐⺍ⴊᶍ↣ㅂ ⁵ᶐ䐵俿侣᷿㘋敒⋺ $ 侣敒ℸ⼩侣䡪㻂↳媣℔梘㨣㊊ᶊ忪℈ Ⱦ㘮ㅂ⋓坪㯗⺍】壃ㅂẟ㉰䖆㔱㘮㯗⺍】壃ᵨ⁹㓧⅏䷑⋓䐡ㄘ⩚☪䖆 㘋⁵ᶍ⪠⎎㩥⸑枃ⴅ⪠㒿䖆㯗⺍Ⱦ㯗壆Ⱦ坎㑁壆䧢⎎⁸ᷘ壆刅⼩㒉᷸澱㘮ㅂ⛼ᶐ ⫻㘋⁵ᶍ⪠䖆ᶈ壥⎎⫻㘋⁵㯗壆䖆䌈壥伎⋓坪㯗⺍】壃激 Ⱦ㘮ㅂ境㭄⋺⎎䗺⁵㒻㋒ẝ㘮ㅂ媦ᴼ⁹㘮㯗⺍】壃ᵨㅂ⻇⠉䖆⎎䘡⪠ 䖆⊡⣍ᵨ晤㙒㒛Ⱦⅱ㘮㙒㒛Ⱦ⠏≲㙒㒛ㄘ伇⋥⠶嫃夂澱㘮ㅂ⺙Ⅎ⋺䖆⢄ᴍở嫃澿 ⋺⎎䗺⁵㒻ㅂ㋒ẝ䖆㒉᷸⎎㙒㒛ⶖ㔱⪎㑶Ⱦ䘡⪠⎎㘋㑊䖆激䪀乴㒉᷸䖆ᴽṕ⁹ 㘋䪀乴㒉᷸䖆㙅Å俿↝⎎坎ᴼ俿↝澱ㅂ㋒ẝ㒉᷸ᴯ䖆ㅂ㘋䪀⩙⎎≲䧢㔱䘡⪠䖆澱 ᷽ṗ䪀乴䖆㒉᷸♉効⺙䗺⁵⹕ᶍ⌆㒻㘋㑊㊊㙅澱ᴖ䐳⁸㯗⪜ᷥ坪ᶼㄘ⌊㯗㊊㙅 ᷥ坪䪀乴激㒉᷸䖆⠏≲᷸ᴐ⊡᷸䗺䨨澱ᴖᴂ℉岵ᷧ⏏㘮㯗⺍】壃ᵨ䖆䘡⪠⎎ 㒉᷸♉⌓㘮ㅂㆭ昴澱伎㓢᷽ṗ斒䚔Ⱦ彙㸑Ⱦ啜Ὁㄘ嫱⫾ᵍ⠆激嫧䩋ᶍ⪠⎎㒉᷸ ᶐ㋒ẝ䷛㘮ㅂᵍ㓧 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 13.68 billion yuan for the first half of 2024, a year-on-year decline of 1.6%, while the net profit attributable to shareholders was 2.191 billion yuan, an increase of 18.66% year-on-year [3] - The performance growth in the first half of the year is attributed to the decline in coal prices and stable electricity prices, with an average coal price of 984 yuan per ton, down 163 yuan per ton year-on-year [3][4] - The company’s installed capacity as of June 30, 2024, was 17.1 million kilowatts, with significant contributions from coal and gas power [3] - The second quarter saw a decline in coal power generation due to weakened demand and increased hydropower supply, but a recovery is expected in the third quarter due to high temperatures in Shanghai [4] - The company’s dividend yield is projected at 5.9% for 2024, indicating strong allocation value [3] - Profit forecasts for 2024-2026 have been adjusted to 3.7 billion, 3.9 billion, and 4.1 billion yuan respectively, with corresponding PE ratios of 10, 10, and 9 times [3] Summary by Sections Financial Performance - Revenue for the first half of 2024 was 13.68 billion yuan, down 1.6% year-on-year; net profit attributable to shareholders was 2.191 billion yuan, up 18.66% year-on-year [3] - The second quarter revenue was 5.609 billion yuan, down 15.31% year-on-year, with net profit of 1.032 billion yuan, down 7.26% year-on-year [3] Installed Capacity and Power Generation - As of June 30, 2024, the company had a total installed capacity of 17.1 million kilowatts, with coal, gas, wind, solar, and distributed generation capacities of 8.4 million, 3.43 million, 2.42 million, 2.25 million, and 0.61 million kilowatts respectively [3] - The second quarter saw a total power generation of 10.867 billion kilowatt-hours, down 13% year-on-year [4] Dividend and Valuation - The company’s dividend yield for 2024 is estimated at 5.9%, based on a 60% payout ratio [3] - Adjusted profit forecasts for 2024-2026 are 3.7 billion, 3.9 billion, and 4.1 billion yuan, with PE ratios of 10, 10, and 9 times respectively [3]

[Table_Page] 中报点评|电力 证券研究报告 [Table_Title] 申能股份（600642.SH） 单季盈利趋于稳定，高分红公用事业化加速 [Table_Summary] 核心观点： ⚫ 单季业绩趋于稳定，现金流大幅改善。公司发布 2024 年中报，上半年 实现营收 137 亿元（同比-1.6%），归母净利润21.9 亿元（同比+18.7%）， 其中 Q1、Q2 分别为 11.6、10.3 亿元；扣非归母净利润 Q1、Q2 分别 为 8.91、9.53 亿元、环比持续改善（一季度存公允价值变动收益 3 亿 元）。上半年具体来看：（1）煤价下行煤电毛利率提升 8.6pct 至 14.5%； （2）投资收益贡献 9.2 亿元（同比+5.7%）。上半年公司经营现金流达 45 亿元（同比+21.8%），投资现金流净支出受海风开工等影响增至 26 亿元；2024H1 归母净资产较 2023 年末增长 4%。 ⚫ 电量下滑影响盈利有限，看好业绩持续兑现。上半年发电量 264 亿千 瓦时（同比+2.1%），其中 Q1、Q2 同比+15.9%、-12.8%；同期上网 电价 0.511 元/千瓦时（同比-3.0 ...

公司近一年市场表现 资料来源：最闻 市场数据：2024 年 9 月 3 日 公司发布 2024 年半年报：24H1 公司实现营业收入 136.80 亿元，同比 -1.60%；实现归母净利润 21.91 亿元，同比+18.66%；扣非后归母净利润 18.44 亿元，同比+10.71%；基本每股收益 0.447 元/股，同比+17.94%；加权平均 净资产收益率 6.30%，同比增加 0.47 个百分点；经营性现金流量净额 44.55 亿元，同比+21.85%。24Q2 公司实现营业收入 56.09 亿元，同比-15.31%，环 比-30.51%；实现归母净利润 10.32 亿元，同比-7.26%，环比-11.00%，扣非 后归母净利润 9.53 亿元，同比-19.78%，环比+7.00%。 收盘价（元）： 7.70 年内最高/最低（元）： 9.27/5.71 发电量增长提速，气电发电量高增。24H1 年公司控股发电企业完成发 电量 264.09 亿千瓦时，同比+2.1%，上网电量 253.80 亿千瓦时，同比+2.2%； 其中煤电完成 191.75 亿千瓦时，同比+0.4%；气电完成 30.27 亿千瓦时，同 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant recovery in coal power performance and steady growth in diversified energy business [5] - The company reported a revenue of 13.68 billion yuan for the first half of 2024, a year-on-year decrease of 1.6%, while net profit attributable to shareholders increased by 18.66% to 2.19 billion yuan [5] - The average on-grid electricity price decreased by 0.016 yuan/kWh to 0.511 yuan/kWh in the first half of 2024, while the average coal price dropped by 163 yuan/ton to 984 yuan/ton [5] Summary by Sections Financial Performance - The company achieved a total revenue of 136.80 billion yuan in the first half of 2024, with a net profit of 21.91 billion yuan, reflecting a year-on-year growth of 18.66% [5] - The basic earnings per share (EPS) for the first half of 2024 was 0.447 yuan, up 17.94% year-on-year [5] - The company’s coal power segment saw a gross profit increase of 148.55% to 905 million yuan, while gas power gross profit slightly decreased by 0.49% to 353 million yuan [5] Energy Production - The company generated 264.09 billion kWh of electricity in the first half of 2024, with a year-on-year increase of 2.1% [5] - The installed capacity for renewable energy reached 5.2784 million kW, accounting for 30.86% of the company's total installed capacity [5] - Wind power generation decreased by 2.62% to 27.53 billion kWh, while solar and distributed generation increased by 29.71% to 14.54 billion kWh [5] Upstream Resource Expansion - The company is actively expanding upstream resources in oil and gas, achieving a revenue of 1.748 billion yuan from oil and gas pipeline transportation, a year-on-year increase of 38.36% [5] - Investment income from associates and joint ventures reached 923 million yuan, up 5.72% year-on-year, with a significant increase of 69.13% in investment income from joint ventures [5] Profit Forecast and Valuation - The company’s net profit forecasts for 2024-2026 are 3.958 billion, 4.476 billion, and 4.836 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 times [5] - The expected dividend payout ratio for 2024 is 55%, leading to a projected dividend yield of 5.7% based on the current stock price [5]

证券研究报告 申能股份 (600642 CH) 经营稳中向好，股息率高达 5.5-6% 投资评级(维持): 买入 目标价(人民币): 10.27 华泰研究 中报点评 2024 年 8 月 31 日│中国内地 发电 1H24 公司整体经营稳中向好，2024E 股息率高达 5.5-6% 公司 1H24 实现营收/归母净利 136.8/21.9 亿元，同比-1.6%/+18.7%；2Q24 公司营收/归母净利同比-15.3%/-7.3%至 56.1/10.3 亿元。1H24，公司整体 经营稳中向好，归母净利润同比增长主要系控、参股煤电盈利改善以及油气 管输业务盈利同比增长。2Q24，公司归母净利同比-0.81 亿主要系其他非流 动金融资产在持有期间的投资收益（非核电分红）同比-1.78 亿。我们预计 2024-2026 年公司归母净利 38.7/39.1/40.7 亿元，对应 EPS 0.79/0.80/0.83 元，假设 2024 年 55%-60%分红比例，公司股息率高达 5.5%-6%。参考可 比公司 2024E PE 的 Wind 一致预期 10x，考虑公司分红稳定性及分红比例 高于可比公司，给予公司 13 ...