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 ...

[Table_Main] 证券研究报告 | 公司点评 申能股份(600642.SH) 2024 年 09 月 03 日 买入（维持） 所属行业：公用事业/电力 当前价格(元)：7.85 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 申能股份 沪深300 -40% -20% 0% 20% 40% 60% 2023-09 2024-01 2024-05 | --- | --- | --- | --- | |--------------------------------|-------|--------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -4.62 | -12.58 | -6.05 | | 相对涨幅 (%) | -0.11 | -6.45 | 2.75 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《申能股份（600642.SH）：上海电 力 龙 头 ， 盈 利 稳 健 分 红 可 观 》， ...

Investment Rating - The report maintains a "Buy" rating for the company, citing improving fundamentals and a high dividend payout ratio [3] Core Views - The company's coal power profitability has significantly improved in H1 2024, with coal power gross profit per kWh increasing by 0.03 yuan/kWh year-over-year [2] - Green power profitability has slightly declined, with photovoltaic gross profit per kWh decreasing by 0.053 yuan/kWh year-over-year [2] - Investment income has contributed significantly, with equity method investment income reaching 552 million yuan in H1 2024, up from 247 million yuan in the same period last year [3] Financial Performance - In H1 2024, the company achieved revenue of 13.68 billion yuan, a year-over-year decrease of 1.6%, while net profit attributable to shareholders increased by 18.66% to 2.191 billion yuan [2] - The company's coal power generation reached 19.175 billion kWh in H1 2024, a slight increase of 0.4% year-over-year, while natural gas power generation increased by 7.3% to 3.027 billion kWh [2] - The company's average coal consumption for power supply decreased to 281.34 g/kWh in H1 2024, down 1.6 g/kWh year-over-year, and the average standard coal price decreased by 163 yuan/ton to 984 yuan/ton [2] Valuation and Forecast - The report lowers the company's net profit forecast for 2024-2026 to 3.862/4.000/4.258 billion yuan, representing a 2%/10%/11% reduction from previous estimates [3] - The company's PE ratio is projected to be 10/10/9 times for 2024-2026, with EPS of 0.79/0.82/0.87 yuan [3] - The company's ROE (diluted) is expected to remain stable at around 10.7%-10.9% from 2024-2026 [4] Operational Highlights - Wind power generation decreased by 2.6% year-over-year to 2.753 billion kWh in H1 2024 due to unfavorable wind conditions [2] - Photovoltaic and distributed power generation increased by 29.7% year-over-year to 1.454 billion kWh in H1 2024, driven by capacity expansion [2] - The company's coal power and natural gas power on-grid prices (excluding tax) were 0.341 yuan/kWh and 0.806 yuan/kWh respectively in H1 2024 [2] Financial Position - The company's total market capitalization stands at 38.419 billion yuan, with a total share capital of 4.894 billion shares [5] - The company's current price is 7.85 yuan, with a 1-year price range of 5.45-9.27 yuan [5] - The company's 3-month turnover rate is 34.84% [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company's main business profits continue to grow despite a decline in investment income, highlighting the stability of its dividend value [4]. - The company reported a revenue of 13.7 billion yuan for the first half of 2024, a year-on-year decrease of 1.6%, while the net profit attributable to shareholders increased by 18.7% to 2.19 billion yuan [4]. - The second quarter of 2024 saw a revenue of 5.61 billion yuan, down 15.3% year-on-year, and a net profit of 1.03 billion yuan, down 7.3% year-on-year, which aligns with previous expectations [4]. - The company’s investment income decreased by 1.3 billion yuan year-on-year to 580 million yuan in Q2 2024, impacting overall performance [4]. - The company’s gross margin improved to 21.5%, up 1.8 percentage points year-on-year [4]. Summary by Sections Financial Performance - The company expects earnings per share (EPS) of 0.72, 0.78, and 0.79 yuan for 2024 to 2026, respectively, with a target price of 9.63 yuan [4]. - The estimated dividend per share for 2024 is approximately 0.43 yuan, resulting in a dividend yield of about 5.5% based on the stock price as of August 30, 2024 [4]. Business Operations - The company has a diversified asset portfolio that provides stable returns, which mitigates the impact of short-term fluctuations in electricity generation [4]. - The company has maintained a consistent dividend payout since its listing in 1993, with a total dividend amounting to 22.5 billion yuan [4]. Market Data - The current stock price is 7.85 yuan, with a 52-week price range of 5.77 to 9.24 yuan [5][6]. - The total market capitalization is 38.419 billion yuan, with a total share capital of 4.894 billion shares [6].

证券代码：600642 股票简称：申能股份 公告编号：2024-031 申能股份有限公司 第十一届董事会第七次会议决议公告 申能股份有限公司第十一届董事会第七次会议于 2024 年 8 月 29 日以通讯方式召开。公司于 2024 年 8 月 19 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，审议并通过了以下事项： 一、以全票同意，一致通过了《申能股份有限公司 2024 年半年 度报告》及其摘要。（具体内容详见同日披露的《申能股份有限公司 2024 年半年度报告》及其摘要） 董事会审计委员会事先对定期报告进行审议并一致通过。 根据《公司 A 股限制性股票激励计划》，结合 2023 年度公司层 面业绩完成情况，以及激励对象年度个人绩效评价，282 名首次授予 激励对象总计 14,102,220 股第二个限售期限制性股票全部解除限售。 1 授权公司经营管理层具体办理上述 A 股限制性股票解除限售相关事 宜。（具体内容详见同日披露的《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解除限售期解除限售条件成就 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 13,679,596,498.19, a decrease of 1.60% compared to the same period last year[13]. - The net profit attributable to shareholders of the listed company reached CNY 2,191,165,854.35, representing an increase of 18.66% year-on-year[13]. - The net cash flow from operating activities was CNY 4,454,817,827.71, up by 21.85% compared to the previous year[13]. - The total assets at the end of the reporting period amounted to CNY 95,399,819,327.55, reflecting a 1.26% increase from the end of the previous year[13]. - The net assets attributable to shareholders of the listed company increased to CNY 34,851,778,131.91, a rise of 3.92% year-on-year[13]. - Basic earnings per share for the first half of 2024 were CNY 0.447, up 17.94% from CNY 0.379 in the same period last year[14]. - The diluted earnings per share also stood at CNY 0.447, marking a 17.94% increase year-on-year[14]. - The weighted average return on net assets increased by 0.47 percentage points to 6.30% compared to the previous year[14]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 1,843,832,420.18, which is a 10.71% increase from the previous year[13]. Energy Production and Projects - The company achieved a total controllable power generation of 26.409 billion kWh in the first half of 2024, an increase of 2.1% year-on-year[25]. - The installed capacity of new energy holdings reached approximately 5.2784 million kW, accounting for 30.86% of the total installed capacity of 17.104 million kW[25]. - The company has invested in various power generation projects, including coal, gas, nuclear, wind, and solar energy, with a significant focus on clean energy development[19]. - The company has actively responded to national carbon neutrality policies, promoting green and low-carbon energy structure transformation[19]. - The company has made significant progress in expanding its new energy projects, with a new installed capacity of 156,900 kW in the first half of 2024[25]. Environmental Responsibility - The company is classified as a key pollutant discharge unit, indicating its commitment to environmental responsibilities[48]. - The company's power generation facilities achieved ultra-low emissions, with average concentrations of smoke, sulfur dioxide, and nitrogen oxides below national standards[50]. - Total sulfur dioxide emissions amounted to 255.68 tons from the external plant two, with a concentration of 19.17 mg/m³, well below the standard of 35 mg/m³[49]. - The company has implemented a comprehensive environmental monitoring system, ensuring real-time transmission of emissions data and compliance with environmental standards[53]. - The company is actively developing renewable energy projects, including wind and solar, to enhance its clean energy capacity and support national carbon neutrality goals[57]. Financial Management and Capital Structure - The company raised approximately ¥3.45 billion in funding during the first half of the year, achieving an annualized saving of about ¥19 million in financial costs[30]. - The company has issued a perpetual bond of ¥1 billion, contributing to its capital structure optimization[34]. - The company's investment in overseas equity increased by 169.87% year-on-year, amounting to approximately ¥693.60 million[35]. - The company holds an 85% stake in Hainan Shenneng New Energy Co., which generated a profit of ¥22,327.52 during the reporting period[37]. - The company reported a total interest-bearing debt of 115.29 billion RMB at the end of the reporting period, reflecting a year-on-year increase of 12.30%[117]. Shareholder Information - The total number of ordinary shareholders reached 87,305 by the end of the reporting period[84]. - The top ten shareholders held a total of 2,626,545,766 shares, representing 53.67% of the total shares[85]. - China Yangtze Power Co., Ltd. decreased its holdings by 4,793,824 shares, now holding 459,222,635 shares, which is 9.38% of the total[85]. - The report indicates no changes in the company's total share capital structure during the reporting period[82]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[44]. Compliance and Governance - The company has committed to maintaining financial security and compliance in its operations, ensuring no misuse of funds by its controlling shareholder[60]. - There were no administrative penalties related to environmental issues during the reporting period[54]. - The company has established emergency response plans for environmental incidents, ensuring preparedness and effective management of potential crises[52]. - The company has not engaged in any significant litigation or arbitration matters during the reporting period[63]. - The company has not reported any significant adverse events affecting project operations during the reporting period[100]. Accounting and Financial Reporting - The company follows the accrual basis of accounting and prepares financial statements based on the going concern assumption[156][157]. - The company’s accounting policies include asset impairment, depreciation of fixed and right-of-use assets, and revenue recognition[157]. - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial position and operating results accurately[158]. - The company recognizes expected credit losses based on historical data, current conditions, and future economic forecasts[176]. - The company measures expected credit losses for financial assets in different stages, with specific methods for each stage[176].