每股分配比例 证券代码：600642 证券简称：申能股份 公告编号：2024-019 申能股份有限公司 2023 年度权益分派实施公告 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： 1. 发放年度：2023 年度 A 股每股现金红利 0.40 元 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2024/6/25 | 最后交易日 － | 除权（息）日 2024/6/26 | 现金红利发放 2024/6/26 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 7 日的第四十四次（2023 年度）股东大 会审议通过。 二、 分配方案 1. 实施办法 本次利润分配以方案实施前的公司总股本 4,894,332,526 股为基数，每股派发 现金红利 0.40 元（含税），共计派发现金红利 1,957,733,010.40 元。 三、 相关日期 | 股份类别 | 股权登记 ...

上海市锦天城律师事务所 关于申能股份有限公司 第四十四次(2023年度) 股东大会的 法律意见书 上海市锦天城律师事务所 关于申能股份有限公司 第四十四次(2023年度)股东大会的 法律意见书 致:申能股份有限公司 上海市锦天城律师事务所(以下简称"本所")接受申能股份有限公司(以下 简称"公司")委托,就公司召开第四十四次(2023年度)股东大会(以下简称"本 次股东大会")的有关事宜,根据《中华人民共和国公司法》(以下简称《公司法》、 《上市公司股东大会规则》等法律、法规、其他规范性文件及《申能股份有限公 司章程》(以下简称《公司章程》)的有关规定,出具本法律意见书。 法律意见书 锦 天 城 律 师 事 务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话: 021-20511000 邮编：200120 上海市锦天城律师事务所 为出具本法律意见书,本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等规定,严格履行 了法定职责,遵循了勤勉尽责和诚实信用原则,对本次股东大会所涉及 ...

证券代码：600642 证券简称：申能股份 公告编号：2024-018 申能股份有限公司 第四十四次（2023 年度）股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 6 月 7 日 (二)股东大会召开的地点：上海市徐汇区东安路 8 号青松城大酒店 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 57 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,279,569,081 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 | | | 股份总数的比例（%） | 67.0075 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，由公 司董事长华士超先生主持。现场会议采取记名投票表决的方式。本次会议的召集、 ...

申能股份有限公司投资者交流会议纪要 时 间：2024年5月31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、泰康基金、国泰基金、申万菱信、银河基金、中银 基金、西部利得基金、华泰证券资管、摩根基金、稻荷基金、财通基 金、永赢基金、海富通基金、复星保德信、太保资管、太平养老。 本次投资者交流会中，投资者重点关注的问题及公司的回答要点 如下： 证券代码：600642 证券简称：申能股份 公告编号：2024-017 Q2：近期燃料成本变动情况及展望 2024年以来，燃料成本总体继续保持震荡下行，一季度煤炭价格 同比降幅明显，环比降幅有所收窄。近期，煤炭价格有小幅反弹，但 整体维持窄幅震荡走势。未来，随着"迎峰度夏"电力需求高峰临近， 煤炭价格将受产能供给、天气因素、水电出力等多重因素影响，可能 面临一定不确定性。 Q3:煤电容量电价的出台带来的影响 2023年11月国家发改委、能源局印发《关于建立煤电容量电价机 制的通知》。相关政策出台有助于提升煤电 ...

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]