Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 29.1 billion yuan in 2023, a year-on-year increase of 3.4%, and a net profit attributable to shareholders of 3.46 billion yuan, up 220% year-on-year [2]. - In Q1 2024, the company achieved a revenue of 8.07 billion yuan, representing a 10.9% year-on-year growth, with a net profit of 1.16 billion yuan, up 58.0% year-on-year [2]. - The company plans to distribute a cash dividend of 4 yuan for every 10 shares, with a dividend payout ratio of 56.6% and a dividend yield of 4.7% based on the stock price as of April 30 [2]. - The decline in fuel costs has significantly improved the performance of the coal power business, with a 17.5% year-on-year decrease in coal costs, leading to a gross margin of 10.68%, up 10.61 percentage points year-on-year [2]. - The company’s investment income reached 1.57 billion yuan in 2023, a 476% increase year-on-year, with 650 million yuan from investments in joint ventures [2]. - The wind and solar power segments showed steady growth, with revenues of 2.7 billion yuan and 940 million yuan respectively in 2023, and generation increases of 1.9% and 17.6% year-on-year [2]. - In Q1 2024, the company’s electricity generation increased by 15.9% year-on-year, driven by rising local electricity demand [2]. Summary by Sections Financial Performance - The company’s total revenue for 2023 was 29.14 billion yuan, with a growth rate of 3.36% [4]. - The net profit attributable to shareholders for 2023 was 3.46 billion yuan, reflecting a growth rate of 219.52% [4]. - Earnings per share (EPS) for 2023 was 0.71 yuan, with projected EPS for 2024, 2025, and 2026 at 0.80, 0.88, and 0.95 yuan respectively [4][3]. Revenue and Profitability Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 3.90 billion yuan, 4.32 billion yuan, and 4.66 billion yuan respectively [3]. - The report anticipates a gross margin improvement across various segments, with coal power gross margin expected to reach 15.5% by 2024 [11]. Business Segments - The coal power segment is projected to generate revenue of 13.09 billion yuan in 2023, with a slight decline of 0.9% year-on-year [11]. - The gas power segment is expected to see significant growth, with a revenue increase of 31.7% in 2023 [11]. - The wind power segment is projected to grow at a rate of 2.7% in 2023, while the solar power segment is expected to grow by 16.2% [11].

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- ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 10.08 yuan, up from the previous forecast of 8.30 yuan [1][2]. Core Views - The company's coal power business is expected to continue its recovery, highlighting the long-term dividend value supported by ample cash flow [1][2]. - The company reported a significant increase in revenue and net profit for Q1 2024, with revenue reaching 80.7 billion yuan, up 10.9% year-on-year, and net profit of 11.6 billion yuan, up 58.0% year-on-year [1][6]. - The company has a history of consistent cash dividends since its listing in 1993, with cumulative dividends amounting to 22.5 billion yuan [1][2]. Summary by Sections Company Overview - The company, Shenergy Co., Ltd., is a leading player in the power and energy sector in China, with investments across coal, gas, hydro, nuclear, wind, and solar power [2][6]. Financial Performance - For 2023, the company reported a revenue of 291 billion yuan, a year-on-year increase of 3.4%, and a net profit of 34.6 billion yuan, a year-on-year increase of 220% [1][6]. - The earnings per share (EPS) for 2024 and 2025 are projected to be 0.72 yuan and 0.78 yuan, respectively, with a PE ratio of 14 times for 2024 [1][7]. Dividend Policy - The company plans to distribute a dividend of 0.40 yuan per share for 2023, with a dividend payout ratio reflecting its commitment to shareholder returns [1][2]. Market Position - The company is positioned favorably within the industry, with a current market capitalization of 41.65 billion yuan and a stock price range of 5.77 to 8.63 yuan over the past year [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported significant improvement in coal power profitability, with Q1 2024 performance exceeding expectations [2] - The company achieved a revenue of 29.142 billion yuan in 2023, a year-on-year increase of 3.36%, and a net profit of 3.459 billion yuan, up 219.52% [2] - The company plans to distribute a cash dividend of 0.40 yuan per share, totaling 1.958 billion yuan, with a payout ratio of approximately 56.34% [2] - In Q1 2024, the company recorded a revenue of 8.071 billion yuan, a 10.87% increase year-on-year, and a net profit of 1.159 billion yuan, up 57.96% [2] Summary by Sections Financial Performance - The company's controlled power generation enterprises completed a total power generation of 55.111 billion kWh in 2023, a 2.6% increase year-on-year [2] - Coal power generation was 40.201 billion kWh, a slight decrease of 1.7%, leading to a revenue decline of 0.93% [2] - The coal power segment achieved a gross profit of 1.398 billion yuan, a significant increase of 1.393 billion yuan year-on-year due to a notable decrease in thermal coal costs [2] - In Q1 2024, the company’s power generation increased to 15.542 billion kWh, a 15.9% year-on-year increase, with coal power generation at 11.316 billion kWh, up 10.0% [2] Investment Income - The company reported investment income of 1.567 billion yuan in 2023, a year-on-year increase of 12.95%, with significant contributions from equity investments in power operators [2] - In Q1 2024, the company achieved investment income of 345 million yuan, with a fair value increase of related assets contributing an additional 319 million yuan [2] Future Outlook - The report projects an increase in net profit for 2024E-2025E to 3.952 billion yuan and 4.471 billion yuan, respectively, reflecting an upward revision of 5.98% and 15.32% [3] - The company’s earnings per share (EPS) for 2024-2026 are forecasted at 0.81, 0.91, and 0.98 yuan, with corresponding price-to-earnings (P/E) ratios of 11, 9, and 9 times [3] - The report highlights that the company’s fundamentals are expected to gradually improve, maintaining a "Buy" rating based on the declining coal price and high dividend payout ratio [3]

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 9.48 CNY per share based on a PE of 12.0 for 2024 [3][7]. Core Insights - The company reported a revenue of 29.142 billion CNY for 2023, a year-on-year increase of 3.36%, and a net profit attributable to shareholders of 3.459 billion CNY, up 219.52% [1]. - The company plans to distribute a cash dividend of 0.40 CNY per share, totaling 1.958 billion CNY, with a cash dividend ratio of approximately 56.34% [1]. - The first quarter of 2024 showed a revenue of 8.071 billion CNY, a 10.87% increase year-on-year, and a net profit of 1.159 billion CNY, up 57.96% [1]. Financial Performance Summary - In 2023, the coal-fired power generation segment achieved a gross profit of 1.398 billion CNY, a significant increase from the previous year, despite a slight decrease in generation volume [1]. - The gas-fired power generation segment saw a generation increase of 28.9%, contributing a gross profit of 759 million CNY [1]. - The company achieved a net investment income of 1.567 billion CNY in 2023, a year-on-year increase of 12.95 million CNY, primarily due to improved performance from joint ventures [1][5]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 31.292 billion CNY, 32.868 billion CNY, and 34.157 billion CNY, respectively, with growth rates of 7.4%, 5.0%, and 3.9% [2][5]. - The net profit attributable to shareholders is expected to be 3.889 billion CNY in 2024, with a growth rate of 12.5%, and projected to reach 4.371 billion CNY in 2025 [2][5]. - The earnings per share (EPS) forecast for 2024, 2025, and 2026 is 0.79 CNY, 0.89 CNY, and 0.95 CNY, respectively [2][5].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 9.48 CNY per share, based on a PE ratio of 12.0 for 2024 [4][10]. Core Insights - The company reported a revenue of 29.142 billion CNY for 2023, a year-on-year increase of 3.36%, and a net profit attributable to shareholders of 3.459 billion CNY, up 219.52% [1][2]. - The first quarter of 2024 showed a revenue of 8.071 billion CNY, reflecting a growth of 10.87%, with a net profit of 1.159 billion CNY, an increase of 57.96% [1]. - The coal power segment saw a recovery in 2023, with a total generation of 31.070 billion kWh, a slight decrease of 1.5% year-on-year, but the segment's gross profit increased significantly due to lower coal prices [1]. - Investment income contributed positively, with net investment income reaching 1.567 billion CNY in 2023, a year-on-year increase of 12.95 billion CNY [1]. - The renewable energy segment (wind and solar) generated revenue of 3.639 billion CNY in 2023, a growth of 5.9%, with a gross profit of 1.850 billion CNY [1]. Financial Performance Summary - The company plans to distribute a cash dividend of 0.40 CNY per share, totaling 1.958 billion CNY, which represents a cash dividend payout ratio of approximately 56.34% [1]. - The EPS for 2024 and 2025 is projected to be 0.79 CNY and 0.89 CNY respectively, with an additional estimate for 2026 at 0.95 CNY [2][8]. - The average on-grid electricity price in Q1 2024 was 0.515 CNY per kWh, a slight decrease of 0.8 cents per kWh compared to the previous year [1].

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 ...