Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 1.087 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.48%, and a net profit attributable to shareholders of 4.422 billion yuan, up 15.10% year-on-year. The net profit for Q3 alone was 2.120 billion yuan, reflecting a growth of 21.55% year-on-year, which aligns with expectations [4] - The company plans to increase its investment in its associate companies, including a 7.2 billion yuan investment in Yalong River Hydropower Development Co., Ltd. (holding 48%) and a 248 million yuan investment in Guoneng Dadu River Hydropower Development Co., Ltd. (holding 20%) [4] - The company experienced a favorable water supply and increased electricity prices during the flood season, leading to improved profitability in hydropower operations. From January to September 2024, the company generated 4.345 billion kWh of electricity, a year-on-year increase of 8.87%, with hydropower generation at 4.119 billion kWh, up 8.00% [4] - Investment income rose by 11% year-on-year to 4.505 billion yuan, benefiting from improved water supply and higher electricity prices [4] - The company forecasts net profits of 5.151 billion yuan, 5.491 billion yuan, and 5.981 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17, 16, and 15 [4] Financial Summary - For the first three quarters of 2024, total revenue is projected at 1.578 billion yuan, with a year-on-year growth rate of 6.5%. The net profit attributable to shareholders is expected to be 5.151 billion yuan, reflecting a growth rate of 17.1% [5] - The average on-grid electricity price for hydropower increased by 2.55% year-on-year, supporting the company's performance [4] - The company maintains a dividend commitment of no less than 0.4 yuan per share, resulting in a current dividend yield of 2.2% based on the closing price on October 14 [4]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： 本报告导读： 公司 3Q24 业绩符合预期；分期增资助力雅砻江装机长期持续成长。 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 1,420 | 1,482 | 1,513 | 1,661 | 2,140 | | (+/-)% | 12.4% | 4.4% | 2.1% | 9.7% | 28.9% | | 净利润（归母） | 3,515 | 4,400 | 5,004 | 5,707 | 6,009 | | (+/-)% | 13.9% | 25.2% | 13.7% | 14.1% | 5.3% | | 每股净收益（元） | 0.72 | 0.90 | 1 ...

川投能源 （600674.SH）2024 年三季报点评 水电量价齐升，投资收益增厚利润 2024 年 10 月 15 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：10 月 15 日，公司发布 2024 年三季度报告。公司前三季度营业收入 10.87 亿元，同比增长 6.48%；归母净利润 44.22 亿元，同比增长 15.10%；扣 非归母净利润 43.92 亿元，同比增长 15.22%；基本每股收益 0.9133 元/股。Q3 单季度，公司实现归母净利润 21.20 亿元，同比增长 21.55%。 ➢ 前三季度水电量价齐升，光伏电价下降明显。2024 年 1-9 月，公司控股企 业累计完成发电量 43.45 亿千瓦时，同比增长 8.87%；上网电量 42.77 亿千瓦 时，同比增长 9.33%；企业平均上网电价 0.217 元/千瓦时，同比增长 0.93%。 1）水电：累计完成发电量 41.19 亿千瓦时，同比增长 8.00%；上网电量 40.53 亿千瓦时，同比增长 8.46%；平均上网电价 0.201 元/千瓦时，同比增长 2.55%。 单 Q3 水电上网电量 23.04 亿千瓦时 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.78 CNY per share based on a 20x PE valuation for 2024 [5][3]. Core Views - Improved water inflow has led to increased electricity generation and stable profit growth. The company reported a net profit attributable to shareholders of 4.422 billion CNY for the first three quarters of 2024, a year-on-year increase of 15.10%, with Q3 net profit reaching 2.120 billion CNY, up 21.55% year-on-year. This growth is primarily driven by increased electricity generation from the Yalong River, contributing to an investment income of 4.505 billion CNY, up 11.01% year-on-year [2][3]. - The Yalong River's electricity generation is expected to see a sequential increase in profit growth for Q3 due to improved water conditions. The report estimates a 26% year-on-year increase in electricity generation for Q3, with July, August, and September showing increases of 89%, 23%, and a decrease of 8% respectively. The electricity price for Q3 has increased by 14.7% year-on-year to 0.289 CNY/kWh [2][3]. - High water levels enhance the company's ability to adjust electricity generation, with significant growth potential from the Yalong River and Dadu River projects. The company plans to invest 7.2 billion CNY in the Yalong River, with several hydropower stations in the Dadu River nearing completion, which will improve performance flexibility [2][3]. Financial Summary - The company achieved a revenue of 14.82 billion CNY in 2023, with a growth rate of 4.4%. The projected revenues for 2024, 2025, and 2026 are 15.99 billion CNY, 16.54 billion CNY, and 20.66 billion CNY, respectively, with growth rates of 7.9%, 3.4%, and 24.9% [4][10]. - The net profit attributable to shareholders for 2023 is projected at 4.4 billion CNY, with expected growth rates of 25.2%, 15.1%, and 8.9% for the following years [4][10]. - The company's earnings per share (EPS) for 2023 is 0.99 CNY, with projections of 1.04 CNY, 1.13 CNY, and 1.27 CNY for the subsequent years [4][10].

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company reported a revenue of 1.087 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.48%, and a net profit attributable to shareholders of 4.422 billion yuan, which is a 15.10% increase year-on-year [1] - Investment income grew rapidly due to improved water inflow in the company's major investee companies, with net investment income reaching 4.505 billion yuan in the first three quarters of 2024, up 11% year-on-year [1] - The company plans to increase capital in its investee companies, Yalong River and Dadu River, to support project funding needs, with a total capital increase of 12.38 billion yuan for Dadu River and 150 billion yuan for Yalong River [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 483 million yuan, a year-on-year increase of 2.14%, and a net profit of 2.120 billion yuan, which is a 21.55% increase year-on-year [1] - The company’s hydropower generation increased by 8.46% year-on-year, with a total of 4.053 billion kWh generated in the first three quarters of 2024 [1] - The average on-grid electricity price for hydropower was 0.201 yuan/kWh, up 2.55% year-on-year, while the on-grid price for photovoltaic power decreased by 19.42% [1] Investment and Growth Prospects - The company expects continued strong performance in Q4 2024 due to favorable water storage conditions in the Yalong River and Dadu River basins [2] - The company forecasts net profits of 5.08 billion yuan, 5.42 billion yuan, and 5.83 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17.39x, 16.29x, and 15.16x [2][6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 21.07 [1]. Core Views - The company's net profit attributable to shareholders for Q3 2024 met expectations, with investment income from hydropower increasing by 20% year-on-year [1]. - For the first nine months of 2024, the company's revenue and net profit attributable to shareholders were RMB 10.87 billion and RMB 4.42 billion, respectively, representing year-on-year increases of 6.5% and 15.1% [1]. - The company plans to increase its investment in the Yalong River hydropower project by RMB 7.2 billion, which may raise its debt-to-asset ratio [1][3]. Summary by Sections Financial Performance - In Q3 2024, the company's revenue and net profit attributable to shareholders were RMB 4.83 billion and RMB 2.12 billion, respectively, showing year-on-year growth of 2.1% and 21.6% [1]. - The investment income from joint ventures and associates increased by RMB 331 million year-on-year, contributing 88% to the net profit growth [1]. - The company expects net profits for 2024-2026 to be RMB 5.07 billion, RMB 5.27 billion, and RMB 5.57 billion, with corresponding EPS of RMB 1.04, RMB 1.08, and RMB 1.14 [1]. Hydropower and Financial Metrics - The company's hydropower generation in Q3 2024 increased by 1.3% year-on-year to 2.193 billion kWh, with the on-grid electricity price rising by 4.6% to RMB 0.167 per kWh [2]. - The financial expenses decreased by 17% year-on-year to RMB 128 million in Q3 2024, continuing a downward trend [2]. - The company’s financial metrics for 2024E include a PE ratio of 17.42x and a PB ratio of 2.19x [4]. Future Outlook - The company is optimistic about the long-term value enhancement from the integrated development of hydropower, wind, and solar energy at the Yalong River project [1]. - The target price adjustment from RMB 22.20 to RMB 21.07 reflects the anticipated growth and market conditions [1].

Financial Performance - The company's operating revenue for Q3 2024 was ¥483,081,032.64, representing a year-on-year increase of 2.14%[4] - The net profit attributable to shareholders for Q3 2024 reached ¥2,119,731,744.62, marking a 21.55% increase compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,101,272,511.87, up by 21.16% year-on-year[4] - Total operating revenue for the first three quarters of 2024 reached ¥1,086,553,082.31, an increase from ¥1,020,393,773.49 in the same period of 2023, reflecting a growth of approximately 6.8%[19] - Operating profit for the first three quarters of 2024 was ¥4,558,423,999.34, up from ¥3,954,929,104.31 in 2023, indicating an increase of approximately 15.2%[19] - The total profit for Q3 2024 reached CNY 4,560,034,745.64, an increase of 15.1% compared to CNY 3,958,791,281.96 in Q3 2023[20] - Net profit attributable to shareholders of the parent company was CNY 4,421,925,308.59, up 15.1% from CNY 3,841,676,555.79 in the same period last year[20] - Basic earnings per share for Q3 2024 was CNY 0.9133, compared to CNY 0.8612 in Q3 2023, reflecting a growth of 6.9%[21] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥64,540,827,113.95, reflecting a 6.94% increase from the end of the previous year[5] - Non-current assets totaled ¥59,915,591,414.35, compared to ¥56,961,436,053.74 in the previous year, marking an increase of about 3.4%[17] - The company's total assets reached ¥64,540,827,113.95, up from ¥60,353,345,396.81, reflecting an increase of about 6.5%[17] - Total liabilities decreased to ¥20,763,917,531.47 from ¥21,760,400,446.15, a decline of approximately 4.6%[17] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period increased by 55.20% to ¥655,997,695.77[4] - Cash flow from operating activities for the first nine months of 2024 was CNY 655,997,695.77, significantly higher than CNY 422,678,798.58 in the same period of 2023, marking a 55.2% increase[22] - Cash inflow from investment activities totaled CNY 4,623,946,274.40, while cash outflow was CNY 3,679,775,065.15, resulting in a net cash flow of CNY 944,171,209.25[24] - The company reported cash and cash equivalents at the end of Q3 2024 amounting to CNY 890,168,722.05, down from CNY 2,056,869,366.08 at the end of Q3 2023[24] - The company's cash and cash equivalents increased, contributing to a stronger liquidity position[17] Shareholder Information - The total number of common shareholders at the end of the reporting period is 40,484[10] - The largest shareholder, Sichuan Investment Group Co., Ltd., holds 2,401,149,487 shares, representing 49.26% of the total shares[10] Expenses and Investments - Research and development expenses for the third quarter of 2024 were ¥25,154,735.36, compared to ¥19,884,108.65 in the same quarter of 2023, showing an increase of approximately 26.5%[19] - The company plans to continue expanding its market presence and investing in new projects, including the construction of new power generation facilities[9] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[17] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 5.12%, an increase of 0.55 percentage points compared to the same period last year[5] - The company recorded a significant increase in cash received from sales and services, totaling CNY 1,231,105,666.92 in the first nine months of 2024, compared to CNY 1,025,817,000.56 in the same period of 2023, representing a 20.1% increase[22] - The net cash flow from financing activities for Q3 2024 was negative at CNY -1,210,573,326.83, compared to a positive cash flow of CNY 1,918,449,085.90 in Q3 2023[24] - The company achieved a tax expense of CNY 56,450,552.84 in Q3 2024, which is an increase from CNY 49,395,421.61 in Q3 2023, reflecting a growth of 4.3%[20] Receivables - The company reported a significant increase of 654.49% in other receivables, primarily due to receivables from equity investees[9] - The company's total current assets as of September 30, 2024, amount to ¥4,625,235,699.60, an increase from ¥3,391,909,343.07 at the end of 2023[15] - Cash and cash equivalents are reported at ¥900,327,522.05, compared to ¥514,719,851.80 at the end of 2023[15] - The company's trading financial assets decreased to ¥1,722,240,000.00 from ¥1,850,240,000.00[15] - Accounts receivable stand at ¥736,132,485.12, slightly down from ¥740,300,933.80[15] - Other receivables have significantly increased to ¥1,107,802,739.23 from ¥146,828,511.52[15]

股票代码：600674 股票简称：川投能源 公告编号：2024-063 号 四川川投能源股份有限公司 十一届三十二次监事会决议公告 本公司监事会及全体监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 整性承担个别及连带责任。 一、监事会会议召开情况 四川川投能源股份有限公司十一届三十二次监事会会议通知于 2024 年 10 月 9 日以送达、传真和电话通知方式发出，会议于 2024 年 10 月 14 日以通讯方式召开。应参加投票的监事 5 名，实际参加 投票的监事 5 名。会议的召集召开符合有关法律、法规、规章和公 司章程的规定。 二、监事会会议审议情况 会议以记名投票方式审议通过了以下提案报告： （一）以 5 票赞成，0 票反对，0 票弃权审议通过了《关于对控 股子公司四川川投田湾河开发有限责任公司对其子公司四川田湾河 旅游开发有限责任公司同比例增资审核意见的提案报告》； 监事会认为： 本次增资符合子公司实际经营需要，符合其开发建设进展及长 远规划。 （二）以 5 票赞成，0 票反对，0 票弃权审议通过了《关于对增 资国能大渡河流域水电开发有限公司关联交易审核 ...

根据上海证券交易所《上市公司行业信息披露指引第三号—电力》 的要求，现将公司2024年1-9月发电业务的经营情况公告如下： 2024年1-9月，公司控股企业累计完成发电量43.45亿千瓦时，同比 上年增长8.87%；上网电量42.77亿千瓦时，同比上年增长9.33%；企业平 均上网电价0.217元／千瓦时，同比上年增长0.93%。 2024年1-9月，公司控股水电企业累计完成发电量41.19亿千瓦时， 同比上年增长8.00%；上网电量40.53亿千瓦时，同比上年增长8.46%；水 电企业平均上网电价0.201元／千瓦时，同比上年增长2.55%。 股票代码：600674 股票简称：川投能源 公告编号：2024-067号 四川川投能源股份有限公司 2024 年 1-9 月主要经营数据公告 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个 别及连带责任。 2024年1-9月，公司控股光伏发电企业累计完成发电量2.26亿千瓦 时，同比上年增长27.68%；上网电量2.24亿千瓦时，同比上年增长28.00%； 平均上网电价0.502元／千瓦时（含 ...

股票代码：600674 股票简称：川投能源 公告编号：2024-065 号 四川川投能源股份有限公司 关于签订雅砻江公司增资协议暨关联交易的公告 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 整性承担个别及连带责任。 重要内容提示： 简要内容：国投电力控股股份有限公司（以下简称"国投电 力"）与四川川投能源股份有限公司（以下简称"川投能源、 公司"）拟签署《关于向雅砻江流域水电开发有限公司增资 事宜之协议》，协议约定共计向雅砻江流域水电开发有限公 司（以下简称"雅砻江公司"）增资 150 亿元人民币，由国 投电力和川投能源按照各自的持股比例（52%：48%）出资， 即国投电力出资 78 亿元人民币，川投能源出资 72 亿元人民 币，出资方式均为货币出资。 本次交易履行的审批程序：本次协议签署事宜构成关联交易， 已经公司十一届三十二次董事会审议通过，关联董事均回避 表决，该事项尚需提交股东大会审议。 本事项构成关联交易，未构成重大资产重组 相关风险提示：本事项不会对公司主营业务和发展产生不利 影响，不存在损害公司及全体股东特别是中小股东利益的情 ...