川投能源 2024 年半年报点评 枯丰结构扰动电价，并表业务持续修复 川投能源(600674) [Table_Industry] 电力/公用事业 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 22.04 | | | 上次预测: | 20.45 | | [当前价格： Table_CurPrice] | | 18.28 | | --- | --- | --- | --- | |----------|-----------------------------|----------------------------|-------------------------| | | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang02 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][3]. Core Views - The company reported a revenue of 603 million yuan for the first half of 2024, representing a year-on-year increase of 10.24%. The net profit attributable to shareholders was 2.302 billion yuan, up 9.74% year-on-year [2]. - The improvement in water inflow has positively impacted the company's hydropower generation, which reached 2.005 billion kWh in the first half of 2024, a year-on-year increase of 17.87% [2]. - Investment income contributed significantly to profits, with total investment income of 2.412 billion yuan, a year-on-year increase of 4.88% [2]. Financial Performance Summary - Revenue for 2024 is projected to be 1,482 million yuan, with a growth rate of 4.4% [3]. - The net profit attributable to shareholders is expected to reach 4.4 billion yuan in 2024, reflecting a growth rate of 25.2% [3]. - Earnings per share (EPS) for 2024 is estimated at 0.90 yuan, with a price-to-earnings (PE) ratio of 20 [3]. Operational Highlights - The company has expanded its installed capacity to 36.83 million kW, with equity capacity at 16.37 million kW [2]. - The average on-grid electricity price for hydropower decreased by 2.03% year-on-year to 0.241 yuan/kWh, while the average on-grid price for photovoltaic power dropped by 17.81% to 0.517 yuan/kWh [2]. - The company has made significant investments in its core subsidiary, Yalong River Company, which is expected to continue generating substantial investment income [2].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Insights - The company reported a revenue of 603 million yuan for the first half of 2024, representing a year-on-year increase of 10.24%. The net profit attributable to shareholders was 2.302 billion yuan, up 9.74% year-on-year [2]. - The improvement in water inflow from major subsidiaries has led to increased investment income, with total investment income reaching 2.412 billion yuan, a year-on-year increase of 4.88% [2]. - Short-term benefits from improved water inflow are expected to support the company's performance, while long-term growth is anticipated from new power generation units coming online [2]. Financial Performance Summary - For the first half of 2024, the company achieved a net profit of 2.302 billion yuan, with a quarterly revenue of 346 million yuan in Q2, reflecting a 16.41% year-on-year increase [2]. - The company’s investment income from Yalong River Company was 2.113 billion yuan, a 2.6% increase year-on-year, while Dadu River Company saw a significant rise in investment income by 73.4% to 147 million yuan [2]. - The company expects to achieve net profits of 5.192 billion yuan, 5.666 billion yuan, and 6.225 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17.6, 16.1, and 14.7 [3][5].

股票代码：600674 股票简称：川投能源 公告编号：2024-056 号 四川川投能源股份有限公司 关于募集资金 2024 年度上半年存放与使用情况的专 项报告 可转债发行募集资金4,000,000,000.00元，扣除保荐及承销费用3,200,000.00元 后余额为3,996,800,000.00元，已于2019年11月15日全部到位。此外发生会计师费用 105,000.00元、律师费用680,000.00元、资信评级费用100,000.00元、发行手续费 449,000.00元、信息披露费用1,400,600.00元等其他相关发行费用合计5,934,600.00 元。上述募集资金扣除承销及保荐费用以及其他相关发行费用后，募集资金净额为 3,994,065,400.00元，已经信永中和会计师事务所（特殊普通合伙）审验，并出具了 P A G E XYZH/2019CDA40226号《验资报告》。 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。 根据中国证券监督管理委员会（以下简称"中国证监会"）公告（2022）15 ...

二、董事会会议审议情况 会议以记名投票方式审议通过了以下提案报告： 股票代码：600674 股票简称：川投能源 公告编号：2024-054 号 四川川投能源股份有限公司 十一届三十次董事会决议公告 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 整性承担个别及连带责任。 一、董事会会议召开情况 四川川投能源股份有限公司十一届三十次董事会会议通知于 2024 年 8 月 8 日以送达、传真和电话通知方式发出，会议于2024 年 8 月 15 日以通讯方式召开。会议应参加投票的董事 11 名，实际参加 投票的董事 11 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。 （一）以 11 票赞成，0 票反对，0 票弃权审议通过了《关于对 攀枝花华润水电开发有限公司金沙江银江水电站 220kV 送出工程投 资决策的提案报告》； （三）以 11 票赞成，0 票反对，0 票弃权审议通过了《关于募 集资金 2024 年度上半年存放与使用情况专项报告的提案报告》。 会议审议通过了《四川川投能源股份有限公司关于募集资金 2024 年度上半年存放与使用 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, reaching 1.2 billion CNY, representing a 15% growth compared to the same period last year[12]. - The company's operating revenue for the first half of 2024 reached ¥603,472,049.67, an increase of 10.24% compared to ¥547,434,395.24 in the same period last year[19]. - Net profit attributable to shareholders was ¥2,302,193,563.97, reflecting a 9.74% increase from ¥2,097,819,545.46 year-on-year[19]. - The net cash flow from operating activities significantly rose by 69.62% to ¥319,476,681.84, compared to ¥188,348,266.00 in the previous year[19]. - The company reported a net profit of RMB 2,290,367,366.06 for the first half of 2024, representing a 10.27% increase compared to the same period last year[105]. - The total comprehensive income for the first half of 2024 was CNY 2,325,810,588.90, compared to CNY 2,113,235,219.73 in the same period last year, indicating a growth of about 10%[124]. User Engagement and Market Expansion - User data indicates a rise in active users by 20%, totaling 500,000 users, reflecting the company's successful customer engagement strategies[12]. - The company is expanding its market presence by entering two new provinces, aiming to increase its market share by 5% in the next year[12]. - The company is actively pursuing project acquisitions and expansions in the clean energy sector, emphasizing its commitment to enhancing its core business[24]. - The company is expanding its market presence in Asia, targeting a 20% market share by the end of 2025[172]. Product Development and Innovation - New product development includes the launch of a renewable energy solution expected to contribute an additional 300 million CNY in revenue by the end of 2024[12]. - Research and development expenses increased by 38.23% year-on-year, totaling approximately 17.31 million yuan[27]. - Research and development expenses increased by 30%, totaling $75 million, focusing on innovative technologies[172]. Strategic Acquisitions - A strategic acquisition of a local energy firm is in progress, which is projected to enhance operational efficiency and add 200 million CNY to annual revenue[12]. - The company completed a strategic acquisition of a competitor for $200 million, enhancing its product portfolio[172]. Financial Position and Assets - The company's total assets increased by 5.39% to ¥63,607,666,296.79 from ¥60,353,345,396.81 at the end of the previous year[19]. - The company achieved a total asset value of 63.61 billion yuan, up 5.39% from the beginning of the year[26]. - The company's total current assets reached CNY 6,682,279,942.89, a significant increase from CNY 3,391,909,343.07 at the end of December 2023, reflecting a growth of approximately 97%[116]. Environmental and Social Responsibility - The company plans to release 20,000 fish in the first half of 2024 to enhance aquatic biodiversity and improve the ecological environment[54]. - The company has implemented a comprehensive support system for poverty alleviation and rural revitalization, focusing on enhancing the self-sufficiency of targeted areas[56]. - The company has committed to environmental protection measures, including regular monitoring and compliance with hazardous waste disposal regulations[54]. Risks and Compliance - The management highlighted potential risks including regulatory changes and market competition, which could impact future performance[12]. - The company is facing risks related to market changes, energy demand fluctuations, and natural disasters, which could impact operational performance[45][46]. - The company reported compliance with environmental regulations, with 3.63 tons of waste oil properly disposed of by a qualified unit[53]. Financial Strategy and Capital Management - The company has no plans for profit distribution or capital increase during this reporting period, focusing instead on reinvestment for growth[12]. - The company raised a total of 4 billion RMB through convertible bonds, with a net amount of 3,994,065,400 RMB after deducting issuance costs[79]. - The company has a loan repayment rate of 100% and an interest payment rate of 100%[105]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 34,944[88]. - Sichuan Investment Group held 2,401,149,487 shares, representing 49.26% of the total shares, with an increase of 27,445,709 shares during the reporting period[89]. - The company reported no impact on earnings per share or net asset value per share due to share changes during the reporting period[87].

股票代码：600674 股票简称：川投能源 公告编号：2024-055 号 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《关于对攀 枝花华润水电开发有限公司金沙江银江水电站 220kV 送出工程投资 决策审核意见的提案报告》； 监事会认为： 本次投资决策流程符合相关规定，符合公司实际情况与生产经 营的需要。 四川川投能源股份有限公司 十一届三十次监事会决议公告 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次监事会会议通知于 2024 年 8 月 8 日以送达、传真和电话通知方式发出，会议于2024 年 8 月 15 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。 （三）以 5 票赞成，0 票反对，0 票弃权审议通过了《关于对募 集资金 2024 年度上半年存放与使用情况专项报告审核意见的提案报 告 ...

股票代码：600674 股票简称：川投能源 公告编号：2024-053 号 为川投能源健康稳定发展、维护川投能源作为上市公司的全体股 东利益，四川省投资集团有限责任公司（以下简称"川投集团"）于 2018 年 1 月 31 日出具了《关于避免同业竞争的承诺》，根据上述承 诺内容，现将 2023 年度川投集团承诺履行情况说明如下： 为进一步加快解决同业竞争问题，川投集团于 2019 年 3 月 8 日 召开了董事会审议了相关议案，在 2018 年 1 月出具的承诺的基础上 对解决同业竞争的措施进行了进一步的细化和明确，川投集团同意通 过由川投能源托管 8 家同业竞争公司股权、即时启动盈利资产注入等 方式以进一步加快解决同业竞争问题。截至本公告日，上述细化措施 均在有序进展中，具体情况如下： 一、川投能源托管 8 家同业竞争公司股权 针对嘉陵江亭子口水利水电开发有限公司（以下简称"亭子口公 司"）、四川省紫坪铺开发有限责任公司（以下简称"紫坪铺公司"）、 川投（达州）燃气发电有限公司（原"四川川投燃气发电有限责任公 司"，以下简称"川投达州燃电"）、川投国际尼泊尔水电联合开发 公司（以下简称"川投尼泊尔"）、四川 ...

股票代码：600674 股票简称：川投能源 公告编号：2024-051号 注：公司并购的控股企业广西融安玉柴新能源有限公司于1月31日财 务并表并纳入统计。 2024年1-6月发电量、上网电量增长的原因： 公司控股水电企业所在流域来水好于上年同期，发电量、上网电量 有所增长。 公司新增控股光伏发电项目装机带来光伏发电量、上网电量较上年 同期有所增长；但因广西地区日照原因，上半年发电利用小时数下降。 2024年1-6月平均上网电价下降的原因： 四川川投能源股份有限公司 2024 年 1-6 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。 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1-6月发电业务的经营情况公告如下： 2024年1-6月，公司控股企业累计完成发电量20.05亿千瓦时，同比 上年增长17.87%；上网电量19.73亿千瓦时，同比上年增长18.00%；企业 平均上网电价0.257元／千瓦时，同比上年降低4.46%。 2024年1-6月，公司控股水电 ...

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。 一、董事会会议召开情况 股票代码：600674 股票简称：川投能源 公告编号：2024-047 号 四川川投能源股份有限公司 十一届二十九次董事会决议公告 四川川投能源股份有限公司十一届二十九次董事会会议通知于 2024 年 7 月 5 日以送达、传真和电话通知方式发出，会议于 2024 年 7 月 12 日以通讯方式召开。会议应参加投票的董事 11 名，实际参加 投票的董事 11 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。 本提案会前已经公司十一届董事会独立董事第一次专门会议审 议通过。 独立董事认为：本次增资的关联交易有利于参股公司的经营发 展，不存在损害公司和全体股东尤其是中小股东利益的情形。一致 同意本议案，并同意将上述事项提交公司董事会审议。 （二）以 11 票赞成，0 票反对，0 票弃权审议通过了《关于修 订<四川川投能源股份有限公司中介机构选聘管理办法>的提案报 告》； 会议同意对《四川川投能源股份有限公司中介机构选聘管理办 法》进行修订 ...