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Q1来水改善业绩增长,雅砻江稳定贡献收益
Southwest Securities· 2024-04-14 16:00
[Table_StockInfo] 买入 2024年 04月 12日 (维持) 证券研究报告•23年报&24年一季报点评 当前价: 16.88元 川投能源(600674) 公用事业 目标价: ——元(6个月) Q1 来水改善业绩增长,雅砻江稳定贡献收益 投资要点 西南证券研究发展中心 [T ab事le件_S:u公m司m发ar布y] 2023年年报&2024年一季报,2023年公司实现营收14.8亿元, [分Ta析bl师e_:Au池th天or惠] 同比增长 4%;实现归母净利润 44亿元,同比增长 25%,实现投资收益 48亿 执业证号:S1250522100001 元,同比增长23%。 电话:13003109597 邮箱:cth@swsc.com.cn 投资净收益拉动公司业绩增长。2023年公司实现投资净收益 48.1亿元,同比 增长 23%,其中雅砻江公司投资收益同比增加 6.0亿元,大渡河公司的投资收 分析师:刘洋 益同比增加1.5亿元,中核汇能公司的投资收益同比增加1.2亿元。目前雅砻江 执业证号:S1250523070005 电话:18019200867 公司清洁能源装机已突破 20GW,其中已 ...
业绩增长稳健,蓄能高位电量提升可期
GF SECURITIES· 2024-04-14 16:00
[Table_Page] 年报点评|公用事业 证券研究报告 [川Table_投Title] 能源(600674.SH) [公Tab司le_I评nves级t] 买入 当前价格 16.98元 业绩增长稳健,蓄能高位电量提升可期 合理价值 17.86元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] : 报告日期 2024-04-15 ⚫ 投资收益稳健增长,一季度业绩超预期。2023年公司实现归母净利润 [相Tab对le_P市icQ场uote表] 现 44.00亿元(同比+25.2%,增长8.85亿元),投资收益48.13亿元(同 比+22.9%,增长8.98亿元),其中来自雅砻江水电、国能大渡河、中 30% 20% 核汇能的投资收益分别增长 6.02、1.50、1.22 亿元。2024Q1 公司实 9% 现归母净利润12.73亿元(同比增长12.1%),业绩超预期原因或为雅 -1% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 砻江电价提升及新能源贡献利润,同时财务费用同比降低0.49亿元。 -12% ⚫ 雅砻江电价提升,蓄能高位保障二季度发电量。23Q2起雅 ...
主业业绩修复,看好参股水电持续增利
INDUSTRIAL SECURITIES· 2024-04-13 16:00
证券研究报告 ##iinndduussttrryyIIdd## 水电 #investSuggestion# # #d川yCo投mpa能ny#源 ( 600674 ) investSug 增持 ( 维ges持tionC)h 000009 #title# 主业业绩修复,看好参股水电持续增利 ange# #createTime1# 2024 年4月12日 投资要点 #市场ma数rk据etData# #summary# 事件:川投能源发布2023年报及2024年一季报。公司2023年实现营业收 日期 2024-4-11 入14.82亿元,同比+4.36%,实现归母净利润44.00亿元,同比+25.17%。 收盘价(元) 16.88 2024Q1实现营业收入2.58亿元,同比+2.92%,实现归母净利润12.73亿元, 总股本(百万股) 4,874.61 同比+12.06%。2023年、2024Q1公司投资收益分别为48.13、13.28亿元,同 流通股本(百万股) 4,874.61 比+8.98、+0.77亿元。结合公司经营数据,我们点评如下: 净资产(百万元) 40,821.57 点评:主业得以修复,投资收 ...
川投能源(600674) - 2024 Q1 - 季度财报
2024-04-11 16:00
Financial Performance - The company's operating revenue for Q1 2024 was CNY 257,836,440.72, representing a year-on-year increase of 2.92%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 1,272,927,837.95, reflecting a year-on-year growth of 12.06%[4] - Basic earnings per share for Q1 2024 were CNY 0.2665, up by 4.65% year-on-year[4] - Total profit for Q1 2024 was CNY 12.25 million, reflecting a year-on-year increase of 12.25%[9] - Net profit for Q1 2024 was CNY 1,284,794,152.98, compared to CNY 1,145,831,726.72 in Q1 2023, reflecting an increase of approximately 12.1%[19] - The total comprehensive income for the first quarter of 2024 was CNY 1,366,394,152.98, an increase of 27.0% compared to CNY 1,075,323,916.77 in the same period last year[20] Cash Flow - The net cash flow from operating activities reached CNY 177,238,464.89, marking a significant increase of 36.38% compared to the same period last year[4] - The net cash flow from operating activities was CNY 177,238,464.89, up 36.4% from CNY 129,955,047.14 in Q1 2023[21] - The cash inflow from operating activities totaled CNY 399,694,390.04, compared to CNY 368,842,236.89 in the previous year, reflecting a growth of 8.5%[21] - The net cash flow from investing activities was -CNY 140,552,216.81, an improvement from -CNY 3,694,176,671.65 in Q1 2023[22] - Cash inflow from financing activities amounted to CNY 1,453,444,633.47, a decrease of 74.6% from CNY 5,728,062,945.87 in the same quarter last year[22] - The total cash and cash equivalents at the end of the period were CNY 941,329,780.81, an increase from CNY 665,112,469.26 at the end of Q1 2023[22] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 62,076,460,050.35, an increase of 2.86% from the end of the previous year[5] - The company's total assets increased to CNY 62,076,460,050.35 in Q1 2024 from CNY 60,353,345,396.81 in Q1 2023, a growth of about 2.9%[17] - The company's total liabilities as of March 31, 2024, were not explicitly stated but are critical for assessing financial health[14] - Total liabilities decreased to CNY 19,741,361,576.39 in Q1 2024 from CNY 21,760,400,446.15 in Q1 2023, a decline of approximately 9.3%[17] - The equity attributable to shareholders increased to CNY 40,821,565,518.70, which is a 10.05% rise compared to the end of last year[5] - The company's equity increased to CNY 42,335,098,473.96 in Q1 2024 from CNY 38,592,944,950.66 in Q1 2023, representing a growth of about 9.5%[17] Expenses - Total operating costs decreased to CNY 299,940,283.46 in Q1 2024 from CNY 353,586,241.34 in Q1 2023, a reduction of about 15.2%[18] - Research and development expenses rose to CNY 6,890,007.70 in Q1 2024 from CNY 5,820,347.57 in Q1 2023, an increase of approximately 18.4%[19] - Financial expenses decreased significantly to CNY 104,214,931.21 in Q1 2024 from CNY 153,254,468.84 in Q1 2023, a reduction of about 31.9%[19] Investments and Shareholder Information - The company reported investment income of CNY 1,328,251,324.93 in Q1 2024, compared to CNY 1,251,359,091.84 in Q1 2023, indicating an increase of approximately 6.1%[19] - The company has a total of 39,651,038 shares held by Sichuan Chuan Investment Emei Ferroalloy Group, representing 0.81% of the total shares[12] - There were no significant changes in the top 10 shareholders or their participation in margin trading activities compared to the previous period[12] Other Financial Metrics - The weighted average return on net assets was 3.23%, a slight decrease of 0.07% compared to the previous year[5] - The company reported non-recurring gains of CNY 4,516,790.64 for the period, after accounting for tax and minority interests[7] - The company experienced a significant increase in prepaid expenses by 570.23%, primarily due to increased prepayments by subsidiaries[8] - The cash inflow from the sale of goods and services was CNY 359,890,083.65, slightly up from CNY 353,054,170.48 in the previous year[20] - The company experienced a decrease in cash outflow for purchasing goods and services, which was CNY 31,757,322.20 compared to CNY 41,395,016.68 in Q1 2023[21] - The company's cash flow from financing activities netted CNY 404,070,388.87, down from CNY 3,394,184,564.49 in the same quarter last year[22]
川投能源(600674) - 2023 Q4 - 年度财报
2024-04-11 16:00
Dividend Distribution - The company plans to distribute a cash dividend of 4.00 CNY per 10 shares (including tax), totaling approximately 1,949,842,731.20 CNY based on a total share capital of 4,874,606,828 shares as of March 31, 2024[4]. - The company does not plan to increase capital reserves or issue new shares as part of its profit distribution plan[4]. - The board of directors has approved a dividend payout of 0.5 CNY per share, reflecting a commitment to returning value to shareholders[93]. - The total cash dividend amounting to CNY 1,949,842,731.20 represents 44.31% of the net profit attributable to ordinary shareholders[119]. - The total share capital for the dividend distribution was 4,460,820,865 shares, with the record date set for July 13, 2023[119]. Financial Performance - The company's operating revenue for 2023 was CNY 1,482,358,644.40, representing a 4.36% increase compared to CNY 1,420,414,976.88 in 2022[16]. - Net profit attributable to shareholders for 2023 reached CNY 4,400,136,762.78, a 25.17% increase from CNY 3,515,265,709.37 in 2022[16]. - The net profit after deducting non-recurring gains and losses was CNY 4,315,973,222.17, up 25.24% from CNY 3,446,294,444.33 in the previous year[16]. - The company's total assets increased by 10.31% to CNY 60,353,345,396.81 at the end of 2023, compared to CNY 54,713,816,867.60 at the end of 2022[17]. - Basic earnings per share for 2023 were CNY 0.9864, reflecting a 23.96% increase from CNY 0.7957 in 2022[18]. - The weighted average return on net assets rose to 12.63% in 2023, an increase of 1.83 percentage points from 10.80% in 2022[18]. - The net cash flow from operating activities for 2023 was CNY 595,661,247.31, a decrease of 2.91% from CNY 613,533,709.83 in 2022[16]. - The company reported a total net profit of CNY 1,743,857,010.33 for Q3 2023, with a quarterly revenue of CNY 472,959,378.25[20]. Risk Management - The company has outlined potential risks in its future development discussions, which investors are advised to review[6]. - The company has provided detailed descriptions of potential risks in the "Management Discussion and Analysis" section of the report[6]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[5]. - The company has not faced any issues with more than half of the directors being unable to guarantee the authenticity of the annual report[6]. - The company has not violated any decision-making procedures regarding external guarantees[5]. Corporate Governance - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report, with no significant omissions or misleading statements[2]. - The company has confirmed that all directors attended the board meeting, ensuring a quorum for decision-making[3]. - The company has conducted 12 board meetings and 12 supervisory meetings during the reporting period, ensuring effective governance and oversight[83]. - The company held two shareholder meetings during the reporting period, complying with legal regulations and ensuring valid resolutions[86]. - The company has maintained effective internal control systems to ensure compliance and risk management, with no significant deficiencies reported during the reporting period[120]. Investment and Expansion - The company completed fixed asset investment of 692 million RMB in the development of the Jinsha River Silver River Hydropower Station[26]. - The company acquired 51% equity in Guangxi Rong'an Yuchai New Energy Company, adding 100 MW of new energy installed capacity[26]. - The company signed an investment development agreement for the 1.2 million kW Pingshan pumped storage project, marking a significant breakthrough in the pumped storage sector[26]. - The company is actively expanding its clean energy projects, including the development of hydropower and wind energy, to enhance its competitive advantage[28]. - The company is focusing on building a diversified talent development system to enhance employee skills and capabilities[115]. Environmental and Social Responsibility - The company has made an investment of CNY 7,574,400 in environmental protection during the reporting period[124]. - The company has conducted 14 environmental emergency drills to ensure preparedness for potential environmental incidents[126]. - The company has implemented a comprehensive environmental protection management system, revising 11 related regulations to strengthen its environmental governance[126]. - The company has committed to carbon reduction measures, focusing on clean energy projects such as hydropower and photovoltaic power generation, and has implemented energy-saving management practices[127]. - A total of 340,000 yuan was invested in social responsibility projects, including road repairs and infrastructure improvements in local communities, benefiting 2,730 people[131]. Market Position and Strategy - The company aims to leverage the strategic opportunities presented by the "carbon peak and carbon neutrality" goals, focusing on clean energy sectors such as wind, solar, pumped storage, and new energy storage[79]. - The company is facing challenges in the electricity market due to policy adjustments and increased competition, necessitating the exploration of new profit growth points[81]. - The company has established a strong competitive advantage in clean energy project investment and management, supported by its board and major shareholder[77]. - The company is committed to optimizing its industrial structure and enhancing economic efficiency through market-oriented operations[77]. - The company plans to actively participate in the Chengdu-Chongqing economic circle construction and enhance its core clean energy business during the 14th Five-Year Plan period[78]. Shareholder Information - 四川省投资集团有限责任公司 holds 2,373,703,778 shares, representing 51.83% of the total shares[186]. - China Yangtze Power Co., Ltd. holds 484,779,480 shares, accounting for 10.58% of the total shares[186]. - The number of ordinary shareholders decreased from 34,159 to 33,831 during the reporting period[184]. - The company does not have any major shareholders with pledged shares exceeding 80% of their holdings[197]. - The actual controller is the State-owned Assets Supervision and Administration Commission of the Sichuan Provincial Government[194]. Compliance and Legal Matters - The company has not faced any penalties from securities regulatory authorities in the past three years[101]. - There were no major litigation or arbitration matters during the reporting period[149]. - The company has confirmed that there are no issues related to the completion of performance commitments affecting goodwill impairment testing during the reporting period[145]. - The company has a commitment to maintain the lock-up period for shares for 36 months from the date of listing on the Sci-Tech Innovation Board[143]. - The company has undertaken measures to ensure compliance with related party transactions, with a commitment letter issued on March 11, 2022[143].
2023年年报及2024年一季报点评:控股水电业绩改善,参股资产有望多点开花
Minsheng Securities· 2024-04-11 16:00
川投能源(600674.SH)2023年年报及2024年一季报点评 控股水电业绩改善,参股资产有望多点开花 2024年04月12日 ➢ 事件:4月11日,公司发布2023年度报告,报告期内实现营业收入14.82 谨慎推荐 维持评级 亿元,同比增长4.36%;归母净利润44.00亿元,同比增长25.17%;扣非归母 当前价格: 16.88元 净利润43.16亿元,同比增长25.24%;公司拟向全体股东每股派发现金股利0.4 目标价: 18.00元 元,合计派发现金红利 19.50 亿元,现金分红比例约 44.31%。公司发布 2024 年一季报,报告期内实现营业收入2.58亿元,同比增长2.92%;归母净利润12.73 [Table_Author] 亿元,同比增长12.06%;扣非归母净利润12.68亿元,同比增长11.88%。 ➢ 投资收益对业绩贡献度有望提升:受益于两、杨电站增量贡献及电价上行, 雅砻江水电业绩持续上行,2023 年公司对其投资收益同比增加 6.02 亿元至 41.54亿元,带动公司全年投资净收益同比增加8.98亿元至48.13亿元;此外, 公司对国能大渡河、中核汇能投资收益同比分别增加1. ...
川投能源2024年一季报点评:Q1业绩超预期,权益装机有望持续增长
Guotai Junan Securities· 2024-04-11 16:00
股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[川ITnaf 投bol]e 能_Ti源tle]( 600674) [评Tab级le_:Inv est] 增持 上次评级: 增持 Q1 业绩超预期,权益装机有望持续增长 目标价格: 20.88 上次预测: 18.08 公 川投能源 2024年一季报点评 当前价格: 16.88 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.04.12 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 报 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 (股 百价 万区 元间 )( 元) 13.84 8- 21 ,6 2. 888 3 告 本报告导读: 总股本/流通A股(百万股) 4,875/4,875 ...
川投能源2023年报和2024年一季报点评:2024年来水有望改善,雅砻江水风光成长空间广阔
中国银河· 2024-04-11 16:00
[Table_Header] 公司点评●电力 2024年 4月 12日 [Table_Title] [Table_StockCode] 2024 年来水有望改善,雅砻江水风光成 川投能源(600674) 长空间广阔 [Table_InvestRank] 推荐 (维持) --川投能源 2023 年报和 2024 年一季报点评 核心观点: 分析师 [⚫T able事_S件um:m公ar司y]发 布 2023年年报和 2024年一季报。2023年实现营收 14.82亿元, [陶Ta贻b功le_ Authors] 同比增长 4.36%;实现归母净利 44.00亿元(扣非 43.16亿元),同比增长 25.17% :010-80927673 (扣非增长 25.24%)。利润分配方案为每股派发现金红利 0.4元(含税)。2024 :taoyigong_yj@chinastock.com.cn 年一季度实现营收 2.58亿元,同比增长 2.92%;实现归母净利 12.73亿元(扣 分析师登记编码:S0130522030001 非 12.68亿元),同比增长 12.06%(扣非增长 11.88%)。 ⚫ 投资收益高增长, ...
川投能源:四川川投能源股份有限公司2023年度审计报告
2024-04-11 09:47
四川川投能源股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-102 | 审计报告 XYZH/2024CDAA1B0075 四川川投能源股份有限公司 四川川投能源股份有限公司全体股东: 一、 审计意见 我们审计了四川川投能源股份有限公司(以下简称川投能源公司)财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表,以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 ...
川投能源:信永中和会计师事务所(特殊普通合伙)关于四川川投能源股份有限公司非经营性资金占用及其他关联资金往来的专项说明
2024-04-11 09:38
专项说明 非经营性资金占用及其他关联资金往来情况汇总表 1 | 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: +86 (010) 6554 2288 | | | --- | --- | | 8 号富华大厦 A 座 9 层 | telephone: +86 (010) 6554 2288 | | 9/F, Block A, Fu Hua Mansion, ShineWing | | | No.8, Chaoyangmen Beidajie, | | | Dongcheng District, Beijing, 传真: | +86 (010) 6554 7190 | | certified public accountants 100027, P.R.China | facsimile: +86 (010) 6554 7190 | 关于四川川投能源股份有限公司 四川川投能源股份有限公司 2023 年度 非经营性资金占用及其他关联资金往来的 专项说明 索引 页码 2023 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2024CDAA1F0039 四川川投能源股份有限公司 四川川投能源股 ...