股票代码：600674 股票简称：川投能源 公告编号：2024-057 号 四川川投能源股份有限公司 十一届三十一次董事会决议公告 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三十一次董事会会议通知于 2024 年 9 月 5 日以送达、传真和电话通知方式发出，会议于 2024 年 9 月 10 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。 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： 以 11 票赞成，0 票反对，0 票弃权审议通过了《关于对增加川 投（攀枝花）新能源开发有限公司资本金投资决策的提案报告》； 统一社会信用代码：91510402MA7E6YXM8P 注册资本：45925 万元 成立日期：2021 年 12 月 川投（攀枝花）新能源开发有限公司（以下简称"攀新能源公 司"）于 2021 年在攀枝花东区注册成立，为川投能源 100%控 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a net profit attributable to shareholders of 2.302 billion yuan for the first half of 2024, representing a year-on-year increase of 9.74%, which is in line with expectations [3] - The water inflow at the Yalong River hydropower station significantly improved in the second quarter, leading to a 9.38% year-on-year increase in electricity generation for the first half of 2024, with a remarkable 37.24% increase in the second quarter [3] - Despite a decrease in average on-grid electricity prices due to eased supply-demand tensions, the average price remains higher than in the same period of 2022 [3] - Financial expenses decreased significantly, with a reduction of approximately 100 million yuan year-on-year in the first half of 2024, contributing to the growth in net profit [3] Summary by Sections Financial Performance - The company achieved a total revenue of 1.482 billion yuan in 2023, with a projected revenue of 1.482 billion yuan for 2024, indicating a year-on-year growth rate of 4.4% [5] - The net profit attributable to shareholders is forecasted to be 5.111 billion yuan in 2024, 5.390 billion yuan in 2025, and 5.615 billion yuan in 2026, with corresponding PE ratios of 18, 17, and 16 times respectively [4][5] - The financial expenses for the first half of 2024 were 216 million yuan, down from 314 million yuan in the same period of 2023, marking the largest decrease in recent years [3] Market Dynamics - The supply-demand situation in Sichuan's electricity market remains tight, with a long-term trend of rising electricity prices expected due to limited new hydropower capacity [3] - The unique revenue drivers for hydropower companies, which are largely independent of macroeconomic conditions, suggest a revaluation of water power assets in the market [4] Investment Outlook - The company and the entire hydropower sector are expected to have long-term allocation value due to their low covariance characteristics with macroeconomic factors, which enhances their risk resilience [4]

副校長 公用事业 2024 年 08 月 18 日 川投能源 (600674) -2Q 水电高发 投资收益及财务降费贡献利润增量 报告原因：有业绩公布需要点评 。(维持) 事件： 2024 年 08 月 16 日市场故据： 收盘价 (元)18.72 20.23/13.85.年内恳窩/恳低 (元) 市净改2.2 息率（分红/股价）2.14 流通 A 股市值（百万元）91,253 2,877.36/8,370.12___ o 注："息率"以最近一年已公布分红计算 2024 年 06 月 30 日玉姑紋据: 筍股凈资产 (元)8.17 资产负债弱%34.89 4,875/4,875总股本/流通 A 股 (百万) 流通 B 級/H 股（百万）- -年内股价与大盘对比走势 : o 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 失赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱苏 (8621)23297818× zhuhe@swsresearch.com 申万宏源研究微信服务号 o o 当前股价对应 PE 分别为 18、17 和 15 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 18.28 CNY and a reasonable value of 20.78 CNY [1]. Core Views - The company reported a stable growth in performance due to improved water inflow and increased electricity generation, with a 10.2% year-on-year increase in revenue and a 9.7% increase in net profit attributable to shareholders in the first half of 2024 [5][11]. - The investment income for the first half of 2024 was 24.12 billion CNY, a year-on-year increase of 4.88%, with the Yalong River hydropower contributing 21.13 billion CNY, accounting for 87.6% of the total [5][8]. - The company’s financial expenses decreased by 31.37% year-on-year due to the conversion of convertible bonds and declining interest rates, leading to an improvement in self-operated business profits [5][12]. Summary by Sections Section 1: Improved Water Inflow and Increased Electricity Generation - The company achieved a revenue of 6.03 billion CNY in the first half of 2024, reflecting a 10.2% increase year-on-year, and a net profit of 23.03 billion CNY, up 9.7% year-on-year [5][11]. - The Yalong River hydropower's revenue increased by 3.2% year-on-year, contributing significantly to the overall investment income [8][11]. Section 2: Electricity Price Changes and Performance - The average on-grid electricity price decreased by 4.5% year-on-year, with the Yalong River hydropower's price dropping by 2.0% [16][18]. - The company’s electricity generation increased by 17.9% year-on-year, with hydropower generation rising by 18.1% [16][18]. Section 3: Future Growth and Investment Opportunities - The company is expected to enter a peak production phase with the Dadu River project and is advancing the construction of wind and solar projects [2][4]. - The forecast for net profit attributable to shareholders for 2024 to 2026 is 51 billion CNY, 55 billion CNY, and 62 billion CNY respectively, with corresponding P/E ratios of 17.6, 16.2, and 14.4 [1][2]. Section 4: Financial Health and Cash Flow - The company’s total liabilities reached 222 billion CNY, with an asset-liability ratio of 34.9% [11][12]. - Operating cash flow net amount increased by 69.6% year-on-year, reaching 3.2 billion CNY, primarily due to improved water inflow and electricity generation [12][15].

[Table_StockInfo] 2024 年 08 月 16 日 证券研究报告•2024 年半年报点评 买入（维持） 当前价：18.72 元 川投能源（600674）公用事业 目标价：——元（6 个月） 来水修复延续，业绩增长稳健 [Table_Summary] 事件：公司发布 2024 年半年报，报告期内公司实现营收 6.03 亿元，同比增长 10.24%；实现归母净利润 23.02 亿元，同比增长 9.74%，实现投资收益 24.12 亿元，同比增长 4.88%。 24Q2 公司营收/归母净利润同比分别+16.41%/+7.01%。24Q2 公司控股水电发 电量达 11.38亿千瓦时，同比/环比分别+22.0%/+51.1%，光伏发电量达 0.81亿 千瓦时，同比/环比分别+40.7%/+167.7%。 24H1 控股水电/光伏发电同比+18.11%/+14.0%。报告期内公司水电发电量达 18.91 亿千瓦时，同比+18.11%，上网电价 0.241元／千瓦时，同比-2.03%；光 伏发电量达 1.14亿千瓦时，同比+14.00%，上网电价 0.517元／千瓦时，同比 -17.81%，光伏发电量增长 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 22.04 yuan based on a 19x PE for 2024 [3][5]. Core Insights - The company's consolidated business continues to recover in Q2 2024, despite short-term disruptions in electricity prices due to changes in water inflow during the dry season in the Yalong River basin. The long-term growth potential for installed capacity in the Yalong River basin remains significant [3]. - Q2 2024 performance was below expectations, with revenue of 600 million yuan, a year-on-year increase of 10.2%, and a net profit attributable to shareholders of 2.3 billion yuan, up 9.7% year-on-year. The revenue for Q2 2024 was 350 million yuan, a 16.4% increase year-on-year, with a net profit of 1.03 billion yuan, up 7.0% year-on-year, aligning with previous performance guidance [3]. - The report highlights that the Yalong River's electricity generation in Q2 2024 was 18.5 billion kWh, a 37.4% increase year-on-year, while the on-grid electricity price was 0.309 yuan/kWh, down 9.6% year-on-year. This decline in price is attributed to a significant increase in electricity generation during the wet season compared to the previous year [3]. Financial Summary - For 2024, the company is projected to have an EPS of 1.16 yuan, with revenue expected to reach 1.51 billion yuan, reflecting a 2.1% increase year-on-year. The net profit attributable to shareholders is forecasted at 5.68 billion yuan, a 29.0% increase year-on-year [4][11]. - The company's gross profit margin for Q2 2024 was 44.9%, an increase of 3.3 percentage points year-on-year, and financial expenses decreased by 50 million yuan year-on-year to 110 million yuan [3]. - The report indicates that the Yalong River basin has a planned total installed capacity of 100 GW, with over 20.8 GW already in operation as of the end of H1 2024, suggesting substantial future growth potential [3].

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].

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 ...

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 ...