瑞银证券有限责任公司 关于 四川川投能源股份有限公司 重大资产购买实施情况 之 2023 年度持续督导工作报告 独立财务顾问 签署日期：二〇二四年四月 独立财务顾问声明 本声明所述词语或简称与本持续督导报告"释义"部分所述词语或简称具有相同 含义。 1、本持续督导报告所依据的文件、材料由本次交易的相关各方（上市公司、 交易对方与标的公司）向本独立财务顾问提供。相关各方已承诺在本次交易过程中 所提供的信息真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，本 独立财务顾问不承担由此引起的任何风险责任； 2、本持续督导报告是基于本次交易各方均按相关协议约定全面和及时履行其 在本次交易相关协议下的所有义务、保证、承诺和声明的基础而出具；如上述假设 不成立，本独立财务顾问不承担由此引起的任何风险责任； 5、本独立财务顾问未委托或授权其他任何机构和个人提供未在本持续督导报 告中列载的信息，以作为本持续督导报告的补充或修改，或对本持续督导报告做任 何解释或说明；对于本持续督导报告可能存在的任何歧义，仅独立财务顾问自身有 权进行解释； 6、本独立财务顾问特别提请广大投资者认真阅读就本次交易事项披露的相关 公告，查阅有 ...

证券研究报告 公用事业|电力 公司点评 2024年04月12日 川投能源 (600674.SH ) 买入 ——雅砻江以价补量逆势增长 看好水电长期价值 （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年全年实现归母净利润44亿元，同比 刘晓宁 S1350523120003 增长 25.17%，每股分红 0.4 元，分红比例 44.31%。2024 年一季度实现归母净利润 12.73 liuxiaoning@huayuanstock.com 亿元，同比增长12.06%，符合预期。 ➢ 雅砻江水电2023年来水偏枯，以价补量实现逆势增长。结合国投电力公告，雅砻江水电2023 研究支持 年发电量同比减少 4.84%，但是受益于四川省内电力供需趋紧、外送江苏电价上调以及两河 口电价超预期等因素，全年平均上网电价同比增长11.1%。综合影响下，雅砻江水电2023年 联系人 实现净利润86.6亿元，同比增长17.7%，公司由此确认投资收益41.5亿元。 刘晓宁 ➢ 预计大渡河水电业绩整体持平，持股比例提升带动投资收益增长。公司2023年确认大渡河水 S135052312000 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook [3] Core Views - The report highlights that the increase in electricity prices from the Yalong River hydropower company offsets the pressure from declining electricity generation, leading to a stable improvement in hydropower performance for the year [1][2] - The main driver of profit growth in 2023 was the increase in investment income from major equity holdings, particularly from Yalong River Hydropower Company, which saw a profit increase of 6.02 billion yuan [2] - The report anticipates continued profit contributions from the construction of new hydropower stations in the future, enhancing the company's performance [2][6] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 1.48 billion yuan, a year-on-year increase of 4.36%, and a net profit attributable to shareholders of 4.4 billion yuan, up 25.17% [1][7] - For Q1 2024, the company reported total revenue of 258 million yuan, a 2.92% increase year-on-year, and a net profit of 1.27 billion yuan, reflecting a 12.06% growth [1] Investment Income - The net investment income for 2023 was 48.13 billion yuan, a 22.9% increase from 2022, driven by contributions from Yalong River, Dadu River, and China Nuclear Huineng [2] - Yalong River Hydropower Company generated a net profit of 8.66 billion yuan in 2023, a 17.6% increase, despite a 4.8% decrease in electricity generation [2] Future Outlook - The report indicates that the Yalong River hydropower company is expected to maintain profitability in Q1 2024, despite an 8.2% decline in electricity generation due to increased electricity prices [2] - The company has a robust pipeline of hydropower projects under construction, which is expected to contribute to future profit growth [2][6]

Investment Rating - The report maintains a "Buy" rating for ChuanTou Energy (600674) [1] Core Views - The company reported a revenue of 1.48 billion yuan in 2023, a year-on-year increase of 4%, and a net profit attributable to shareholders of 4.4 billion yuan, up 25% year-on-year [2] - Investment income significantly contributed to the company's performance, with net investment income reaching 4.81 billion yuan, a 23% increase year-on-year [2] - The company has a high dividend payout ratio, distributing 0.40 yuan per share, which corresponds to a payout ratio of 44.3% [2] - In Q1 2024, the company achieved a revenue of 260 million yuan, a 3% increase year-on-year, and a net profit of 1.27 billion yuan, up 12% year-on-year [2] - The company expects net profits for 2024-2026 to be 4.93 billion, 5.33 billion, and 5.75 billion yuan, respectively, with corresponding PE ratios of 16.7, 15.5, and 14.3 [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1,482.36 million yuan with a growth rate of 4.36% and a net profit of 4,400.14 million yuan, reflecting a growth rate of 25.17% [3] - The projected revenues for 2024-2026 are 1,646.04 million, 1,823.24 million, and 2,028.28 million yuan, with growth rates of 11.04%, 10.77%, and 11.25% respectively [3] Investment Income - The investment income from Yalong River Company increased by 600 million yuan year-on-year, while the investment income from Dadu River Company and China Nuclear Huineng increased by 150 million yuan and 120 million yuan respectively [2] Dividend Policy - The company has consistently maintained a high dividend payout ratio over the past few years, with ratios of 53.0%, 57.1%, and 50.8% from 2020 to 2022 [2] Q1 2024 Performance - The company reported a Q1 2024 revenue of 260 million yuan, a 3% increase year-on-year, and a net profit of 1.27 billion yuan, a 12% increase year-on-year [2] - The hydropower generation increased by 12.8% year-on-year, while the on-grid electricity price was 0.283 yuan/kWh, a 0.4% increase year-on-year [2] Profit Forecast - The forecasted net profits for 2024-2026 are 4,907.41 million, 5,325.65 million, and 5,750.33 million yuan, with corresponding PE ratios of 16.7, 15.5, and 14.3 [3]

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 16.98 CNY and a reasonable value of 17.86 CNY [1][2]. Core Insights - The company achieved a robust performance with a net profit of 4.4 billion CNY in 2023, reflecting a year-on-year growth of 25.2%. The first quarter of 2024 also showed a net profit increase of 12.1% [5][21]. - Investment income reached 4.813 billion CNY in 2023, up 22.9% year-on-year, primarily driven by contributions from Yalong River Hydropower and other investments [5][11]. - The Yalong River Hydropower's revenue increased by 10.2% in 2023, with net profit rising by 17.6%, despite a 4.8% decline in power generation due to lower water levels [11][21]. Summary by Sections 1. Yalong River Hydropower Performance - The Yalong River Hydropower segment showed stable performance with a net profit growth of 12.1% in Q1 2024 [5][21]. - The average on-grid electricity price increased by 11.1% in 2023, which helped mitigate the impact of reduced power generation [11][21]. 2. Water Supply and Electricity Price Trends - The company faced a decline in electricity generation due to lower water supply, but the increase in electricity prices exceeded expectations [21]. 3. Future Production Peaks - The Dadu River project is expected to reach a peak in production, while Yalong River is advancing its wind and solar integration projects [21]. 4. Investment Income Growth - The company reported a steady increase in investment income, maintaining a "Buy" rating based on strong performance and future growth potential [1][5]. 5. Financial Metrics - The company’s total liabilities reached 21.76 billion CNY in 2023, with an asset-liability ratio of 36.1% [13][16]. - The operating cash flow remained stable at 5.96 billion CNY, with significant capital expenditures planned for future projects [16][21]. 6. Dividend Policy - The company proposed a dividend of 0.4 CNY per share for 2023, maintaining a dividend payout ratio of 44.3% [19][21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and potential growth [5]. Core Views - The company is expected to benefit from the continued growth in its investment income, particularly from its stakes in hydropower projects, which are anticipated to enhance profitability [3][5]. - The company's main business is in a recovery phase, with significant improvements in operational performance and investment returns [3][5]. Financial Summary - As of the end of H1 2023, the company has 3.42 million kilowatts of hydropower capacity under construction and approval, with additional growth potential from renewable energy projects [1]. - For 2023, the company reported revenue of 1.482 billion yuan, a year-on-year increase of 4.4%, and a net profit of 4.4 billion yuan, reflecting a 25.2% increase [3]. - The forecast for 2024-2026 projects net profits of 4.941 billion yuan, 5.372 billion yuan, and 5.599 billion yuan, respectively, with growth rates of 12.3%, 8.7%, and 4.2% [3][6]. - The company's gross margin is expected to improve from 46.4% in 2023 to 50.2% by 2026 [3][6]. - The price-to-earnings (PE) ratio is projected to decrease from 18.7x in 2023 to 14.7x in 2026, indicating a potentially attractive valuation [3][6]. Investment Opportunities - The company is expanding its renewable energy business, including a planned investment in a pumped storage power station, which is expected to open new growth avenues [1][3]. - The company has committed to a minimum cash dividend of 0.4 yuan per share for the years 2023-2025, translating to a current dividend yield of 2.37% based on the closing price as of April 11, 2024 [3][5].

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]

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].

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. ...

Investment Rating - The report maintains an "Accumulate" rating for ChuanTou Energy (600674) with a target price of 20.88 yuan, up from the previous target of 18.08 yuan [1][2]. Core Insights - The company's Q1 2024 performance exceeded expectations, with net profit attributable to shareholders reaching 1.27 billion yuan, a year-on-year increase of 12.1% [1]. - The growth in performance is attributed to increased investment income and cost savings, with investment income for Q1 2024 at 1.32 billion yuan, up 7.0% year-on-year [1]. - The report highlights the potential for continued growth in equity installed capacity due to the company's investments in hydropower and rising electricity prices [1]. Summary by Sections Financial Performance - For 2023, the company reported a net profit of 4.4 billion yuan, a year-on-year increase of 25.2% [1]. - The projected net profits for 2024 and 2025 are 5.68 billion yuan and 5.91 billion yuan, respectively, with corresponding EPS estimates of 1.16 and 1.21 yuan [1]. - The company's revenue for 2023 is forecasted at 1.48 billion yuan, with a growth rate of 4% compared to 2022 [2]. Installed Capacity and Growth Potential - As of the end of 2023, the company has over 20.8 GW of installed hydropower and wind capacity, with plans for further expansion [1]. - The report notes that the company has been selected for new energy projects, indicating a strong competitive position in the market [1]. Valuation Metrics - The report provides a comparison of valuation metrics, with a PE ratio of 18.7 for 2023E and 14.6 for 2024E, indicating a favorable valuation compared to peers [6]. - The company's dividend per share for 2023 is projected at 0.40 yuan, maintaining a dividend payout ratio of 44.3% [1].