1 重要内容提示： 一、投资概述 2024 年 12 月 13 日，公司召开八届三十三次董事会，审议通过 《关于投资建设滚哈布奇勒水电站及和静抽水蓄能电站项目的议 案》。根据《上海证券交易所股票上市规则》等相关规定，本项目投 资不构成关联交易和重大资产重组，项目实施无重大法律风险。根据 《公司章程》有关规定，本次对外投资需提交公司股东大会审议。 证券代码：600795 证券简称：国电电力 公告编号：临2024-51 国电电力发展股份有限公司 关于投资建设滚哈布奇勒水电站及和静 抽水蓄能电站项目的公告 项目名称：新疆开都河滚哈布奇勒水电站项目（以下简称"滚 哈布奇勒水电站"）、新疆和静抽水蓄能电站项目（以下简称"和静 抽水蓄能电站"）。 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 担法律责任。 项目内容：滚哈布奇勒水电站位于新疆巴音郭楞蒙古自治州 境内，总装机容量 25.7 万千瓦；和静抽水蓄能电站位于新疆巴州和 静县境内，总装机容量 210 万千瓦。滚哈布奇勒水电站、和静抽水蓄 能电站分别于 2023 年 11 月、2023 年 9 ...

证券代码：600795 证券简称：国电电力 公告编号：临2024-49 国电电力发展股份有限公司 八届三十三次董事会决议公告 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 担法律责任。 国电电力发展股份有限公司（以下简称"公司"）八届三十三次 董事会会议通知及会议材料,于 2024 年 12 月 6 日以专人送达或邮件 方式向公司董事、监事发出，并于 2024 年 12 月 13 日以通讯方式召 开。会议应到董事 8 人，实到 8 人，公司监事、高管人员列席会议， 符合《公司法》和《公司章程》的规定。会议审议并一致通过全部议 案，形成如下决议： 一、同意《关于公司及公司控股子公司 2025 年度日常关联交易 的议案》 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）上 发布的《国电电力发展股份有限公司关于 2025 年度日常关联交易的 公告》（公告编号：临 2024-50）。 本项议案已经独立董事专门会审核通过。 本项议案需提交股东大会审议。 二、同意《关于投资建设滚哈布奇勒水电站及和静抽水蓄能电站 项目的议案》 同 ...

证券代码：600795 证券简称：国电电力 公告编号：临 2024-53 国电电力发展股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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 整性承担法律责任。 重要内容提示： (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网 络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 12 月 30 日 14 点 00 分 召开地点：北京市朝阳区安慧北里安园 19 号公司会议室 (五)网络投票的系统、起止日期和投票时间 股东大会召开日期：2024年12月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会 网络投票系统 一、召开会议的基本情况 (一)股东大会类型和届次 2024 年第四次临时股东大会 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 30 日 至 2024 年 12 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大 ...

证券代码：600795 证券简称：国电电力 公告编号：临2024-52 国电电力发展股份有限公司 关于投资建设昌黎50万千瓦海上光伏试点 项目的公告 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 担法律责任。 重要内容提示： 项目名称：昌黎 50 万千瓦海上光伏试点项目（以下简称"昌 黎海上光伏项目"）。 项目内容：昌黎海上光伏项目，于 2023 年 11 月完成河北省 昌黎县政府企业投资项目备案，已取得土地预审、环评、水保等支持 性文件。 项目投资：昌黎海上光伏项目由国电电力发展股份有限公司 （以下简称"公司"）全资子公司国电电力昌黎新能源开发有限公司 （以下简称"昌黎新能源"）开发、建设及运营。项目动态总投资 259,164.45 万元，资本金比例 30%，其余通过银行贷款解决。按照动 态总投资计算，公司将向昌黎新能源拨付资本金 77,749.34 万元用于 昌黎海上光伏项目建设及运营。 一、投资概述 2024 年 12 月 13 日，公司召开八届三十三次董事会，审议通过 《关于投资建设昌黎 50 万千瓦海上光伏试点项目的议案》。根 ...

公司控股股东国家能源投资集团有限责任公司（以下简称"国 家能源集团"）及所属企业为公司关联法人。 本项议案尚需提交股东大会审议。 一、2025 年度日常关联交易的基本情况 （一）审议程序 1.董事会表决情况和关联董事回避情况 2024 年 12 月 13 日,公司召开八届三十三次董事会，审议通过《关 于公司及公司控股子公司 2025 年度日常关联交易的议案》，公司关 联董事栾宝兴、张世山回避表决。该项议案尚需公司股东大会审议， 关联股东在股东大会上将回避表决。 证券代码：600795 证券简称：国电电力 编号：临2024-50 国电电力发展股份有限公司 关于2025年度日常关联交易的公告 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 担法律责任。 重要内容提示： 2.独立董事专门会审议情况 2024 年 12 月 13 日，公司召开独立董事专门会，审议通过《关 于公司及公司控股子公司 2025 年度日常关联交易的议案》并出具独 立董事专门会审查意见，独立董事认为：公司日常关联交易是正常生 产经营和业务发展所需，遵循公开、公平、公正原则， ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 133.9 billion yuan, a year-on-year decrease of 2.79%, and a net profit attributable to shareholders of 9.191 billion yuan, a year-on-year increase of 63.41% [3] - The decline in revenue is attributed to the impact of new energy pricing in the market, while the significant increase in net profit is mainly due to one-time investment income from the transfer of assets in the second quarter [3][4] - The company is positioned as a key player in the conventional energy integration platform of the State Power Investment Corporation, with plans to add 35 GW of new energy capacity during the 14th Five-Year Plan [5] Financial Summary - As of November 1, 2024, the company's closing price is 4.88 yuan, with a total market capitalization of 87,037.82 million yuan and a debt-to-asset ratio of 72.73% [2] - The company expects net profits for 2024-2026 to be 9.122 billion yuan, 6.661 billion yuan, and 6.930 billion yuan respectively, with corresponding year-on-year growth rates of 62.65%, -26.98%, and 4.03% [5][6] - The projected P/E ratios for 2024-2026 are 10, 13, and 13 times respectively [5] Operational Performance - As of September 2024, the company has a total installed capacity of 108.06 million kilowatts, with significant contributions from thermal, hydropower, wind, and solar energy [4] - In the third quarter, the company achieved an on-grid electricity volume of 126.7 billion kWh, a year-on-year increase of 1.2%, primarily driven by growth in solar capacity [4] - The average on-grid electricity price in the third quarter was 0.4105 yuan per kWh, showing a slight decline of approximately 0.3 cents per kWh compared to the previous year [4]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2]. Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 133.86 billion yuan, a year-on-year decrease of 2.79%, and a net profit attributable to shareholders of 9.19 billion yuan, an increase of 63.41% year-on-year [1]. - The company is expected to see improvements in thermal power profitability, recovery in hydropower generation, and rapid growth in renewable energy supply [2]. - The projected EPS for 2024-2026 is 0.52, 0.53, and 0.56 yuan, corresponding to PE ratios of 9.6, 9.2, and 8.7 respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 9.19 billion yuan, with a basic EPS of 0.515 yuan, reflecting a year-on-year increase of 63.5% [1]. - The company's total installed capacity reached 108.06 million kilowatts by the end of Q3 2024, with significant growth in photovoltaic capacity [1]. - The average on-grid electricity price in Q3 2024 was 410.48 yuan per megawatt-hour, showing a slight year-on-year decrease of 0.09% [1]. Financial Data and Valuation - Revenue for 2024 is estimated at 187.73 billion yuan, with a projected net profit of 9.19 billion yuan, reflecting a year-on-year growth of 63.8% [3]. - The company's gross margin is expected to improve to 18.0% in 2024, with a net margin of 4.9% [3]. - The projected P/E ratio for 2024 is 9.6, indicating a favorable valuation compared to historical performance [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][12]. Core Insights - The company reported a revenue of 133.86 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.79%, while the net profit attributable to shareholders reached 9.19 billion yuan, reflecting a significant year-on-year increase of 63.41% [1][4]. - The company has expanded its renewable energy capacity, adding 3.3 GW in the first three quarters, bringing the total to 21.1 GW by the end of September 2024 [2]. - The average on-grid electricity price decreased by 10.14 yuan per thousand kilowatt-hours, contributing to the slight decline in revenue despite an increase in electricity generation [3]. Financial Performance Summary - For the first three quarters, the company achieved a total electricity generation of 346.88 billion kWh, a year-on-year increase of 2.39%, with on-grid electricity sales also up by 2.52% [3]. - The gross profit margin for the first three quarters was 14.78%, a slight decrease of 0.31 percentage points year-on-year, while the net profit margin improved by 2.97 percentage points to 10.82% [4]. - The company’s investment income for the first three quarters was approximately 6.69 billion yuan, primarily driven by the transfer of a 50% stake in a subsidiary [4]. Financial Forecast - The projected net profit attributable to shareholders for 2024-2026 is estimated at 9.8 billion, 8.9 billion, and 10.8 billion yuan, respectively, with corresponding P/E ratios of 9, 10, and 8 [5]. - Revenue forecasts for the next three years indicate a slight decline in 2024, followed by modest growth in 2025 and 2026 [8]. Capacity and Expansion Plans - As of September 30, 2024, the company’s total installed capacity reached 108.06 million kW, with thermal power accounting for 71.99 million kW, hydropower 14.95 million kW, wind power 9.53 million kW, and solar power 11.61 million kW [2]. - The company plans to acquire over 14 million kW of new energy resources in 2024, with approvals for 12 million kW and construction of 8.3 million kW [2].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Views - The company has shown a year-on-year decline in revenue of 2.79% for the first three quarters of 2024, attributed to a decrease in electricity prices and reduced income from the coal sector due to the transfer of Guodian Construction Investment [3]. - The net profit attributable to the parent company increased by 63.41% year-on-year, driven by increased investment income from the transfer of Guodian Construction Investment and higher investment income from joint ventures [3]. - The company added 1.54 GW of new renewable energy capacity in Q3, with a total installed capacity of 108.06 million kW by the end of September 2024, indicating significant growth potential in the renewable energy sector [3][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 133.86 billion yuan, a decrease of 2.79% year-on-year, and a net profit of 9.19 billion yuan, an increase of 63.41% year-on-year [1][2]. - The average on-grid electricity price for Q3 was 410.48 yuan/MWh, showing a slight year-on-year decline of 0.09% [2]. - The company expects operating revenue to reach 188.06 billion yuan in 2024, with a year-on-year growth of 3.9%, and net profit to be 9.78 billion yuan, reflecting a growth of 74.4% [5][6]. Installed Capacity and Energy Mix - As of September 2024, the company's installed capacity consisted of 66.6% thermal power, 13.84% hydropower, 8.82% wind power, and 10.74% solar power [3]. - The company has a robust pipeline of renewable energy projects, with a total approved or filed capacity of 6.70 million kW, indicating ample growth opportunities in the renewable sector [3][5]. Future Projections - The company forecasts operating revenues of 192.38 billion yuan in 2025 and 198.28 billion yuan in 2026, with corresponding net profits of 9.10 billion yuan and 10.26 billion yuan, respectively [5][6]. - The expected EPS for 2024, 2025, and 2026 is projected to be 0.55 yuan, 0.51 yuan, and 0.57 yuan, respectively [1][5].

北京办公室通讯地址：北京市朝阳区北辰东路八号汇宾大厦 A 座六层 Add：F6/A, North Star Huibin Plaza, No.8 Beichen East Road, Chaoyang District, Beijing 100101 , China 电话 T：+8610 6184 8000 传真 F：+8610 6184 8008 网址 www.tiantailaw.com 北京天驰君泰律师事务所 关于国电电力发展股份有限公司 2024 年第三次临时股东大会的法律意见书 天驰君泰顾 602-202404 号 致：国电电力发展股份有限公司 北京天驰君泰律师事务所（以下简称"本所"）接受国电电力发 展股份有限公司（以下简称"公司"）委托，指派本所律师对公司 2024 年第三次临时股东大会（以下简称"本次股东大会"）的合法 性进行见证并出具法律意见书（以下简称"本法律意见"）。 本法律意见根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大 会规则》"）等现行有效的法律、法规 ...