Core Viewpoint - Guodian Power's net profit significantly increased in 2024, driven primarily by investment income, despite a slight decline in revenue [1][2]. Financial Performance - In 2024, Guodian Power reported revenue of 179.18 billion yuan, a year-on-year decrease of 1.00%, while net profit attributable to shareholders reached 9.83 billion yuan, a substantial increase of 75.28% [1]. - The company's investment income surged to 7.33 billion yuan in 2024 from 1.58 billion yuan in 2023, largely due to the transfer of a 50% stake in a subsidiary [1][2]. - The average utilization hours for thermal power generation decreased by 26 hours to 5,137 hours, impacting revenue despite a profit increase in the thermal segment [2][3]. Market Trends - The national installed capacity of renewable energy surpassed that of thermal power for the first time, reaching 1.45 billion kilowatts, indicating a shift towards renewable energy sources [1]. - The average price of wind power decreased by 5.52% to 474.20 yuan per megawatt-hour, while solar power prices fell by 15.11% to 408.22 yuan per megawatt-hour, reflecting supply-demand imbalances [5]. Structural Changes - Guodian Power's renewable energy capacity expanded to 17.89 million kilowatts in 2024, with significant contributions from wind and solar power, although profits from these segments declined due to falling prices and reduced utilization hours [4][5]. - The company is transitioning towards a "capacity model" for coal power pricing, which will affect revenue structures moving forward [4]. Hydropower Segment - The hydropower segment outperformed other divisions, with a total generation of 59.468 billion kilowatt-hours, marking a year-on-year growth of 7.93% [6]. - The completion of the Sichuan-Chongqing UHV AC grid project is expected to alleviate issues related to water abandonment and enhance the transmission capacity of hydropower [6][7]. - The profitability of the hydropower segment is projected to improve as water abandonment decreases and electricity prices rise, although uncertainties remain regarding external pricing and delivery ratios [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's net profit attributable to shareholders for 2024 is expected to increase by 75.28% year-on-year, reaching 9.831 billion yuan, despite a 1.00% decrease in operating revenue to 179.182 billion yuan [6][2] - The report emphasizes the importance of focusing on long-term growth rather than short-term fluctuations, as the company remains a valuable asset in the industry with stable growth in both hydropower and thermal power sectors [2][12] Summary by Sections Financial Performance - The company's thermal power business net profit increased by 34.05% year-on-year, driven by a decrease in costs and improved investment returns, despite a 1.18% decline in power generation [2][12] - Hydropower generation increased by 7.93% year-on-year, but net profit decreased by 33.01% due to impairment provisions related to the Daxingchuan power station [2][12] - The renewable energy segment's net profit is expected to decrease by 21.10% year-on-year due to weak wind conditions, price fluctuations, and asset impairments [2][12] Future Outlook - The company is set to begin production for 3.52 million kilowatts of hydropower units in the second half of 2025, indicating a positive long-term performance outlook [2][12] - Earnings per share (EPS) for 2025-2027 are projected to be 0.41 yuan, 0.45 yuan, and 0.48 yuan, with corresponding price-to-earnings (PE) ratios of 11.15, 10.25, and 9.61 [2][12]

Core Viewpoint - The company reported a mixed performance for 2024, with a slight decline in revenue but a significant increase in net profit, primarily due to asset disposals and increased investment income [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 179.18 billion yuan, a year-on-year decrease of 1.00% [1]. - The net profit attributable to shareholders was 9.83 billion yuan, a substantial increase of 75.28% year-on-year [1][2]. - The non-recurring net profit was 4.67 billion yuan, down 4.20% year-on-year [1]. Segment Performance - The thermal power segment generated a net profit of 10.05 billion yuan, up 17.90% year-on-year, contributing to overall performance growth [2]. - The company’s total installed capacity for thermal power reached 74.63 million kilowatts, with a net increase of 1.84 million kilowatts [2]. - Hydropower segment net profit was 1.99 billion yuan, down 19.89% year-on-year, despite an increase in generation due to favorable water conditions [3]. - Wind and solar segments reported a net profit of 1.92 billion yuan, a decrease of 13.77% year-on-year, attributed to lower electricity prices [3]. Cost and Pricing Dynamics - The average on-grid electricity price for coal-fired and gas-fired units was 457.52 yuan and 860.83 yuan per megawatt-hour, down 0.82% and 4.18% respectively [2]. - The average coal price for the year was 922.17 yuan per ton, a decrease of 1.37% year-on-year, contributing to lower fuel costs [2]. Future Outlook - The company expects to see further improvements in profitability from the thermal power segment due to ongoing projects and low coal prices [2]. - Forecasted net profits for 2025-2027 are 6.5 billion, 7.7 billion, and 8.0 billion yuan, with respective year-on-year changes of -34.36%, +19.46%, and +3.96% [4].

Group 1 - The company will hold an online performance briefing on April 28, 2025, from 10:00 to 11:30 AM to discuss its 2024 annual report and address investor concerns [2][4][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions from April 21 to April 25, 2025, and the company will respond to commonly asked questions during the briefing [2][5] Group 2 - Key participants in the briefing will include the company's general manager, chief accountant, board secretary, and independent directors [4] - Investors can access the briefing online through the Shanghai Stock Exchange Roadshow Center website [5][6] - After the briefing, investors can review the main content and outcomes of the meeting on the same website [6]

2024 年年度股东大会会议材料 二〇二五年四月 2024 年年度股东大会会议议程 4.审议关于公司 2024 年度财务决算及 2025 年度财务预 算的议案； 5.审议关于公司 2024 年度利润分配预案的议案； 6.审议关于公司本部向金融机构融资的议案； 7.审议关于公司所属单位融资的议案； 8.审议关于续聘公司 2025 年度财务报告审计机构及内 部控制审计机构的议案； 9.股东发言及回答股东提问; 10.推选现场计票人、监票人; 11.现场股东表决议案; 1.审议 2024 年度董事会工作报告； 2.审议 2024 年度监事会工作报告； 3.审议关于独立董事 2024 年度述职报告的议案； 2024 年度董事会工作报告 尊敬的各位股东及股东代表： 现在，我代表公司董事会作工作报告，请予审议。 一、2024 年工作回顾 过去一年，面对内外部复杂形势和生产经营严峻挑战， 董事会全力推进"降碳、减污、扩绿、增长"，圆满完成年 度目标任务。 （一）主要经济技术指标完成情况 12.公布现场投票表决结果； 13.宣读 2024 年年度股东大会决议。 | | | | 1. | 2024 年度董事会工作报告 | 1 ...

证券研究报告 | 公司动态点评 2025 年 04 月 18 日 国电电力（600795.SH） 常规电源盈利稳定，储备项目持续释放增长空间 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,999 | 179,182 | 188,405 | 195,558 | 200,103 | | 增长率 yoy（%） | -7.0 | -1.0 | 5.1 | 3.8 | 2.3 | | 归母净利润（百万元） | 5,609 | 9,831 | 7,480 | 8,705 | 10,031 | | 增长率 yoy（%） | 98.8 | 75.3 | -23.9 | 16.4 | 15.2 | | ROE（%） | 10.0 | 12.7 | 10.0 | 10.3 | 10.6 | | EPS 最新摊薄（元） | 0.31 | 0.55 | 0.42 | 0.49 | 0.56 | | P/E（倍） | 14.8 | 8.5 | 11.1 | 9.5 | 8. ...

证券代码：600795 证券简称：国电电力 公告编号：临 2025-16 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： 会议召开时间：2025 年 4 月 28 日 10:00-11:30 投资者可于 2025 年 4 月 21 日至 4 月 25 日 16:00 前登录上证 路演中心网站（http://roadshow.sseinfo.com/）首页点击"提问预 征集"栏目,或通过公司邮箱 GDpower@chnenergy.com.cn 进行提问。 公司将在说明会上就投资者普遍关注的问题进行回答。 国电电力发展股份有限公司 关于召开2024年度网上业绩说明会的公告 三、参加人员 公司总经理、总会计师、董事会秘书、独立董事。 国电电力发展股份有限公司（以下简称"公司"）已于 2025 年 4 月 16 日发布公司 2024 年年度报告，为便于广大投资者更全面深入 了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 4 月 28 日举行 2024 年度网上业绩说明会，就投资者关心的问题进行 ...

事件：1）公司发布2024 年度报告，2024 年全年实现营收1791.82 亿元，同比减少1.00%；归母净利润 98.31 亿元，同比增长75.29%；扣非后归母净利润46.66 亿元，同比下降4.2%。 单四季度实现营收453.2 亿元，同比增长4.69%；归母净利润6.4 亿元，2023 年同期亏损0.16亿元；扣非 后归母净利润0.1 亿元，2023 年同期亏损4.49 亿元。公司2024 年归母净利润处于业绩预告上限。2）公 司发布2024 年利润分配方案，拟每股派息0.11 元（含税），考虑2024 年中期每股派息0.09 元（含税） 后，2024 年累计分红占归母净利润36.28%。 2024 年业绩大增系转让资产，扣非业绩下滑系减值。公司2024 年归母净利润业绩大幅增长75%主要系 转让国电建投50%股权，获得一次性投资收益约46 亿元。扣非后归母净利润下滑2.04 亿元，主要系 2024 年减值21.77 亿元，较2023 年增加1.43 亿元减值，另外2024 年上半年国电建投几乎无煤矿业务收 入，导致公司煤炭板块全年亏损7.94 亿元，拖累全年业绩。 2024 年单四季度业绩大幅增长 ...

燃料价格持续下行叠加流域来水转好，常规电源夯实盈利基本盘。经营数据方面，2024 年，公司煤机/ 燃机/水电发电量为3661.71/23.5/594.68 亿千瓦时，同比-1.30%/+22.49%/+7.93%；上网电价为 457.52/860.83/240.59 元/兆瓦时，同比-0.82%/-4.18%/-2.08%；对应利用小时数为5178/2307/3978h，同 比-32/+424/293h。盈利数据方面，公司火电（发电部分）/水电板块归母净利润为41.15/12.42 亿元，占 比41.9%/12.6%，主要火电/水电控股子公司：北京国电电力、国能大渡河净利率分别为7.89%和 22.52%，同比+1.17个pct/+2.67 个pct。2024 年公司入炉标煤单价922.17 元/吨，同比下降12.79元/吨 （yoy-1.37%），对冲小时数与电价下降影响，叠加流域来水较去年同期改善明显，常规电源盈利能力 稳中有升，保障公司业绩基本盘。 投资建议：燃料成本持续下行致火电度电毛利修复，叠加流域来水改善水电利用小时数提升，常规电源 业务保障公司业绩盈利基本盘。公司的水火风光各类电源均有丰富的在建 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | | 月 17 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 4.66 | | | | 一 年 内 高 最 低 | 最 | / | | | | 6.15/4.07 | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | 83,113.98 | | | | 流通市值（百万元） | | | | | | 83,113.98 | | | | 总股本（百万股） | | | | | ...