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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5]. Core Views - The company's conventional power sources show stable profitability, with ongoing project reserves providing growth potential. The financial performance for 2024 indicates a slight revenue decline of 1% year-on-year, but a significant net profit increase of 75.3% year-on-year, driven by substantial investment gains [1][9]. - The company is well-positioned with a rich pipeline of projects across various power sources, ensuring continued performance growth. The total installed capacity is 111.7 million kW, with conventional power (coal and gas) accounting for 66.8% [4][9]. Financial Summary - **Revenue and Profitability**: The company expects revenues of CNY 179.18 billion in 2024, with a projected net profit of CNY 9.83 billion. The EPS is forecasted to be CNY 0.55, reflecting a 75.5% increase year-on-year [1][9]. - **Growth Rates**: Revenue is projected to grow at rates of 5.1%, 3.8%, and 2.3% for the years 2025, 2026, and 2027 respectively, while net profit is expected to decline by 23.9% in 2025 before recovering with growth rates of 16.4% and 15.2% in the following years [1][9]. - **Key Financial Ratios**: The report highlights a return on equity (ROE) of 12.7% for 2024, with a projected P/E ratio of 8.5 for the same year, indicating a favorable valuation [1][9]. Operational Data - **Power Generation**: In 2024, the company’s coal, gas, and hydropower generation is expected to be 366.17 billion kWh, 2.35 billion kWh, and 59.468 billion kWh respectively, with year-on-year changes of -1.3%, +22.49%, and +7.93% [2][3]. - **Investment Gains**: The company reported investment income of CNY 7.33 billion in 2024, a remarkable increase of 363% year-on-year, primarily from the sale of a 50% stake in a subsidiary [1][9]. Project Pipeline - The company has a robust project pipeline with ongoing and approved projects, including 7.64 million kW of coal and 4.9235 million kW of hydropower under construction, which will contribute to future earnings growth [4][9].

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 ...

Core Viewpoint - The company reported a revenue of 179.18 billion yuan for 2024, a decrease of 1.00% year-on-year, while the net profit attributable to shareholders increased by 75.29% to 9.83 billion yuan, primarily due to asset transfers [1] Financial Performance - The company achieved a revenue of 45.32 billion yuan in Q4 2024, a year-on-year increase of 4.69%, with a net profit of 640 million yuan compared to a loss of 16 million yuan in the same period of 2023 [1] - The profit distribution plan for 2024 includes a proposed dividend of 0.11 yuan per share, with total dividends accounting for 36.28% of the net profit attributable to shareholders [1] - The significant increase in net profit is attributed to the transfer of a 50% stake in Guodian Construction Investment, resulting in a one-time investment gain of approximately 4.6 billion yuan [1] Segment Analysis - The net profits from different energy sources in 2024 were as follows: thermal power 10.05 billion yuan (up 15.26 million yuan), hydropower 1.99 billion yuan (down 4.95 million yuan), wind power 1.06 billion yuan (down 2.78 million yuan), and solar power 867 million yuan (down 0.29 million yuan) [2] - The decrease in hydropower profit was mainly due to an impairment charge of 831 million yuan for the Daxingchuan hydropower station [2] - The company’s coal price for 2024 was 922.17 yuan per ton, a decrease of 12.79 yuan per ton year-on-year, leading to an increase in thermal power profit per kilowatt-hour [2] Production and Capacity - By the end of 2024, the company had a total installed capacity of 111.7 million kilowatts, with thermal power at 74.63 million, hydropower at 14.95 million, wind power at 9.84 million, and solar power at 12.28 million kilowatts [2] - The company plans to invest in 8 GW of thermal power and 4 GW of hydropower projects, with a capital expenditure of 74.1 billion yuan in 2025, similar to 2024 [4] Electricity Generation and Pricing - The total electricity generated in 2024 was 4,367 billion kilowatt-hours, a year-on-year increase of 1.59%, with thermal power contributing 3,470 billion, hydropower 590 billion, wind power 195 billion, and solar power 111 billion kilowatt-hours [3] - The average electricity price for 2024 was 429.82 yuan per megawatt-hour, a decrease of 7.97 yuan per megawatt-hour compared to 2023 [3]

Core Viewpoint - The company reported a mixed performance for 2024, with a slight decline in revenue but a significant increase in net profit, driven by investment gains from asset sales [1] Financial Performance - In 2024, the company achieved operating revenue of 179.18 billion yuan, a year-on-year decrease of 1% [1] - The net profit attributable to shareholders was 9.83 billion yuan, a year-on-year increase of 75.29% [1] - Basic earnings per share (EPS) rose to 0.551 yuan, up 75.48% year-on-year [1] - The weighted average return on equity (ROE) was 18.60%, an increase of 6.76 percentage points year-on-year [1] - Total cash dividends amounted to 3.57 billion yuan, with a cash dividend ratio of 36.28% [1] - Investment income reached 7.33 billion yuan, a year-on-year growth of 363%, primarily from the sale of a 50% stake in a subsidiary [1] Operational Data - In 2024, the company's conventional power generation volumes were 366.17 billion kWh for coal, 23.5 billion kWh for gas, and 59.47 billion kWh for hydropower, with year-on-year changes of -1.30%, +22.49%, and +7.93% respectively [2] - The on-grid electricity prices were 457.52 yuan/MWh for coal, 860.83 yuan/MWh for gas, and 240.59 yuan/MWh for hydropower, with year-on-year changes of -0.82%, -4.18%, and -2.08% respectively [2] - The net profit from coal and hydropower segments was 4.12 billion yuan and 1.24 billion yuan, accounting for 41.9% and 12.6% of total profits respectively [2] New Energy Sector - In 2024, the company generated 20.18 billion kWh from wind and 11.28 billion kWh from solar, with year-on-year increases of 7.01% and 95.9% respectively [3] - The corresponding on-grid electricity prices were 474.2 yuan/MWh for wind and 408.22 yuan/MWh for solar, with year-on-year decreases of -5.52% and -15.11% respectively [3] - The overall gross margin for the new energy sector was 36.61%, a decrease of 7.68 percentage points year-on-year [3] Project Development - As of the end of 2024, the company had an operational capacity of 111.7 million kW, with coal power accounting for 66.8%, hydropower 13.4%, and new energy 19.8% [4] - The company has ongoing projects totaling 7.64 million kW for coal and 4.92 million kW for hydropower, with significant new installations planned for 2025 and 2026 [4] - The company is actively pursuing cost reductions in new energy project development to enhance market competitiveness [4] Future Outlook - Revenue projections for 2025-2027 are 188.40 billion yuan, 195.56 billion yuan, and 200.10 billion yuan, with year-on-year growth rates of 5.1%, 3.8%, and 2.3% respectively [5] - Expected net profits for the same period are 7.48 billion yuan, 8.70 billion yuan, and 10.03 billion yuan, with a projected decline in 2025 followed by growth in subsequent years [5] - The company maintains a "buy" rating based on its diversified energy portfolio and project pipeline [5]

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index reported at 2626.36 points [1] - The CSI 300 Utilities index has increased by 4.97% over the past month, 2.36% over the past three months, and has decreased by 2.97% year-to-date [1] Industry Composition - The CSI 300 Utilities index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities index are as follows: - Changjiang Electric Power (47.88%) - China Nuclear Power (10.42%) - Three Gorges Energy (8.28%) - Guodian Power (5.57%) - State Power Investment (4.77%) - Chuanwei Energy (4.39%) - Huaneng International (4.24%) - China General Nuclear Power (3.82%) - Zhejiang Energy (3.07%) - Huadian International (2.58%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.85%, while the Shenzhen Stock Exchange accounts for 4.15% [2] - In terms of industry composition within the index, hydropower constitutes 59.29%, thermal power 15.45%, nuclear power 14.23%, wind power 8.62%, and gas power 2.40% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the CSI 300 index samples or special events affecting sample companies [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance meets expectations, with both thermal and hydropower entering the production phase [5] - The significant increase in net profit for 2024 is primarily due to the transfer of 50% equity in Guodian Construction Investment, resulting in a one-time investment gain of approximately 4.6 billion [7] - The company plans to invest 74.1 billion in capital expenditures for 2025, with a focus on new energy projects [7] Financial Performance Summary - For 2023, the company reported revenue of 180.999 billion, a decrease of 7.02% year-on-year, and a net profit of 5.609 billion, an increase of 98.80% [6] - The projected revenue for 2024 is 179.182 billion, with a slight decrease of 1.00%, while the net profit is expected to rise to 9.831 billion, reflecting a growth of 75.28% [6] - The earnings per share (EPS) for 2024 is estimated at 0.55 yuan, with a projected price-to-earnings (P/E) ratio of 8.45 [6] Operational Insights - The company’s total installed capacity as of the end of 2024 is 111.7 million kilowatts, with thermal, hydropower, wind, and solar power capacities of 74.63 million, 14.95 million, 9.84 million, and 12.28 million kilowatts respectively [7] - The company achieved a total electricity generation of 436.7 billion kilowatt-hours in 2024, a year-on-year increase of 1.59% [7] - The average on-grid electricity price for 2024 is 429.82 yuan per megawatt-hour, a decrease of 7.97 yuan compared to 2023 [7] Future Projections - The forecasted net profit for 2025-2027 is 6.389 billion, 7.071 billion, and 7.247 billion respectively, with corresponding P/E ratios of 13, 12, and 11 [7] - The company is expected to maintain a dividend payout ratio of 36.28% for 2024, with a total dividend of 0.11 yuan per share [7]

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1]. Core Insights - In March, the total electricity consumption in the country increased by 4.8% year-on-year [1]. - The report highlights that the State Development and Reform Commission has issued guidelines to accelerate the development of virtual power plants, aiming for a national adjustment capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [4][44]. - The report notes a decline in average coal prices year-on-year, suggesting a favorable environment for thermal power companies [4][42]. Summary by Sections 1. Market Review - As of April 17, the Shenwan Utility Index fell by 1.0% over the past two weeks, outperforming the CSI 300 Index by 1.3 percentage points, ranking 9th among 31 Shenwan industries [11]. - Year-to-date, the Shenwan Utility Index has decreased by 3.0%, also outperforming the CSI 300 Index by 1.2 percentage points, ranking 17th among 31 industries [11]. 2. Industry Valuation - As of April 17, the valuation of the Shenwan Utility sector is at 17.7 times earnings, below the one-year average [17]. - The sub-sector valuations include: - Photovoltaic power: 78.8 times - Hydropower: 20.5 times - Integrated energy services: 19.6 times - Wind power: 19.4 times - Thermal services: 18.3 times - Gas: 17.9 times - Thermal power: 12.5 times [17][18]. 3. Industry Data Tracking - As of April 17, the average price of Q6000 coal at the pit in Yulin, Shaanxi, was 614 yuan per ton, down 0.3% from the previous value [32]. - The average price of Q5500 coal at Qinhuangdao port was 667 yuan per ton, down 0.2% from the previous value [32]. 4. Key Industry News - The report mentions several important announcements, including the release of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" by the State Development and Reform Commission [4][41]. - The report also highlights the issuance of 174 million green power certificates in March 2025, a year-on-year increase of 9.39 times, with 82.26% being tradable [44]. 5. Industry Weekly Viewpoint - The report suggests focusing on thermal power companies such as Huadian International (600027), Guodian Power (600795), and Hubei Energy (000883) due to their strong performance in the current market environment [42]. - In the gas sector, it recommends attention to companies like Xin'ao Co. (600803), Jiufeng Energy (605090), and New Natural Gas (603393) [42].

电价方面，2024 年公司风光电价分别同比下滑28、73 元/兆瓦时。此外，公司新能源计提信用减值损失 8.11 亿元，计提资产减值损失2.62 亿元。 综合来看，2024 年公司新能源贡献归母净利13.8 亿元，同比下降21.1%。 投资建议：考虑到公司新增装机以及煤价、电价变动情况，下调2025-2026年盈利预测，预计2025-2027 年归母净利润为65、71、78 亿元（2025-2026年前值为89、108 亿元），对应PE13、12、11 倍，维 持"买入"评级。 风险提示：新增装机不及预期、行业竞争过于激烈的风险、煤炭价格大幅上升、电价下调的风险、下游 需求低于预期、补贴兑付节奏大幅放缓等 事件：公司发布2024 年年报。2024 年公司实现营收1792 亿元，同比下降1%；实现归母净利润98.31 亿 元，同比增长75.28%；实现扣非归母净利46.66亿元，同比下降4.2%。2024 年公司拟向全体股东每股派 发现金红利 0.20 元（含税），占公司归母净利润的36.28%。 点评： 火电：25 年贡献归母净利41 亿元，同比增长34%收入端，2024 年公司煤电平均上网电价为457.52 ...