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].

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： 本次会议是否有否决议案：无 一、会议召开和出席情况 证券代码：600795 证券简称：国电电力 公告编号：临 2024- 48 国电电力发展股份有限公司 2024 年第三次临时股东大会决议公告 (一)股东大会召开的时间：2024 年 10 月 29 日 (二)股东大会召开的地点：北京市朝阳区安慧北里安园 19 号楼 公司会议室 (三)出席会议的普通股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 2,891 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 9,784,483,084 | | 3.出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数的比例（%） | 54.8592 | (四)本次会议由公司董事会召集，会议采取现场投票与网络投票 相结合的方式，会议的召开符合 公司法》及其他有关法律法规和 公 司章程》的规定。 (五)公司董事、监事出席情况： 1.公司在任董事 7 人，出席 7 人 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][9] Core Views - The company's cash flow continues to improve, with a significant reduction in financial expenses. In Q3 2024, the operating net cash flow was 15.2 billion yuan, up 13.6% year-on-year and 4.3% quarter-on-quarter, primarily due to a 15.4% increase in operating cash inflows [4][5] - The overall on-grid electricity price for Q3 2024 was 410.5 yuan/MWh, which is stable year-on-year, indicating a recovery in electricity pricing structure, particularly in high-price provinces like Zhejiang [4][5] - The company added 1.54 GW of new energy capacity in Q3 2024, with 1.53 GW from photovoltaic sources, contributing to a total of 3.3 GW of new installations in the first three quarters of 2024 [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 133.86 billion yuan, a decrease of 2.8% year-on-year, and a net profit attributable to shareholders of 9.19 billion yuan, an increase of 63.4% year-on-year. In Q3 2024, revenue was 48.03 billion yuan, down 2.1% year-on-year, with a net profit of 2.47 billion yuan, down 6.5% year-on-year [3][4] - The gross margin for Q3 2024 was 15.1%, a decrease of 1.9 percentage points year-on-year [4] Earnings Forecast - The earnings forecast has been adjusted, with expected revenues for 2024, 2025, and 2026 at 186.3 billion yuan, 199.2 billion yuan, and 211.0 billion yuan respectively. The net profits are projected to be 10.05 billion yuan, 9.13 billion yuan, and 10.0 billion yuan respectively, corresponding to P/E ratios of 9, 10, and 9 times [5][7][9] Market Performance - As of October 28, 2024, the company's stock price was 5.02 yuan, with a market capitalization of approximately 89.53 billion yuan. The stock has shown a performance of -1.8% over the past month, -11.5% over the past three months, and +37.6% over the past year [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][13] Core Views - The company's operating revenue slightly decreased, but investment income increased, leading to a significant growth in net profit attributable to shareholders. In the first three quarters of 2024, the company achieved operating revenue of 133.86 billion yuan (-2.79%) and net profit attributable to shareholders of 9.19 billion yuan (+63.41%) [1][4] - The decline in operating revenue is attributed to a decrease in electricity prices and the transfer of income from a subsidiary. The average on-grid electricity price for the first three quarters of 2024 was 428.17 yuan/MWh (-2.3%) [1][4] - The company is actively advancing its renewable energy projects, with a total of 3.251 million kW of new renewable energy capacity added in the first three quarters of 2024, including 2.929 million kW of solar power [1][13] - The hydropower segment is expected to see increased capacity and profitability, with several projects under construction that will enhance the company's hydropower profits [1][13] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported operating revenue of 133.86 billion yuan, a decrease of 2.79% year-on-year, and net profit attributable to shareholders of 9.19 billion yuan, an increase of 63.41% year-on-year. The net profit excluding non-recurring items was 4.655 billion yuan, down 12.49% [1][4] - The company’s total electricity generation for the first three quarters was 346.88 billion kWh (+2.39%), with on-grid electricity of 329.70 billion kWh (+2.52%) [5][10] Renewable Energy Development - The company added 3.251 million kW of new renewable energy capacity in the first three quarters of 2024, with significant contributions from solar power [1][13] - The company has a substantial pipeline of renewable energy projects, which are expected to drive future performance growth [1][13] Hydropower Projects - The company is constructing several hydropower projects in the Dadu River area, with a total installed capacity of 3.94 million kW, which is anticipated to enhance profitability in the hydropower segment [1][13] Investment Forecast - The company is expected to maintain its profit forecasts, with net profits projected at 9.559 billion yuan, 9.308 billion yuan, and 9.976 billion yuan for 2024, 2025, and 2026, respectively [2][13]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - 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%. However, the net profit attributable to shareholders increased by 63.41% to 9.19 billion yuan [5] - The decline in coal prices has improved profitability, with the average on-grid electricity price remaining stable at 410.48 yuan per megawatt-hour [5] - The company is expected to benefit from the upcoming commissioning of the Shuangjiangkou hydropower station, which is projected to enhance revenue [5] - The company’s renewable energy capacity is accelerating, with significant growth in solar power generation [6] Summary by Sections Market Data - Closing price: 5.24 yuan - Market capitalization: 93,459 million yuan - Price-to-book ratio: 1.7 - Dividend yield: 1.34% [2] Financial Performance - For Q3 2024, the company achieved a net profit of 2.48 billion yuan, a year-on-year decrease of 6.47% [5] - The company’s total revenue for 2024 is projected to be 183.57 billion yuan, with a year-on-year growth rate of 1.4% [9] Operational Highlights - The company’s coal-fired power generation saw a slight decrease in output, but the decline in coal prices has led to improved margins [5] - Hydropower generation growth slowed due to reduced water levels in Sichuan, but future projects are expected to drive growth [5] - The company’s wind power generation increased by 5.44% year-on-year, with significant growth expected in the upcoming quarters [6] Profitability Forecast - The forecasted net profits for 2024-2026 are 10.99 billion, 9.30 billion, and 9.83 billion yuan respectively, with corresponding price-to-earnings ratios of 9, 10, and 10 [5][9]

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 国电电力（600795.SH） 业绩压力释放，看好后期成长 国电电力发布 2024 年三季度报告。2024 年前三季度实现营业收入 1338.62 亿元，同比-2.79%；实现归母净利润 91.91 亿元，同比+63.41%； 扣非归母净利润 46.55 亿元，同比-12.49%；基本每股收益 0.515 元/股。 Q3 单季度实现营业收入 480.34 亿元，同比-2.08%；归母净利润 24.75 亿 元，同比-6.47%；扣非归母净利润 24.71 亿元，同比-5.09%。我们认为， 单季业绩下滑主要系国电建投转让，煤炭板块利润减少；成本上浮，电价 微跌等因素影响，整体符合预期。 电量整体保持增长，火电电量微跌，光伏电量高增。2024 年前三季度公 司分别完成发电量/上网电量 3468.82/3296.95 亿千瓦时，分别同比 +2.39%/+2.52%；按照可比口径（剔除国电建投电量影响）同比 +2.71%/+2.83% 。 其 中 ， 火 / 水 / 风 / 光 上 网 电 量 分 别 为 2605.9/470. ...

股 票 研 究 国电电力 2024 年三季报点评 电量保持增长，现金流持续好转 国电电力(600795) [Table_Industry] 电力/公用事业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------|----------------------------|-------|-------|----------------|----------|-------|-------|-------|-------------------------|-------| | | | | | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( | 分析师 ) | | | 汪 玥 ( | 研究助理 | ) | | | | | | | 021-38031730 | 021-38038670 | | | | 021-38 ...

Investment Rating - The investment rating for Guodian Power (国电电力) is "Buy" [1]. Core Views - The report highlights that Guodian Power's main business profitability continues to grow, with a significant recovery in thermal power generation [1]. - The company achieved a net profit attributable to shareholders of 9.191 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 63.41% [1]. - The report emphasizes the company's strong position in the energy sector, backed by its shareholder structure and asset quality, which positions it favorably for future growth [2]. Financial Performance Summary - For the first three quarters of 2024, Guodian Power reported total operating revenue of 133.862 billion yuan, a decrease of 2.79% year-on-year [1]. - The net profit for Q3 2024 was 2.475 billion yuan, down 6.47% year-on-year but up 19.27% quarter-on-quarter [1]. - The average on-grid electricity price for the first three quarters of 2024 was 428.17 yuan per megawatt-hour, an increase of 2.31% year-on-year [1]. Generation Capacity and Growth - As of September 30, 2024, the total installed capacity of Guodian Power was 108.0633 million kilowatts, with thermal power accounting for 71.969 million kilowatts [1]. - The company plans to continue expanding its renewable energy capacity, with expectations of significant growth in wind and solar power installations [1][2]. - The report notes that Guodian Power's thermal power projects have maintained steady growth, with new installations expected to contribute to revenue increases in the coming years [1][2]. Profitability Forecast - The report maintains profit forecasts for Guodian Power at 9.204 billion yuan for 2024, 9.096 billion yuan for 2025, and 9.997 billion yuan for 2026, with corresponding growth rates of 64.1%, -1.2%, and 9.9% respectively [2]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10.15, 10.28, and 9.35 respectively, indicating a favorable valuation [2].

证券代码：600795 证券简称：国电电力 公告编号：临 2024-46 国电电力发展股份有限公司 2024年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.09 元（含税） 本次利润分配方案经公司 2024 年 09 月 05 日的 2024 年第二次临 时股东大会审议通过。 二、分配方案 1.发放年度：2024 年半年度 2.分派对象： 截至股权登记日 2024 年 10 月 30 日下午上海证券交易所收市后， 在中国证券登记结算有限责任公司上海分公司（以下简称"中国结算 上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本 17,835,619,082 股为基 数，每股派发现金红利 0.09 元（含税），共计派发现金红利 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 202 ...