证券代码：600795 证券简称：国电电力 公告编号：临2024-39 国电电力发展股份有限公司 八届三十一次董事会决议公告 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。 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聘任总经理并提名董事候选 人的公告》（公告编号：临 2024-40）。 1 表决结果：同意 7 票，反对 0 票，弃权 0 票。通过。 国电电力发展股份有限公司（以下简称"公司"）八届三十一次 董事会会议通知及会议材料,于 2024 年 9 月 30 日以专人送达或邮件 方式向公司董事、监事发出，并于 2024 年 10 月 11 日以通讯方式召 开。会议应到董事 7 人，实到 7 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。会议审议并通过全部议案， 形成如下决议： 一、同意《关于聘任公司总经理的议案》 同意聘任赵世斌为公司总经理，任期自本次董事会审议通过之日 起至公司第八届董事会届满之日止。 具体内容详见公司在上海证券交 ...

证券代码：600795 证券简称：国电电力 公告编号：临2024-40 国电电力发展股份有限公司 关于聘任总经理并提名董事候选人的公告 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。 国电电力发展股份有限公司 2024 年 10 月 12 日 1 附件 个人简历 经董事会提名委员会审核通过，董事会同意聘任赵世斌为公司总 经理，任期自本次董事会审议通过之日起至公司第八届董事会届满之 日止。赵世斌简历详见附件。 二、董事候选人提名情况 经董事会提名委员会审核通过，董事会同意提名赵世斌为公司第 八届董事会董事候选人，并任董事会战略与 ESG 管理委员会委员候选 人，任期自股东大会审议通过之日起至第八届董事会届满之日止。本 事项需提交股东大会审议。 特此公告。 2024 年 10 月 11 日，国电电力发展股份有限公司（以下简称"公 司"）召开八届三十一次董事会,审议通过《关于聘任公司总经理的 议案》《关于选举公司董事并调整专门委员会委员的议案》，现将有 关情况公告如下： 一、总经理聘任情况 2 赵世斌，男，1969 年 9 月出生 ...

|天驰君泰律师事务所 · 北京市朝阳区北辰车路八号汇宾大厦 A 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 年第二次临时股东大会的法律意见书 天驰君泰顾 602-202403 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 年第二次临时股东大会（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、规范性文件及《国电电力发展 股份有限公司章程》（以下简称"《公司章程》"）的规定而出具。 本所及本所律师依据《证券法》、《律师事务所从事证券法律业 务管理办法》等规定及本法律意见出具日以前发生或者存在的事实, 严格履行了法定职责,遵循了勤勉尽责和诚实信用原则,进行了充分 1 天驰君泰律师 2 天驰君泰律师事 性目的使用,不得用于其 ...

证券代码：600795 证券简称：国电电力 公告编号：临 2024- 38 国电电力发展股份有限公司 2024 年第二次临时股东大会决议公告 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。 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 (一)股东大会召开的时间：2024 年 9 月 5 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 | 1,237 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数 股） | 10,032,914,269 | | 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 %） | 56.2521 | (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、监事和董事会秘书的出席情况： 1.公司在任董事 7 人， ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company demonstrates stable performance with a significant potential in hydropower and renewable energy sectors [1][2] - The company is expected to benefit from the completion of ongoing projects, leading to sustained growth in performance [2][3] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 85.828 billion yuan, a year-on-year decrease of 3.22% - The net profit attributable to shareholders was 6.716 billion yuan, a year-on-year increase of 127.35% - The basic earnings per share (EPS) was 0.38 yuan, reflecting a year-on-year increase of 127.11% [1] - The company reported a weighted average return on assets of 12.85%, an increase of 6.45 percentage points year-on-year [1] Segment Performance - The net profit from the thermal power segment was 1.995 billion yuan, a year-on-year increase of 678 million yuan, primarily due to improved cost management - The hydropower segment reported a slight loss of 0.26 billion yuan, a year-on-year decrease of 517 million yuan, mainly due to impairment losses from ongoing projects [1] - The wind and solar segments generated a net profit of 1.199 billion yuan, a year-on-year decrease of 2.41%, impacted by wind conditions and pricing pressures [1] Capacity and Future Prospects - As of the end of Q2 2024, the company's total installed capacity reached 107.13 million kilowatts, with significant contributions from wind and solar energy [2] - The company has substantial ongoing projects in hydropower and renewable energy, with a total of 842.47 million kilowatts of new energy resources acquired in the first half of 2024 [2] - The expected completion of these projects is anticipated to enhance the company's performance significantly [2][3] Valuation Metrics - The projected EPS for 2024-2026 is 0.50, 0.53, and 0.57 yuan, respectively - Corresponding price-to-earnings (P/E) ratios for the same period are estimated at 10.9, 10.1, and 9.4 based on the closing price of 5.41 yuan on August 23 [3]

2024 年第二次临时股东大会会议材料 二〇二四年九月 2024 年第二次临时股东大会会议议程 1.审议关于公司 2024 年半年度利润分配预案的议案； 2.审议关于江苏公司所持徐州公司、江苏新能源股权无 偿划转至北京国电电力的议案; 3.审议关于购买董监高责任险的议案; 4.股东发言及回答股东提问; 2024 年上半年，公司合并报表实现归母净利润 6,716,157,499.99 元（未经审计）。 截至目前，公司总股本 17,835,619,082 股，公司拟向 全体股东每股派发现金红利 0.09 元（含税），预计分红金 额 1,605,205,717.38 元,占公司 2024 年上半年合并报表实 现归母净利润的 23.90%。 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 2024 年半年度利润分配预案的公告》（公告编号：临 2024-31）。 5.推选现场计票人、监票人; 6.现场股东表决议案; 7.公布现场投票表决结果； 8.宣读 2024 年第二次临时股东大会决议。 | | | | 1. | 关于公 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a significant year-on-year increase in net profit, with a return on equity (ROE) rising to 13%. In the first half of 2024, the company reported revenue of 85.8 billion yuan (down 3% year-on-year) and a net profit attributable to shareholders of 6.7 billion yuan (up 124% year-on-year), largely due to a one-time investment gain of 4.6 billion yuan from the sale of assets [1][2][11]. - The company continues to invest heavily in clean energy, with 1.8 GW of new green power capacity added in the first half of 2024, bringing total installed capacity to 107 GW. The company plans to distribute a cash dividend of 1.6 billion yuan, representing 24% of net profit, with an annualized dividend yield of 3.3% based on the latest closing price [1][2][11]. - The report forecasts net profits of 10.33 billion yuan, 8.77 billion yuan, and 10.14 billion yuan for 2024 to 2026, with corresponding price-to-earnings (P/E) ratios of 9.45, 11.12, and 9.62 [2][3]. Summary by Sections Performance Overview - In the first half of 2024, the company achieved a revenue of 85.8 billion yuan, with a net profit of 6.7 billion yuan, marking a 127% increase year-on-year. The weighted ROE increased to 12.9% [1][11][24]. - The operating cash flow improved significantly, reaching 21.9 billion yuan, a 55% increase year-on-year, primarily due to lower fuel prices [11][19]. Business Segments - The company added 1.77 GW of new renewable energy capacity, with total installed capacity reaching 107.13 GW, including 72.57 GW from thermal power and 14.95 GW from hydropower [24][25]. - Thermal power revenue was 72.97 billion yuan, down 2.9% year-on-year, while renewable energy revenue grew by 13.3% to 5.96 billion yuan [25][30]. Future Outlook - The company is expected to see continued growth in water and green energy segments, with new projects set to contribute to profit growth. The report anticipates net profits of 10.33 billion yuan in 2024, supported by ongoing investments in clean energy [2][24]. - The company plans to increase its renewable energy capacity significantly during the 14th Five-Year Plan, aiming for a total of 35 GW of new wind and solar installations [2][24].

公司报告 | 半年报点评 火水经营情况向好，减值扰动业绩 事件：公司披露 2024 年中报。上半年公司实现营收 858.28 亿元，同比下 降 3.22%；实现归母净利润 67.16 亿元，同比增长 127%；实现扣非归母净 利润 21.84 亿元，同比下降 18.83%。 点评 煤电：H1 盈利能力同比提升，度电净利约 0.03 元/千瓦时 收入端，上半年煤机完成发电量 1732.55 亿千瓦时，同比降低 1.65%；完成 平均上网电价 460.89 元/兆瓦时，同比微降 1.18%。成本端，公司共采购煤 炭 8975 万吨，其中长协煤总量 8356 万吨，占比 93%；入炉标煤量约 5319.38 万吨，入炉综合标煤单价 918.94 元/吨，同比下降 25.46 元/吨。综合来看， 公司煤电板块上半年实现净利润 51.42 亿元，同比增长 39.39%；实现归母 净利润 19.95 亿元，同比增长 51.48%。从度电盈利来看，上半年度电净利 约 0.03 元/千瓦时，上年同期为 0.021 元/千瓦时。 水电：来水改善叠加大兴川电站减值影响，H1 业绩为-0.26 亿元 上半年公司来水较好，完成水电发 ...

Investment Rating - The investment rating for Guodian Power (600795.SH) is "Outperform the Market" [5][17]. Core Views - The report highlights a significant increase in net profit due to asset transfers, with a 127.35% year-on-year growth in net profit for H1 2024, reaching 6.716 billion yuan, despite a 3.22% decline in revenue [1][6]. - The ongoing electricity reform is expected to stabilize profitability in the thermal power sector, with anticipated stability in electricity and coal prices [1][13]. - The company is actively advancing its renewable energy projects, with a substantial resource reserve and ongoing construction of wind and solar projects [1][13]. Summary by Sections Financial Performance - In H1 2024, Guodian Power achieved revenue of 85.828 billion yuan, a decrease of 3.22%, while net profit reached 6.716 billion yuan, an increase of 127.35% [1][6]. - The decline in revenue is attributed to lower income from the coal sector and a decrease in electricity selling prices [1][6]. - The increase in net profit is primarily due to the transfer of investment in a subsidiary, resulting in a gain of 4.607 billion yuan from non-current asset disposals [1][6]. Segment Analysis - The coal machinery segment reported a net profit of 1.995 billion yuan, up 51.48%, while the hydropower segment saw a significant decline, reporting a net loss of 0.26 billion yuan [6][9]. - The wind power segment's net profit decreased by 33.10%, while the solar segment increased by 47.60% [6][9]. Future Outlook - The report anticipates that the ongoing electricity reform will reshape the profitability model of thermal power, leading to more stable income sources [1][13]. - The company has a robust pipeline of renewable energy projects, with 1.7703 million kilowatts of new installations in H1 2024, including 230,000 kilowatts of wind power and 1.5403 million kilowatts of solar power [1][13]. - As of June 2024, the company has a substantial reserve of renewable energy resources totaling 8.4247 million kilowatts [1][13]. Valuation and Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted, with expected net profits of 9.559 billion yuan, 9.308 billion yuan, and 9.976 billion yuan, respectively [2][13]. - The report suggests a reasonable valuation range of 5.90 to 6.43 yuan per share, indicating a premium of 8% to 18% over the current stock price [2][13].

Investment Rating - The report maintains a "Recommended" rating for Guodian Power (600795.SH) [3] Core Views - The company's revenue for the first half of 2024 was CNY 85.828 billion, a year-on-year decrease of 3.22%, while the net profit attributable to shareholders was CNY 6.716 billion, representing a year-on-year increase of 127.35% [2] - The transfer of 50% equity in Guodian Construction Investment significantly boosted investment income, while impairment losses from Daxingchuan power station negatively impacted performance [2] - The company achieved a gross margin of 14.62% and a net margin of 11.90%, with respective year-on-year increases of 0.60 percentage points and 5.23 percentage points [2] Financial Performance Summary - In Q2 2024, the company reported revenue of CNY 40.273 billion, a year-on-year decline of 6.50%, and a net profit of CNY 4.932 billion, which is a 145.60% increase year-on-year [2] - The investment net income reached CNY 6.059 billion, a year-on-year increase of 55.29 billion, primarily due to the equity transfer [2] - The company’s asset-liability ratio stood at 72.87%, a decrease of 0.61 percentage points year-on-year, with a net cash position of CNY 21.854 billion, an increase of 55.35% year-on-year [2] Segment Performance - The net profits for coal, hydropower, wind, and solar segments were CNY 19.95 million, -CNY 0.26 million, CNY 7.68 million, and CNY 4.31 million respectively, with year-on-year changes of 52%, -105%, -33%, and 48% [4] - The average on-grid electricity prices for coal, hydropower, wind, and solar were CNY 460.89, CNY 260.61, CNY 478.95, and CNY 421.75 per MWh, with respective year-on-year changes of -1.2%, -14.7%, -6.9%, and -16.3% [4] - The company secured 8.43 GW of new energy project resources in the first half of the year, with a cumulative new energy installed capacity of 13.1 GW since the 14th Five-Year Plan, indicating significant growth potential [4] Future Outlook - The forecasted net profits for 2024, 2025, and 2026 are CNY 9.682 billion, CNY 9.198 billion, and CNY 10.328 billion, with corresponding PE ratios of 10.2x, 10.7x, and 9.6x [8]