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]

Investment Rating - Investment Rating: Buy [1] - Target Price: RMB 6.63 [1] Core Views - The company's revenue and net profit for 1H24 were RMB 858.3 billion and RMB 67.2 billion, respectively, showing a year-on-year change of -3.2% and +127.4% [2] - The sale of a 50% stake in Guodian Investment Inner Mongolia Energy contributed RMB 46.16 billion to profits, while impairment provisions for Daxingchuan Hydropower Station amounted to RMB 8.42 billion [2][10] - The company expects net profit attributable to shareholders to be RMB 96 billion, RMB 91 billion, and RMB 106 billion for 2024-2026 [2] Revenue and Profit Analysis - 1H24 revenue from thermal power generation decreased by 1.42% year-on-year to 1,641.77 billion kWh, with 2Q24 showing a decline of 6.98% [3] - The net profit from thermal power in 2Q24 was RMB 24.53 billion, maintaining a stable profit per kWh despite a 9.15% decrease in electricity generation [3] - The company reported a decrease in other costs excluding fuel, contributing to stable net profit per kWh [3] New Energy and Hydropower Performance - The company added 177.03 MW of new energy capacity in 1H24, with wind and solar power contributing 23 MW and 154.03 MW, respectively [4] - The net profit from wind and solar power in 2Q24 was RMB 1.48 billion and RMB 3.58 billion, showing a year-on-year decline of 72% and an increase of 35% [4] - Hydropower generation increased by 59.32% year-on-year in 2Q24, with net profit from the Dadu River project rising by 65.81% [4] Dividend and Financial Metrics - The company proposed a mid-term cash dividend of RMB 0.09 per share, totaling RMB 16.05 billion, which represents 23.90% of 1H24 net profit [5] - The company's projected revenue for 2024 is RMB 196.92 billion, with a net profit of RMB 9.59 billion, reflecting a growth rate of 70.96% [6][18] - The company’s PE ratio for 2024 is projected at 10.29, with a PB ratio of 1.75 [6][18]

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 | --- | --- | |-----------------------|---------------| | 收盘价（元） | 5.53 | | 一年内最高/最低（元） | 6.09/3.22 | | 总市值（百万元） | 98631 | | 市净率 PB | 1.99 | | 基础数据： 2024 | 年 6 月 30 日 | | 总股本（百万股） | 17836 | | 总资产（百万元） | 468804 | | 净资产（百万元） | 127171 | | 每股净资产（元） | 3.06 | 资料来源：公司公告，wind 公司点评 2024 年 08 月 20 日 国电电力 (600795.SH) 增持（维持） ——减值与风况不佳拖累 Q2 业绩 集 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 20 年 月 日 国电电力（600795.SH） 煤电盈利持续提升，水绿提升成长空间 国电电力发布 2024 年半年度报告。2024H1 实现营业收入 858.28 亿元， 同比-3.22%；归母净利润 67.16 亿元，同比+127.35%；扣非归母净利润 21.84 亿元，同比-18.83%；基本每股收益 0.377 元/股。Q2 单季度实现 营业收入 402.73 亿元，同比-6.5%；归母净利润 49.32 亿元，同比 +145.6%。公司预计每股派发现金红利 0.09 元（含税），现金分红金额 16.05 亿元，占上半年归母净利润的 23.9%。 火电盈利能力持续提升，煤电电价较稳。成本方面，2024 年上半年入炉 标煤 918.94 元/吨，同比下降 25.46 元/吨；供电煤耗 292 克/千瓦时，同 比降低 1.2 克/千瓦时。电量方面，2024H1 火电上网电量 1641.77 亿千瓦 时，同比-1.4%；其中Q2单季火电上网电量781.54亿千瓦时，同比-6.98%， 主要系水电挤压影响。电价方面，煤电 24H1 上网 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance has shown significant recovery in water and thermal power sectors, with short-term impacts from asset impairments [5] - The company reported a 3.22% year-on-year decrease in revenue for the first half of 2024, totaling 85.83 billion yuan, while net profit attributable to shareholders increased by 127.35% to 6.72 billion yuan [5] - The report highlights the expected continued growth in hydropower and renewable energy contributions to overall performance [5] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 85.83 billion yuan, a decrease of 3.22% year-on-year, while net profit reached 6.72 billion yuan, an increase of 127.35% [5][6] - The company plans to distribute a cash dividend of 0.90 yuan per 10 shares, amounting to 1.61 billion yuan, which is 23.90% of the net profit for the first half of 2024 [5] Power Generation - The total electricity generated in the first half of 2024 was 202.97 billion kWh, a year-on-year increase of 3.34%, with thermal power generation slightly declining by 1.42% [5] - The average on-grid electricity price for coal-fired power was 460.89 yuan per MWh, a decrease of 1.18% year-on-year, while the cost of coal dropped by 2.70% to 918.94 yuan per ton, leading to an increase in net profit from the thermal power segment [5] Hydropower and Renewable Energy - Hydropower generation increased significantly by 32.11% year-on-year, with the Sichuan province benefiting from abundant water resources [5] - The company’s renewable energy capacity has grown, with wind power generation increasing by 5.88% and solar power generation soaring by 118.95% [5] Financial Management - The company successfully disposed of a 50% stake in Guodian Construction Investment for 6.74 billion yuan, enhancing cash flow and reducing financial expenses [5] - Financial expenses for the first half of 2024 were 3.22 billion yuan, a decrease of 1.18 billion yuan year-on-year, positively impacting overall profitability [5] Profit Forecast - The net profit forecast for 2024 has been raised to 10.99 billion yuan, while projections for 2025 and 2026 have been slightly adjusted downwards [5][6]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 国电电力(600795.SH) 投资评级 买入 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com | --- | --- | |------------|------------------------| | 执业编号： | S1500524080001 | | 联系电话： | 010-83326712 | | 邮 箱： | xingqinhao@cindasc.com | [Table_OtherReport] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 投 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.20 证 券 研 究 报 告 -13% 6% 24% 42% 60% 78% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 国电电力 上证指数 [Table_Report] 相关报告 [当前价格： Table_CurPrice] 5.53 优质火电盈利突出，资产出售增厚业绩 国电电力(600795) [Table_Industry] 电力/公用事业 | --- | --- | --- | |---------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 7.20 | | | 上次预测: | 7.20 | | --- | --- | --- | --- | |----------|-----------------------------|--- ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately CNY 85.83 billion, a decrease of 3.22% compared to the same period last year[17]. - Net profit attributable to shareholders increased by 127.35% year-on-year, reaching approximately CNY 6.72 billion, primarily due to increased investment income from subsidiaries and joint ventures[19]. - Basic earnings per share rose to CNY 0.377, reflecting a year-on-year increase of 127.11%[18]. - The cash flow from operating activities was approximately CNY 21.85 billion, an increase of 55.35% compared to the previous year[17]. - The net profit after deducting non-recurring gains and losses was approximately CNY 2.18 billion, a decrease of 18.83% compared to the same period last year[17]. - The total profit reached 12.098 billion RMB, an increase of 60.73% year-on-year[27]. - The company reported a significant increase in investment income, which rose to approximately ¥6.06 billion, compared to ¥529.96 million in the first half of 2023, indicating a substantial improvement[137]. - The company's total comprehensive income for the first half of 2024 was approximately ¥10.34 billion, up from ¥5.88 billion in the same period of 2023, reflecting a growth of 76.0%[138]. Assets and Liabilities - The company's total assets as of the end of the reporting period were approximately CNY 468.80 billion, representing a 2.38% increase from the end of the previous year[17]. - Total liabilities reached ¥341.63 billion, slightly up from ¥338.47 billion, marking an increase of about 0.6%[132]. - The company's total interest-bearing debt amounts to ¥2,723.50 billion, with a composition of 70.54% from bank loans, 21.12% from non-bank financial institution loans, and 8.34% from corporate credit bonds[122]. - The balance of short-term loans decreased by 11.14% to ¥434.93 billion compared to ¥489.44 billion at the end of the previous year[124]. - The company's total equity attributable to shareholders rose to ¥54.63 billion from ¥48.76 billion, an increase of about 12.0%[132]. Capital Expenditure and Investments - The company’s capital expenditure for the first half of 2024 was 30.228 billion RMB, with 15.179 billion RMB allocated to new energy projects, marking a 32.79% increase year-on-year[27]. - The company has a diverse portfolio, including thermal, hydro, and photovoltaic power generation, with a focus on expanding its renewable energy capacity[49]. - The company reported a significant investment in equity, with a total initial investment of CNY 33,760,000, resulting in a total book value of CNY 1,255,882,062.41 at the end of the reporting period[51]. Environmental and Regulatory Compliance - The company achieved compliance with emission standards across all its coal-fired power plants, with sulfur dioxide emissions ranging from 0.025 to 0.1 g/kWh and nitrogen oxides from 0.07 to 0.219 g/kWh[69][70][71]. - The company has implemented pollution prevention facilities in accordance with environmental protection requirements, ensuring all power generation units meet emission standards[71]. - The company has been penalized for environmental violations, with fines totaling 9.46 million yuan and 9.73 million yuan for two separate incidents related to nitrogen oxide emissions[75]. - The company has established a comprehensive monitoring system for carbon emissions to improve data accuracy and management[79]. Management and Governance - The company appointed Tang Jian as the new Chairman and a member of the Strategic and ESG Management Committee on June 12, 2024, following the resignation of Liu Guoyue[64]. - The company held its annual general meeting on May 7, 2024, where 10 proposals, including the 2023 Board of Directors' work report, were approved[62]. - The company has not disclosed any new employee stock ownership plans or other incentive measures[66]. Market and Future Outlook - The company expects a 6.5% year-on-year growth in electricity consumption for 2024, with a peak load of approximately 1.45 billion kilowatts, indicating a tightening supply-demand relationship in the power market[58]. - The company plans to enhance its energy supply security by improving coal reserves and optimizing water resource management to reduce waste[58]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[133]. Financial Instruments and Accounting Policies - The company classifies financial assets at initial recognition based on the business model and cash flow characteristics, including those measured at amortized cost and those measured at fair value[166]. - The company applies the equity method for investments in joint ventures, confirming its share of assets, liabilities, income, and expenses[162]. - The company recognizes impairment losses for goodwill and indefinite-lived intangible assets at least annually, regardless of impairment indicators[197].

证券代码：600795 证券简称：国电电力 公告编号：临 2024-32 国电电力发展股份有限公司 关于投资建设大渡河老鹰岩二级水电站 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：大渡河老鹰岩二级水电站项目（以下简称"本项 目"）。 项目内容：总装机容量 42 万千瓦（3×14 万千瓦），于 2023 年 12 月获得国家发改委核准，本项目所涉及的土地、环评、移民、 接入系统等支持性文件全部办理完成。 1 交易所股票上市规则》等相关规定，本项目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 次对外投资无需提交公司股东大会审议。 二、项目概述 1.项目名称：大渡河老鹰岩二级水电站项目。 2.项目内容：总装机容量 42 万千瓦（3×14 万千瓦），于 2023 年 12 月获得国家发改委核准，本项目所涉及的土地、环评、移民、 接入系统等支持性文件全部办理完成。 3.项目投资：本项目由公司控股子公司大渡河公司与石棉县腾龙 甲发展投资有限责任公司，按照 ...

证券代码：600795 证券简称：国电电力 公告编号：临 2024-36 国电电力发展股份有限公司 关于召开2024年半年度网上业绩说明会 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： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 26 日至 8 月 30 日 16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司 邮箱 GDpower@chnenergy.com.cn 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 国电电力发展股份有限公司（以下简称"公司"）已于 2024 年 8 月 20 日发布公司 2024 年半年度报告，为便于广大投资者更全面深 入了解公司 2024 年上半年经营成果、财务状况，公司计划于 2024 年 9 月 2 日举行 2024 年半年度业绩说明会，就投资者关心的问题进行 交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 20 ...