证券代码：600795 证券简称：国电电力 公告编号：临 2024- 15 国电电力发展股份有限公司 2023 年年度股东大会决议公告 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 (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 | 267 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 10,383,427,024 | | 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（%） | 58.2173 | (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 9 人，出席 9 人； 2.公司在任监事 3 人，出席 3 人； 3.公司高管列席会议。 一、会议召开 ...

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 2023 年年度股东大会的法律意见书 天驰君泰顾 602-202401 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 2023 年年度股东大会（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 ...

公司报告 | 季报点评 国电电力（600795） 证券研究报告 2024年05月 06日 投资评级 一季度业绩同比高增89%，装机持续扩张可期 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 5.26元 事件：公司发布2024年一季报。2024年一季度公司实现营收455.55亿元， 目标价格 元 同比下降-0.13%；实现归母净利润17.85亿元，同比增长88.62%。 基本数据 点评： A股总股本(百万股) 17,835.62 量增而价降，一季度营收同比基本持平 流通A股股本(百万股) 17,835.62 电量方面，一季度公司完成发电量 1062.44 亿千瓦时，上网电量 1006.90 A股总市值(百万元) 93,815.36 亿千瓦时，分别增长4.98%和5.02%。分电源来看，火电一季度完成上网电 流通A股市值(百万元) 93,815.36 量860.23亿千瓦时，同比增长4.24%；水电完成上网电量77.28亿千瓦时， 每股净资产(元) 2.85 同比下降 3.22%，或系来水较弱；受益于装机增长带动，风、光分别同比 资产负债率(%) 73.47 增长12%、136%。电价方面，一季度 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's power generation business is expected to maintain steady growth due to stable electricity prices and robust demand, despite a slight decline in overall revenue due to the impact of the Chahasu coal mine's closure [4][5]. - The company reported a net profit of 1.785 billion yuan for Q1 2024, representing a year-on-year increase of 88.62%, driven by the recovery in thermal power performance and significant growth in investment income [3][5]. - The company has signed an agreement to sell the Chahasu coal mine, which will further reduce the negative impact on profits moving forward [4][5]. Summary by Sections Revenue and Profitability - In Q1 2024, the company achieved operating revenue of 45.555 billion yuan, a slight decrease of 0.13% year-on-year, while the net profit attributable to shareholders reached 1.785 billion yuan, up 88.62% year-on-year [3][4]. - The average on-grid electricity price was 0.45558 yuan/kWh, showing a minor decline of 1.62% year-on-year [4]. Power Generation Performance - The company completed a total on-grid electricity generation of 1006.90 billion kWh in Q1 2024, with thermal power contributing 860.23 billion kWh, a year-on-year increase of 4.24% [4]. - The growth in electricity generation was primarily driven by increased demand in regions such as Inner Mongolia, Anhui, and Fujian [4]. Cost and Investment - The coal supply and demand situation has eased, leading to a continued decline in coal prices, which is expected to enhance the profitability of the company's thermal power assets [5]. - The company reported investment income of 0.775 billion yuan in Q1 2024, a significant increase from a loss of 0.12 billion yuan in the same period last year [5]. Future Growth Potential - The company added 635,100 kW of new renewable energy capacity in Q1 2024, bringing the total installed capacity to 18.47 million kW [5]. - The company has a strong pipeline of renewable energy projects, with 16.74 million kW of construction indicators obtained in 2023 [5].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨国电电力（ ） 600795.SH [电Ta力b经le_营T稳itle步] 改善，一季度业绩展望积极 报告要点 [火Ta电bl方e_面Su，m在m电ar量y]端维持稳定增长叠加成本逐步回落影响下，公司一季度火电板块经营业绩将 延续改善趋势。虽然一季度水电上网电量同比降低3.22%，但在装机规模扩张的带动下，新能 源上网电量实现高速增长，公司清洁能源板块上网电量整体实现同比9.9%的增长，为公司一季 度业绩的稳健表现提供重要补充。整体来看，虽然煤炭业务相关收益或将有所收窄，但在主业 ...

Investment Rating - The investment rating for Guodian Power (600795) is maintained at "Buy" with a target price of 6.50 CNY, unchanged from the previous rating [1][2]. Core Views - The company's performance is driven by investment income and steady growth in electricity generation. The first quarter of 2024 saw a significant increase in net profit, exceeding previous expectations [1][2]. - The company is expected to benefit from accelerated capital expenditures and continuous growth in new energy installations, with plans to acquire over 14.0 GW of new energy resources by 2024 [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 45.6 billion CNY, a year-on-year increase of 0.5%. The net profit attributable to shareholders was 1.78 billion CNY, up 85.0% year-on-year, marking a turnaround from the previous quarter [1][2]. - The company's electricity generation in Q1 2024 was 100.7 billion kWh, a year-on-year increase of 5.0% [1][2]. Investment Highlights - The company’s investment income from joint ventures increased by 5.5% year-on-year, contributing positively to the overall performance [1][2]. - The company’s capital expenditures reached 11 billion CNY in Q1 2024, a year-on-year increase of 55.4%, supporting future growth in new energy installations [1][2]. Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.50 CNY, 0.56 CNY, and 0.63 CNY respectively [1][2]. - The company’s total revenue is expected to grow from 180.999 billion CNY in 2023 to 191.012 billion CNY in 2024, reflecting a recovery in the market [2]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 15.84 in 2023 to 9.86 in 2024, indicating an attractive valuation [2]. - The return on equity (ROE) is expected to improve from 11.5% in 2023 to 16.1% in 2024, reflecting enhanced profitability [2].

证券研究报告 | 季报点评 2024年04月27日 国电电力（600795.SH） 业绩同比高增，投资收益大幅提升 事件:公司发布2024年一季度业绩报告。2024年第一季度，公司实现营业 买入（维持） 收入455.55亿元，同比减少0.13%；实现归母净利润17.85亿元，同比增 股票信息 长 88.62%；扣非归母净利润 17.36 亿元，同比增长 89.80%，基本每股收 益0.1元。单季度业绩高增长，整体符合预期。 行业 电力 前次评级 买入 整体电价稳定，煤价下行盈利持续改善。2024 年一季度公司火电上网电量 4月26日收盘价(元) 4.98 为860.23亿千瓦时，同比增长4.24%，装机容量为7257.40万千瓦，同比 总市值(百万元) 88,821.38 增加1.66%。整体平均上网电价为455.58元/千千瓦时，同比下降1.62%， 总股本(百万股) 17,835.62 降幅较小，整体电价趋稳。受煤价回落影响，公司2024年一季度煤电盈利 其中自由流通股(%) 100.00 持续改善。 30日日均成交量(百万股) 138.89 股价走势 光伏发电量增长显著，清洁能源装机持续扩张。Q1 公司 ...

[Table_Title] 证券研究报告 业绩同比表现亮眼，优化资产行稳致远 公司研究 [Table_ReportDate] 2024年4月27日 [Table_ReportType] 点评报告 [T事ab件le：_S 2u 0m 2m 4ar年y] 4 月26日晚，国电电力发布2024年一季报。2024 年一季 [T国ab电le电_S力toc(k6A0n0d7R9an5k.]S H) 度公司实现营业收入455.55亿元，同比-0.13%；实现归母净利润17.85亿 元，同比+88.62%；扣非后净利润17.36亿元，同比+89.80%。经营活动现 投资评级 买入 金流量净额 72.75 亿元，同比-5.25%；基本每股收益 0.100 元/股，同比增 上次评级 买入 加 88.68%。其中，归母净利润发生变动的主要原因包括：1.对合联营企业 的投资收益较上年同期增加；2.保德神东发电有限责任公司于 2024 年一季 [T左ab前le明_A u t能ho源r]行 业首席分析师 度破产移交管理人，不再纳入公司合并报表范围，影响归属于上市公司股东 执业编号：S1500518070001 的净利润增加 1.99亿元 ...

Financial Performance - The company's operating revenue for Q1 2024 was approximately CNY 45.61 billion, a slight decrease of 0.13% compared to the same period last year[4] - Net profit attributable to shareholders increased by 88.62% year-on-year, reaching approximately CNY 1.78 billion[4] - The net profit after deducting non-recurring gains and losses rose by 89.80% year-on-year, amounting to approximately CNY 1.74 billion[4] - Basic earnings per share for Q1 2024 were CNY 0.100, an increase of 88.68% compared to the previous year[4] - The company's net profit attributable to shareholders increased to ¥24,168,993,701.06 in Q1 2024, compared to ¥22,384,343,215.39 in Q4 2023, showing an increase of 8.00%[16] - The net profit for Q1 2024 reached ¥3,456,313,903.57, a significant increase of 49% compared to ¥2,323,145,828.75 in Q1 2023[18] - The total comprehensive income for Q1 2024 was ¥3,542,219,998.97, compared to ¥2,389,841,576.42 in Q1 2023, indicating a year-over-year increase of 48%[19] - The company reported a total comprehensive income of 354,766,194.99, recovering from a loss of -605,013,445.97 in the previous year[28] Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 468.56 billion, reflecting a 2.33% increase from the end of the previous year[4] - As of March 31, 2024, the total current assets amounted to 61.30 billion RMB, an increase from 58.68 billion RMB at the end of December 2023, reflecting a growth of approximately 2.62 billion RMB[14] - Total assets reached ¥468,562,553,437.20 as of March 31, 2024, compared to ¥457,899,346,871.80 at the end of 2023, marking an increase of 2.89%[16] - Total liabilities amounted to ¥344,236,795,417.33, a slight increase from ¥338,472,615,384.65 at the end of 2023, reflecting a growth of 1.27%[16] - Total liabilities decreased to CNY 84.03 billion from CNY 81.38 billion, reflecting a reduction of 3.3%[26] Cash Flow - The net cash flow from operating activities decreased by 5.25% to approximately CNY 7.68 billion[4] - Cash flow from operating activities generated a net amount of ¥7,275,245,165.00, down from ¥7,678,227,202.17 in Q1 2023[21] - The company’s cash and cash equivalents at the end of Q1 2024 totaled ¥19,702,738,802.02, a decrease from ¥21,704,866,454.28 at the end of Q1 2023[22] - The company’s investment activities resulted in a net cash outflow of ¥10,796,073,086.27, compared to a net outflow of ¥7,082,063,566.96 in Q1 2023[21] - The financing activities generated a net cash inflow of ¥6,083,074,860.36, an increase from ¥4,613,363,471.66 in the previous year[22] - The net cash flow from financing activities was 2,951,473,751.26, compared to 791,395,657.53 in Q1 2023, indicating improved financing conditions[30] Shareholder Information - The company has a significant shareholder, State Energy Investment Group, holding 9.04 billion shares, which constitutes a substantial portion of the total shares[10] - The top ten shareholders collectively hold a significant number of shares, with the largest shareholder holding 9.04 billion shares, indicating strong institutional support[10] Investment and Expenses - The company experienced a significant increase in investment income from joint ventures, contributing to the rise in net profit[7] - Research and development expenses increased to ¥86,500,882.38 in Q1 2024, up 43.73% from ¥60,114,521.87 in Q1 2023[17] - Research and development expenses for Q1 2024 were CNY 501.93 thousand, down from CNY 1.27 million in Q1 2023, a decrease of 60.5%[27] Inventory and Receivables - The company has maintained a stable inventory level, with inventory reported at 5.01 billion RMB, slightly up from 4.98 billion RMB, indicating effective inventory management[14] - The company reported a decrease in receivables from 1.41 billion RMB to 948 million RMB, a decline of approximately 32.54%[14] - Accounts receivable increased to 23.33 billion RMB from 22.05 billion RMB, representing a rise of approximately 5.79%[14] - The company reported a decrease in inventory to CNY 102.43 million from CNY 134.93 million, a decline of 24%[25] Legal and Audit - The company did not conduct an audit for the Q1 financial statements[3] - The company is actively monitoring the impact of its subsidiaries on the overall financial performance, particularly in light of recent legal proceedings affecting Baode Shendong Power Co., Ltd.[12]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant recovery in coal power performance, with a net profit of 5.609 billion yuan for 2023, a year-on-year increase of 104.41%, although it was below previous expectations [6] - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares, amounting to 1.248 billion yuan, which represents 38.16% of the net profit attributable to shareholders [6] - The company has a diversified power generation portfolio with installed capacity of 10,557.97 MW, including coal, hydro, wind, and solar power [6] Summary by Sections Financial Performance - The company achieved total revenue of 180.999 billion yuan in 2023, a decrease of 7.0% year-on-year [7] - The net profit attributable to shareholders for 2023 was 5.609 billion yuan, reflecting a year-on-year growth of 98.8% [7] - The average on-grid electricity price was 437.78 yuan per MWh, a slight decrease of 0.25% year-on-year [6] Segment Analysis - The net profit from coal power was 3.069 billion yuan, up 317.50% year-on-year, while hydro and wind power profits were 1.854 billion yuan and 1.749 billion yuan, showing year-on-year changes of 51.47% and -23.49% respectively [6] - The company’s coal procurement totaled 184 million tons in 2023, with 94% sourced from long-term contracts, which helped maintain cost advantages [6] Future Outlook - The company plans to add 35 GW of new energy capacity during the 14th Five-Year Plan, with a focus on wind and solar projects [6] - The report forecasts net profits of 8.421 billion yuan and 9.343 billion yuan for 2024 and 2025 respectively, with a new estimate for 2026 at 9.988 billion yuan [7][8] - The company is expected to benefit from improved water conditions and rising electricity prices in the hydro segment, contributing to performance growth [6]