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].

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]

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]