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]

本资产评估报告依据中国资产评估准则编制 上海立信资产评估有限公 2024年4月15日 立信 股东全部权益价值 资产评估报告 信资评报字[2024]第 A10076 号 国电电力发展股份有限公司拟股权转让 所涉及的国电建投内蒙古能源有限公司 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020006202400582 | | --- | --- | | 合同编号: | HT-2024-0648 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 信资评报字[2024]第A10076号 | | 报告名称: | 国电电力发展股份有限公司拟股权转让所涉及的国 电建投内蒙古能源有限公司股东全部权益价值资产 评估报告 | | 评估结论: | 13,478,108,366.54元 | | 评估报告日 : | 2024年04月15日 | | 评估机构名称: | 上海立信资产评估有限公司 | | 签名人员: | 钱代超 (资产评估师) 会员编号:11200215 | | | 马文杰 (资产评估师) 会员编号:11230051 | (可扫描二维码查询备案业务信息) 说明:报告备案回 ...

2023 年年度股东大会会议议程 1.审议 2023 年度董事会工作报告； 2.审议 2023 年度监事会工作报告； 3.审议关于独立董事 2023 年度述职报告的议案； 2023 年年度股东大会会议材料 二〇二四年四月 4.审议关于公司 2023 年度财务决算及 2024 年度财务预 算的议案； 5.审议关于公司 2023 年度利润分配预案的议案； 6.审议关于公司及公司控股子公司 2024 年度日常关联 交易的议案； 7.审议关于公司本部向金融机构融资的议案； 8.审议关于公司所属单位融资的议案； 9.审议关于续聘公司 2024 年度财务报告审计机构及内 部控制审计机构的议案； 10.审议关于向国家能源集团非公开协议转让国电建投 50%股权的议案； 11.股东发言及回答股东提问; 12.推选现场计票人、监票人; 13.现场股东表决议案; 14.公布现场投票表决结果； 15.宣读 2023 年年度股东大会决议。 | | | | 1. | 2023 年度董事会工作报告 | 1 | | --- | --- | --- | | 2. | 2023 年度监事会工作报告 | 10 | | 3. | 关于独立董事 20 ...

%% 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 [水Ta火b经le_营T显itle著] 改善，减值限制业绩增长 报告要点 [在Ta成bl本e_端Su煤m价m显ar著y]回落影响下，公司火电业务度电净利已经达到0.023元/千瓦时，火电归母净 利润达到30.70亿元，同比增长317.50%。水电方面，在电价提升以及财务费用下行的影响下， 水电净利润同比增长32.68%，归母净利润同比增长51.47%，更高增速系股比提升影响。受新 能源资产减值拖累，公司新能源业务归母净利润同比减少23.49%。此外，由于察哈素煤矿2023 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.25 CNY over the next six months [1][3]. Core Insights - The company reported a significant increase in net profit, achieving 5.61 billion CNY, a year-on-year increase of 104.4%, despite a 7.0% decrease in revenue to 181 billion CNY [2][3]. - The coal-fired power segment showed notable performance with a net profit of 8.53 billion CNY, while the renewable energy segment also experienced substantial growth, contributing 2.23 billion CNY to net profit [2][3]. - Financial expenses decreased, leading to an increase in the net profit margin by 3.1 percentage points year-on-year [2]. Revenue and Profitability - The company’s revenue for 2023 was 181,000 million CNY, down 7.02% from the previous year, while the net profit attributable to shareholders was 5,608.59 million CNY, reflecting a growth rate of 104.41% [4][17]. - The average on-grid electricity price for coal-fired power was 461.3 CNY/MWh, remaining stable compared to the previous year, while the average on-grid prices for wind and solar power decreased by 7.4% and 8.2%, respectively [2][3]. Financial Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is projected at 7.23 billion CNY, 8.22 billion CNY, and 9.23 billion CNY, respectively [3][17]. - The estimated total market value of the company is projected to be 111.54 billion CNY based on the valuation of its various segments [3][13]. Segment Performance - The coal-fired segment is expected to maintain a cost advantage, while the renewable energy segment is projected to grow significantly, with installed capacity increasing by 7.25 million kW [2][3]. - The financial metrics indicate a decrease in financial expense ratio to 3.7%, down 0.2 percentage points year-on-year, primarily due to lower funding costs [2][3].

| 区域/类型 | 2024 年 1-3 月 | 同比 | | --- | --- | --- | | 火电 | 860.23 | 4.24% | | 天津 | 8.02 | 0.35% | | 河北 | 28.24 | -0.05% | | 山西 | 36.95 | -2.48% | | 内蒙古 | 114.47 | 20.64% | | 辽宁 | 49.34 | -2.75% | | 江苏 | 170.32 | -1.30% | | 浙江 | 121.92 | 0.56% | | 安徽 | 145.91 | 12.56% | | 福建 | 48.15 | 16.31% | | 江西 | 45.05 | -0.90% | | 山东 | 55.95 | -0.03% | | 湖南 | 10.80 | -32.59% | | 广东 | 10.42 | -0.97% | | 海南 | 6.65 | 54.44% | | 云南 | 8.03 | -4.09% | 单位：亿千瓦时 证券代码：600795 证券简称：国电电力 编号：临 2024-14 国电电力发展股份有限公司 2024年一季度电量情况公告 本公司董事会 ...

公司报告 | 年报点评报告 国电电力（600795） 证券研究报告 2024年04月 22日 投资评级 业绩同比高增，火水绿装机有望持续扩张 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 4.98元 事件：公司发布2023年年报。2023年公司实现营收1810亿元，同比下降 目标价格 元 7.02%；实现归母净利润56.09亿元，同比增长104%。 基本数据 点评： A股总股本(百万股) 17,835.62 火电：入炉标煤下行带动盈利能力改善，度电净利约0.023元 流通A股股本(百万股) 17,835.62 2023 年公司完成火电发电量3729.26 亿千瓦时，同比下降3.97%，主要系 A股总市值(百万元) 88,821.38 转让宁夏区域火电资产影响；公司煤机电价同比基本持平，叠加电量下降， 流通A股市值(百万元) 88,821.38 公司火电分部营收同比下降7%至1558.5亿元。成本端，2023年煤炭供需 每股净资产(元) 2.73 形势持续向宽松方向转变，同时公司加大燃料成本管控，公司入炉标煤单 资产负债率(%) 73.92 价934.96 元/吨，同比下降 43.82 元/吨。 ...