Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company achieved a revenue of 3.328 billion yuan in 2023, representing a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 802 million yuan, up 9.54% year-on-year. However, the net profit for Q4 2023 saw a decline of 26.51% compared to the previous year [1][5]. - The growth in revenue and net profit is primarily attributed to the increase in installed capacity for wind and solar energy, leading to higher electricity generation, alongside a reduction in expense ratios [1][5]. - The average on-grid electricity price for solar power decreased by 10% to 0.477 yuan/kWh, while the average price for wind power fell by 2% to 0.443 yuan/kWh. Despite this, the impact of price fluctuations on existing projects is limited, with potential marginal improvements expected in future electricity trading and policy [1][21][50]. Summary by Sections Financial Performance - In 2023, the company reported a total installed capacity of 4,480 MW, with solar power capacity at 3,097 MW (up 22% year-on-year) and wind power capacity at 1,257 MW (up 3% year-on-year) [1][20]. - The total electricity generation for 2023 was 7.148 billion kWh, an increase of 13.86% year-on-year, with wind power generation at 3.184 billion kWh (up 8.2%) and solar power generation at 3.916 billion kWh (up 17.4%) [6][17]. - The company's gross margin for 2023 was 56.99%, down 5.72 percentage points year-on-year, primarily due to a significant increase in operating costs [1][25]. Future Outlook - The company plans to increase its approved installed capacity to over 13 GW by 2025, with a current approved capacity of 6,448 MW, reflecting a 16% year-on-year growth [1][12]. - The projected earnings per share (EPS) for 2024-2026 are expected to be 0.50, 0.71, and 0.87 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 11.8, 8.3, and 6.7 times [1][13]. - The company is expected to maintain steady growth in performance due to the continuous increase in installed capacity and the gradual stabilization of project profitability despite the decline in on-grid electricity prices [1][57].

二〇二三年十月十一日 www.lhratings.com 1 联合〔2023〕9777号 联合资信评估股份有限公司通过对金开新能源股份有限公 司的信用状况进行综合分析和评估，确定金开新能源股份有限公 司主体长期信用等级为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 主体长期信用评级报告 主体长期信用评级报告 金开新能源股份有限公司主体长期信用评级报告 评级结果： | 主体长期信用等级：AA+ | | --- | | 评级展望：稳定 | 评级时间：2023 年 10 月 11 日 本次评级使用的评级方法、模型： | 名称 | 版本 | | --- | --- | | 电力企业信用评级方法 | V4.0.202208 | | 电力企业主体信用评级模型（打分 | V4.0.202208 | | 表） | | 注：上述评级方法和评级模型均已在联合资信官网公开披露 优势 | 本次评级模型打分表及结果： | | --- | | 评价内容 评价结果 风险因素 | 评价要素 | 评价结果 | | --- | --- | --- | | 经营 环境 经营 B 风险 | 宏观和区 | 2 3 | | | 域风险 ...

2023 年度 金开新能源股份有限公司 信用评级报告 编号：CCXI-20233644M-01 2023 年度金开新能源股份有限公司 信用评级报告 声 明 本次评级为评级对象委托评级。除因本次评级事项使中诚信国际与评级对象构成委托关系外，中诚信国际及其评估 人员与评级对象不存在任何其他影响本次评级行为独立、客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级对象 和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际不对任何投资者使用本报告所述的 ...

证券代码：600821 证券简称：金开新能 公告编号：2024-031 金开新能源股份有限公司(以下简称"公司")于 2023 年 12 月 13 日和 2023 年 12 月 29 日分别召开的第十届董事会第四十五次会议和 2023 年第五次临时股 东大会审议通过《关于审议 2024 年度拟发行债务融资工具的议案》：公司拟在中 国银行间市场交易商协会及上海证券交易所注册发行不超过15亿元(含15亿元) 的债务融资工具，具体内容详见公司于 2023 年 12 月 14 日在上海证券交易所网 站（www.sse.com.cn）披露的《关于 2024 年度拟发行债务融资工具的公告》（公 告编号：2023-094）。 2023 年度，联合资信评估股份有限公司及中诚信国际信用评级有限责任公 司对公司的信用状况进行综合分析和评估，确定公司主体长期信用等级为 AA+， 具体内容详见公司今日在上海证券交易所网站（www.sse.com.cn）披露的信用评 级报告。 公司于近日收到中国银行间市场交易商协会（以下简称"协会"）签发的《接 受注册通知书》（中市协注〔2024〕GN8 号），协会决定接受公司绿色债务融资工 具注册。 ...

股票代码：600821 股票简称：金开新能 金开新能源股份有限公司 2023 年年度股东大会会议资料 二○二四年五月 金开新能源股份有限公司 2023 年年度股东大会会议材料 1 | 会 议 | 须 | 知 3 | | | --- | --- | --- | --- | | 会 议 | 议 | 程 4 | | | 会 议 | 议 | 案 5 | | | 议案一：关于《公司 2023 | | 年度董事会工作报告》的议案 | 5 | | 议案二：关于《公司 2023 | | 年度监事会工作报告》的议案 | 6 | | 议案三：关于《公司第十届董事会 | | 2023 年度独立董事述职报告》的议案 7 | | | 议案四：关于《公司 2023 | | 年度董事会审计委员会报告》的议案 9 | | | 议案五：关于审议《公司 2023 | | 年度报告及其摘要》的议案 | 10 | | 议案六：关于审议公司 2023 | | 年度财务决算及 2024 年财务预算情况的议案 | 11 | | 议案七：关于审议公司 2024 | | 年度债务融资计划的议案 | 16 | | 议案八：关于审议公司 2024 | | 年度对 ...

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of 802.346 million RMB in 2023[9]. - The total dividend distribution for 2023 is expected to be around 368.56 million RMB, representing 45.94% of the net profit attributable to shareholders[9]. - The company's operating revenue for 2023 reached ¥3,327,748,339.44, representing a 7.96% increase compared to ¥3,082,262,482.54 in 2022[31]. - Net profit attributable to shareholders for 2023 was ¥802,346,013.59, a 9.54% increase from ¥732,483,079.57 in 2022[31]. - The total profit reached 974 million yuan, reflecting a year-on-year increase of 9.26%[72]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 20% year-over-year growth[175]. - Revenue for the year was 3.328 billion RMB, representing a 7.96% growth year-over-year, and the net profit attributable to shareholders was 802 million RMB, up 9.54%[41]. Dividend Policy - A cash dividend of 0.75 RMB per 10 shares (including tax) is proposed, totaling approximately 147.55 million RMB, which accounts for 18.39% of the net profit[9]. - The company plans to distribute approximately 369 million RMB in dividends, which accounts for 45.94% of the annual net profit attributable to shareholders[41]. - In 2023, the company distributed cash dividends of approximately 200 million yuan and plans to distribute an additional 148 million yuan, totaling an estimated 369 million yuan, which accounts for 45.94% of the annual net profit attributable to shareholders[56]. Shareholder Engagement - The company plans to submit the profit distribution proposal for shareholder approval[9]. - The company held a total of 6 shareholder meetings during the reporting period, all in compliance with legal regulations[160]. - The remuneration for independent directors is set at 150,000 RMB per year, which is subject to approval by the shareholders' meeting[182]. Operational Highlights - The company has repurchased 29,938,500 shares, impacting the total share count for dividend calculations[9]. - The company’s approved installed capacity reached 6,448 MW, a 16% increase year-over-year, while the grid-connected capacity grew by 19% to 4,480 MW[41]. - The annual electricity generation was 7.148 billion kWh, reflecting a 13.86% increase compared to the previous year[45]. - The company completed the Ningxia Weigang 200 MW photovoltaic project, which received multiple quality awards, showcasing strong project management and quality control[71]. Research and Development - Research and development expenditures exceeded 100 million RMB, constituting over 3% of sales revenue, with 20 new intellectual property rights obtained during the year[48]. - The total R&D expenditure for the period was ¥14,188,494.21, accounting for 0.43% of operating revenue[93]. - The company is focusing on innovative business areas and exploring opportunities in green computing and other fields to enhance its core competitiveness[68]. Market and Economic Outlook - The global economic growth rate for 2023 is estimated at 3.0%, a decrease of 0.5 percentage points from 2022, indicating a downward trend in the world economy[56]. - The overall electricity consumption in China is expected to grow by around 6% in 2024, reaching 9.8 trillion kilowatt-hours[139]. - The company anticipates a global economic growth rate of 3.1% in 2024, with continued growth in renewable energy installations, including a projected 25% increase in solar capacity and 11% increase in wind capacity[136]. Governance and Compliance - The company maintains an independent financial department with a separate accounting system and tax obligations, ensuring no interference from the controlling shareholder[156]. - The company has implemented measures to ensure the independence of its business operations, fully independent from the controlling shareholder[156]. - The company’s governance structure aligns with national laws and regulations, ensuring compliance with the requirements of the securities regulatory authority[153]. Strategic Initiatives - The company is actively exploring strategic opportunities in green electricity transformation and related industries, moving towards becoming a green energy ecological service provider[68]. - The company is committed to enhancing its digital capabilities, particularly in smart operations and carbon trading, to create value from data[141]. - The company is focusing on three strategic lines: renewable energy, new technologies, and digitalization, to drive growth and innovation[142]. Risks and Challenges - The company is aware of risks related to policy changes in renewable energy support, which could impact its business operations and profitability[146]. - The company faces challenges in acquiring quality resources due to increasing competition and regulatory requirements in the renewable energy sector[146]. - The company is monitoring interest rate risks associated with its long-term project financing, which could affect cash flow if rates rise significantly[149].

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of 802.346 million yuan in 2023[9]. - The proposed cash dividend for 2023 is 0.75 yuan (including tax) per 10 shares, amounting to approximately 147.549 million yuan, which represents 18.39% of the audited net profit attributable to shareholders[21]. - The company's net profit for the year 2023 reached RMB 1,291,396,255.45, compared to a net loss of RMB 10,741,916.73 in 2022, indicating a significant turnaround[85]. - The total profit for the current period is CNY 974,235,782.21, compared to CNY 891,636,061.18 in the previous period, indicating an increase of about 9.3%[59]. - The net profit for the current period is CNY 860,396,061.68, an increase from CNY 789,883,730.85 in the previous period, representing a growth of approximately 8.0%[59]. - The company's total comprehensive income for the year was RMB 1,291,396,255.45, a significant recovery from the previous year's loss[85]. Cash Flow and Liquidity - The cash flow from operating activities shows a net outflow of CNY 13,502,103.56, compared to a net outflow of CNY 5,433,799.93 in the previous period, reflecting a worsening cash flow situation[65]. - The cash flow from investing activities generated a net inflow of CNY 222,000,000.00, a significant improvement from a net outflow of CNY 2,654,734,396.52 in the previous period[65]. - The cash flow from financing activities resulted in a net outflow of CNY 1,634,377,782.51, compared to a net inflow of CNY 2,533,780,517.97 in the previous period, indicating a shift in financing strategy[64]. - The company's cash and cash equivalents at the end of the period decreased to CNY 267,414,478.93 from CNY 2,602,878,792.87, indicating a significant reduction in liquidity[64]. - The company's cash and cash equivalents increased to RMB 18,973,347.18 from RMB 5,509,399.26, showing a substantial improvement in liquidity[80]. Shareholder Returns - A cash dividend of 1 yuan (including tax) per 10 shares was distributed to shareholders, totaling 199.726 million yuan for the first half of 2023, with an estimated total dividend of 368.563 million yuan for the entire year, accounting for 45.94% of the net profit[5]. - The company emphasizes a long-term cash dividend policy to reward shareholders[21]. - The total owner's equity at the end of the current period is 7,127,070,257.50 RMB, with a decrease of 199,726,345.30 RMB in distributions to owners[120]. Risk Management and Compliance - The company has outlined various risks and corresponding mitigation strategies in its management discussion and analysis section[14]. - The company has committed to transparency and accuracy in its financial reporting, ensuring compliance with regulatory requirements[3]. - The audit report issued by KPMG Huazhen indicates a standard unqualified opinion for the financial statements[8]. Market and Operational Strategy - The company plans to continue expanding its market presence and developing new products and technologies[11]. - The company is focusing on high-quality development and diversifying its investment in photovoltaic and wind power assets[95]. - The company is actively exploring multi-energy complementarity and enhancing its asset layout in energy storage and hydrogen energy[95]. - The company is responding to national policies aimed at enhancing distributed photovoltaic integration and promoting new energy systems[98]. Asset Management and Financial Position - The company's total liabilities increased, with a notable rise in debt obligations, impacting the overall financial leverage and risk profile[64]. - The company's total liabilities decreased to RMB 22,538,619,340.71 from RMB 23,867,698,511.54, indicating improved financial stability[80]. - The total assets of the company as of December 31, 2023, amounted to RMB 31,932,660,212.51, a decrease from RMB 32,694,922,572.36 in the previous year[80]. Research and Development - The company’s research and development expenses were reported at RMB 11,103,776.39, an increase from RMB 10,137,039.12 in the previous year, highlighting a commitment to innovation[84]. Inventory and Asset Valuation - The company uses a perpetual inventory system for its inventory management[114]. - The company measures inventory at the lower of cost and net realizable value, with impairment provisions made based on inventory categories for numerous low-cost items[142]. - The company conducts impairment testing for long-term assets, including fixed assets and goodwill, whenever there are indications of impairment, with losses recognized if recoverable amounts are below carrying values[155]. Revenue Recognition - The group recognizes revenue from centralized power station projects based on electricity delivery contracts, confirming income according to the metered electricity and agreed pricing[186]. - The group confirms revenue from the sale of raw materials and equipment upon delivery and customer acceptance, marking the transfer of control[186]. - The group recognizes revenue from construction contracts based on the progress of work performed, with payments structured according to project milestones[186].

2023 金开新能源股份有限公司 环境、社会及管治报告 目录 | 关于本报告 | 01 | | --- | --- | | 总经理致辞 | 02 | 关于我们 | 公司概况 | 03 | | --- | --- | | 公司荣誉 | 06 | | 董事会管理 | 09 | | --- | --- | | 风险管理 | 10 | | 党建 | 11 | | 反腐倡廉 | 12 | | ESG 管理 | 13 | 坚守合规治理 塑造卓越品质 | 交付可靠产品 | 35 | | --- | --- | | 引领科技创新 | 39 | | 履行责任采购 | 42 | 助力绿色未来 担当企业公民 | 保障合法雇佣 | 47 | | --- | --- | | 助力员工成长 | 51 | | 筑牢安全防线 | 54 | | 承担公益责任 | 59 | 附录 | 关键绩效指标总览表 | 61 | | --- | --- | | GRI 指标索引 | 64 | | 读者意见反馈表 | 68 | 2 金开新能 2023 年环境、社会及管治报告 3 清洁能源供应 坚持绿色运营 应对气候变化 守护美好生态 17 23 28 32 ...

金开新能源股份有限公司 自 2023 年 1 月 1 日至 2023 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax kpma.com/cn Internet 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码 : 100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2404534 号 金开新能源股份有限公司全体股东: 一、审计意见 我们审计了后附的金开新能源股份有限公司 (以下简称 "金开新能") 财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务 ...

证券代码：600821 证券简称：金开新能 公告编号：2024-020 金开新能源股份有限公司 第十届董事会第四十六次会议决议公告 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。 金开新能源股份有限公司（以下简称"公司"）第十届董事会第四十六次会 议通知于 2024 年 3 月 31 日以书面形式发出，会议于 2024 年 4 月 11 日以非现 场形式召开。应出席董事 9 人，实际出席董事 9 人。公司监事、高级管理人员 列席。本次会议的召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 《上海证券交易所股票上市规则》等法律、法规和《金开新能源股份有限公司 章程》（以下简称"《公司章程》"）的规定。会议审议并通过如下决议： 一、关于公司 2023 年度总经理工作报告的议案 2023 年，管理层在董事会领导下，勤勉尽责地履行自身职责，贯彻执行股 东大会、董事会的各项决议。公司坚持以习近平新时代中国特色社会主义思想 为指导，持续推进"三条曲线"战略布局，锚定经营发展的目标，全力推进重 大项目、重点任务和重要工作，持续加快 ...