Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Insights - The report highlights the steady development of the company's computing power business, which is expected to create a second growth curve for the company [2] - The company is benefiting from the market-oriented reform of renewable energy grid prices, which is anticipated to maintain reasonable returns for renewable energy projects [3] - The company has signed a contract for AI computing power services, marking its first project in the integration of renewable energy and computing centers, which is expected to contribute significantly to future revenue [20] Summary by Relevant Sections Renewable Energy Pricing and Market Reforms - The National Development and Reform Commission and the National Energy Administration have issued a notice to promote market-oriented pricing for renewable energy, allowing all renewable energy projects to participate in market transactions [4][7] - A sustainable pricing settlement mechanism for renewable energy has been established, which will provide price compensation when market prices fall below a set mechanism price, thus stabilizing revenue expectations for renewable energy projects [3][7] Company Capacity and Generation Growth - As of September 2024, the company has a cumulative installed capacity of 4,976 MW, with wind and solar capacities of 1,390 MW and 3,459 MW, respectively [8] - In the first three quarters of 2024, the company added 496 MW of new capacity, with solar energy accounting for the majority of the increase [8] - The total electricity generation for the first three quarters of 2024 was 6.179 billion kWh, representing a year-on-year increase of 12.31% [8] AI Computing Power Contract - The company’s subsidiary signed a contract worth 69.12 million yuan (including tax) to provide computing power and related services, which is expected to generate significant revenue [20] - This project is seen as a critical step in integrating computing power with renewable energy, potentially leading to further growth in the company's operational performance [20] Financial Projections - The company has adjusted its profit forecasts due to declining electricity prices, projecting net profits of 850 million, 940 million, and 1.05 billion yuan for 2024-2026, respectively [3] - The earnings per share (EPS) are expected to be 0.42, 0.47, and 0.53 yuan for the same period, with the current stock price corresponding to price-to-earnings ratios of 13.1, 11.8, and 10.6 [3] Shareholder Returns - The company plans to distribute a cash dividend of 1.00 yuan per share for the first half of 2024, amounting to 197 million yuan, which represents 40.38% of the net profit attributable to shareholders [3]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The reform of market-oriented pricing for renewable energy grid connection is advancing, which is expected to maintain reasonable returns for renewable energy projects [3][4] - The company's installed capacity and power generation are continuously increasing, with a focus on photovoltaic energy [8] - The company has signed a contract for AI computing power services, marking the first project in the integration of renewable energy and computing centers, which is expected to contribute to the company's second growth curve [20] Summary by Relevant Sections Market Environment - The National Development and Reform Commission and the National Energy Administration issued a notice to deepen the market-oriented reform of renewable energy grid connection pricing, promoting the full participation of renewable energy in the market [3][7] - The notice establishes a sustainable pricing settlement mechanism for renewable energy, ensuring stable expectations for power generation enterprises [7] Company Performance - As of September 2024, the company has a cumulative installed capacity of 4976 MW, with wind and photovoltaic capacities of 1390 MW and 3459 MW, respectively [8] - In the first three quarters of 2024, the company added 496 MW of installed capacity, with wind and photovoltaic additions of 133 MW and 363 MW, respectively [8] - The total power generation for the first three quarters of 2024 was 6.179 billion kWh, a year-on-year increase of 12.31% [8] Strategic Developments - The company’s subsidiary signed a contract to provide AI computing power and related services, with a total rental amount of 69.12 million yuan (including tax) for a service period of 12 months [20] - This project is expected to generate an annual revenue of 69.12 million yuan from computing power leasing, contributing positively to the company's future performance [20] Financial Outlook - Due to the impact of declining electricity prices, the profit forecast for the company has been adjusted, with expected net profits of 850 million, 940 million, and 1.05 billion yuan for 2024-2026 [3] - The earnings per share (EPS) are projected to be 0.42, 0.47, and 0.53 yuan for the same period, with the current stock price corresponding to price-to-earnings ratios of 13.1, 11.8, and 10.6 times [3]

证券代码：600821 证券简称：金开新能 公告编号：2025-008 金开新能源股份有限公司 公司于近日收到金开企管《关于控股股东增持金开新能源股份有限公司股份 触及 1%的告知函》：2024 年 12 月 13 日至 2025 年 2 月 11 日，金开企管通过集中 竞价方式增持公司股份 25,050,011 股，占公司总股本的 1.25%，本次增持后， 金开企管累计持有公司股份 234,048,727 股，占公司总股本的 11.72%，金开企 管及其一致行动人累计持有公司股份 381,649,162 股，占公司总股本的 19.11%。 关于控股股东增持公司股份触及1%的提示性公告 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： 本次权益变动属于金开新能源股份有限公司（以下简称"公司"）控股 股东天津金开企业管理有限公司（以下简称"金开企管"）增持公司股份，不触 及要约收购； 本次权益变动不会导致公司控股股东及实际控制人发生变化； 本次权益变动后，公司控股股东及其一致行动人合计持有公司的股份比 例由 17. ...

金开新能源股份有限公司 2025 年第一次临时股东大会会议材料 股票代码：600821 股票简称：金开新能 金开新能源股份有限公司 2025 年第一次临时股东大会会议资料 二○二五年二月 1 | 会 | 议 | 须 知 3 | | --- | --- | --- | | 会 | 议 | 议 程 4 | | 会 | 议 | 案 5 议 | 金开新能源股份有限公司 2025 年第一次临时股东大会会议材料 会 议 须 知 为确保各位股东和股东代表依法行使股东权利，保证股东大 会的正常秩序和议事效率，请遵守以下会议须知： 一、出席现场会议人员请将手机调至振动或关机，听从大会 工作人员安排，共同维护股东大会的正常秩序。 二、会议主持人将视会议情况安排股东和股东代表发言、提 问，组织公司有关人员回答股东和股东代表提出的问题。 三、大会采用现场记名投票与网络投票相结合的方式表决。 四、请各位参加现场会议的公司股东和股东代表对本次会议 的所有议案予以逐项表决，在议案后方的"同意"、"反对"和 "弃权"中任选一项，选择方式应以在所选项对应的空格中打 "√"为准。对于股东或股东代表投票不符合上述要求的，将视 为弃权。 五、通过网 ...

证券代码：600821 证券简称：金开新能 公告编号：2025-004 金开新能源股份有限公司 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： 对公司经营成果的影响：本次合同签署系金开新能源股份有限公司（以下 简称"公司"）在新能源与智算中心一体化领域的首次项目落地，本合同预计 可为公司贡献年算力租赁含税收入6,912万元，公司将根据合同履约义务以及收 入确认原则在相应的会计期间确认收入，具体利润金额以及对公司经营业绩的 影响情况以审计确认后的结果为准。 风险提示：在合同履行过程中，存在项目按时交付、验收、法律、法规、 政策、交易对手方履约能力、技术、市场等方面不确定性或风险，同时还可能 面临外部宏观环境发生重大变化、突发意外事件，以及其他不可抗力因素影响 所带来的风险等，将可能产生合同无法正常履行的风险。 公司全资子公司金开新能伊吾数字科技有限公司（以下简称"金开伊吾" 或"乙方"）与无问芯穹（北京）智能科技有限公司（以下简称"无问芯穹" 或"甲方"）于2025年1月27日签署了《人工智能算力技术服务合同》， ...

证券代码：600821 证券简称：金开新能 公告编号：2025-006 金开新能源股份有限公司 关于补选第十一届董事会非独立董事的公告 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。 金开新能源股份有限公司（以下简称"公司"）董事夏璐女士因工作调整申 请辞去董事以及董事会相关专门委员会职务，辞职后不再担任公司任何职务。 具体内容详见公司于 2025 年 1 月 8 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于董事辞职的公告》（公告编号：2025-002）。 为保证公司董事会的正常运作，公司于 2025 年 2 月 6 日召开了第十一届董 事会第五次会议，审议通过了《关于补选公司非独立董事的议案》。由公司股东 国开金融有限责任公司提名，并经公司董事会提名委员会审核，董事会同意刘 江波先生为公司第十一届董事会非独立董事候选人（简历请见下文），任期自股 东大会审议通过之日起至第十一届董事会任期届满之日止。如刘江波先生经公 司股东大会选举成为公司非独立董事，将同时担任公司第十一届董事会战略及 ESG 委员会委员 ...

证券代码：600821 证券简称：金开新能 公告编号：2025-005 金开新能源股份有限公司 关于第十一届董事会第五次会议决议公告 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"）第十一届董事会第五次会议 通知于 2025 年 1 月 22 日以书面形式发出，会议于 2025 年 2 月 6 日以非现场形 式召开。应出席董事 9 人，实际出席董事 9 人。本次会议由董事长尤明杨先生主 持，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》"）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、关于补选公司非独立董事候选人的议案 全体董事同意刘江波先生为公司第十一届董事会非独立董事候选人。具体内 容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关于补选公 司非独立董事的公告》（公告编号：2025-006）。 表决结果：9 票同意、0 票反对、0 票弃权。 本议案尚需提交 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company focuses on high-quality wind and solar resources, with significant growth potential in installed capacity, driven by its strategic transformation into a leading renewable energy enterprise [4][8]. - The company has experienced rapid revenue and profit growth due to its expanding installed capacity, with a compound annual growth rate (CAGR) of 29.76% from 2020 to mid-2024 [4][13]. - The report highlights the favorable policy environment and market dynamics that are expected to alleviate downward pressure on electricity prices, enhancing the long-term profitability of renewable energy companies [4][60]. Summary by Sections Section 1: Focus on High-Quality Wind and Solar Resources - The company successfully transformed into a renewable energy enterprise through a major asset restructuring in August 2020, focusing on the development and operation of high-quality wind and solar resources [4][8]. - As of mid-2024, the company’s installed capacity reached 4,767 MW, with solar and wind accounting for 3,251 MW and 1,390 MW, respectively [4][8]. - The company’s revenue from solar and wind power in 2023 was approximately 1.84 billion yuan and 1.37 billion yuan, respectively, contributing to a gross profit of 970 million yuan and 870 million yuan [22]. Section 2: Large Growth Potential in Renewable Energy Installed Capacity - The report forecasts that China's renewable energy installed capacity will grow significantly, with an expected addition of 3,097 GW from 2024 to 2030 [43][50]. - The cumulative installed capacity of renewable energy in China increased from 414 GW in 2019 to 1,311 GW by the end of November 2024, with a notable rise in the share of renewable energy in total installed capacity from 21% to 41% [43][48]. Section 3: Approved Installed Capacity Opens Growth Space - The company’s profitability is superior to its peers, with wind and solar gross margins of 63.9% and 52.4%, respectively, leading the average levels of comparable companies by 5% and 7.5% [4][22]. - The company has a rich pipeline of approved installed capacity, reaching 6,958 MW by mid-2024, which represents 146% of its operational capacity, indicating strong growth potential [4][22]. Section 4: Profit Forecast and Valuation - The report projects the company’s net profit attributable to shareholders for 2024, 2025, and 2026 to be approximately 817 million yuan, 908 million yuan, and 1.11 billion yuan, respectively, corresponding to price-to-earnings (PE) ratios of 12.5x, 11.3x, and 9.2x [4][24].

发行结果的公告 证券代码：600821 证券简称：金开新能 公告编号：2025-003 金开新能源股份有限公司 关于2025年度第一期绿色中期票据（碳中和债） 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")于 2024 年 8 月 9 日和 2024 年 8 月 26 日分别召开的第十届董事会第四十九次会议和 2024 年第一次临时股东大 会审议通过《关于拟发行直接融资工具的议案》：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 30 亿元(含 30 亿元)的债务融资工具， 具体内容详见公司于 2024 年 8 月 10 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于拟发行直接融资工具的公告》（公告编号：2024-056）。 公司于 2024 年 12 月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〕GN24 号），协会决定接受公司绿 色债务融资工具注册，协会同意接受公司总金额为 15 亿元的绿 ...