Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Views - The company reported a slight increase in profit year-on-year for Q3, with a net profit of 7.02 billion yuan, reflecting a 0.19% growth [4][5] - The overall revenue for the first nine months of 2024 was 165.83 billion yuan, a decrease of 2.36% compared to the previous year [4] - The company's coal production capacity has increased to 15 million tons per year, supporting profitability in the coal sector [5][6] - Financial costs have significantly decreased, contributing positively to the company's performance [6] Summary by Relevant Sections Financial Performance - For the first nine months of 2024, the company achieved a net profit of 24.69 billion yuan, a year-on-year increase of 13.08% [4] - The average selling price of electricity decreased by 3.44% to 334.78 yuan per megawatt-hour [5] - The company's coal production reached 10.56 million tons, a 2.34% increase year-on-year, with sales volume up by 10.67% [6] Profitability Forecast - The forecasted net profits for 2024, 2025, and 2026 are 26.19 billion yuan, 28.15 billion yuan, and 32.02 billion yuan respectively, with corresponding PE ratios of 11, 11, and 9 [7] - The company plans to distribute at least 70% of its distributable profits as dividends in 2024, leading to a projected dividend yield of 5.8% [7] Market Comparison - The company's stock price closed at 4.59 yuan, with a market capitalization of approximately 29.96 billion yuan [1][2] - The stock has shown a performance trend compared to the CSI 300 index, indicating relative market behavior [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company, with a target price raised to 5.28 yuan from the previous 4.95 yuan [2][5]. Core Insights - The company's performance in Q3 2024 slightly exceeded expectations, with a total revenue of 16.58 billion yuan, a year-on-year decrease of 2.4%, and a net profit attributable to shareholders of 2.47 billion yuan, an increase of 13.1% year-on-year [3][5]. - The integrated advantage of coal and electricity is evident, with Q3 2024 on-grid electricity generation at 15.42 billion kWh, down 4.2% year-on-year but up 18.5% quarter-on-quarter [5]. - The company continues to show improvement in free cash flow, with Q3 2024 free cash flow reaching 1.70 billion yuan, an increase of 3.1 billion yuan year-on-year, highlighting its dividend value [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 16.58 billion yuan, a decrease of 2.4% year-on-year, while the net profit attributable to shareholders was 2.47 billion yuan, an increase of 13.1% year-on-year [5]. - The Q3 2024 revenue was 5.81 billion yuan, down 1.2% year-on-year, with a net profit of 700 million yuan, a slight increase of 0.2% year-on-year [5]. Production and Pricing - The company produced 3.727 million tons of coal in Q3 2024, an increase of 5.0% year-on-year, with an external sales ratio of 45.9% [5]. - The average coal price in Q3 2024 was 406.1 yuan per ton, up 8.9% year-on-year [5]. Cash Flow and Dividends - The company’s free cash flow has shown a continuous upward trend, with a notable increase in dividend value due to stable profitability and a commitment to distribute at least 70% of the distributable profits in cash dividends from 2022 to 2024 [5][13].

Financial Performance - The company's operating revenue for Q3 2024 was ¥5,813,919,563.12, a decrease of 1.22% compared to ¥5,885,438,230.24 in the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was ¥701,788,351.53, reflecting a slight increase of 0.19% from ¥700,451,806.46 year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥695,199,365.25, down 2.10% from ¥710,145,445.76 in the previous year[3] - Basic earnings per share for Q3 2024 was ¥0.104, an increase of 0.97% compared to ¥0.103 in the same quarter last year[3] - The weighted average return on equity for Q3 2024 was 4.13%, a decrease of 0.21 percentage points from 4.35% in the previous year[3] - In the first three quarters of 2024, the company achieved a total profit of CNY 3,205.99 million, an increase of 7.60% year-on-year[13] - The net profit attributable to shareholders of the listed company reached CNY 2,469.37 million, representing a year-on-year growth of 13.08%[13] - Operating profit for the first three quarters of 2024 increased to CNY 3,170,665,118.65, compared to CNY 2,983,473,837.32 in the same period of 2023, reflecting a growth of 6.31%[18] - Net profit for the first three quarters of 2024 was CNY 3,205,989,492.71, up from CNY 2,979,536,607.92 in the previous year, indicating an increase of 7.59%[18] - The net profit for the third quarter of 2024 was CNY 2,752,342,720.55, an increase of 8.6% compared to CNY 2,535,325,268.04 in the same period of 2023[19] - The net profit attributable to shareholders of the parent company was CNY 2,469,373,027.80, up 13.1% from CNY 2,183,688,506.67 year-over-year[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥39,980,345,456.25, representing a 1.27% increase from the previous year-end[3] - Shareholders' equity attributable to the parent company was ¥19,673,368,856.57, up 7.37% from ¥18,322,473,564.95 at the end of the previous year[3] - Total assets amounted to CNY 39,980,345,456.25, a slight increase from CNY 39,479,269,634.19 in the previous year[16] - Total liabilities decreased to CNY 15,132,083,696.01 from CNY 16,174,430,673.02, reflecting a reduction of 6.45%[16] - The company's total liabilities decreased to CNY 7,733,318,073.14 from CNY 9,189,427,332.80, a decrease of approximately 15.8%[27] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥4,468,397,954.17, showing a slight increase of 1.22% compared to ¥4,414,390,526.94 in the same period last year[3] - Cash flow from operating activities for the first nine months of 2024 was CNY 4,468,397,954.17, slightly up from CNY 4,414,390,526.94 in the previous year[22] - The company reported a net cash outflow from investing activities of CNY -1,354,249,268.44, an improvement from CNY -1,924,140,800.95 in the previous year[22] - The total cash outflow from operating activities in the first three quarters of 2024 was CNY 1,370,005,886.08, slightly higher than CNY 1,358,104,584.22 in the same period of 2023[32] - The net cash flow from investment activities for the first three quarters of 2024 was CNY 2,779,594,901.60, significantly higher than CNY 1,226,286,687.51 in the same period of 2023[32] - The net cash flow from financing activities for the first three quarters of 2024 was -CNY 2,808,013,084.60, compared to -CNY 917,247,745.29 in the same period of 2023[33] Operational Metrics - The company's electricity generation for the first three quarters was 45.103 billion kWh, a decrease of 1.77% compared to the previous year[13] - The average selling price of electricity was CNY 334.78 per MWh (excluding tax), down CNY 11.93 per MWh, a decline of 3.44% year-on-year[13] - Coal production increased by 2.34% year-on-year, while coal sales volume grew by 10.67%[13] - The coal sales price rose by CNY 12.38 per ton (excluding tax), an increase of 3.09% year-on-year[14] - The benchmark coal price was CNY 579.01 per ton, down CNY 10.15 per ton year-on-year[14] Investments and Expenses - Research and development expenses for the first three quarters of 2024 were CNY 8,258,975.54, down 46.83% from CNY 15,528,423.33 in the same period of 2023[18] - Long-term equity investments rose to CNY 2,099,245,801.05, compared to CNY 1,897,490,766.76 in the previous year, marking an increase of 10.63%[16] - The company reported an increase in investment income to CNY 339,776,312.83, compared to CNY 148,803,744.26 in the previous year, representing a growth of 128.36%[18] - The investment income for the first three quarters of 2024 was CNY 2,799,515,660.70, up from CNY 1,871,850,552.27 in 2023, representing an increase of approximately 49.4%[30] Shareholder Actions - The company increased its shareholding by 26,607,683 shares, approximately 0.408% of the total issued shares, with a total investment of CNY 100.10 million[11] - The basic earnings per share increased to CNY 0.370 from CNY 0.320, reflecting a growth of 15.6%[21] - The company reported a basic earnings per share of CNY 2.54 for the first three quarters of 2024, compared to CNY 1.57 in 2023, indicating an increase of approximately 62.4%[31]

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | | 2024-033 | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 内蒙古蒙电华能热电股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年前三季度经营成果及财务指标的具体情况与投资者进行互动交流 和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 重要内容提示： 会议召开时间：2024 年 11 月 08 日(星期五)上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2024-032 | | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 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。 内蒙古蒙电华能热电股份有限公司 根据上海证券交易所《上市公司自律监管指引第3号——行业信 息披露》要求，现将内蒙古蒙电华能热电股份有限公司（以下简称 "公司"）2024年前三季度主要经营数据公告如下： 2024 年前三季度销售量完成情况公告 一、电力 | | | | | 发电量（亿千瓦时） | | | 上网电量（亿千瓦时） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 分类 | 项目名称 | 电源 种类 | 本期 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2024-031 | | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 内蒙古蒙电华能热电股份有限公司 关于参加 2024 年电力行业集体路演的公告 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。 重要内容提示： 公司已于 2024 年 8 月 24 日发布公司 2024 年半年度报告，为便于广大投资 者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司将参加由上 海证券交易所主办的 2024 年电力行业集体路演，此次活动采用视频和网络文字 互动的方式举行，投资者可登录上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com）参与线上互动交流。 一、集体路演类型 本 ...

Group 1: Investor Meeting Overview - The investor meeting was held on September 4, 2024, from 09:30 to 11:30, in a face-to-face format [3] - Participating institutions included Guotai Junan, Pacific Insurance, and others [3] - Company representatives included General Manager Wang Zhenrui and others [3] Group 2: Key Questions and Responses - Q1: The coal-fired power generation on-grid electricity prices for the second quarter were 311.35 RMB/kWh for the Inner Mongolia grid and 361.55 RMB/kWh for the North China grid [5] - Q2: In July, electricity supply was tight, leading to higher spot prices, while in August, prices returned to long-term contract levels [5] - Q3: Major participants in the Inner Mongolia grid include Huaneng Group (30% market share), Guoneng Group, and Huadian Group (both around 15% market share) [5] - Q4: The company plans to assess the issuance of a 1.5 billion RMB perpetual bond due in 2024, with current rates around 3.25% [5] - Q5: In the first half of 2024, profits were 1.197 billion RMB for the thermal power segment, 248 million RMB for the renewable energy segment, and 829 million RMB for the coal segment [6] Group 3: Risk Warning - The company advises investors to refer to official announcements on the Shanghai Stock Exchange for accurate information and to be cautious of investment risks [6]

Investment Rating - The report maintains a "Buy" rating for Inner Mongolia Huadian (600863.SH) [3] Core Views - The company's performance slightly exceeded expectations, with a 19.2% year-on-year increase in net profit for the first half of 2024, reaching 1.77 billion yuan, despite a 2.97% decline in revenue [3] - The profit growth was primarily driven by dividends from subsidiaries and a reduction in financial expenses [3] - The company has a strong focus on renewable energy, with 2GW of approved new energy capacity, and favorable policies are expected to stabilize return rates [3] - The company has committed to a 70% dividend payout ratio from 2022 to 2024, with an estimated dividend yield of 5.7% for 2024 [3] - The current valuation remains low, with a projected PE ratio of 11 for 2024, indicating potential for price appreciation [3] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 10.77 billion yuan, a decrease of 2.97% year-on-year, while net profit attributable to shareholders was 1.77 billion yuan, up 19.2% [3] - The company generated 28.48 billion kWh of electricity, a slight decrease of 0.28% year-on-year, with coal production at 6.829 million tons and a sales price of 416.8 yuan/ton, up 0.37% year-on-year [3] Profitability and Forecast - The report forecasts net profits of 2.476 billion yuan, 2.812 billion yuan, and 3.010 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 23.5%, 13.5%, and 7.1% [4] - The projected earnings per share for 2024 is 0.38 yuan, with a return on equity (ROE) of 12.8% [4] Dividend Policy - The company has committed to a minimum dividend payout ratio of 70% for the years 2022-2024, with expected dividend yields of 5.7%, 6.6%, and 7.2% for 2024-2026 [3][4]

| 证券代码:600863 | | --- | | 债券代码:185193 | | 债券代码:240363 | | 债券代码: 240364 | 二〇二四年八月二十四日 证券代码：600863 证券简称：内蒙华电 公告编号：临 2024-025 债券代码：185193 债券简称：21 蒙电 Y1 债券代码：240363 债券简称：23 蒙电 Y1 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 关于变更董事的公告 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。 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）董事沈 庆贺先生由于工作变动原因，辞去公司第十一届董事会董事及董事会 战略与 ESG 委员会委员职务。沈庆贺先生确认，其与公司董事会之间 并无任何意见分歧，亦无任何与其辞职有关的事项须提请公司股东注 意。公司董事会对沈庆贺先生在任职期间为公司做出的贡献表示衷心 感谢。 根据公司股东北方联合电力有限责任公司的推荐并经公司董事 会提名委员会审查无异议，公司于 2024 年 8 月 23 日 ...

Financial Performance - The company reported a total electricity generation of 5.2 billion kWh for the first half of 2024, representing a year-on-year increase of 12%[11]. - The revenue for the first half of 2024 reached 3.1 billion CNY, an increase of 15% compared to the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was 450 million CNY, reflecting a growth of 20% year-on-year[11]. - The company's operating revenue for the first half of the year is ¥10,769,256,100.18, a decrease of 2.97% compared to the same period last year[16]. - Net profit attributable to shareholders is ¥1,767,584,676.27, representing a 19.17% increase year-over-year[16]. - Basic earnings per share for the period is ¥0.26, an increase of 18.18% from ¥0.22 in the same period last year[17]. - The company achieved an investment income of ¥283 million, a significant increase of 846.12% year-over-year[19]. - The total profit for the first half of 2024 is approximately CNY 2.28 billion, compared to CNY 1.37 billion in the same period of 2023, reflecting a year-over-year increase of 66.7%[135]. - The total comprehensive income for the first half of 2024 is CNY 2.36 billion, compared to CNY 1.42 billion in the same period of 2023, representing an increase of 66.0%[135]. Capacity and Production - The company plans to expand its installed capacity by 500 MW in the next two years, focusing on renewable energy sources[11]. - User data indicates a 10% increase in the number of customers served, reaching a total of 1.2 million by the end of June 2024[11]. - The company operates 19 power plants with a total installed capacity of 13,246,900 kW, of which coal-fired capacity accounts for 86.06%[22]. - The company has a coal production capacity of 15 million tons per year[22]. - The company’s coal production in the first half of 2024 was 2.27 billion tons, a year-on-year decrease of 1.7%[31]. - The company’s renewable energy installed capacity increased from 11.29% to 13.94% since the beginning of the 14th Five-Year Plan, marking a 2.65 percentage point increase[32]. - The company sold 352.01 million tons of coal, a year-on-year increase of 12.66%[36]. Financial Stability and Investments - The company’s credit rating remains at "AAA" as of 2024, reflecting strong financial stability[33]. - The company is investing 200 million CNY in R&D for new energy technologies, aiming to enhance efficiency and reduce emissions[11]. - The company’s long-term equity investments reached CNY 2.08 billion, primarily due to increased profits from joint ventures[43]. - The company’s cash flow from operating activities was 2.52 billion RMB, a decrease of 5.08% compared to the previous year[39]. - The company’s total assets at the end of the reporting period are ¥40,320,428,076.03, reflecting a 2.13% increase from the previous year[16]. - The company’s total liabilities decreased to ¥16,056,272,149.18 from ¥16,174,430,673.02, showing improved financial stability[126]. Environmental and Regulatory Compliance - The management highlighted the importance of addressing environmental risks, particularly in coal and power generation sectors, and is implementing measures to mitigate these risks[11]. - The company is committed to reducing carbon emissions by enhancing energy-saving modifications and increasing the proportion of clean energy[70]. - All subsidiaries and controlled thermal power generation enterprises have established pollution control facilities, achieving compliance with national emission standards[63]. - The company has installed online monitoring facilities for all key pollution sources, ensuring real-time data reporting to local environmental authorities[65]. - The company has implemented emergency response plans for environmental incidents, including specific plans for hazardous chemical leaks and severe weather conditions[64]. Strategic Planning and Future Outlook - Future guidance estimates a revenue growth of 10-15% for the full year 2024, driven by increased electricity demand and operational efficiency improvements[11]. - The company plans to accelerate the development of renewable energy and improve the synergy between coal and electricity industries[30]. - The company aims to invest 300 billion RMB in the renewable energy sector in Inner Mongolia, with a target of adding over 40 million kW of new capacity[28]. - The company expects a year-on-year growth of approximately 6.5% in electricity consumption for the entire year of 2024, driven by the rapid development of renewable energy[52]. Shareholder and Corporate Governance - The company plans to distribute at least 70% of the annual distributable profits as cash dividends from 2022 to 2024, with a minimum payout of 0.1 RMB per share[77]. - The controlling shareholder, North Company, committed to increasing its stake in the company by investing between 100 million and 200 million RMB[77]. - The company has established a communication mechanism with minority shareholders regarding profit distribution and policy changes[77]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[78]. Risk Management - The company faced risks from the electricity market due to external environmental changes and insufficient domestic demand[51]. - The company anticipates challenges in maintaining seasonal price increases for coal due to the full coverage of medium and long-term coal contracts, leading to a potential decline in coal sales prices[53]. - The company will closely monitor changes in the coal market and optimize supply structures to enhance peak supply capabilities and control coal procurement costs[53].