Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [2][19]. Core Views - The company has benefited from abundant water supply for hydropower generation and a decrease in fuel costs, leading to a steady growth in performance [2][6]. - The company plans to introduce social security funds through a private placement to support the construction of hydropower projects, which will enhance long-term development [4]. - The company has increased its cash dividend payout ratio to 55%, reflecting a commitment to shareholder returns [5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 27.102 billion yuan, a year-on-year increase of 2.79%, and a net profit attributable to shareholders of 3.744 billion yuan, up 12.19% year-on-year [2]. - The company’s hydropower generation capacity ranks third among listed companies, with a total installed capacity of 21.3045 million kilowatts [2]. Future Outlook - The company forecasts net profits of 7.712 billion yuan, 8.368 billion yuan, and 9.153 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.03 yuan, 1.12 yuan, and 1.23 yuan [6]. - The company is focusing on expanding its clean energy business and optimizing its thermal power operations, while also venturing into overseas markets and energy storage [6]. Research and Development - The company has significantly increased its R&D expenditure, with a year-on-year increase of 152% in 2023, and has authorized 70 new patents since the beginning of 2024 [3]. - The company is exploring new energy topics such as green hydrogen, solar desertification, offshore wind power, and marine ranching [3]. Capital Management - The company plans to raise up to 7 billion yuan through a private placement to fund the construction of the Mengdigou and Kala hydropower stations, which will improve cash flow and reduce financial costs [4]. - The company has successfully reduced its financial expenses by 14.59% year-on-year in 2023 and by 9.08% in the first half of 2024 [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [8]. Core Views - The company is projected to achieve operating revenues of 623.93 billion, 667.37 billion, and 695.96 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 77.40 billion, 87.56 billion, and 94.08 billion CNY, reflecting year-on-year growth rates of 15.4%, 13.1%, and 7.4% [1][2]. - The introduction of 7 billion CNY from social security funds is expected to enhance the dividend payout ratio to 55%, indicating a commitment to shareholder returns [2]. - The company plans to invest 34.65 billion CNY in clean energy projects, which will alleviate financial pressure and improve its debt ratio, reducing the debt ratio from 63.82% to 62.29% post-fundraising [2][3]. Financial Summary - For the fiscal year 2022, the company reported operating income of 50,489 million CNY, which is expected to grow to 56,712 million CNY in 2023, and further to 62,393 million CNY in 2024, with a year-on-year growth rate of 15.4% [2][4]. - The net profit attributable to the parent company was 4,081 million CNY in 2022, projected to rise to 6,705 million CNY in 2023 and 7,740 million CNY in 2024, with growth rates of 66.2% and 15.4%, respectively [2][4]. - The company's return on equity (ROE) is expected to improve from 8.2% in 2022 to 12.9% in 2024, indicating enhanced profitability [4]. Project Development - The funds raised will be allocated to the construction of the Mengdigou/Kala hydropower stations, which are expected to generate an average annual power output of 10.4 billion kWh and 4.524 billion kWh, respectively [2][3]. - The financial internal rate of return for the projects is estimated at 8%, with a payback period of approximately 20.4 years for Mengdigou and 19.06 years for Kala, suggesting a favorable economic outlook for these investments [2].

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company plans to issue 550 million A-shares at a price of 12.72 yuan per share to the National Social Security Fund, aiming to raise up to 7 billion yuan for clean energy projects [4] - The company commits to distributing at least 55% of its distributable profits as cash dividends annually from 2024 to 2026, an increase from the previous commitment of 50% [4] - The introduction of the social security fund as a strategic investor is expected to enhance the company's capital structure and support its clean energy development [4] - The company is advancing its hydropower and thermal power projects, including the Mengdigou and Kala hydropower stations, while also focusing on improving the efficiency of existing units [4] - The projected net profits for 2024-2026 are 8.038 billion, 8.759 billion, and 9.323 billion yuan, respectively, with corresponding PE ratios of 14, 13, and 12 [5] Financial Data Summary - As of June 30, 2024, the company's net asset per share is 7.17 yuan, and the debt-to-asset ratio is 63.82% [1] - The total share capital is 7,454 million shares, with 6,966 million shares being tradable A-shares [1] - The company's revenue for 2024 is projected to be 59.737 billion yuan, with a year-on-year growth rate of 5.3% [6] - The net profit for 2024 is estimated at 8.038 billion yuan, reflecting a year-on-year growth of 19.9% [6] - The company aims for a dividend yield of approximately 3.6% based on the latest closing price of 15.41 yuan per share [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [8][9]. Core Views - The company plans to issue 550 million A-shares at a price of 12.72 RMB per share, aiming to raise up to 7 billion RMB for the construction of the Karla and Mendigou hydropower projects in the Yalong River basin [1][2]. - The total share capital will increase by approximately 7.4%, which is expected to reduce the company's debt-to-asset ratio by about 1.5 percentage points, from 63.8% to 62.3% [2]. - The internal rate of return for the capital of the two hydropower projects is projected to reach 8%, indicating strong profitability potential [2]. - The company has committed to a dividend payout ratio of no less than 55% from 2024 to 2026, which is an increase from the previous commitment of 50% [2]. Financial Projections - The company is expected to achieve net profits attributable to shareholders of 7.71 billion RMB, 8.36 billion RMB, and 9.14 billion RMB for the years 2024, 2025, and 2026, respectively [2][5]. - The projected P/E ratios for the company are 15x, 14x, and 13x for the years 2024, 2025, and 2026, respectively [2][5]. - Revenue is forecasted to grow from 56.71 billion RMB in 2023 to 63.39 billion RMB in 2026, with a compound annual growth rate of approximately 9.79% [5][6]. Business Development - The company is focusing on expanding its clean energy business, with significant investments in hydropower projects that are expected to enhance its operational capacity and financial performance [2][5]. - The Karla and Mendigou hydropower stations are expected to operate in conjunction with the Longtou Reservoir, optimizing peak regulation and maximizing the benefits of cascade compensation in the river basin [2].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 17.81 [1][6]. Core Views - The introduction of strategic investment from the National Social Security Fund (NSSF) is expected to enhance the company's long-term investment value, with a commitment to increase the dividend payout ratio to 55% for the years 2024-2026, up from 50% [1][3]. - The company plans to raise up to RMB 7 billion through stock issuance, with the NSSF becoming the third-largest shareholder, holding 6.88% of the company post-issuance [1][3]. - The projected net profit for the company is estimated at RMB 79 billion, RMB 90 billion, and RMB 97 billion for the years 2024, 2025, and 2026 respectively [1]. Financial Summary - The company's revenue is projected to grow from RMB 50.49 billion in 2022 to RMB 67.13 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.5% [4][12]. - The net profit attributable to the parent company is expected to increase significantly from RMB 4.08 billion in 2022 to RMB 9.67 billion in 2026, indicating a strong growth trajectory [4][12]. - The earnings per share (EPS) is forecasted to rise from RMB 0.55 in 2022 to RMB 1.30 in 2026, showcasing improved profitability [4][12]. Project Investment - The company plans to allocate RMB 70 billion for investment, with RMB 45 billion and RMB 25 billion designated for the construction of the Mengdigou and Karala hydropower stations, respectively [2]. - The expected average annual power generation for these projects is projected to reach 104.05 billion kWh and 45.238 billion kWh, with internal rates of return on capital of 8% [2].

国投电力控股股份有限公司 截至 2024 年 6 月 30 日止 前次募集资金使用情况报告 国投电力控股股份有限公司截至2024年6月30日止 前次募集资金使用情况报告 根据中国证券监督管理委员会于 2019 年 10 月 29 日出具的《关于核准国投 电力控股股份有限公司发行全球存托凭证并在伦敦证券交易所上市的批复》（证 监许可〔2019〕2003 号），中国证券监督管理委员会核准公司发行不超过 67,860,233 份全球存托凭证（以下简称 GDR），按照公司确定的转换比例计算，对应新增 A 股基础股票不超过 678,602,334 股。本次发行上市的注册文件于伦敦时间 2019 年 10月29日获得英国金融行为监管局批准。首次募集发行的GDR数量为16,350,000 份，发行价格为每份 GDR12.27 美元，募集资金为 2.006 亿美元；此外，公司行 使超额配售权，超额配售了 1,635,000 份 GDR，募集资金为 2,006.15 万美元，合 计募集资金总额为 2.2068 亿美元，本次发行的 GDR 代表的基础证券为 17,985 万 股 A 股股票（包括因行使超额配售权而发行的 GDR ...

股票代码:600886 信息披露义务人:全国社会保障基金理事会 国投电力控股股份有限公司 简式权益变动报告书 上市公司名称:国投电力控股股份有限公司 股票上市地点:上海证券交易所 股票简称:国投电力 住所:北京市西城区丰汇园 11 号楼丰汇时代大厦南座 通讯地址：北京市西城区丰汇园 11 号楼丰汇时代大厦南座 权益变动性质:拟增加 签署日期：2024年_9_月_12日 l and and t and 信息披露义务人声明 一、本报告书依据《中华人民共和国证券法》《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第 15 号 -- 权益变动报告书》及相 关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准,其履行亦不违 反信息披露义务人章程或内部规则中的任何条款,或与之相冲突。 三、根据《全国社会保障基金投资管理暂行办法》以及全国社会保障基金理 事会与投资管理人签署的相关合同,全国社会保障基金理事会委托投资管理人管 理的委托投资组合由投资管理人自主管理,与信息披露义务人不存在一致行动关 系,因此,本报告书不包括该等委托投资组合。本报告书不包括社保基金会指数 化投 ...

股票代码：600886 股票简称：国投电力 编号：2024-043 发行 A 股股票预案披露的提示性公告 关于向特定对象全国社会保障基金理事会 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。 国投电力控股股份有限公司（以下简称"公司"）于 2024 年 9 月 17 日召开 的第十二届董事会第三十三次会议、第十二届监事会第十七次会议审议通过了公 司向特定对象全国社会保障基金理事会发行股票预案的议案，《国投电力控股股 份有限公司 2024 年度向特定对象全国社会保障基金理事会发行 A 股股票预案》 及相关文件同日在上海证券交易所网站（http://www.sse.com.cn）披露，敬请投 资者注意查阅。 国投电力控股股份有限公司 本次预案披露的事项不代表审核机关对于公司本次向特定对象发行股票相 关事项的实质性判断、确认或批准。预案所述本次向特定对象发行股票相关事项， 尚待取得有权国有资产监督管理部门或其授权主体的批准、公司股东大会审议通 过、上海证券交易所审核通过并经中国证监会作出同意注册决定后方可实施，敬 请广大投资者注意投 ...

股票代码：600886 股票简称：国投电力 国投电力控股股份有限公司 （北京市西城区西直门南小街 147 号楼 11 层 1108） 2024 年度向特定对象 全国社会保障基金理事会 发行 A 股股票 募集资金使用可行性分析报告 二〇二四年九月 国投电力控股股份有限公司（以下简称"国投电力"或"公司"）为满足公 司业务发展的资金需求、增强公司的盈利能力和抗风险能力，拟通过向特定对象 发行 A 股股票（以下简称"本次发行"）的方式引入全国社会保障基金理事会（以 下简称"社保基金会"）作为战略投资者并募集资金，公司编制了《国投电力控 股股份有限公司 2024 年度向特定对象全国社会保障基金理事会发行 A 股股票募 集资金使用可行性分析报告》。 本报告中如无特别说明，相关用语具有与《国投电力控股股份有限公司 2024 年度向特定对象全国社会保障基金理事会发行 A 股股票预案》中相同的含义。 公司对本次向特定对象发行 A 股股票募集资金使用的可行性分析如下： 一、本次募集资金使用计划 本次向特定对象发行股票募集资金总额（含发行费用）不超过 70.00 亿元， 扣除相关发行费用后的募集资金净额将全部用于清洁能源项目建设 ...

证券简称：国投电力 证券简称：600886 国投电力控股股份有限公司 （北京市西城区西直门南小街 147 号楼 11 层 1108） 2024 年度向特定对象 全国社会保障基金理事会 发行 A 股股票预案 二〇二四年九月 国投电力控股股份有限公司 2024年度向特定对象全国社会保障基金理事会发行A股股票预案 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏。 2、本预案按照《上市公司证券发行注册管理办法》等法规及规范性文件的 要求编制。 3、本次向特定对象全国社会保障基金理事会发行 A 股股票完成后，公司经 营与收益的变化，由公司自行负责；因本次向特定对象发行 A 股股票引致的投 资风险，由投资者自行负责。 4、本预案是公司董事会对本次向特定对象全国社会保障基金理事会发行 A 股股票的说明，任何与之相反的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本预案所述事项并不代表审批机关对于本次向特定对象发行 A 股股票相 关事项的实质性判断、确认、批准或核准，本预案所述本次向特定对象发行 A ...