Investment Rating - The investment rating for Guotou Electric Power is "Outperform the Market" [1] Core Views - The introduction of social security strategic investment accelerates the development of clean energy and enhances the stability of the capital market. Guotou Electric Power is a comprehensive power generation company under the National Development Investment Group, sharing hydropower development rights in the Yalong River Basin with Chuan Investment Energy [4] - As of Q3 2024, the company has an installed capacity of 42.54 million kilowatts, with hydropower, thermal power, and wind/solar power capacities of 21.30 million, 13.20 million, and 8.03 million kilowatts respectively. The net profit attributable to shareholders for Q1-3 2023/24 was 6.7 billion and 6.6 billion yuan, representing year-on-year growth of 64% and 9% [4] - The company signed a strategic cooperation agreement with the social security fund in September 2024, planning to raise 7 billion yuan at a price of 12.72 yuan per share, corresponding to the issuance of 550 million shares, approximately 7.4% of the total share capital before issuance [4] Summary by Sections Market Performance - Guotou Electric Power's stock performance has shown a decline of 2.92% compared to the Haidong Composite Index, with a relative performance of -14.3% over the past month [2][3] Hydropower and Renewable Energy - The Yalong River hydropower segment has seen an increase in electricity generation, with 79.9 billion kWh and 71.5 billion kWh for hydropower and Yalong River respectively, year-on-year growth of 15.6% and 16.1%. The on-grid electricity prices have decreased by 2.2% and 1.9% respectively [5] - The company is advancing the integrated layout of hydropower, wind, and solar energy, with a planned installed capacity of 78 million kilowatts in the Yalong River hydropower and wind-solar base [5] Thermal Power - The company focuses on the construction of clean and efficient large thermal power units, with 64% of its operational thermal power being million-kilowatt units. The profitability of the thermal power segment is supported by capacity pricing [6] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 7.5 billion, 8.5 billion, and 9.5 billion yuan for 2024-2026, with corresponding EPS of 1.00, 1.14, and 1.28 yuan. The estimated dividend yield for 2024 is 3.2% [7] - The reasonable value range for the company is estimated to be between 17.10 and 19.38 yuan, based on a PE ratio of 15-17 times for 2025 [7][14] Financial Performance - The company's revenue for 2023 is projected at 56.71 billion yuan, with a year-on-year growth of 12.3%. The net profit for 2023 is expected to be 6.71 billion yuan, reflecting a significant increase of 64.3% [8][15] - The gross profit margin is expected to improve from 36.1% in 2023 to 40.6% by 2026 [15] Shareholder Returns - According to the company's shareholder return plan, it aims to distribute at least 55% of the annual distributable profits in cash from 2024 to 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE ratio of 16/14/13 times for 2024-2026 and a dividend yield of 3.54% in 2024 based on a 55% payout ratio [1] Core Views - The company's net profit attributable to shareholders is expected to be 7.5/8.4/9.0 billion yuan in 2024-2026, with year-on-year growth rates of 11%/12%/7% respectively [1] - The company plans to raise 7 billion yuan through a private placement to fund the construction of 3.4GW hydropower stations and has committed to a dividend payout ratio of no less than 55% from 2024 to 2026 [6] - The company's Q3 2024 revenue and net profit attributable to shareholders were 17.294 billion yuan and 2.834 billion yuan, representing year-on-year growth of 6.87% and 4.38% respectively [7] Financial Performance - The company's revenue is projected to grow from 56.712 billion yuan in 2023 to 67.902 billion yuan in 2026, with a compound annual growth rate of 6.71%/6.76%/5.10% [4] - Net profit attributable to shareholders is expected to increase from 6.705 billion yuan in 2023 to 8.964 billion yuan in 2026, with growth rates of 11.32%/12.13%/7.11% [4] - The company's ROE is forecasted to rise from 11.35% in 2023 to 12.61% in 2026, while the net profit margin is expected to improve from 21.44% to 24.91% over the same period [8] Business Highlights - The company's hydropower generation in Q3 2024 reached 33.7 billion kWh, up 25% year-on-year, demonstrating the advantages of cascade scheduling despite reduced water inflow [5] - The company's wind power tariff in Q3 2024 was 0.453 yuan/kWh, down 0.004 yuan year-on-year, while the photovoltaic tariff was 0.459 yuan/kWh, a decrease of 0.154 yuan/kWh due to increased grid parity projects [5] - The company has 3.72GW of approved hydropower capacity and 4.13GW of approved thermal power capacity under construction, with a target of 17GW of new energy capacity by 2025 [6] Valuation Metrics - The company's P/E ratio is expected to decline from 17.29 in 2023 to 12.93 in 2026, while the P/B ratio is projected to decrease from 2.17 to 1.77 over the same period [8] - The company's EV/EBITDA ratio is forecasted to remain stable at 9 times from 2024 to 2026 [8] - The dividend yield is expected to increase from 3.18% in 2023 to 3.99% in 2026 [8]

证券代码：600886 证券简称：国投电力 公告编号：2024-063 国投电力控股股份有限公司 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： 会议召开时间：2024 年 11 月 13 日(星期三)下午 16:00-17:00 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/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 6 日(星期三)至 11 月 12 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 gtdl@sdicpower.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 国投电力控股股份有限公司（以下简称"公司"）于 2024 年 10 月 31 日在上海证券交易所网站（http://www.sse.com.cn）发布公司 《2024 年度第三季度报告》，为便于广大投资者更全面深入地了解公 司 2024 年第三季度经营成果、财务状况，公司拟于 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company achieved a revenue of 44.4 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 6.58 billion yuan, up 8.7% year-on-year [1]. - In Q3 2024, the company reported a revenue of 17.29 billion yuan, a 6.9% increase year-on-year, and a net profit of 2.83 billion yuan, up 4.4% year-on-year [1]. - The hydropower segment showed strong performance with a significant increase in generation and revenue, while the thermal power segment faced challenges due to reduced generation and pricing pressures [2][3]. Summary by Sections Hydropower Performance - In Q3, the Yarlung Tsangpo hydropower generation reached 33.71 billion kWh, a 24.6% increase year-on-year, with an average on-grid electricity price decline of only 1.4%, which was better than market expectations [2]. - The revenue from Yarlung Tsangpo hydropower in Q3 was approximately 8.613 billion yuan, a 22% increase year-on-year, with net profit around 3.561 billion yuan, up 16.7% year-on-year [2]. Thermal Power Performance - The thermal power generation in Q3 was 16.14 billion kWh, down 5.6% year-on-year, with the average on-grid electricity price at 0.459 yuan per kWh, a decrease of 3.2% year-on-year [3]. - The decline in thermal power generation and pricing has put pressure on the revenue and profit from this segment [3]. New Energy Development - The company added 1.6557 million kW of new installed capacity from January to September 2024, with solar power generation increasing by 50.4% year-on-year to 1.28 billion kWh in Q3 [4]. - However, the on-grid electricity prices for wind and solar power decreased by 0.9% and 25.1% respectively in Q3, indicating pricing pressures in the new energy sector [4]. Financial Forecasts - The report adjusts profit expectations for the company, forecasting net profits of 7.45 billion yuan, 8.32 billion yuan, and 8.85 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 15.5, 13.9, and 13 times [4].

Investment Rating - The investment rating for Guotou Electric Power is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 44.4 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.3%, and a net profit attributable to the parent company of 6.35 billion yuan, up 5.4% year-on-year [1] - In Q3 2024, the company achieved a revenue of 17.29 billion yuan, a year-on-year increase of 6.9%, but the net profit attributable to the parent company decreased by 2.7% to 2.63 billion yuan [1] - Improved water inflow and installed capacity growth are expected to drive continued performance growth, despite a decrease in renewable energy prices [2][3] Summary by Sections Operating Analysis - Hydropower: Significant improvement in water inflow for the Yalong River in Q3 2024, contributing to a 22.7% year-on-year increase in on-grid electricity generation to 36.83 billion kWh [2] - Electricity Price: The average on-grid electricity price in Q3 2024 was 0.278 yuan/kWh, down 1.1% year-on-year, with a notable reduction in the price drop compared to the previous quarter [2] - Thermal Power: On-grid electricity generation decreased by 5.8% year-on-year to 15.1 billion kWh, with regional disparities in demand affecting performance [2] Profit Forecast, Valuation, and Rating - The company is expected to achieve net profits of 7.61 billion, 8.42 billion, and 9.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.02, 1.13, and 1.23 yuan [3] - The current stock price corresponds to PE valuations of 15x, 14x, and 13x for the respective years [3]

Investment Rating - The report maintains a "Buy" rating for Guotou Electric Power [5][8] Core Views - The company reported a revenue of approximately 44.395 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.34%, and a net profit attributable to shareholders of approximately 6.578 billion yuan, up 8.69% year-on-year [5] - The increase in hydropower profitability is supported by stable prices and increased volume during the flood season, with hydropower generation reaching 80.345 billion kWh, a year-on-year increase of 15.52% [6] - The performance of thermal power and new energy is under pressure due to declining prices and volumes, with thermal power generation decreasing by 5.59% year-on-year [7] - The company plans to raise no more than 7 billion yuan to support the development of clean energy projects [8] Summary by Sections Market Data - Closing price: 15.49 yuan - Market capitalization: 107.901 billion yuan - Dividend yield: 3.19% [2] Financial Data - Net asset per share: 7.56 yuan - Debt-to-asset ratio: 62.16% [3] Performance Comparison - The company's stock price has shown a relative performance compared to the CSI 300 index [4] Revenue and Profit Forecast - Projected net profits for 2024-2026 are 8.038 billion, 8.759 billion, and 9.323 billion yuan respectively, with corresponding PE ratios of 15, 14, and 13 [8]

国投电力控股股份有限公司（以下简称公司）于 2024 年 3 月 18 日召开第 12 届董事会第 24 次会议，审议通过了《关于为 ICOL 公司提供担保额度预计的 议案》，该议案于 2024 年 4 月 3 日经 2024 年第二次临时股东大会审议通过，其 中同意公司为 ICOL 公司新增提供担保金额预计不超过 1.17 亿英镑等额。 股票代码：600886 股票简称：国投电力 编号：2024-062 国投电力控股股份有限公司 关于为 ICOL 公司提供担保额度预计的进展公告 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： 一、 担保情况概述 （一）本担保事项履行的内部决策程序 （二）担保进展情况 近期，根据 ICOL 公司与 Siemens Energy Limited 和 IEMANTS NV 联合体（以 下简称 S&I 联合体）所签订升压站 EPC 总包合同，公司与 S&I 联合体正式签署了 《担保和赔偿协议》，公司同意为 ICOL 公司提供总额度不超过 2,950 万英镑及 1 被担保人名称：Inc ...

Investment Rating - The investment rating for Guotou Electric Power (600886.SH) is "Buy" [1] Core Views - The report highlights that Guotou Electric Power has shown steady revenue growth, with a 4.34% year-on-year increase in revenue to 44.395 billion yuan for the first three quarters of 2024, and an 8.69% increase in net profit to 6.578 billion yuan [1] - The report emphasizes the significant growth in hydropower generation, particularly in the Yalong River basin, which has seen a 15.55% increase in hydropower generation to 79.89 billion kWh in the first three quarters of 2024 [1][2] - The report projects continued improvement in water inflow for hydropower in 2024, which is expected to drive high growth in hydropower generation [3] Summary by Sections Financial Performance - For Q3 2024, Guotou Electric Power achieved revenue of 17.294 billion yuan, a year-on-year increase of 6.87%, and a net profit of 2.834 billion yuan, up 4.38% year-on-year [1] - The company reported a net cash flow from operating activities of 21.361 billion yuan, reflecting a 21.67% increase year-on-year [1] Hydropower Generation - The Yalong River hydropower generation saw a significant increase, with Q3 2024 generation reaching 33.543 billion kWh, a 24.63% year-on-year increase [1] - The average on-grid electricity price for hydropower in the first three quarters of 2024 was 0.292 yuan/kWh, a slight decrease of 2.19% year-on-year [1] Thermal Power Generation - The company experienced a slight decline in thermal power generation, with a total of 41.562 billion kWh generated in the first three quarters of 2024, down 0.64% year-on-year [1] - The average on-grid electricity price for thermal power was 0.463 yuan/kWh, a decrease of 2.11% year-on-year [1] New Energy Development - Guotou Electric Power added 995,700 kW of new energy capacity in the first three quarters of 2024, with total new energy generation reaching 8.458 billion kWh, a year-on-year increase of 25.3% [1][2] - The report notes that the average on-grid electricity price for new energy has decreased, with wind power at 0.469 yuan/kWh and solar power at 0.516 yuan/kWh, reflecting declines of 2.7% and 27.73% year-on-year, respectively [2] Future Outlook - The report forecasts that the company's net profit will reach 8.39 billion yuan in 2024, with a growth rate of 25.1%, and will continue to grow in subsequent years [3] - The company is expected to benefit from the release of generation capacity from the Liangyang power stations and the rapid growth of new energy installations [3]

Investment Rating - The investment rating for Guotou Electric Power (600886.SH) is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The report highlights that the company's hydropower generation is recovering, with significant growth in electricity generation from the Yalong River and a slight decline in electricity prices. The company achieved a revenue of 44.395 billion yuan in the first three quarters of 2024, a year-on-year increase of 4.34%, and a net profit attributable to shareholders of 6.578 billion yuan, up 8.69% year-on-year [1][2][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 17.294 billion yuan, a year-on-year increase of 6.87%, and a net profit of 2.834 billion yuan, up 4.38% year-on-year. The net profit after deducting non-recurring gains and losses was 2.634 billion yuan, a decrease of 2.65% year-on-year. The company generated a non-recurring gain of 200 million yuan mainly from the disposal of non-current assets [1][2]. Hydropower Generation - The Yalong River and the Small Three Gorges hydropower areas experienced abundant water inflow in Q3, leading to a significant increase in electricity generation. The total hydropower generation for the first three quarters of 2024 was 79.89 billion kWh, a year-on-year increase of 15.55%. The average on-grid electricity price for hydropower decreased slightly to 0.292 yuan/kWh, down 2.19% year-on-year [1][3]. Thermal Power Generation - The company achieved thermal power generation of 41.562 billion kWh in the first three quarters of 2024, a slight decrease of 0.64% year-on-year. The average on-grid electricity price for thermal power was 0.463 yuan/kWh, down 2.11% year-on-year [1][3]. New Energy Development - The company added 995,700 kW of new energy capacity in the first three quarters of 2024, with total new energy generation reaching 8.458 billion kWh, a year-on-year increase of 25.3%. Wind power generation was 4.89 billion kWh, up 1.43%, while photovoltaic generation surged by 84.94% to 3.568 billion kWh. The average on-grid electricity price for wind power and photovoltaic power decreased to 0.469 yuan/kWh and 0.516 yuan/kWh, respectively [1][2][3]. Future Outlook - The report anticipates continued improvement in water inflow for hydropower in 2024, leading to high growth in hydropower generation. Thermal power is expected to benefit from increased electricity demand and cost reductions. The Yalong River hydropower assets are highlighted for their stability and growth potential, with significant room for capacity expansion in the long term [2][3][4].

股票代码：600886 股票简称：国投电力 编号：2024-061 国投电力控股股份有限公司 第十二届董事会第三十七次会议决议公告 本议案已经董事会审计委员会审议通过。 （二）审议通过了《关于修订<公司总经理办公会议事规则>的议案》 为进一步规范公司总经理办公会议事规则，明确总经理办公会的决策权责， 根据《公司法》《公司章程》《公司总经理工作细则》等有关法律、规定，并结合 公司实际情况，同意对《公司总经理办公会议事规则》的修订。 表决情况：9 票赞成、0 票反对、0 票弃权。 国投电力控股股份有限公司（以下简称公司）第十二届董事会第三十七次会 议于 2024 年 10 月 20 日以邮件方式发出通知，2024 年 10 月 30 日以通讯方式召 开。本次会议应出席董事 9 人，实际出席董事 9 人，公司董事长郭绪元先生主持 本次会议。本次会议的召集和召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《2024 年第三季度报告》 该报告同日在上海证券交易所网站（www.sse.com.cn）披露。 表决情况：9 票赞成、0 票反对、0 票弃权。 本公司董事会及全体董事保证本公 ...