Summary of Conference Call Company and Industry - The conference call is focused on Dongbu Securities, specifically discussing the public utility and environmental protection sector [1] Core Points and Arguments - The call aims to interpret the annual report, particularly emphasizing production and electricity, which are familiar topics for investors [1] - The discussion involves an exchange between the speaker and analyst Gu Yue regarding insights into the company [1] Other Important Content - The call is structured to facilitate a dialogue, indicating a collaborative approach to understanding the company's performance and outlook [1]

Summary of Conference Call Company and Industry - The conference call is focused on Dongbu Securities, specifically discussing the public environmental sector and its annual report analysis [1] Core Points and Arguments - The discussion centers around production and electricity, indicating that these are familiar topics for investors [1] - The call involves an exchange between the speaker and analyst Gu Yue, suggesting a collaborative approach to analyzing the company's performance [1] Other Important Content - The call aims to provide insights into the company's operations and performance metrics, although specific financial data or metrics are not detailed in the provided text [1]

Financial Data and Key Indicators Changes - In 2023, the company achieved operating revenue of 781.12 billion, a year-on-year increase of 50.04% [7] - The total profit reached 324.13 billion, with net profit at 279.56 billion, representing a year-on-year increase of 27.83% [7] - Total assets amounted to 5719.43 billion, up 74.76% year-on-year, while net assets increased by 8.45% to 2122.99 billion [7] Business Line Data and Key Indicators Changes - Hydropower generation reached 2762.63 billion kWh in 2023, an increase of 140.15 billion kWh or 5.34% year-on-year [1][4] - The company has over 30 pumped storage projects under tracking, with a total installed capacity of nearly 42 million kW [1][4] - In the renewable energy sector, distributed photovoltaic and energy storage projects both exceeded 1 million kW in scale [1][5] Market Data and Key Indicators Changes - International business profits exceeded 2.1 billion, a year-on-year increase of 51%, with successful acquisitions in Peru and ongoing projects in Pakistan [1][6] Company Strategy and Development Direction - The company aims to achieve a hydropower generation target of 3088 billion kWh in 2024, with domestic hydropower stations expected to exceed 3074 billion kWh [1][13] - Expansion plans include increasing the installed capacity of Xiluodu and Xiangjiaba hydropower stations [1][13] - The company is focusing on developing pumped storage and enhancing its renewable energy base [1][13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that despite challenges such as reduced water inflow, the company expects significant improvements in generation capacity due to optimized dispatching [16] - The company is committed to maintaining a high cash dividend policy, with a proposed cash dividend of 200.64 billion for 2023 [3][18] Other Important Information - The company has established an ESG management framework to enhance its sustainability practices [8][9] - It has implemented over 400 rural revitalization projects, investing over 2 billion [12] Q&A Session Summary Question: What is the expected scale of R&D expenses and the main business synergy model? - The company emphasizes high-tech content, economic efficiency, resource efficiency, low environmental impact, and human resource advantages in its R&D investments [16] Question: What is the growth source of the Ludus company and the sustainability of overseas business performance? - The international business revenue exceeded 2.1 billion, with stable growth expected due to the nature of public utility operations in Peru [16] Question: What is the outlook for future water inflow and generation capacity? - Current water inflow is near the historical average, and generation capacity is expected to improve significantly [16] Question: What is the progress of pumped storage project construction? - There are currently 2.4 million kW of pumped storage under construction, with an additional 4.2 million kW planned [16] Question: What are the company's specific investment arrangements? - The company will focus on low-risk, stable-return investments, particularly in the upper reaches of the Yangtze River [16][17] Question: What is the current status of renewable energy installations in 2023? - The company has successfully integrated nearly 2 million kW of renewable energy projects [17] Question: What is the future investment layout in Latin America? - The company completed its first renewable energy asset acquisition in Peru, establishing a complementary generation structure [17] Question: What is the capacity of the hydropower unit in Peru and its operational timeline? - The company operates the Santa Teresa 1 hydropower station in Peru with a capacity of 100,000 kW, operational since September 2015 [17] Question: What are the expansion plans for this year? - Expansion projects for Xiangjiaba and Gezhouba hydropower stations are underway [17] Question: What is the source of the significant increase in operating cash flow in 2023? - The increase in cash flow is attributed to the recovery of electricity payments [17] Question: How does the company view its investments in the Yangtze Protection ETF? - The company maintains that these investments align with its strategic goals and support the high-quality development of the Yangtze Economic Belt [17] Question: Will the dividend payout ratio increase after reducing debt? - The company has set a minimum cash dividend policy of 50% of distributable profits, with a current payout ratio of approximately 74% [18] Question: What is the overall interest-bearing debt cost rate? - The company has successfully reduced its financing cost rate and debt scale, with a notable decrease in 2023 [19][20]

Summary of Conference Call Company and Industry - The conference call pertains to the animal environmental protection industry, specifically focusing on a public company named Changjiang [1] Core Points and Arguments - The company reported that its performance met expectations, indicating a stable financial position [1] - There is an anticipation for improvements in both volume and price, suggesting potential growth in revenue and profitability [1] Other Important but Possibly Overlooked Content - The call was structured to allow participants to remain muted until the official announcement was completed, indicating a formal approach to the meeting [1]

Investment Rating - The report maintains an "Increase" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][24]. Core Views - The company has shown resilience in its financial performance despite adverse water conditions, achieving a 14.81% year-on-year increase in net profit for 2023 [7][8]. - The acquisition of Yun Chuan Company has enhanced the company's hydropower capacity, contributing to a more robust operational framework [8]. - The company is optimistic about future water conditions and expects improved profitability from its hydropower stations in 2024-2026 [14]. Financial Performance Summary - In 2023, the company reported operating revenue of 781.12 billion yuan, a year-on-year increase of 13.43%, and a net profit attributable to shareholders of 272.39 billion yuan, up 14.81% [7]. - The fourth quarter of 2023 saw a significant revenue increase of 28.23% year-on-year, with net profit soaring by 86.98% [7]. - For the first quarter of 2024, the company achieved operating revenue of 156.41 billion yuan, a 1.58% increase year-on-year, and a net profit of 39.67 billion yuan, up 9.80% [9]. Operational Highlights - The company’s hydropower capacity reached 71.795 million kilowatts after the acquisition of Yun Chuan, representing approximately 17% of the national operational hydropower capacity [8]. - Despite facing challenges from reduced water levels, the company managed to increase its total power generation by 5.34% in 2023 [8]. - The average on-grid electricity price for the company in 2023 was 281.28 yuan per megawatt-hour, an increase of 11.56 yuan compared to 2022 [10]. Future Outlook - The company anticipates a total power generation of 3,074 billion kilowatt-hours in 2024, contingent on favorable water conditions [10]. - Projections for net profit attributable to shareholders are optimistic, with estimates of 329.53 billion yuan, 355.19 billion yuan, and 373.34 billion yuan for 2024, 2025, and 2026 respectively [14]. - The company is actively expanding its renewable energy initiatives, including pumped storage and smart energy projects, to enhance its operational efficiency and market position [12].

Investment Rating - The report maintains an "Increase" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][25]. Core Views - The company has shown resilience in its financial performance despite adverse water conditions, achieving a 14.81% year-on-year increase in net profit for 2023 [7][8]. - The acquisition of Yun Chuan Company has enhanced the company's hydropower capacity, now totaling 71.795 million kilowatts, representing approximately 17% of the national operational hydropower capacity [8]. - The company is optimistic about future water conditions and expects improved profitability from the newly integrated hydropower stations [14]. Financial Performance Summary - In 2023, the company reported operating revenue of 78.112 billion yuan, a year-on-year increase of 13.43%, and a net profit attributable to shareholders of 27.239 billion yuan, up 14.81% [7][8]. - The fourth quarter of 2023 saw a significant revenue increase of 28.23% year-on-year, with net profit soaring by 86.98% [7]. - For the first quarter of 2024, the company achieved operating revenue of 15.641 billion yuan, a slight increase of 1.58%, and a net profit of 3.967 billion yuan, up 9.80% year-on-year [7][9]. Operational Highlights - The company has successfully transitioned to a new operational model with the integration of six hydropower stations, which has led to an increase in electricity generation despite challenging water conditions [8]. - The average on-grid electricity price for the company in 2023 was 281.28 yuan per megawatt-hour, reflecting an increase of 11.56 yuan per megawatt-hour from 2022 [10]. - The company has made significant strides in diversifying its energy portfolio, including investments in pumped storage, smart energy solutions, and international projects [12]. Future Outlook - The company anticipates a gradual improvement in hydropower generation from 2024 to 2026, with projected net profits of 32.953 billion yuan, 35.519 billion yuan, and 37.334 billion yuan respectively [14]. - The report highlights the potential for increased profitability as the company benefits from the full operational capacity of the newly acquired hydropower stations [14].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 28.80 CNY per share, based on a historical valuation of 20.0 times PE for 2024 [4][8]. Core Views - The company achieved a revenue of 78.112 billion CNY in 2023, representing a year-on-year growth of 13.43%. The net profit attributable to shareholders was 27.239 billion CNY, up 14.81% year-on-year. The company plans to distribute a cash dividend of 0.82 CNY per share, totaling 20.064 billion CNY, with a cash dividend payout ratio of approximately 73.66% [2]. - In Q1 2024, the company reported a revenue of 15.641 billion CNY, a slight increase of 1.58% year-on-year, and a net profit of 3.967 billion CNY, up 9.80% year-on-year [2]. - The overall electricity generation faced pressure in Q1 2024, with a total inflow of 49.767 billion cubic meters at the Three Gorges Reservoir, down 4.14% year-on-year. However, the company’s two power stations achieved a generation of 17.445 billion kWh, an increase of 14.4% year-on-year [2]. - The company’s average on-grid electricity price increased by 1.16 cents/kWh to 0.2813 CNY/kWh in 2023, indicating a favorable pricing environment due to regional supply-demand dynamics [2]. - The company’s financial structure improved, with a net operating cash flow of 64.719 billion CNY in 2023, and a decrease in financial expenses by 296 million CNY in Q1 2024 [2]. Summary by Sections Financial Performance - 2023 revenue was 78,112 million CNY, with a growth rate of 13.4% expected to reach 87,581 million CNY in 2024, reflecting a growth rate of 12.1% [3]. - The net profit attributable to shareholders for 2023 was 27,239 million CNY, with a projected increase to 35,167 million CNY in 2024, indicating a growth rate of 29.1% [3]. - The earnings per share (EPS) for 2023 was 1.11 CNY, expected to rise to 1.44 CNY in 2024 [3]. Debt and Investment - As of the end of 2023, the company had interest-bearing liabilities totaling approximately 288.7 billion CNY, with a debt-to-asset ratio of 62.9% [2]. - The company’s investment income increased by 55.7% year-on-year to 900 million CNY in Q1 2024, reflecting improved performance from its equity investments [2]. Market Outlook - The company has set a target electricity generation of 3,074 billion kWh for 2024, with adjusted profit forecasts for 2024 and 2025 EPS at 1.44 CNY and 1.47 CNY, respectively [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential return of over 20% within six months [4][12]. Core Views - The company reported a revenue of 78.11 billion RMB in 2023, a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 27.24 billion RMB, up 14.8% year-on-year [1][2]. - The company plans to distribute a cash dividend of 0.82 RMB per share for 2023, maintaining a stable dividend payout ratio of 73.66% [1][2]. - The acquisition of the Wudongde and Baihetan hydropower stations has increased the company's total hydropower installed capacity to 71.795 million kW, accounting for 17.01% of the national hydropower capacity [2]. Financial Performance - In Q1 2024, the company achieved a revenue of 15.64 billion RMB, a year-on-year growth of 1.58%, and a net profit of 3.97 billion RMB, up 9.8% year-on-year despite a decrease in power generation [1][2]. - The company’s financial expenses decreased to 2.85 billion RMB in Q1 2024, down 2.96 billion RMB year-on-year, contributing to the profit growth [2]. - The investment income from associated thermal power companies increased, leading to a net investment income of 900 million RMB in Q1 2024, up 3.22 billion RMB year-on-year [2]. Revenue and Profit Forecast - The company is expected to achieve net profits of 32.81 billion RMB, 35.80 billion RMB, and 37.85 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18.9, 17.3, and 16.4 [2][3].

公司报告 | 年报点评报告 长江电力（600900） 证券研究报告 2024年05月 08日 投资评级 分红维持稳定，蓄能为业绩增长打下基础 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 25.35元 事件： 目标价格 元 公司公布2023年年报和2024年一季报。2023年实现营业收入781.1亿元， 同比增长13.4%；归母净利润272.4亿元，同比增长14.8%；2024年一季度 基本数据 实现营业收入156.4 亿元，同比增长1.58%；归母净利润为 39.7 亿元，同 A股总股本(百万股) 24,468.22 比增长9.8%。 流通A股股本(百万股) 24,007.26 公司 2023 年度利润分配预案：拟每股派发现金红利 0.82 元人民币（含 A股总市值(百万元) 620,269.32 税），现金分红比例为 73.66%。 流通A股市值(百万元) 608,583.95 乌白注入+海外业务利润增长，23年归母净利润同比增长 14.8% 每股净资产(元) 8.40 2023年1月，公司完成乌东德和白鹤滩电站的收购，目前水电总装机容量 资产负债率(%) 61.89 7179.5 万千瓦 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 78.1 billion yuan in 2023, a year-on-year increase of 13.4% (adjusted), and a net profit attributable to shareholders of 27.2 billion yuan, up 14.8% (adjusted) [2] - The company experienced a decrease in electricity generation due to lower water inflow, but the injection of the Wudongde and Baihetan hydropower stations has brought new momentum [2][3] - The average on-grid electricity price for the company in 2023 was 281.3 yuan per megawatt-hour, an increase of 11.56 yuan per megawatt-hour year-on-year [2] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 15.6 billion yuan, a year-on-year increase of 1.6%, and a net profit of 3.97 billion yuan, up 9.8% [2] - The company's gross margin was 57.8% and net margin was 35.8% in 2023, a decrease of 5.79 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 0.82 yuan per share, with a payout ratio of 73.7% [2] Profit Forecast - The company is expected to achieve net profits of 32.8 billion, 36.5 billion, and 39.0 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.34, 1.49, and 1.59 yuan [3][4] - Revenue growth rates are projected at 4.25%, 7.65%, and 7.50% for the years 2024, 2025, and 2026, respectively [4] Operational Metrics - The company’s total assets were reported at 568.7 billion yuan, with a total market capitalization of 631.0 billion yuan [6] - The company’s return on equity (ROE) is projected to be 14.73%, 15.22%, and 15.14% for the years 2024, 2025, and 2026, respectively [4]