Investment Rating - The investment rating for the company is "Buy (Maintain)" [2][19]. Core Views - The company achieved steady revenue growth in 2023, driven by the injection of the Wuhai Power Station, which enhanced both power generation and on-grid electricity prices [6][5]. - The company is expected to maintain stable growth in performance, with a projected EPS of 1.40, 1.48, and 1.56 for 2024-2026, corresponding to PE ratios of 18.5, 17.4, and 16.6 respectively [18][19]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023 revenue reached 78,112 million yuan, a 13.4% increase year-on-year; net profit was 27,239 million yuan, up 14.8% [3][6]. - For 2024, revenue is expected to be 86,918 million yuan, reflecting an 11.3% growth, with net profit projected at 34,177 million yuan, a 25.5% increase [3][18]. - **Quarterly Performance**: - In Q1 2024, the company reported revenue of 15,640 million yuan, a 1.6% increase, and net profit of 3,970 million yuan, up 9.8% [4][6]. - The total power generation for Q1 2024 was approximately 527.5 billion kWh, a decrease of 5.1% year-on-year due to reduced water inflow [4][5]. - **Profitability Metrics**: - The company's EBIT margin is projected to improve from 52.8% in 2023 to 60.4% in 2024 [3][12]. - The net profit margin for Q1 2024 was 26.06%, an increase of 1.79 percentage points year-on-year, primarily due to a decrease in financial expense ratios [4][12]. Investment and Dividend Summary - The company achieved an investment income of 4,750 million yuan in 2023, a 3.3% increase year-on-year, with a cash dividend rate of 74% [4][17]. - The total cash dividend for 2023 was 20,064 million yuan, representing 73.66% of net profit, with a dividend per share of 0.82 yuan, yielding a dividend rate of 3.2% based on the latest closing price [4][17]. Future Outlook - The company plans to achieve a revenue growth of 7% in 2024, targeting a total revenue of 83,800 million yuan [18]. - The company is actively pursuing integrated development in hydropower, wind, and energy storage, which is expected to contribute to stable future performance [18][19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][23]. Core Views - The company achieved a revenue of 78.11 billion yuan in 2023, representing a year-on-year increase of 13.4%, and a net profit attributable to shareholders of 27.24 billion yuan, up 14.8% year-on-year. The revenue for Q1 2024 was 15.64 billion yuan, a 1.6% increase year-on-year, with a net profit of 3.97 billion yuan, up 9.8% year-on-year [3][7][21]. - The injection of the Wubai power station has led to an increase in both power generation and on-grid electricity prices, with the average on-grid electricity price rising by 5.0% to 0.281 yuan/kWh in 2023 [3][7][21]. - The company has a controllable hydropower installed capacity of 71.795 million kW as of the end of 2023, accounting for 17.01% of the national hydropower installed capacity [7][21]. Financial Forecasts and Indicators - The company forecasts revenues of 86.92 billion yuan for 2024, 89.83 billion yuan for 2025, and 93.70 billion yuan for 2026, with corresponding net profits of 34.18 billion yuan, 36.32 billion yuan, and 38.05 billion yuan respectively [3][24]. - Earnings per share (EPS) are projected to be 1.40 yuan for 2024, 1.48 yuan for 2025, and 1.56 yuan for 2026, with price-to-earnings (PE) ratios of 18.5, 17.4, and 16.6 respectively [3][24]. - The company's return on equity (ROE) is expected to improve to 16.2% in 2024, 16.3% in 2025, and 16.0% in 2026 [3][24]. Investment Strategy - The company is focusing on enhancing its core hydropower business while actively pursuing strategic investments in upstream and downstream sectors, achieving an investment income of 4.75 billion yuan in 2023, a year-on-year increase of 3.3% [4][21]. - The company plans to implement a revenue growth target of 7% for 2024, aiming for a total revenue of 83.8 billion yuan [22][24]. - The ongoing "Six Reservoirs Coordination" initiative is expected to help smooth out water flow fluctuations and increase power generation [22][24].

[Table_Main] 证券研究报告 | 公司点评 长江电力(600900.SH) 2024年05月06日 长江电力（600900.SH）：业绩 增持（维持） 所属行业：公用事业/电力 符合预期，24Q1 财务费用下降 当前价格(元)：25.79 明显 证券分析师 郭雪 资格编号：S0120522120001 投资要点 邮箱：guoxue＠tebon.com.cn 联系人 事件：公司发布2023年年报和2024年一季报，2023年公司实现营业收入781.1  刘正 亿元，同比增长13.4%（调整后），实现归母净利润272.4亿元，同比增长14.8% 邮箱：liuzheng3＠tebon.com.cn （调整后）。24Q1公司实现营业收入156.4亿元，同比增长1.6%，实现归母净利 润39.7亿元，同比增长9.8%。 市场表现 长江电力 沪深300  2023 年发电量同比+5.3%，24Q1发电量同比-5.1%。2023 年，长江上游乌东德 43% 水库来水总量约 1029.08 亿立方米，较上年同期偏枯 5.46%；三峡水库来水总量 29% 约3428.46亿立方米，较上年同期偏丰0.71%；公司总 ...

上 市 公 司 公用事业 2024 年05月 05 日 长江电力 (600900) 公 司 研 究 ——水电具联调增发潜力，受益降息提升综合盈利水平 公 司 点 报告原因：有业绩公布需要点评 评 买入  事件：公司发布 2023 年年报及 2024 年一季报。其中 2023 年全年实现归母净利润 （维持） 272.39 亿元，同比增长 14.81%，符合我们预期。2023 年公司计划分红的 DPS 为 0.82 元，分红比例为 73.66%。根据 4月 30日收盘价计算，股息率为 3.18%。2024 年一季 证 市场数据： 2024年04月30日 度实现归母净利润39.67亿元，同比增长9.80%，超出我们预期。 券 收盘价（元） 25.79 研 一年内最高/最低（元） 26.3/21.14  乌白注入支撑 2023年量价齐升，1Q24来水量偏枯发电量承压。2023 年长江上游的乌 究 市净率 3.1 东德水库与三峡水库来水总量分别为 1029.08、3428.46 亿立方米，同比变化-5.56%与 报 息率（分红/股价） - 告 流通 A 股市值（百万 619147 0.71%。在来水总量偏枯背景下， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with total revenue reaching 78.112 billion yuan, a year-on-year increase of 50.04% (adjusted to 13.43%), and a net profit attributable to shareholders of 27.239 billion yuan, up 27.83% (adjusted to 14.81%) [2][3] - The first quarter of 2024 saw revenue of 15.641 billion yuan, a year-on-year increase of 1.58%, and a net profit of 3.967 billion yuan, up 9.8% [3][9] - The company plans to distribute a dividend of 8.20 yuan per 10 shares (including tax), with a payout ratio of 73.66% [3][9] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a total revenue of 78.112 billion yuan, with a net profit of 27.239 billion yuan, and a non-recurring net profit of 27.508 billion yuan, reflecting a growth of 28.59% [3][10] - The first quarter of 2024 showed a total revenue of 15.641 billion yuan and a net profit of 3.967 billion yuan, with a significant increase in net profit growth compared to revenue growth due to a decrease in financial expenses and an increase in investment income [3][10] Market Dynamics - The company is encouraged by market-oriented trading and increased water storage, anticipating a rise in both volume and price [3][13] - The total available water volume for the company's six cascade reservoirs reached 41 billion cubic meters, with a significant increase in usable water volume and energy storage compared to the previous year [3][13] - The proportion of market-oriented trading in the company's electricity sales increased to 37.76% in 2023, up from 7.6% in 2022 [3][13] Profit Forecast and Valuation - The profit forecast for the company is maintained at 34.350 billion yuan for 2024, 36.135 billion yuan for 2025, and a new estimate of 37.656 billion yuan for 2026, with expected year-on-year growth rates of 26.1%, 5.2%, and 4.2% respectively [3][14] - The current price-to-earnings ratio is projected at 18.4 for 2024, 17.5 for 2025, and 16.8 for 2026 [3][14]

业绩简评 4月29日晚间公司发布2023年年报及2024年一季报，2023全年 实现营收781.1亿元，同比+13.4%（调整后）；实现归母净利272.4 亿元，同比+14.8%（调整后）。1Q24 实现营收 156.4 亿元，同比 +1.6%；实现归母净利39.7亿元，同比+9.8%。2023年计划现金分 红0.82元/股（上年为0.85元/股），分红比例约73.7%。 经营分析 2023 年公司市场化电量占比提升 3.8pct，上网电价同比+4.3%。 乌白注入后，公司追溯调整22年总上网电量增加763亿度、市场 化交易电量增加 745 亿度，或因乌白电站合同电量定价机制以市 场化交易为主。受益于市场化电价上浮，23 年公司水电平均上网 电价为281.3元/MWh，同比+4.3%；量价齐升助境内水电业务实现 营业收入 690.5 亿，同比+12.4%。1Q24 涨价持续，使公司在发电 27.00 5,000 量同比-5.1%的情况下实现营收同比+1.6%。2023 年公司境内水电 4,500 25.00 4,000 3,500 业务毛利率 61.0%，同比-0.2pct，一方面因乌白处在投产初期、 23. ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company is expected to maintain stable dividends, with a projected cash dividend of 20.1 billion (approximately 0.82 per share) for 2023, reflecting a dividend payout ratio of 73.7% [3][4]. - The company's revenue for 2023 is reported at 78.1 billion, a year-on-year increase of 50.0%, with a net profit of 27.2 billion, up 27.8% year-on-year [3][4]. - The first quarter of 2024 shows a revenue of 15.6 billion, a slight increase of 1.6% year-on-year, and a net profit of 3.97 billion, up 9.8% year-on-year, aligning with previous expectations [3][4]. - The report anticipates an improvement in water inflow in the second quarter of 2024, which may lead to a recovery in electricity generation [3][4]. Financial Summary - Revenue growth is projected at 88.4 billion for 2024, 92.3 billion for 2025, and 96.1 billion for 2026, with respective growth rates of 13% and 4% [4]. - The company's operating profit (EBIT) is expected to reach 53.6 billion in 2024, with a significant growth rate of 30% [4]. - The net profit attributable to shareholders is forecasted to be 34.9 billion in 2024, reflecting a growth rate of 28% [4]. - Earnings per share (EPS) are projected at 1.43 for 2024, 1.51 for 2025, and 1.60 for 2026 [3][4]. Profitability and Valuation Metrics - The operating profit margin is expected to improve to 60.6% in 2024, with a net asset return rate of 16.5% [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 22.89 in 2023 to 17.84 in 2024, indicating a favorable valuation [4]. - The dividend yield is expected to rise to 3.9% in 2024 and 4.2% in 2025 [4].

证券研究报告 公用事业|电力 公司点评 2024年04月30日 长江电力 (600900.SH) 买入 ——2023 年经营性现金流倍增 2024Q1 业绩逆势增长 （维持） 投资要点： 证券分析师 ➢ 事件：公司发布2023年年报与2024年一季报，2023年全年实现归母净利润272.39亿元， 刘晓宁 S1350523120003 同比增长14.81%，2024年一季度实现归母净利润39.67亿元，同比增长9.8%，超过我们此 liuxiaoning@huayuanstock.com 前预期的34亿元。每股分红0.82元，分红比例（以归母净利润为分母）73.66%，符合预期。 研究支持 ➢ 2023年长江流域来水持续偏枯，业绩低于年初预期，但是经营性现金流量净额同比翻倍，现 金流价值凸显。受拉尼娜现象影响，长江流域2023年来水持续偏枯，公司六座电站总发电量 2763亿千瓦时，同比增长5.34%，但是考虑到乌东德、白鹤滩2022年蓄水尚未完成，发电 联系人 刘晓宁 量基数较低，2023年实际发电量不及预期，全年业绩低于2023年初预期的300亿元量级。 S1350523120003 但是凭借乌白并表带来的 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 78,111,573,265.75, an increase of 13.43% compared to CNY 68,863,128,424.25 in 2022[16]. - Net profit attributable to shareholders for 2023 was CNY 27,238,970,860.70, reflecting a growth of 14.81% from CNY 23,725,915,960.71 in the previous year[16]. - The net cash flow from operating activities was CNY 64,718,720,441.75, which is an increase of 48.86% compared to CNY 43,476,502,138.14 in 2022[16]. - The company reported a net profit excluding non-recurring gains and losses of CNY 27,508,231,223.76, which is an increase of 28.59% from CNY 21,392,344,535.58 in 2022[16]. - Basic earnings per share for 2023 increased by 14.81% to CNY 1.1132 compared to CNY 0.9697 in 2022[17]. - The weighted average return on equity rose by 4.20 percentage points to 13.52% in 2023 from 9.32% in 2022[17]. - The total profit amounted to 32.413 billion yuan, an increase of 2.647 billion yuan, reflecting a growth of 8.89% year-on-year[29]. - The net profit attributable to the parent company was 27.239 billion yuan, up by 3.513 billion yuan, marking a growth of 14.81% year-on-year[29]. Assets and Liabilities - The net assets attributable to shareholders decreased by 11.57% to CNY 201,330,025,517.69 at the end of 2023 from CNY 227,672,712,353.16 at the end of 2022[16]. - Total assets as of the end of 2023 were CNY 571,942,544,909.29, a slight decrease of 1.13% from CNY 578,453,569,418.28 at the end of 2022[16]. - The company's total interest-bearing debt at the end of the period was 314.76 billion yuan, an increase of 31.95 billion yuan compared to the beginning of the period, mainly due to financing for the acquisition of Yun Chuan Company[45]. - The company's total assets and liabilities structure showed significant changes, with a focus on optimizing capital structure[177]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 8.20 per 10 shares, totaling CNY 20,063,938,527.12 for the year 2023[4]. - The cash dividend per 10 shares is CNY 8.20, with no stock dividends or capital increase from capital reserves proposed[116]. - The company plans to distribute cash dividends amounting to CNY 20,063,938,527.12, which represents 73.66% of the net profit attributable to ordinary shareholders in the consolidated financial statements[116]. Research and Development - The annual R&D investment reached 2.068 billion RMB (excluding tax), supporting the transition to a leading innovative clean energy enterprise[23]. - Research and development expenses surged to ¥788.92 million, a significant increase of 779.95% compared to ¥89.66 million in the previous year[30]. - Total research and development investment amounted to ¥206.77 million, which is 2.65% of the operating revenue[40]. Environmental and Social Responsibility - The company invested CNY 9,192.41 million in environmental protection during the reporting period[123]. - The company achieved a 100% compliance rate in treating 637,600 tons of domestic sewage[124]. - The ecological flow guarantee rate for the six cascade power stations reached 100%, ensuring downstream water needs are met[125]. - The company successfully bred approximately 1.48 million juvenile fish, marking a 40% year-on-year increase in breeding scale[125]. - Total investment in social responsibility projects amounted to 327.0106 million yuan, benefiting 30,000 people[129]. - The company invested 150 million yuan in poverty alleviation and rural revitalization projects, benefiting 23,000 people[130]. Strategic Initiatives and Future Outlook - The company plans to enhance its energy structure by integrating hydropower, wind, solar, and storage, aiming for a "large hydropower + large storage + large wind and solar base" development model[74]. - The company will focus on strategic investments in clean energy and smart integrated energy, while optimizing its asset management and capital market strategies[75]. - The company anticipates a 6% year-on-year increase in total electricity consumption in China, reaching 9.8 trillion kWh in 2024[73]. - The company plans to implement cost-cutting measures, aiming for a 10% reduction in operational expenses over the next year[88]. Governance and Compliance - The company has established a comprehensive governance structure to enhance decision-making and protect shareholder interests[78]. - The company received several awards for its governance and information disclosure practices, including the "Best Practice Case Award" from the China Listed Companies Association[78]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[144]. - The company has committed to maintaining independent operations and avoiding substantial competition with related parties[142]. Market Position and Competitive Landscape - The company’s market value surpassed 580 billion RMB, ranking first among domestic power listed companies[22]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of the next fiscal year[88]. - The company is actively pursuing mergers and acquisitions to enhance its operational capabilities and market reach[102]. Employee and Management Structure - The total number of employees in the parent company is 3,802, and the total number of employees in major subsidiaries is 3,719, resulting in a combined total of 7,683 employees[109]. - The company has implemented a salary policy based on job value, performance, and market orientation, with a focus on differentiated salary distribution strategies[111]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to 1,404.39 million CNY[84].

Revenue and Profit Performance - Revenue for the first quarter of 2024 was RMB 15,640,900,490.43, an increase of 1.58% compared to the same period last year[4] - Total revenue for Q1 2024 reached RMB 15.64 billion, a 1.6% increase compared to RMB 15.40 billion in Q1 2023[18] - Revenue for Q1 2024 rose to RMB 3.70 billion, compared to RMB 3.27 billion in Q1 2023[31] - Net profit attributable to shareholders of the listed company was RMB 3,966,850,824.31, up 9.80% year-on-year[4] - Net profit for Q1 2024 was RMB 4.08 billion, up 9.1% from RMB 3.74 billion in Q1 2023[19] - Net profit for Q1 2024 increased to RMB 1.15 billion, up from RMB 557.11 million in Q1 2023[31][32] - Net profit attributable to parent company shareholders increased to 3,966,850,824.31 RMB from 3,612,922,772.00 RMB, a growth of approximately 9.8%[20] - Operating profit for Q1 2024 was RMB 4.86 billion, a 9.9% increase from RMB 4.43 billion in Q1 2023[19] - Operating profit for Q1 2024 surged to RMB 1.26 billion, up from RMB 577.15 million in Q1 2023[32] Cash Flow and Financial Activities - Net cash flow from operating activities surged by 59.59% to RMB 12,093,344,021.00[5] - The increase in net cash flow from operating activities was primarily due to higher electricity fee collections during the reporting period[8] - Cash flow from operating activities surged to 12,093,344,021.00 RMB, up from 7,577,578,299.69 RMB, a 59.6% increase[23] - Cash received from sales of goods and services rose to 18,363,701,216.36 RMB from 13,060,820,787.08 RMB, a 40.6% increase[23] - Cash outflow from investing activities decreased to 8,554,581,012.36 RMB from 82,362,947,007.63 RMB, a significant reduction[24] - Net cash flow from financing activities was -9,738,592,026.16 RMB, compared to 59,232,173,770.13 RMB in the previous period[26] - Cash and cash equivalents at the end of the period stood at 8,049,115,700.89 RMB, up from 7,787,927,635.55 RMB at the beginning[26] - Operating cash flow increased to RMB 3,056,501,259.94 in Q1 2024, up 17.5% from RMB 2,600,434,797.08 in Q1 2023[33] - Sales revenue from goods and services reached RMB 4,427,494,972.16 in Q1 2024, a 19.2% increase from RMB 3,715,431,481.98 in Q1 2023[33] - Investment cash inflow decreased to RMB 9,502,678,737.12 in Q1 2024, down 50.6% from RMB 19,234,443,486.39 in Q1 2023[33] - Investment cash outflow significantly reduced to RMB 6,623,232,190.72 in Q1 2024, a 91.7% decrease from RMB 80,154,199,489.39 in Q1 2023[34] - Net cash flow from investment activities improved to RMB 2,879,446,546.40 in Q1 2024, compared to a negative RMB 60,919,756,003.00 in Q1 2023[34] - Cash and cash equivalents at the end of Q1 2024 stood at RMB 3,301,366,064.66, a 40.6% decrease from RMB 5,560,959,515.49 at the end of Q1 2023[34] Assets and Liabilities - Total assets at the end of the reporting period were RMB 568,667,686,891.10, a slight decrease of 0.62% compared to the end of the previous year[5] - Total assets as of Q1 2024 stood at RMB 568.67 billion, a slight decrease from RMB 572.22 billion at the end of 2023[15] - Total assets decreased from RMB 312.90 billion to RMB 310.91 billion, a reduction of RMB 1.98 billion[27][30] - Total liabilities decreased to RMB 351.96 billion in Q1 2024 from RMB 359.87 billion at the end of 2023[16] - Total liabilities decreased from RMB 149.43 billion to RMB 146.24 billion[30] - Equity attributable to shareholders of the listed company grew by 2.08% to RMB 205,567,212,413.02[5] - Total equity attributable to shareholders increased to RMB 205.57 billion in Q1 2024 from RMB 201.38 billion at the end of 2023[16] - Total equity increased to RMB 164.68 billion from RMB 163.47 billion[30] - Short-term borrowings rose to RMB 56.46 billion in Q1 2024, up 4.6% from RMB 53.99 billion at the end of 2023[15] Investments and Financial Metrics - The company's long-term equity investments increased to RMB 72,795,711,799.06 as of March 31, 2024, up from RMB 71,684,283,644.31 at the end of 2023[14] - Long-term equity investments increased slightly to RMB 194.44 billion from RMB 193.19 billion[27] - Investment income in Q1 2024 was RMB 900.42 million, a 55.7% increase compared to RMB 578.18 million in Q1 2023[19] - Financial expenses decreased to RMB 2.85 billion in Q1 2024, down 9.4% from RMB 3.15 billion in Q1 2023[19] - Other comprehensive income after tax improved significantly to 268,457,533.76 RMB from -372,666,129.50 RMB[20] - Basic earnings per share (EPS) increased by 6.16% to RMB 0.1621[5] - Basic and diluted earnings per share increased to 0.1621 RMB from 0.1527 RMB[20] Operational Metrics and Expenses - Non-recurring gains and losses amounted to a net loss of RMB 12,597,179.48[7] - R&D expenses in Q1 2024 surged to RMB 103.33 million, a 188.7% increase compared to RMB 35.79 million in Q1 2023[19] - R&D expenses increased significantly to RMB 50.93 million in Q1 2024, compared to RMB 16.23 million in Q1 2023[31] - The company had 261,588 ordinary shareholders at the end of the reporting period[9] Asset Composition and Changes - China Yangtze Power Corporation's total current assets as of March 31, 2024, amounted to RMB 17,275,842,216.32, a slight decrease from RMB 17,716,231,930.61 at the end of 2023[14] - Fixed assets decreased to RMB 440,306,633,623.35 as of March 31, 2024, compared to RMB 444,900,396,976.26 at the end of 2023[14] - The company's monetary funds increased to RMB 8,062,140,600.89 as of March 31, 2024, from RMB 7,800,007,535.55 at the end of 2023[14] - Accounts receivable decreased to RMB 7,894,548,351.59 as of March 31, 2024, from RMB 8,510,343,962.88 at the end of 2023[14] - Prepayments increased to RMB 101,965,693.31 as of March 31, 2024, from RMB 77,022,239.37 at the end of 2023[14] - Other receivables increased to RMB 314,518,066.18 as of March 31, 2024, from RMB 301,284,111.78 at the end of 2023[14] - Inventory decreased to RMB 577,315,618.29 as of March 31, 2024, from RMB 586,548,003.46 at the end of 2023[14] - Contract assets decreased to RMB 6,534,859.44 as of March 31, 2024, from RMB 11,348,594.37 at the end of 2023[14] - Other current assets decreased to RMB 318,819,026.62 as of March 31, 2024, from RMB 408,563,789.48 at the end of 2023[14] - Cash and cash equivalents rose to RMB 3.30 billion from RMB 1.83 billion[27] - Accounts receivable decreased to RMB 1.43 billion from RMB 1.69 billion[27]