Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company achieved a revenue of 66.33 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 14.7%, and a net profit attributable to shareholders of 28.02 billion yuan, up 30.2% year-on-year [1]. - The total power generation for the first three quarters of 2024 was approximately 235.814 billion kWh, an increase of 15.97% year-on-year, driven by favorable water inflow conditions [2]. - The company maintained a stable electricity price, estimated at approximately 0.274 yuan per kWh in Q3 2024, which is a 5 cents increase compared to the same period last year, supporting revenue growth [2]. - Cost control measures and a reduction in financial expenses contributed to a significant increase in net profit, which rose by 31.8% to 16.66 billion yuan in Q3 2024 [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 31.52 billion yuan, a year-on-year increase of 17.3%, while operating costs only increased by 3.5%, leading to a gross margin improvement of nearly 4 percentage points to 70.9% [2]. - Financial expenses for the first three quarters totaled approximately 8.46 billion yuan, a decrease of 10.4% year-on-year, enhancing profit margins [2]. - The company adjusted its profit forecast for 2024-2026, expecting net profits of 34.02 billion yuan, 35.86 billion yuan, and 37.27 billion yuan respectively, with corresponding P/E ratios of 19.8x, 18.8x, and 18.1x [3]. Operational Insights - As of October 16, 2024, the water level at the Baihetan Hydropower Station reached 824.1 meters, with a total water storage of 3.139 billion cubic meters, ensuring power supply stability for the upcoming winter and spring [3]. - The company has shown excellent cost management capabilities, which are expected to continue supporting its financial performance in the coming years [3].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 长江电力 2024 年三季报点评 水电主业量价齐升，投资收益稳健增长 长江电力(600900) [Table_Industry] 电力/公用事业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------------------|-------|--------|----------------|-------|-------|-------|-------------------------|-------| | | | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( 分析师 ) | | 汪玥 ( | 研究助理 | ) | | | | | | | ...

Investment Rating - The investment rating for Changjiang Electric Power is "Buy" (maintained) [2] Core Views - The company reported significant growth in revenue and net profit for Q3 2024, with revenue reaching 66.33 billion RMB, up 14.7% year-on-year, and net profit of 28.02 billion RMB, up 30.2% year-on-year [2] - Improved water inflow conditions led to a 15.1% increase in power generation in Q3 2024, with total power generation reaching 115.2 billion kWh [2] - The average on-grid electricity price is expected to rise, contributing to revenue growth that outpaced power generation growth [2] - The company plans to invest over 2 billion RMB in R&D in 2024, focusing on hydropower scheduling, operation, maintenance, and smart hydropower construction [2] - The company’s financial expenses decreased by approximately 310 million RMB year-on-year, indicating effective debt management [2] Summary by Sections Performance Analysis - For Q3 2024, the company achieved revenue of 31.52 billion RMB, a year-on-year increase of 17.3%, and net profit of 16.66 billion RMB, up 31.8% [2] - The total water inflow for the Wudongde and Three Gorges reservoirs increased by 12.6% and 20.3% respectively compared to the same period last year [2] - The sales gross margin reached approximately 70.9%, reflecting a 3.9 percentage point increase year-on-year [2] Financial Forecast and Valuation - The company is expected to achieve net profits of 33.1 billion RMB, 36.0 billion RMB, and 37.25 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.35 RMB, 1.47 RMB, and 1.52 RMB [2] - The current stock price corresponds to PE valuations of 20x, 19x, and 18x for the years 2024, 2025, and 2026 respectively [2]

表决结果：同意11票，反对0票，弃权0票。 股票代码：600900 股票简称：长江电力 公告编号：2024-042 中国长江电力股份有限公司 第六届董事会第三十五次会议决议公告 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。 中国长江电力股份有限公司（以下简称公司）第六届董事会 第三十五次会议于2024年10月30日以现场方式召开。出席本次会 议的董事应到11人，实到6人，委托出席5人，其中刘伟平董事、 胡伟明董事委托张星燎董事，王洪董事、滕卫恒董事委托黄峰董 事，苏天鹏董事委托李文中董事代为出席并代为行使表决权，符 合《公司法》和《公司章程》等有关规定。公司部分监事、高管 列席了会议。会议由张星燎董事主持，以记名表决方式审议通过 如下议案： 一、审议通过《公司2024年第三季度报告》。 具 体 内 容 详 见 公 司 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中国长江电力股份有限公司2024年第三 季度报告》。 本报告已经公司第六届董事会审计委员会第十七次会议审 议通过。 表决结果 ...

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 31.52 billion, a 17.27% increase compared to the same period last year[3] - Net profit attributable to shareholders was CNY 16.66 billion, reflecting a 31.81% year-on-year growth[3] - The net profit excluding non-recurring gains and losses was CNY 16.61 billion, up 28.19% from the previous year[3] - The basic earnings per share (EPS) for Q3 2024 was CNY 0.6810, an increase of 31.81% year-on-year[3] - The net profit for the third quarter of 2024 reached CNY 28.38 billion, an increase of 29.5% compared to CNY 21.90 billion in the same period last year[16] - The total comprehensive income for the third quarter of 2024 was CNY 28.89 billion, up 27.5% from CNY 22.74 billion in the previous year[16] - Basic and diluted earnings per share for the third quarter of 2024 were CNY 1.1454, compared to CNY 0.8797 in the same quarter of 2023, reflecting a 30.2% increase[18] - The revenue from sales of goods and services for the first three quarters of 2024 was CNY 19,995,218,396.42, compared to CNY 16,585,741,138.77 in 2023, marking an increase of approximately 20.5%[25] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was CNY 47.65 billion, representing a 30.96% increase year-on-year[3] - Cash flow from operating activities for the first nine months of 2024 was CNY 47.65 billion, a rise of 31.0% from CNY 36.38 billion in the same period of 2023[18] - Cash inflow from investment activities for the first nine months of 2024 totaled CNY 35.85 billion, down 44.0% from CNY 64.24 billion in the previous year[20] - Cash outflow from investment activities for the first nine months of 2024 was CNY 41.50 billion, a decrease of 69.9% compared to CNY 137.97 billion in the same period last year[20] - The net cash flow from financing activities for the third quarter of 2024 was CNY -43.25 billion, compared to CNY 34.44 billion in the same quarter of 2023[20] - The cash received from investment income was CNY 14,721,454,277.18, up from CNY 11,673,004,189.84 in the previous year, indicating a growth of about 26.2%[26] - The company reported a significant increase in cash inflow from the recovery of investments, totaling CNY 32,645,844,331.95, compared to CNY 57,555,568,577.27 in the same period last year[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 569.35 billion, a slight decrease of 0.50% compared to the end of the previous year[4] - The total assets as of the end of the third quarter of 2024 amounted to CNY 301,350,114,344.75, a decrease from CNY 312,899,887,286.96 at the end of the previous period[22] - Total liabilities decreased to CNY 347.53 billion in 2024 from CNY 359.87 billion in 2023, a decline of 3.7%[13] - The total liabilities were reported at CNY 147,841,074,934.48, compared to CNY 149,427,486,748.37 in the previous period, showing a slight decrease[22] - The total owner's equity decreased to CNY 153,509,039,410.27 from CNY 163,472,400,538.59, reflecting a decline of approximately 6.1%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 298,847[8] - China Three Gorges Corporation holds 11,458,082,476 shares, accounting for 46.83% of total shares[8] - The number of shares held by the top ten shareholders includes significant stakes from state-owned enterprises[9] - The total number of shares held by the top ten unrestricted shareholders is 10,997,121,263[9] - The company has a pledge situation involving 704,698,949 shares by China Three Gorges Corporation[8] Research and Development - Research and development expenses increased to ¥349.35 million in 2024 from ¥237.75 million in 2023, representing a growth of 46.9%[15] - The company's research and development expenses for the first three quarters of 2024 were CNY 196,390,163.78, up from CNY 137,109,584.87 in 2023, indicating a growth of approximately 43.3%[23] Financial Ratios - The weighted average return on equity (ROE) improved to 8.24%, up 1.63 percentage points from the previous year[4] - The company reported a net profit margin improvement, with operating profit for the first three quarters of 2024 reaching ¥33.75 billion, compared to ¥25.55 billion in 2023[15] Other Financial Metrics - The company reported a decrease in other comprehensive income attributable to the parent company, totaling CNY 511.52 million, down from CNY 838.41 million in the previous year[16] - The company's cash and cash equivalents decreased to ¥6,558,947,132.69 from ¥7,800,007,535.55[11] - The cash and cash equivalents at the end of September 2024 were CNY 6.50 billion, a decrease from CNY 7.79 billion at the end of December 2023[20] - The company's cash and cash equivalents at the end of the period amounted to CNY 2,188,842,783.15, a decrease from CNY 2,964,645,794.23 at the end of the same period last year[26] Future Outlook - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[12]

股票代码：600900 股票简称：长江电力 公告编号：2024-041 中国长江电力股份有限公司 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。 重要内容提示： 中国长江电力股份有限公司（以下简称公司）拟于2024年10月31 日在上海证券交易所网站（http://www.sse.com.cn）披露公司2024年 第三季度报告。为便于广大投资者更全面深入地了解公司生产经营情 况，公司拟于2024年11月1日召开业绩说明会，回答投资者关注的问 题。具体如下： （一）会议时间：2024年11月1日（周五）10:00-11:00 （二）会议地点：北京市西城区金融大街19号富凯大厦B座2207 三、参加人员 公司管理层 一、会议类型 1 会议时间：2024 年 11 月 1 日（周五）10:00-11:00 会议方式：现场+视频 会议地点：北京市西城区金融大街 19 号富凯大厦 B 座 2207 视频平台：小鱼易连（会议号 9025025012、密码 600900） 投资者可于 202 ...

中国长江电力股份有限公司 第六届董事会第三十四次会议决议公告 股票代码：600900 股票简称：长江电力 公告编号：2024-040 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。 中国长江电力股份有限公司（以下简称公司）第六届董事 会第三十四次会议于 2024 年 10 月 16 日以现场方式召开。会议 应到董事 11 人，实到 6 人，委托出席 5 人，其中刘伟平董事、 胡伟明董事委托张星燎董事，王洪董事、苏天鹏董事委托黄峰 董事，洪猛董事委托李文中董事代为出席并行使表决权，符合 《公司法》和《公司章程》等有关规定。公司部分监事、高管 列席了会议。会议由张星燎董事主持，以记名表决方式审议通 过如下议案： 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《关于调整公司董事会专委会组成人员的议案》。 同意公司董事会专委会组成人员调整方案。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 特此公告。 中国长江电力股份有限公司董事会 1 一、审议通过《关于定向开发武汉联投中心的议案》。 同意公司定向开 ...

2024 年三季度投资者沟通情况通报 1 + 2024 1 135 179 460 185 e 38 1 Q A A 2023 150 145 5 Q A 60% 2024 2 Q A 2024 13BP 6.41 10.19% Q A + + + Q 2024 20 A 3 Q 2022-2023 Q A Q A + + + Q A 2023 4 Q A | | | | 股新能源项目 -- 秘鲁 Arrow 光伏项目成功交割,2024年4月完成秘鲁蓝宝石 | | | --- | --- | --- | --- | --- | | | | | Sapphire 风电项目交割,推动公司在秘鲁区域发、配、售产业链不断加强,基本 | | | | | 形成"水风光"互补业务良性发展格局。 | | | | | 博润银泰 | 陈嘉进 | 天风证券 | 王璐 | | | | 尚方建 | 天弘基金 | 陈禹光 | | | 博时基金 | 于明 | 天况投资 | 王保罗 | | | | 金欣欣 | 卧龙私募 | 贾远 | | | | 姚爽 | 西部利得 | 尹岑鑫 | | | | 谢泽林 | 新华基金 | 刘龙龙 | | | | ...

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。 根据公司初步统计，2024 年前三季度，乌东德水库来水总量约 888.52 亿立方米，较上年同期偏丰 12.56%；三峡水库来水总量约 3131.10 亿立方米，较上年同期偏丰 20.26%。 2024 年前三季度，公司境内所属六座梯级电站总发电量约 2358.14 亿千瓦时，较上年同期增加 15.97%。其中，2024 年第三季度 公司境内所属六座梯级电站总发电量约 1151.96 亿千瓦时，较上年同 期增加 15.05%。各电站发电量具体如下： | 电站名称 | 2024 | 年第三季度 | 2024 | 年前三季度 | | --- | --- | --- | --- | --- | | | 总发电量 | 同比变动 | 总发电量 | 同比变动 | | | （亿千瓦时） | （%） | （亿千瓦时） | （%） | | 乌东德电站 | 173.57 | 15.13 | 311.76 | 16.54 | | 白鹤滩电站 | 244.42 | 15.46 | 464.64 | 9 ...

公司近一年市场表现 市场数据：2024 年 9 月 5 日 公司发布 2024 年半年报：24H1 公司实现营业收入 348.08 亿元，同比+ 12.38%；实现归母净利润 113.62 亿元，同比+27.92%；扣非后归母净利润 113.70 亿元，同比+ 33.83%；基本每股收益 0.46 元/股，同比+27.92%；加权 平均净资产收益率 5.56%，同比增加 1.28 个百分点；经营性现金流量净额 229.84亿元，同比-8.38%。24Q2公司实现营业收入191.67亿元，同比+23.05%， 环比+22.55%；实现归母净利润 73.95 亿元，同比+40.35%，环比+86.43%， 扣非后归母净利润 73.91 亿元，同比+50.04%，环比+85.73%。 收盘价（元）： 29.12 年内最高/最低（元）： 31.44/21.68 来水改善显著，六座梯级电站电量齐增。24 年 H1 乌东德水库来水较上 年同期偏丰 11.40%；三峡水库来水较上年同期偏丰 19.67%。24 年 H1 公司 境内六座梯级电站总发电量约 1206.18 亿千瓦时，同比+16.86%；24 年 Q2 总发电量 ...