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]

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 ...