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 ...

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock's performance in the coming months [2]. Core Insights - The company reported a revenue of 34.808 billion yuan for the first half of 2024, representing a year-on-year increase of 12.38%. The net profit attributable to shareholders was 11.362 billion yuan, up 27.92% year-on-year [1]. - The company has seen significant improvements in water inflow, with the Udongde Reservoir's inflow up 11.40% and the Three Gorges Reservoir's inflow up 19.67% compared to the same period last year [1]. - The company is actively expanding its pumped storage capacity and has successfully taken over the operation of the Zhejiang Changlongshan pumped storage power station, achieving zero unplanned outages [1]. - The company has also made strides in international business by acquiring the Peru Sapphire wind power project, enhancing its integrated energy supply chain [1]. Financial Performance - For Q2 2024, the company achieved a revenue of 19.167 billion yuan, a year-on-year increase of 23.05% and a quarter-on-quarter increase of 22.55%. The net profit for the same period was 7.395 billion yuan, reflecting a year-on-year growth of 40.35% and a quarter-on-quarter growth of 86.43% [1]. - The company's total generating capacity from its six domestic hydropower stations reached approximately 120.618 billion kWh in H1 2024, marking a year-on-year increase of 16.86% [1]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated to be 1.36 yuan, 1.47 yuan, and 1.54 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 21.4, 19.8, and 18.9 [2].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is expected to see a 29% year-on-year increase in performance for the first half of 2024, driven by improved water inflow and reduced costs [2]. - The company achieved a revenue of 34.808 billion yuan in H1 2024, a 12.38% increase year-on-year, and a net profit attributable to shareholders of 11.362 billion yuan, a 27.92% increase year-on-year [2][9]. - The report highlights the company's commitment to a 70% dividend payout ratio during the 14th Five-Year Plan, indicating stable dividend expectations [2][26]. Summary by Sections 1. Performance Improvement - The company reported a significant increase in net profit for H1 2024, with a 27.9% year-on-year growth, attributed to better water inflow and a low base from the previous year [9]. - The total power generation reached 1,206 billion kWh, a 16.9% increase year-on-year, with Q2 showing a remarkable 42.5% increase [2][16]. 2. Water Inflow and Power Generation - The report notes that the recovery of water inflow has led to a substantial increase in power generation, with plans to achieve 3,074 billion kWh in 2024 under normal water conditions [2][16]. - The company has implemented a six-reservoir joint dispatch system to optimize power generation and mitigate water inflow fluctuations [19]. 3. Investment and Growth - The company is actively investing in domestic hydropower companies, with investment income increasing by 8.9% year-on-year in H1 2024 [2]. - The report emphasizes the company's strategy to develop integrated wind and solar power projects alongside hydropower, with a total installed capacity of nearly 2.65 million kW as of H1 2024 [22][25]. 4. Financial Projections - The company is projected to achieve net profits of 34.255 billion yuan, 35.907 billion yuan, and 38.125 billion yuan for the years 2024 to 2026, respectively [26]. - The report suggests a price-to-earnings (P/E) ratio of 23 for 2024, leading to a target price of 32.20 yuan per share [4][26].

上 市 公 司 证 券 研 究 报 告 - 公用事业 2024 年 09 月 01 日 长江电力 (600900) ——电量高发蓄水充足 财务费用显著减少 | --- | --- | |-------------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 29.38 | | 一年内最高 / 最低（元） | 31.44/21.58 | | 市净率 | 3.5 | | | 2.79 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） 上证指数 / 深证成指 | 705,333 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |---------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2]. Core Insights - The company reported a revenue of 34.808 billion yuan for the first half of 2024, a year-on-year increase of 12.38%, and a net profit attributable to shareholders of 11.362 billion yuan, up 27.92%, aligning with expectations [2]. - Improved water inflow and a slight decline in electricity prices are expected to influence the company's performance, with total electricity generation reaching 120.618 billion kWh, a 16.86% increase year-on-year [2]. - Financial expenses decreased more than anticipated, contributing significantly to profit growth, with interest expenses dropping to 5.704 billion yuan, a reduction of 777 million yuan compared to the same period in 2023 [2]. - The report emphasizes the continued attractiveness of hydropower assets, suggesting that the market is re-evaluating the low correlation of hydropower assets, which could lead to a structural bull market for this sector [2]. Summary by Sections Financial Performance - The company achieved a total revenue of 34.808 billion yuan in H1 2024, with a net profit of 11.362 billion yuan, reflecting strong growth [2]. - The financial expenses saw a significant decline, with interest expenses at 5.704 billion yuan, down from the previous year [2]. - Investment income rose to 2.56 billion yuan, marking a 20.55% increase year-on-year [2]. Market Analysis - The report highlights a favorable shift in the discount rate for equity assets, with the implied discount rate for the company decreasing from approximately 10% in 2020 to 7.1% by mid-2024 [2]. - The narrowing of the risk-free rate and credit spread is seen as beneficial for equity assets, particularly in the hydropower sector, which is less affected by macroeconomic fluctuations [2]. Earnings Forecast - The report projects net profits for 2024, 2025, and 2026 to be 33.994 billion yuan, 35.742 billion yuan, and 37.423 billion yuan respectively, with corresponding price-to-earnings ratios of 21, 20, and 19 [4][5].

关于中国长江电力股份有限公司 2024 年第三次临时股东大会的 法律意见 德恒 01G20220548-19 号 致：中国长江电力股份有限公司 北京德恒律师事务所 关于中国长江电力股份有限公司 2024 年第三次临时股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于中国长江电力股份有限公司 2024 年第三次临时股东大会的法律意见 北京德恒律师事务所 中国长江电力股份有限公司（以下简称"公司"）2024 年第三次临时股东 大会（以下简称"本次会议"）于 2024 年 9 月 3 日（星期二）召开。北京德恒 律师事务所（以下简称"本所"）受公司委托，指派杨兴辉律师、王曦律师（以 下简称"本所律师"）出席了本次会议。根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《中国长江电 力股份有限公司章程》（以下简称"《公司章程》"）的相关规定，本所律师就 本次会议的召 ...

公司点评报告 · 公用事业行业 来水偏丰驱动主业增长,投资收益稳中向好 — 长江电力 2024 年中报点评 核心观点 ● ● ● ● ● ● ● 事件:公司发布 2024年中报,上半年实现营收 348.08亿元,同比+12.38%, 实现归母净利 113.62 亿元(扣非 113.70 亿元),同比+27.92%(扣非同比 +33.83%)。24Q2单季度实现营收 191.67亿元,同比+23.05%,实现归母净 利 73.95亿元（扣非 73.91亿元）,同比+40.35%（扣非同比+50.04%）。 盈利能力提升,现金流良好:24H1,公司 ROE(加权) 为 5.56%,同比 +1.28pct。毛利率 52.38%,同比+2.45pct;期间费用率 18.76%,同比-3.87pct, 主要得益于财务费用率下降 4.08pct 至 16.23%。24H1,公司实现经营性净现 金流 229.84亿元,同比减少 8.38%,主要系应收电费较期初增加所致。 来水偏丰驱动主业增长,投资收益稳中向好:24H1，乌东德水库来水总量 约 366.60亿立方米,较上年同期偏丰 11.40%;三峡水库来水总量约1479. ...

证券研究报告·公司点评报告·电力 长江电力（600900） 2024 年中报点评：来水改善电量高增，财务 费用持续缩减 2024 年 09 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 68863 | 78112 | 87230 | 89168 | 90317 | | 同比（ % ） | 23.75 | 13.43 | 11.67 | 2.22 | 1.29 | | 归母净利润（百万元） | 23726 | 27239 | 34350 | 36135 | 37656 | | 同比（ % ） | (9.69) | 14.81 | 26.10 | 5.20 | 4.21 | | EPS- 最新摊薄（元 / 股） | 0.97 | 1.11 | 1.40 | ...