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， ...

证券研究报告·公司点评报告·电力 长江电力（600900） 2023年报&2024一季报点评：业绩符合预期， 2024 年 05月 04日 期待量价齐升 证券分析师 袁理 买入（维持） 执业证书：S0600511080001 021-60199782 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E yuanl@dwzq.com.cn 证券分析师 任逸轩 营业总收入（百万元） 68,863 78,112 87,230 89,168 90,317 执业证书：S0600522030002 同比（%） 23.75 13.43 11.67 2.22 1.29 renyx@dwzq.com.cn 归母净利润（百万元） 23,726 27,239 34,350 36,135 37,656 证券分析师 唐亚辉 同比（%） (9.69) 14.81 26.10 5.20 4.21 执业证书：S0600520070005 EPS-最新摊薄（元/股） 0.97 1.11 1.40 1.48 1.54 tangyh@dwzq.com.cn P/E（现价&最新摊薄） 26. ...

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. ...

股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[长ITnaf 江bol]e 电_Ti力tle]( 600900) [评Tab级le_：Inv est] 增持 上次评级： 增持 分红保持稳定，期待来水好转 目标价格： 30.03 上次预测： 30.03 公 ，稳定分红长江溢电价力可20期23 年报及 2024年一季报点评 当前价格： 25.48 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.04.30 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 报 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 21.2 63 2- 32 ,6 4. 50 00 告 本报告导读： 总股本/流通A股（百万股） ...

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 ...

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]

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].

2024 年一季度投资者沟通情况通报 1 2 3 4 | | 纳轩投资 | 丁帅 | 磐厚动量 | 顾圣英 | | --- | --- | --- | --- | --- | | | 安信基金 | 张明 | 鹏华基金 | 张佳 | | | 安信证券 | 姜婶婶 | 鹏扬基金 | 徐超 | | | 保银投资 | 李璇 | 平安理财 | 袁野 | | | 博道基金 | 钱程 | 平安资管 | 陈俊毅 | | | | 李洋 | | 尤华政 | | | | 贺宝华 | 璞信产融 | 蔡小鹏 | | | 财通某金 | 郭琦 | 浦银安盛 | 褚艳辉 | | | | 華 福 | 启异投资 | 乾玄 | | | 湘享资产 | 陶敬刚 | 谦信私募 | 陈静怡 | | | 辰翔投资 | 张潇 | 前海开源 | 荣欣 | | | | 武芳伊 | 乾璐投资 | 陈少楠 | | | | 杨翼 | 青骊投资 | 赵栋 | | | 川流私募 | 彭利洲 | 青银理财 | 林治乾 | | | 淳厚基金 | 张传植 | 秋晟资产 | 钮舒成 | | | 大家资管 | 王思敏 | 泉果某金 | 张希坤 | | | 大朴资产 | 倪文涛 | ...

中国长江电力股份有限公司 关于参加 2023 年报沪市主板清洁低碳 集体业绩说明会的公告 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。 股票代码：600900 股票简称：长江电力 公告编号：2024-018 重要内容提示： （网址：https://roadshow.sseinfo.com/） 三、参加人员 四、参加方式 投资者可于2024年4月29日(星期一)至5月6日(星期一)16:00 前通过公司邮箱 cypc@cypc.com.cn 进行提问。公司将在本次说明会 上对投资者普遍关注的问题进行回答。 中国长江电力股份有限公司（以下简称公司）拟于 4 月 30 日在 上海证券交易所网站（www.sse.com.cn）发布公司 2023 年年度报告。 为便于广大投资者全面、深入地了解公司 2023 年度经营成果、财务 状况，公司计划于 5 月 8 日参加 2023 年报沪市主板清洁低碳集体业 绩说明会，并与投资者进行交流。具体如下： 一、会议类型 本次业绩说明会以视频和网络互动方式召开，公司将针对 2023 1 会议主题： ...

“只有真正的价值投资者，才会深刻认识长江电力的价值。”一位投资者如此评价长江电力。 刚刚过去的2023年，在A股市场极度低迷下，众多赛道龙头跌跌不休，但长江电力股价却逆势上涨15.66%。 在这波下跌行情中，长江电力展现出了穿越周期的强大韧性。 事实上，不仅是在2023年，观察近十年来，长江电力股价累计涨幅超过5倍，年化复合收益率接近20%，表现出了强大的抗跌性，被广大价值投资者所青 睐。 结合当下市场来看，长江电力股价不断创下新高的背后，其基本面到底如何？还有多大的增长空间？其业绩是否已触碰到“天花板”？ 逆势增长 过去几年，A股整体表现并不理想，投资效益较差，仅在2023年，上证指数多次跌破2700点，今年初更是出现了“千股跌停”的景象。 大 ...