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 | ...

[Table_Main] 证券研究报告 | 公司点评 长江电力(600900.SH) 2024 年 09 月 03 日 增持（维持） 所属行业：公用事业/电力 当前价格(元)：29.71 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 长江电力 沪深300 -29% -14% 0% 14% 29% 43% 57% 2023-09 2024-01 2024-05 沪深300对比 1M 2M 3M 绝对涨幅(%) -1.36 3.49 14.65 相对涨幅(%) 3.15 9.61 23.44 资料来源：德邦研究所，聚源数据 相关研究 1.《长江电力（600900.SH）：业绩符 合预期，24Q1 财务费用下降明显》， 2024.5.6 2.《长江电力（600900.SH）：Q4 业绩 同比高增，乌白增发效益有望体现》， 2024.1.21 3.《长江电力（600900.SH）：Q3 来水 转好，业绩显著提升》，2023.11.6 4.《长江电力（600900.SH）：来水偏 枯影响 ...

长江电力 (600900.SH) 买入(维持评级) 公司点评 证券研究报告 2Q24 来水改善，业绩同比高增 业绩简评 8 月 30 日公司发布 24 年半年报,1H24 全年实现营收 348.1 亿, 同比+12.4%;实现归母净利 113.6 亿,同比+27.9%。2Q24 实现营 收 191.7 亿,同比+23.0%;实现归母净利 74.0 亿元，同比+40.4%。 经营分析 2Q24 来水改善，1H24 公司发电量同比+16.9%。2Q24 来水同比大幅 改善, 1Q24/2Q24 公司六座电站分别完成发电量 527.5/678.7 亿 度,同比分别-5.1%/+42.5%;上半年合计完成发电量 1206.2 亿度, 同比+16.9%,其中节水增发 44.7亿度,主因综合耗水率同比-1.9%。 23年市场化电量占比约４成,平均上网电价小幅下降。 截至 2023 年底,公司市场化交易电量占比约 37.8%,占比提升主因 23年注 入的乌白电站发电量市场化电量占比较高。1H24 公司实现营收同 比+12.4%,略低于发电量增幅,或因:1)水电增发缓解电力供需 矛盾,市场化电价同比下行;2)2Q24 来水改 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [15]. Core Views - 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% year-on-year [2]. - Improved water inflow conditions have led to a significant increase in electricity generation, with the company achieving record high outputs in several hydropower stations [3]. - The company is actively advancing its pumped storage and photovoltaic operations, with successful management of multiple projects and a focus on enhancing international business [4]. - Revenue forecasts for 2024-2026 are projected at 87.581 billion yuan, 88.059 billion yuan, and 88.559 billion yuan respectively, with net profits expected to be 35.012 billion yuan, 36.453 billion yuan, and 37.841 billion yuan [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 19.167 billion yuan, representing a 26.29% year-on-year growth, and a net profit of 7.395 billion yuan, up 40.35% year-on-year [2][3]. - The upstream water inflow from the Wudongde reservoir was approximately 21.811 billion cubic meters, a 29.7% increase year-on-year, while the downstream Three Gorges reservoir saw inflow of about 98.174 billion cubic meters, a 36.9% increase year-on-year [3]. Operational Developments - The company has taken over the operation and maintenance of the Zhejiang Changlongshan pumped storage power station, achieving zero unplanned outages and maintaining safety standards [4]. - The company has also initiated power production preparations at the Tian Tai pumped storage power station and completed investment decisions for other projects [4]. Profitability and Valuation - The report maintains previous profit forecasts, with expected P/E ratios of 20.5, 19.7, and 19.0 for the years 2024, 2025, and 2026 respectively [5]. - The company’s financial metrics indicate a gross margin of 57.8% and a net margin of 35.8% for 2023, with projected improvements in subsequent years [12].

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company has experienced significant growth in revenue and net profit due to abundant water supply and increased power generation, with a 12.38% year-on-year increase in revenue to 34.808 billion yuan and a 27.92% increase in net profit to 11.362 billion yuan for the first half of 2024 [1]. - The company is expanding its pumped storage capacity and has initiated the construction of a new pumped storage power station in Hunan, which will further enhance its operational scale [1]. - The acquisition of the Sapphire wind power project in Peru marks the company's first wind power project, indicating a strategic move to expand its international business [1]. Financial Summary - For the first half of 2024, the company reported a total revenue of 34.808 billion yuan, a 12.38% increase year-on-year, and a net profit attributable to shareholders of 11.362 billion yuan, reflecting a 27.92% increase [1]. - The company achieved a basic earnings per share (EPS) of 0.4644 yuan, up 27.92% year-on-year, with a gross profit margin of 52.38%, an increase of 4.90 percentage points [1]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 34.941 billion yuan, 35.858 billion yuan, and 36.695 billion yuan respectively, with corresponding EPS of 1.43 yuan, 1.47 yuan, and 1.50 yuan [2][6].