平,可有效保障梯级水库开展短期计划编制和联合优化调度,实现水资源高效利 用:同时. 公司气象专业技术人员开发了 60 日逐日网格气象预报产品支撑月计 划编制,可基本满足梯级水库长期优化调度需求。 Q:乌东德、白鹤滩电站联合调度增发红利已经体现? A: 梯级电站联合调度效益主要通过两方面体现:一是上游水库蓄丰补枯提 升下游梯级电站发电效益;二是汛期通过联合调度提高了洪水资源利用效率。联 合调度的增发效益受来水、运行边界等因素影响,年际之间呈现一定的差异。近 年来乌东德、白鹤滩逐步投产运行,在调度中发挥了部分联合调度效益,但受枯 水影响联调效益未完全发挥。随着鸟东德、白鹤滩水库完成蓄水,流域来水逐步 回归正常,乌东德、白鹤滩电站联合调度增发效益将更加明显。 Q:公司的设备折旧是18年,实际能够用多少年? A:水电站安全、稳定的运行与水轮发电机组的正常运行息息相关,水轮发 电机组作为水电站安全生产的重要保障,公司在实践工作中积累了丰富的经验, 通过优化机组和控制系统设计,以及创新设备在线监测和诊断运行技术等方面取 得一系列重大突破,均有助于延长机器设备使用寿命。 Q:公司未来股权投资的方向? 2024 年二季度投资 ...

证券代码：600900 证券简称：长江电力 公告编号：2024-030 中国长江电力股份有限公司 2023 年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/18 | － | 2024/7/19 | 2024/7/19 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 23 日召开的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 每股分配比例 A 股每股现金红利 0.82 元（含税） 相关日期 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company has shown a significant increase in hydropower generation, with a total of 1,206.18 billion kWh in the first half of 2024, representing a year-on-year growth of 16.86%. In the second quarter alone, the generation reached 678.71 billion kWh, up 42.54% year-on-year [4][5]. - The improvement in water inflow has positively impacted the company's performance outlook, with the Udongde Reservoir's inflow increasing by 11.40% and the Three Gorges Reservoir's inflow rising by 19.67% compared to the previous year [4]. - The company benefits from stable hydropower costs and is expected to maintain high growth in performance due to its substantial investments in various hydropower companies [4][5]. - The ongoing market reforms are expected to provide long-term support for electricity prices, particularly in regions with high hydropower marketization [4]. - The company is committed to a minimum dividend payout ratio of 70%, which, combined with strong performance, suggests attractive dividend returns for investors [5]. Summary by Sections Hydropower Generation Performance - In the first half of 2024, the company achieved a total hydropower generation of 1,206.18 billion kWh, a 16.86% increase year-on-year. The second quarter saw a generation of 678.71 billion kWh, marking a 42.54% increase year-on-year [4][5]. Water Inflow and Market Conditions - The water inflow conditions have improved significantly, with the Udongde Reservoir's inflow at approximately 366.60 billion cubic meters, an increase of 11.40% year-on-year, and the Three Gorges Reservoir's inflow at about 1,479.41 billion cubic meters, up 19.67% year-on-year [4]. - The company is expected to benefit from a stable cost structure and high growth in the performance of its hydropower investments [4]. Long-term Outlook and Investment Value - The company anticipates a positive outlook for the entire year, with expectations to exceed the initial target of 3,088 billion kWh in electricity generation due to favorable water conditions [5]. - The reduction in macroeconomic interest rates is expected to lower funding costs, enhancing the company's valuation as a recognized long-term asset [5]. - The earnings per share (EPS) forecasts for 2024-2026 are projected at 1.37 yuan, 1.40 yuan, and 1.48 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.41, 20.93, and 19.77 [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has reported a significant increase in electricity generation, with a total of approximately 120.6 billion kWh for the first half of 2024, representing a year-on-year increase of 16.86%. In Q2 2024, the generation increased by 42.54% compared to the same period last year [4] - Improved water inflow conditions are supporting high electricity generation. After a dry period from 2H22 to 1H23, water inflow has gradually increased in 2H23. The total water inflow for the first five months of this year in Hubei Province reached 1,333 hours, a year-on-year increase of 395 hours [4] - The increase in electricity generation is expected to drive rapid growth in the company's performance. The additional electricity generation in the first half of 2024 is projected to contribute a pre-tax profit increase of approximately 4.33 billion yuan [4] - The company benefits from reduced financial costs and improved investment income, with financial expenses decreasing by approximately 10% year-on-year in Q1 due to debt optimization [4] - The company's net profit forecasts for 2024-2026 are 33.25 billion, 35.12 billion, and 37.56 billion yuan, respectively, with corresponding PE ratios of 22, 20, and 19 times [4] Summary by Sections Market Data - Closing price as of July 4, 2024, is 29.39 yuan, with a one-year high/low of 29.65/21.14 yuan [2] - The market capitalization of circulating A shares is 705.573 billion yuan [2] Financial Data - As of March 31, 2024, the company's net asset per share is 8.40 yuan, with a debt-to-asset ratio of 61.89% [3] - The total revenue for 2023 is reported at 78.112 billion yuan, with a year-on-year growth rate of 13.4% [5] - The net profit attributable to the parent company for 2023 is 27.239 billion yuan, with a year-on-year growth rate of 14.8% [5] Profitability Forecast - The company expects a significant increase in operating profit, with projections for 2024E at 39.597 billion yuan, reflecting a year-on-year growth rate of 22.1% [6] - The earnings per share for 2024E is forecasted to be 1.36 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company experienced a significant increase in electricity generation in Q2 2024, with a total of 67.9 billion kWh, representing a year-on-year growth of 42.5%. This growth is attributed to favorable water conditions in the Yangtze River basin and a low comparative base from Q2 2023 [2][9]. - The report projects the company's earnings per share (EPS) for 2024, 2025, and 2026 to be 1.43, 1.51, and 1.60 yuan respectively, with a target price adjustment to 34.32 yuan, reflecting a price-to-earnings (PE) ratio of 24 times for 2024 [2][3]. - The report emphasizes the company's strong dividend payout ratio of 70%, which is expected to enhance its valuation in a declining return environment for investors [2][3]. Financial Summary - The company's revenue is projected to grow from 78.1 billion yuan in 2023 to 88.4 billion yuan in 2024, representing a year-on-year increase of 13.2% [3]. - Net profit attributable to shareholders is expected to rise from 27.2 billion yuan in 2023 to 35.0 billion yuan in 2024, indicating a growth of 28.3% [3]. - The report highlights a stable increase in cash dividends, which is seen as a valuable characteristic in the current market environment [2][3]. Electricity Generation Insights - The report details the electricity generation from various power stations, with notable increases such as 134 billion kWh from the Xiluodu station (up 69.2% year-on-year) and 222 billion kWh from the Three Gorges station (up 32.3% year-on-year) [2][9]. - The overall electricity generation growth is expected to continue into Q3 2024, supported by favorable water levels and a low comparative base from previous years [2][3]. Market Position - The company is positioned as a leading hydropower player in China, benefiting from a high dividend payout and a robust growth outlook, which is expected to attract investors seeking stable returns [2][3]. - The report notes that the company's current market capitalization is approximately 719.1 billion yuan, with a PE ratio of 26.4 based on the latest share price [4][8].

股票代码：600900 股票简称：长江电力 公告编号：2024-029 中国长江电力股份有限公司 2024 年半年度发电量完成情况公告 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。 特此公告。 中国长江电力股份有限公司董事会 2024 年 7 月 4 日 根据公司初步统计，2024 年上半年，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 1479.41 亿立方米，较上年同期偏丰 19.67%。 2024 年上半年，公司境内所属六座梯级电站总发电量约 1206.18 亿千瓦时，较上年同期增加 16.86%。其中，2024 年第二季度公司境 内所属六座梯级电站总发电量约 678.71 亿千瓦时，较上年同期增加 42.54%。各电站发电量具体如下： | 电站名称 | 2024 | 年第二季度 | 2024 年半年度 | | | --- | --- | --- | --- | --- | | | 总发电量 | 同比变动 | 总发电量 | 同比变动 | | | （亿千瓦时） | （% ...

Financial Data and Key Indicators Changes - The company's operating revenue for 2023 was 8,091 million RMB, a decrease of 23.85% compared to 2022, with projected revenues of 10,478 million RMB for 2024, indicating a potential recovery of 29.50% [3] - The net profit attributable to the parent company for 2023 was 1,226 million RMB, down 61.80% from 2022, with forecasts of 2,918 million RMB for 2024, reflecting a significant increase of 138.05% [3] - The company's ROE for 2023 was 6.59%, significantly lower than the 17.98% in 2022, but expected to recover to 15.38% in 2024 [3] Business Line Data and Key Indicators Changes - The company has a total installed hydropower capacity of 10.24 GW as of the end of 2023, with 89.8% located in Guangxi Province, indicating a strong regional focus [2][4] - The average ROE from 2019 to 2023 was 15.6%, higher than the industry leader, Yangtze Power, which had an average of 15.3% during the same period [2][4] - The company maintained a high dividend payout ratio of 81% from 2019 to 2023, surpassing Yangtze Power's 74% [2][4] Market Data and Key Indicators Changes - The Daqin Railway, as a core energy transportation line, handled 6.2 billion tons of coal in 2023, accounting for 22.5% of the national railway coal transportation volume [13] - The company is expected to see a slight increase in coal transportation volume from 2025 to 2026, driven by stable demand and supply dynamics [10][13] Company Strategy and Development Direction - The company is focusing on the integration of hydropower and wind-solar energy development, with a projected annual increase of 1 GW in new energy installations from 2024 to 2035 [6][8] - The transition to multi-modal logistics is a key strategic direction for the Daqin Railway, with the establishment of 40 railway logistics centers nationwide [11] Management's Comments on Operating Environment and Future Outlook - Management indicated that the hydropower pricing in Guangxi has stabilized at 0.218 RMB/kWh, which is expected to remain steady if there are no significant policy changes [4] - The company expressed confidence in its ability to maintain high dividend payouts, with potential for over 90% in 2024-2025 and exceeding 100% in the following years [2][8] Other Important Information - The company's financial leverage remains strong, with a debt-to-asset ratio of only 55.4% and an average borrowing rate of 2.6%, providing ample room for debt financing [8] - The company has a robust free cash flow, with a net cash ratio of 2.4 from 2019 to 2023, allowing for sustained high dividend payouts even during challenging years [7] Q&A Session Summary Question: What is the expected dividend payout for the company in the coming years? - The company is projected to have a dividend payout potential of over 90% in 2024-2025 and possibly exceeding 100% in subsequent years, supported by strong free cash flow [2][8] Question: How does the company plan to address the challenges in coal transportation? - The company is focusing on the transition to multi-modal logistics, which is expected to enhance profitability and adapt to changing market conditions [11] Question: What are the growth prospects for the company's new energy segment? - The company anticipates adding 1 GW of new energy capacity annually from 2024 to 2035, leveraging the tight power supply and demand in Guangxi [6][8]

关于召开 2024 年第二次临时股东大会的通知 （五）网络投票的系统、起止日期和投票时间 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： 一、 召开会议的基本情况 召开的日期时间：2024 年 6 月 20 日 9 点 30 分 召开地点：湖北省武汉市江岸区三阳路 88 号 4205 会议室 证券代码：600900 证券简称：长江电力 公告编号：2024-026 中国长江电力股份有限公司 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 20 日 至 2024 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 1 股东大会召开日期：2024年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （一）股东大会类型和届次 2024 年第二次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：现 ...

股票代码：600900 股票简称：长江电力 公告编号：2024-025 中国长江电力股份有限公司 第六届董事会第二十九次会议决议公告 一、审议通过《关于补选公司董事的议案》，并同意提请股 东大会审议。 同意补选刘伟平先生为公司董事。 附：刘伟平先生简历 刘伟平，男，1964 年 11 月出生，大学学历，教授级高级工 程师。历任水利部水库移民开发局局长，水利水电规划设计总院 院长、党委书记，中水北方勘测设计研究有限责任公司董事长， 中水东北勘测设计研究有限责任公司董事长，水利部建设与管理 司司长，水利部总工程师，水利部副部长、党组成员。现任中国 长江三峡集团有限公司董事长、党组书记。 二、审议通过《关于召开2024年第二次临时股东大会的议 案》。 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 第二十九次会议于2024年6月4日以通讯方式召开。会议应到董事 12人，实到12人，符合《公司法》和《公司章程》等有关规定。 会议以通讯表决方式审议通过以下议案： 本议案已经公司第六 ...

Investment Rating - The report maintains a rating of "Accumulate" for Changjiang Electric Power (600900) with a target price of 32.89 CNY, up from the previous forecast of 30.03 CNY [6][7]. Core Views - The report highlights that improved water inflow in Q2 is expected to drive performance growth. In the context of declining investor required returns, the company is poised to benefit from both numerator and denominator aspects, making it a suitable time for valuation restructuring [6][7]. Financial Summary - For the fiscal year 2022, the company reported a revenue of 68,863 million CNY, which is projected to increase to 78,112 million CNY in 2023, and further to 88,423 million CNY in 2024, reflecting a growth rate of 13.4% [6][9]. - Net profit attributable to the parent company is expected to rise from 23,726 million CNY in 2022 to 27,239 million CNY in 2023, and to 34,951 million CNY in 2024, indicating a significant growth of 28.3% in 2024 [6][9]. - The earnings per share (EPS) are projected to be 1.11 CNY in 2023 and 1.43 CNY in 2024, with a net asset return rate (ROE) increasing from 10.4% in 2022 to 13.5% in 2023 and 16.5% in 2024 [6][9]. Market Performance - The stock price has shown an absolute increase of 28% over the past 12 months, with a relative index increase of 32% [5]. - The current stock price is 27.43 CNY, with a market capitalization of 671,163 million CNY [3][6]. Dividend Policy - The report anticipates a stable dividend payout, with a projected dividend per share (DPS) of 1.00 CNY in 2024, corresponding to a dividend yield of 3.0% based on the target price [7][9].