Group 1 - China Three Gorges Group plans to transfer 979 million shares of China Yangtze Power, accounting for 4% of the total share capital, to its wholly-owned subsidiary, Yangtze Environmental Protection Group, as part of a strategy to enhance ecological and environmental business support [1] - After the transfer, China Three Gorges Group's shareholding in China Yangtze Power will decrease from 46.81% to 42.81%, with the new shareholding amounting to 10,474,432,302 shares [1] - Yangtze Environmental Protection Group will become the fifth largest shareholder of China Yangtze Power following the transfer [1] Group 2 - Yangtze Environmental Protection Group was established on December 28, 2018, with a registered capital of 30 billion yuan and has over 2,000 employees and assets exceeding 90 billion yuan as of the end of 2023 [2] - The mission of Yangtze Environmental Protection Group is to participate in ecological environment protection and restoration along the Yangtze River Economic Belt, focusing on becoming a technology-driven environmental protection enterprise [3] - China Yangtze Power has committed to a dividend policy stating that the dividend payout ratio from 2021 to 2025 will not be less than 70% [3] Group 3 - In 2024, China Yangtze Power reported a net profit of 32.52 billion yuan, representing a year-on-year increase of 19.36% [3] - Yangtze Environmental Protection Group is expected to gain substantial income through share dividends from its holdings in China Yangtze Power [4]

股票代码：600900 股票简称：长江电力 公告编号：2025-008 中国长江电力股份有限公司 关于国有股份无偿划转的提示性公告 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： 本次股东权益变动系无偿划转所致，不涉及要约收购。 本次无偿划转实施后，不会导致公司控股股东及实际控制人发 生变化。 近日，中国长江电力股份有限公司（以下简称公司）接到控股股 东中国长江三峡集团有限公司（以下简称中国三峡集团）《关于划转 长江电力部分股份的通知》（三峡财函〔2024〕520 号），现将有关情 况公告如下： 一、本次无偿划转的基本情况 为贯彻落实国家共抓长江大保护发展战略，加强生态环保业务可 持续经营资金支持，促进清洁能源与生态环保业务融合发展，公司控 股股东中国三峡集团与其全资子公司长江生态环保集团有限公司（以 下简称长江环保集团）签署了《关于中国长江电力股份有限公司国有 股份无偿划转协议》（以下简称无偿划转协议），中国三峡集团拟将其 持有的公司 978,728,709 股股份（占公司总股本 4%）无偿划转至长江 环保 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-007 中国长江电力股份有限公司 关于公司控股股东发行可交换公司债券对持有的部 分本公司 A 股股票办理补充担保及信托登记的公告 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。 中国长江电力股份有限公司（以下简称公司）于 2022 年 6 月 6 日在上海证券交易所网站发布了《关于公司控股股东完成可 交换公司债券发行的公告》（公告编号 2022-034）：控股股东中国 长江三峡集团有限公司（以下简称中国三峡集团）以其持有的公 司部分 A 股股票为标的，成功发行中国长江三峡集团有限公司 2022 年面向专业投资者公开发行绿色科技创新可交换公司债券 （第一期）（以下简称 G 三峡 EB2），实际发行规模 100 亿元， 最终票面利率为 0.10%。 G 三峡 EB2 采用股票担保及信托形式，中国三峡集团以其 合法拥有的公司 A 股股票作为担保及信托财产并办理相关担保 及信托登记，以保障 G 三峡 EB2 持有人交换标的股票和 G 三峡 EB2 本息按照约定如期足额兑 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-006 中国长江电力股份有限公司 第六届董事会第三十八次会议决议公告 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。 中国长江电力股份有限公司（以下简称公司）第六届董事会 第三十八次会议于2025年1月21日以现场方式召开。会议应到董 事11人，实到8人，委托出席3人，其中刘伟平董事委托张星燎董 事，王洪董事、洪猛董事委托黄峰董事代为出席并行使表决权， 符合《公司法》和《公司章程》等有关规定。公司部分监事、高 管列席了会议。会议由张星燎董事主持，以记名表决方式审议通 过如下议案： 一、审议通过《公司2024年度内部审计工作报告》。 本议案已经公司第六届董事会审计委员会第二十次会议审 议通过。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 2 二、审议通过《公司2025年度内部审计工作计划》。 本议案已经公司第六届董事会审计委员会第二十次会议审 议通过。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 1 三、审议通过《关于公司2025年度全面风 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the overall water inflow improved in 2024, but there was a significant decline in the fourth quarter. The company's total power generation for 2024 was approximately 295.9 billion kWh, a year-on-year increase of 7.11%, while the fourth quarter saw a decrease of 17.60% compared to the previous year [7] - Financial expenses and investment income are expected to continue contributing to growth. The company anticipates a reduction in financial expenses by 600-800 million yuan annually due to debt repayment schedules, with interest expenses in the first half of 2024 at 5.704 billion yuan, down 676 million yuan year-on-year [7] - The report suggests that the company's stock price performance is primarily influenced by the credit spread, with expectations for further compression of equity spreads in a stable credit environment [7] Summary by Sections Market Performance - The closing price of the stock is 29.16 yuan, with a market capitalization of approximately 713.49 billion yuan and a circulating market value of about 700.05 billion yuan [3] Financial Forecast and Valuation - Revenue projections for the company are as follows: 2023 at 78.11 billion yuan, 2024 at 85.08 billion yuan, 2025 at 86.98 billion yuan, and 2026 at 87.62 billion yuan, with respective growth rates of 50.04%, 8.92%, 2.23%, and 0.74% [6] - The net profit attributable to the parent company is forecasted to be 32.82 billion yuan in 2024, with a growth rate of 20.49% [6] - The report indicates that the company's price-to-earnings ratio (P/E) is projected to decrease from 26.19 in 2023 to 19.67 in 2026 [6] Financial Statements Overview - The total assets of the company are projected to be 571.94 billion yuan in 2023, decreasing to 558.10 billion yuan by 2026 [8] - The total liabilities are expected to decline from 359.64 billion yuan in 2023 to 322.81 billion yuan in 2026 [8] - The company's equity attributable to shareholders is forecasted to grow from 201.33 billion yuan in 2023 to 222.59 billion yuan in 2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 841.98 billion yuan for 2024, representing a year-on-year growth of 7.75%, and a net profit attributable to shareholders of 325.20 billion yuan, up 19.36% year-on-year [7] - The company's total power generation for 2024 was 2959.04 billion kWh, a year-on-year increase of 7.11%, although the fourth quarter saw a decline in generation due to reduced water levels [7] - The ongoing interest rate reduction cycle is expected to decrease financial costs, enhancing the company's performance [7] - The company has achieved its water storage targets for 2024, ensuring stable long-term power generation capacity despite short-term fluctuations in water levels [7] - The company maintains a commitment to a cash dividend payout ratio of no less than 70%, with a current dividend yield of 3.21% based on the closing price [7] Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are adjusted to 325.20 billion, 345.19 billion, and 360.76 billion yuan respectively [7] - The company's earnings per share (EPS) for 2024 is projected at 1.33 yuan, with a price-to-earnings (PE) ratio of 22 [6][7] - The company's gross profit margin is expected to remain stable around 59% for the coming years [6]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company achieved record high performance in 2024, with total revenue reaching 84.198 billion yuan, a year-on-year increase of 7.75%. The net profit attributable to shareholders was 32.520 billion yuan, up 19.36% year-on-year [3]. - The increase in profitability is attributed to a significant rise in electricity generation from six hydropower stations, with a notable improvement in gross margin and net margin [4][5]. - The company has implemented a mid-term dividend distribution, emphasizing shareholder returns, with a cash dividend of 2.1 yuan per 10 shares, totaling 5.138 billion yuan [6]. Financial Performance Summary - In 2024, the company reported total revenue of 84.198 billion yuan, operating profit of 39.648 billion yuan, and total profit of 38.866 billion yuan, reflecting a growth of 19.87% year-on-year [3]. - The gross margin for the first three quarters of 2024 was 61.19%, an increase of 3.3 percentage points year-on-year, while the net margin was 42.78%, up 4.93 percentage points [4]. - The total electricity generation in 2024 was approximately 295.904 billion kWh, a year-on-year increase of 7.11%, with specific stations showing significant growth [5]. - The company forecasts net profits of 32.455 billion yuan, 34.770 billion yuan, and 35.996 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.33 yuan, 1.42 yuan, and 1.47 yuan [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [6][20]. Core Views - The company achieved a revenue of 84.198 billion yuan in 2024, representing a year-on-year growth of 7.75%, and a net profit attributable to shareholders of 32.520 billion yuan, up 19.36% year-on-year [3][5]. - The company reported its highest performance since its listing in 2003, with a total profit of 38.866 billion yuan in 2024, an increase of 19.87% year-on-year [5]. - The company has implemented its first interim dividend, distributing 0.21 yuan per share, which amounts to approximately 5.138 billion yuan in total [6]. Financial Performance Summary - Revenue (in million yuan): 2022A: 52,060; 2023A: 78,112; 2024E: 84,198; 2025E: 87,249; 2026E: 89,579 [8]. - Net Profit (in million yuan): 2022A: 21,309; 2023A: 27,239; 2024E: 32,520; 2025E: 35,137; 2026E: 37,920 [8]. - EPS (in yuan): 2022A: 0.87; 2023A: 1.11; 2024E: 1.33; 2025E: 1.44; 2026E: 1.55 [8]. - The company’s P/E ratios are projected to be 21.8 for 2024, 20.2 for 2025, and 18.7 for 2026 [6][8]. Operational Highlights - The company’s six hydropower stations achieved a total generation of 295.904 billion kWh in 2024, marking a 7.11% increase year-on-year [5]. - The report notes that the company’s performance is closely linked to the water flow in the Yangtze River, with 2024 experiencing abundant water flow overall, although Q4 saw a decline [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit of 32.52 billion yuan for 2024, an increase of 19.36% year-on-year, driven by increased power generation from its six hydropower stations [7] - The fourth quarter of 2024 saw a decline in net profit to 4.495 billion yuan, down 21.35% year-on-year, primarily due to weaker water inflow and a 17.60% decrease in power generation [7] - The average yield of the ten-year government bond decreased to 1.67%, creating a favorable environment for dividend benchmark assets like the company [7] Financial Performance Summary - Total revenue for 2024 is projected at 84.17 billion yuan, with a year-on-year growth of 7.75% [1] - The company's net profit for 2024 is adjusted to 32.52 billion yuan, with expected growth rates of 19.39% for 2025 and 3.63% for 2026 [7] - Earnings per share (EPS) for 2024 is estimated at 1.33 yuan, with a price-to-earnings (P/E) ratio of 21.94 [1][7] Revenue and Profit Forecast - The company forecasts total revenues of 85.24 billion yuan for 2025 and 85.88 billion yuan for 2026, with corresponding net profits of 34.18 billion yuan and 35.43 billion yuan [1][8] - The projected net profit growth rates for 2025 and 2026 are 5.11% and 3.63%, respectively [7] Market Data - The closing price of the company's stock is 28.97 yuan, with a market capitalization of approximately 708.84 billion yuan [5] - The company has a price-to-book (P/B) ratio of 3.37 and a net asset value per share of 8.60 yuan [5][6]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - Short-term performance fluctuations do not alter the long-term investment value of the company [1] - The company achieved a revenue of 84.198 billion yuan in 2024, representing a year-on-year growth of 7.75%, and a net profit attributable to shareholders of 32.525 billion yuan, reflecting a year-on-year increase of 19.36% [4] - The report highlights that the abundant water supply in 2024 positively impacted the company's power generation, which increased by 7.11% to 2,959.04 billion kWh [4] - The report anticipates that the company will achieve net profits of 32.5 billion, 33.7 billion, and 35.2 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.79x, 21.03x, and 20.15x [4] Financial Forecast Summary - **Revenue Forecast**: - 2023A: 78.112 billion yuan - 2024E: 84.198 billion yuan (growth of 7.79%) - 2025E: 85.477 billion yuan (growth of 1.52%) - 2026E: 86.089 billion yuan (growth of 0.72%) [2][6] - **Net Profit Forecast**: - 2023A: 27.239 billion yuan - 2024E: 32.526 billion yuan (growth of 19.41%) - 2025E: 33.706 billion yuan (growth of 3.63%) - 2026E: 35.178 billion yuan (growth of 4.37%) [2][6] - **Key Financial Ratios**: - Gross Margin: 57.83% in 2023A, 57.96% in 2024E, 57.49% in 2025E, 57.84% in 2026E - Net Profit Margin: 34.87% in 2023A, 38.63% in 2024E, 39.43% in 2025E, 40.86% in 2026E [6] - **Debt and Equity**: - Total Assets: 571.943 billion yuan in 2023A, projected to grow to 587.130 billion yuan by 2026E - Total Liabilities: 359.644 billion yuan in 2023A, projected to decrease to 347.741 billion yuan by 2026E [5]