Financial Performance - The company's operating revenue for Q3 2024 reached CNY 31.52 billion, a 17.27% increase compared to the same period last year[3] - Net profit attributable to shareholders was CNY 16.66 billion, reflecting a 31.81% year-on-year growth[3] - The net profit excluding non-recurring gains and losses was CNY 16.61 billion, up 28.19% from the previous year[3] - The basic earnings per share (EPS) for Q3 2024 was CNY 0.6810, an increase of 31.81% year-on-year[3] - The net profit for the third quarter of 2024 reached CNY 28.38 billion, an increase of 29.5% compared to CNY 21.90 billion in the same period last year[16] - The total comprehensive income for the third quarter of 2024 was CNY 28.89 billion, up 27.5% from CNY 22.74 billion in the previous year[16] - Basic and diluted earnings per share for the third quarter of 2024 were CNY 1.1454, compared to CNY 0.8797 in the same quarter of 2023, reflecting a 30.2% increase[18] - The revenue from sales of goods and services for the first three quarters of 2024 was CNY 19,995,218,396.42, compared to CNY 16,585,741,138.77 in 2023, marking an increase of approximately 20.5%[25] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was CNY 47.65 billion, representing a 30.96% increase year-on-year[3] - Cash flow from operating activities for the first nine months of 2024 was CNY 47.65 billion, a rise of 31.0% from CNY 36.38 billion in the same period of 2023[18] - Cash inflow from investment activities for the first nine months of 2024 totaled CNY 35.85 billion, down 44.0% from CNY 64.24 billion in the previous year[20] - Cash outflow from investment activities for the first nine months of 2024 was CNY 41.50 billion, a decrease of 69.9% compared to CNY 137.97 billion in the same period last year[20] - The net cash flow from financing activities for the third quarter of 2024 was CNY -43.25 billion, compared to CNY 34.44 billion in the same quarter of 2023[20] - The cash received from investment income was CNY 14,721,454,277.18, up from CNY 11,673,004,189.84 in the previous year, indicating a growth of about 26.2%[26] - The company reported a significant increase in cash inflow from the recovery of investments, totaling CNY 32,645,844,331.95, compared to CNY 57,555,568,577.27 in the same period last year[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 569.35 billion, a slight decrease of 0.50% compared to the end of the previous year[4] - The total assets as of the end of the third quarter of 2024 amounted to CNY 301,350,114,344.75, a decrease from CNY 312,899,887,286.96 at the end of the previous period[22] - Total liabilities decreased to CNY 347.53 billion in 2024 from CNY 359.87 billion in 2023, a decline of 3.7%[13] - The total liabilities were reported at CNY 147,841,074,934.48, compared to CNY 149,427,486,748.37 in the previous period, showing a slight decrease[22] - The total owner's equity decreased to CNY 153,509,039,410.27 from CNY 163,472,400,538.59, reflecting a decline of approximately 6.1%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 298,847[8] - China Three Gorges Corporation holds 11,458,082,476 shares, accounting for 46.83% of total shares[8] - The number of shares held by the top ten shareholders includes significant stakes from state-owned enterprises[9] - The total number of shares held by the top ten unrestricted shareholders is 10,997,121,263[9] - The company has a pledge situation involving 704,698,949 shares by China Three Gorges Corporation[8] Research and Development - Research and development expenses increased to ¥349.35 million in 2024 from ¥237.75 million in 2023, representing a growth of 46.9%[15] - The company's research and development expenses for the first three quarters of 2024 were CNY 196,390,163.78, up from CNY 137,109,584.87 in 2023, indicating a growth of approximately 43.3%[23] Financial Ratios - The weighted average return on equity (ROE) improved to 8.24%, up 1.63 percentage points from the previous year[4] - The company reported a net profit margin improvement, with operating profit for the first three quarters of 2024 reaching ¥33.75 billion, compared to ¥25.55 billion in 2023[15] Other Financial Metrics - The company reported a decrease in other comprehensive income attributable to the parent company, totaling CNY 511.52 million, down from CNY 838.41 million in the previous year[16] - The company's cash and cash equivalents decreased to ¥6,558,947,132.69 from ¥7,800,007,535.55[11] - The cash and cash equivalents at the end of September 2024 were CNY 6.50 billion, a decrease from CNY 7.79 billion at the end of December 2023[20] - The company's cash and cash equivalents at the end of the period amounted to CNY 2,188,842,783.15, a decrease from CNY 2,964,645,794.23 at the end of the same period last year[26] Future Outlook - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[12]

表决结果：同意11票，反对0票，弃权0票。 股票代码：600900 股票简称：长江电力 公告编号：2024-042 中国长江电力股份有限公司 第六届董事会第三十五次会议决议公告 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 第三十五次会议于2024年10月30日以现场方式召开。出席本次会 议的董事应到11人，实到6人，委托出席5人，其中刘伟平董事、 胡伟明董事委托张星燎董事，王洪董事、滕卫恒董事委托黄峰董 事，苏天鹏董事委托李文中董事代为出席并代为行使表决权，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年第三季度报告》。 具 体 内 容 详 见 公 司 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中国长江电力股份有限公司2024年第三 季度报告》。 本报告已经公司第六届董事会审计委员会第十七次会议审 议通过。 表决结果 ...

股票代码：600900 股票简称：长江电力 公告编号：2024-041 中国长江电力股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 中国长江电力股份有限公司（以下简称公司）拟于2024年10月31 日在上海证券交易所网站（http://www.sse.com.cn）披露公司2024年 第三季度报告。为便于广大投资者更全面深入地了解公司生产经营情 况，公司拟于2024年11月1日召开业绩说明会，回答投资者关注的问 题。具体如下： （一）会议时间：2024年11月1日（周五）10:00-11:00 （二）会议地点：北京市西城区金融大街19号富凯大厦B座2207 三、参加人员 公司管理层 一、会议类型 1 会议时间：2024 年 11 月 1 日（周五）10:00-11:00 会议方式：现场+视频 会议地点：北京市西城区金融大街 19 号富凯大厦 B 座 2207 视频平台：小鱼易连（会议号 9025025012、密码 600900） 投资者可于 202 ...

中国长江电力股份有限公司 第六届董事会第三十四次会议决议公告 股票代码：600900 股票简称：长江电力 公告编号：2024-040 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 会第三十四次会议于 2024 年 10 月 16 日以现场方式召开。会议 应到董事 11 人，实到 6 人，委托出席 5 人，其中刘伟平董事、 胡伟明董事委托张星燎董事，王洪董事、苏天鹏董事委托黄峰 董事，洪猛董事委托李文中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： 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《关于调整公司董事会专委会组成人员的议案》。 同意公司董事会专委会组成人员调整方案。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 特此公告。 中国长江电力股份有限公司董事会 1 一、审议通过《关于定向开发武汉联投中心的议案》。 同意公司定向开 ...

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 | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company has experienced a significant increase in hydropower generation, with a total output of approximately 235.814 billion kWh in the first three quarters of 2023, representing a year-on-year growth of 15.97% [4][5]. - The company’s upstream hydropower stations have shown higher growth rates compared to downstream stations, indicating strong operational resilience [4]. - The ongoing market reforms are expected to provide long-term support for electricity prices, enhancing the company's revenue stability [4][5]. - The company is committed to a minimum dividend payout ratio of 70%, which is expected to provide substantial returns to investors [5]. Summary by Sections Hydropower Generation Performance - The company’s hydropower generation has shown robust growth, with the third quarter output reaching 115.196 billion kWh, a year-on-year increase of 15.05% [4]. - The upstream hydropower stations, including Wudongde and Baihetan, have outperformed downstream stations in terms of generation growth rates [4]. Market Environment and Pricing - The hydropower market is undergoing reforms that are expected to stabilize and potentially increase electricity prices in the long term [4]. - The pricing mechanism for electricity transmission has been updated to include a base price plus a floating price, which is anticipated to support revenue [4]. Financial Projections - The report projects earnings per share (EPS) for 2024-2026 to be 1.39, 1.42, and 1.50 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.08, 20.60, and 19.45 [5][10]. - The company’s total revenue is expected to grow from 78.112 billion yuan in 2023 to 86.693 billion yuan in 2024 [10].

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 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨长江电力（600900.SH） [Table_Title] 来水修复电量高增，龙头业绩加速增长 | --- | --- | |-------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 上半年完成发电量 1206.18 亿千瓦时，同比增长 16.86% 。在电量高发的影响下，公司上半年 | | | 实现归母净利润 113.62 亿元，同比增长 27.92% 。二季度水电发电量同比增加 42.54% ，而公 | | | | | | 司营收则同比增长 23.05% ，增速差主要原因或系去年二季度收入中存在部分追溯白鹤滩电站 | | | 电价的产生的收入额外增量。虽然年初以来公司股价已经实现显著超额收益，但随着宏观利率 | | | 中枢的回落带来资金成本的降低，作为市场公认的优质长久期资产将深度受益，远端现金流折 | | | 现金额的 ...

公司近一年市场表现 市场数据：2024 年 9 月 5 日 公司发布 2024 年半年报：24H1 公司实现营业收入 348.08 亿元，同比+ 12.38%；实现归母净利润 113.62 亿元，同比+27.92%；扣非后归母净利润 113.70 亿元，同比+ 33.83%；基本每股收益 0.46 元/股，同比+27.92%；加权 平均净资产收益率 5.56%，同比增加 1.28 个百分点；经营性现金流量净额 229.84亿元，同比-8.38%。24Q2公司实现营业收入191.67亿元，同比+23.05%， 环比+22.55%；实现归母净利润 73.95 亿元，同比+40.35%，环比+86.43%， 扣非后归母净利润 73.91 亿元，同比+50.04%，环比+85.73%。 收盘价（元）： 29.12 年内最高/最低（元）： 31.44/21.68 来水改善显著，六座梯级电站电量齐增。24 年 H1 乌东德水库来水较上 年同期偏丰 11.40%；三峡水库来水较上年同期偏丰 19.67%。24 年 H1 公司 境内六座梯级电站总发电量约 1206.18 亿千瓦时，同比+16.86%；24 年 Q2 总发电量 ...

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].