Summary of Conference Call Company and Industry - The conference call is focused on Dongbu Securities, specifically discussing the public utility and environmental protection sector [1] Core Points and Arguments - The call aims to interpret the annual report, particularly emphasizing production and electricity, which are familiar topics for investors [1] - The discussion involves an exchange between the speaker and analyst Gu Yue regarding insights into the company [1] Other Important Content - The call is structured to facilitate a dialogue, indicating a collaborative approach to understanding the company's performance and outlook [1]

Summary of Conference Call Company and Industry - The conference call is focused on Dongbu Securities, specifically discussing the public environmental sector and its annual report analysis [1] Core Points and Arguments - The discussion centers around production and electricity, indicating that these are familiar topics for investors [1] - The call involves an exchange between the speaker and analyst Gu Yue, suggesting a collaborative approach to analyzing the company's performance [1] Other Important Content - The call aims to provide insights into the company's operations and performance metrics, although specific financial data or metrics are not detailed in the provided text [1]

Financial Data and Key Indicators Changes - In 2023, the company achieved operating revenue of 781.12 billion, a year-on-year increase of 50.04% [7] - The total profit reached 324.13 billion, with net profit at 279.56 billion, representing a year-on-year increase of 27.83% [7] - Total assets amounted to 5719.43 billion, up 74.76% year-on-year, while net assets increased by 8.45% to 2122.99 billion [7] Business Line Data and Key Indicators Changes - Hydropower generation reached 2762.63 billion kWh in 2023, an increase of 140.15 billion kWh or 5.34% year-on-year [1][4] - The company has over 30 pumped storage projects under tracking, with a total installed capacity of nearly 42 million kW [1][4] - In the renewable energy sector, distributed photovoltaic and energy storage projects both exceeded 1 million kW in scale [1][5] Market Data and Key Indicators Changes - International business profits exceeded 2.1 billion, a year-on-year increase of 51%, with successful acquisitions in Peru and ongoing projects in Pakistan [1][6] Company Strategy and Development Direction - The company aims to achieve a hydropower generation target of 3088 billion kWh in 2024, with domestic hydropower stations expected to exceed 3074 billion kWh [1][13] - Expansion plans include increasing the installed capacity of Xiluodu and Xiangjiaba hydropower stations [1][13] - The company is focusing on developing pumped storage and enhancing its renewable energy base [1][13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that despite challenges such as reduced water inflow, the company expects significant improvements in generation capacity due to optimized dispatching [16] - The company is committed to maintaining a high cash dividend policy, with a proposed cash dividend of 200.64 billion for 2023 [3][18] Other Important Information - The company has established an ESG management framework to enhance its sustainability practices [8][9] - It has implemented over 400 rural revitalization projects, investing over 2 billion [12] Q&A Session Summary Question: What is the expected scale of R&D expenses and the main business synergy model? - The company emphasizes high-tech content, economic efficiency, resource efficiency, low environmental impact, and human resource advantages in its R&D investments [16] Question: What is the growth source of the Ludus company and the sustainability of overseas business performance? - The international business revenue exceeded 2.1 billion, with stable growth expected due to the nature of public utility operations in Peru [16] Question: What is the outlook for future water inflow and generation capacity? - Current water inflow is near the historical average, and generation capacity is expected to improve significantly [16] Question: What is the progress of pumped storage project construction? - There are currently 2.4 million kW of pumped storage under construction, with an additional 4.2 million kW planned [16] Question: What are the company's specific investment arrangements? - The company will focus on low-risk, stable-return investments, particularly in the upper reaches of the Yangtze River [16][17] Question: What is the current status of renewable energy installations in 2023? - The company has successfully integrated nearly 2 million kW of renewable energy projects [17] Question: What is the future investment layout in Latin America? - The company completed its first renewable energy asset acquisition in Peru, establishing a complementary generation structure [17] Question: What is the capacity of the hydropower unit in Peru and its operational timeline? - The company operates the Santa Teresa 1 hydropower station in Peru with a capacity of 100,000 kW, operational since September 2015 [17] Question: What are the expansion plans for this year? - Expansion projects for Xiangjiaba and Gezhouba hydropower stations are underway [17] Question: What is the source of the significant increase in operating cash flow in 2023? - The increase in cash flow is attributed to the recovery of electricity payments [17] Question: How does the company view its investments in the Yangtze Protection ETF? - The company maintains that these investments align with its strategic goals and support the high-quality development of the Yangtze Economic Belt [17] Question: Will the dividend payout ratio increase after reducing debt? - The company has set a minimum cash dividend policy of 50% of distributable profits, with a current payout ratio of approximately 74% [18] Question: What is the overall interest-bearing debt cost rate? - The company has successfully reduced its financing cost rate and debt scale, with a notable decrease in 2023 [19][20]

那参加本次会议会议即将大家好欢迎参加动物环保公游年报深度解读长江经历业绩符合预期期待量价提升会议目前所有强红载种处于静音状态在没开始播报名单声明声明播报完毕后职员人可直接开始发言 谢谢 动物证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的 我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢各位投资者大家晚上好欢迎大家参加我们东部证券公用环保团队的年报解读的电话会就是我们这场主要是讲一讲强弹电力因为强弹电力其实各位投资者相信都非常熟悉了 所以今天我会跟主户覆盖的分析师谷月一起交流一下关于这家公司的一些探讨我会跟谷月进行一些提问的交流我们动物证券公用环保团队从扩大覆盖范围以来其实一开始我这边可能覆盖的两个主要的方向就是核电和水电毫无疑问核电的龙头 中国核电 中广核和长江电力都是大家非常熟知的公司我这边可能首先有几个问题可能跟谷月聊一聊第一就是我们看到去年因为有新的机组并表500并表之后公司的业绩其实是增长的但是同时我们也能看到因为来税 ...

发电及电网 分析师：陈拓 乌白电站注入后，公司抗风险能力增强， 登记编码：S0730522100003 盈利能力将逐步提升 c hentuo@ccnew.com ——长江电力(600900)2023 年年报及 2024 年一季 报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-05-08) 发布日期：2024年05月09日 收盘价(元) 25.31 投资要点： 一年内最高/最低(元) 26.00/21.23 长江电力发布2023年年报及2024年一季报，2023年公司实现营业收 沪深300指数 3,630.22 入781.12亿元，同比增长13.43%；实现归母净利润272.39亿元，同 市净率(倍) 3.01 比增长14.81%。2023年第四季度公司实现营业收入202.56亿元，同 流通市值(亿元) 6,076.24 比增长28.23%；实现归母净利润57.15亿元，同比增长86.98%。 基础数据(2024-03-31) 2024 年第一季度公司实现营业收入 156.41 亿元，同比增长 1.58%； 每股净资产(元) 8.40 实现归母净利润39.67亿元，同比增长9.80%。 每股经 ...

发电及电网 分析师：陈拓 乌白电站注入后，公司抗风险能力增强， 登记编码：S0730522100003 盈利能力将逐步提升 c hentuo@ccnew.com ——长江电力(600900)2023 年年报及 2024 年一季 报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-05-08) 发布日期：2024年05月09日 收盘价(元) 25.31 投资要点： 一年内最高/最低(元) 26.00/21.23 长江电力发布2023年年报及2024年一季报，2023年公司实现营业收 沪深300指数 3,630.22 入781.12亿元，同比增长13.43%；实现归母净利润272.39亿元，同 市净率(倍) 3.01 比增长14.81%。2023年第四季度公司实现营业收入202.56亿元，同 流通市值(亿元) 6,076.24 比增长28.23%；实现归母净利润57.15亿元，同比增长86.98%。 基础数据(2024-03-31) 2024 年第一季度公司实现营业收入 156.41 亿元，同比增长 1.58%； 每股净资产(元) 8.40 实现归母净利润39.67亿元，同比增长9.80%。 每股经 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 28.80 CNY per share, based on a historical valuation of 20.0 times PE for 2024 [4][8]. Core Views - The company achieved a revenue of 78.112 billion CNY in 2023, representing a year-on-year growth of 13.43%. The net profit attributable to shareholders was 27.239 billion CNY, up 14.81% year-on-year. The company plans to distribute a cash dividend of 0.82 CNY per share, totaling 20.064 billion CNY, with a cash dividend payout ratio of approximately 73.66% [2]. - In Q1 2024, the company reported a revenue of 15.641 billion CNY, a slight increase of 1.58% year-on-year, and a net profit of 3.967 billion CNY, up 9.80% year-on-year [2]. - The overall electricity generation faced pressure in Q1 2024, with a total inflow of 49.767 billion cubic meters at the Three Gorges Reservoir, down 4.14% year-on-year. However, the company’s two power stations achieved a generation of 17.445 billion kWh, an increase of 14.4% year-on-year [2]. - The company’s average on-grid electricity price increased by 1.16 cents/kWh to 0.2813 CNY/kWh in 2023, indicating a favorable pricing environment due to regional supply-demand dynamics [2]. - The company’s financial structure improved, with a net operating cash flow of 64.719 billion CNY in 2023, and a decrease in financial expenses by 296 million CNY in Q1 2024 [2]. Summary by Sections Financial Performance - 2023 revenue was 78,112 million CNY, with a growth rate of 13.4% expected to reach 87,581 million CNY in 2024, reflecting a growth rate of 12.1% [3]. - The net profit attributable to shareholders for 2023 was 27,239 million CNY, with a projected increase to 35,167 million CNY in 2024, indicating a growth rate of 29.1% [3]. - The earnings per share (EPS) for 2023 was 1.11 CNY, expected to rise to 1.44 CNY in 2024 [3]. Debt and Investment - As of the end of 2023, the company had interest-bearing liabilities totaling approximately 288.7 billion CNY, with a debt-to-asset ratio of 62.9% [2]. - The company’s investment income increased by 55.7% year-on-year to 900 million CNY in Q1 2024, reflecting improved performance from its equity investments [2]. Market Outlook - The company has set a target electricity generation of 3,074 billion kWh for 2024, with adjusted profit forecasts for 2024 and 2025 EPS at 1.44 CNY and 1.47 CNY, respectively [2][3].

公司报告 | 年报点评报告 长江电力（600900） 证券研究报告 2024年05月 08日 投资评级 分红维持稳定，蓄能为业绩增长打下基础 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 25.35元 事件： 目标价格 元 公司公布2023年年报和2024年一季报。2023年实现营业收入781.1亿元， 同比增长13.4%；归母净利润272.4亿元，同比增长14.8%；2024年一季度 基本数据 实现营业收入156.4 亿元，同比增长1.58%；归母净利润为 39.7 亿元，同 A股总股本(百万股) 24,468.22 比增长9.8%。 流通A股股本(百万股) 24,007.26 公司 2023 年度利润分配预案：拟每股派发现金红利 0.82 元人民币（含 A股总市值(百万元) 620,269.32 税），现金分红比例为 73.66%。 流通A股市值(百万元) 608,583.95 乌白注入+海外业务利润增长，23年归母净利润同比增长 14.8% 每股净资产(元) 8.40 2023年1月，公司完成乌东德和白鹤滩电站的收购，目前水电总装机容量 资产负债率(%) 61.89 7179.5 万千瓦 ...

公司报告 | 年报点评报告 长江电力（600900） 证券研究报告 2024年05月 08日 投资评级 分红维持稳定，蓄能为业绩增长打下基础 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 25.35元 事件： 目标价格 元 公司公布2023年年报和2024年一季报。2023年实现营业收入781.1亿元， 同比增长13.4%；归母净利润272.4亿元，同比增长14.8%；2024年一季度 基本数据 实现营业收入156.4 亿元，同比增长1.58%；归母净利润为 39.7 亿元，同 A股总股本(百万股) 24,468.22 比增长9.8%。 流通A股股本(百万股) 24,007.26 公司 2023 年度利润分配预案：拟每股派发现金红利 0.82 元人民币（含 A股总市值(百万元) 620,269.32 税），现金分红比例为 73.66%。 流通A股市值(百万元) 608,583.95 乌白注入+海外业务利润增长，23年归母净利润同比增长 14.8% 每股净资产(元) 8.40 2023年1月，公司完成乌东德和白鹤滩电站的收购，目前水电总装机容量 资产负债率(%) 61.89 7179.5 万千瓦 ...

[Table_StockInfo] 买入 2024年 05月 01日 （维持） 证券研究报告•2023年年报点评 当前价： 25.79元 长江电力（600900） 公用事业 目标价： ——元（6个月） 分红稳定，期待来水好转电量增发 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年年报和2024年一季报，2023年全年公司实现营收 781 [分Ta析bl师e_：Au池th天or惠] 亿元，同比增长13.4%（调整后）；实现归母净利润272亿元，同比增长14.8% 执业证号：S1250522100001 （调整后）；24Q1公司实现营收 156亿元，同比增长 1.6%，实现归母净利润 电话：13003109597 39.7亿元，同比增长9.8%。 邮箱：cth@swsc.com.cn  来水偏枯电量承压，乌白注入电价提升。2023 年乌东德来水较上年同期偏枯 联系人：刘洋 5.5%，三峡来水较上年同期偏丰 0.7%。受来水偏枯影响，2023年公司全年累 电话：18019200867 邮箱：ly21@swsc.com.cn 计发电量约 2763亿千瓦时，同比增加 5. ...