Financial Performance - In 2024, the company achieved a total profit of RMB 388.66 billion, an increase of RMB 64.42 billion, or 19.87% year-on-year[5] - The net profit attributable to shareholders was RMB 325.20 billion, up RMB 52.75 billion, representing a growth of 19.36% compared to the previous year[5] - Basic earnings per share increased to RMB 1.3291, up RMB 0.2156, reflecting a growth of 19.36% year-on-year[5] - The total operating revenue for 2024 was RMB 841.98 billion, showing a year-on-year increase of 7.75%[4] Return on Equity - The weighted average return on equity rose to 15.72%, an increase of 2.20 percentage points from the previous year[4] Assets and Equity - The company's total assets at the end of the reporting period were RMB 5,666.37 billion, a decrease of 1.10% from the beginning of the period[4] - The equity attributable to shareholders increased to RMB 2,111.52 billion, reflecting a growth of 4.81%[4] Operational Performance - The company’s six hydropower stations contributed to the increase in electricity generation, driving overall performance growth[5] Financial Data Caution - The financial data presented is preliminary and subject to adjustments based on the final audited report[6] - Investors are advised to be cautious due to potential discrepancies in the final audited data[6]

Company Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has undergone three rounds of value revaluation since its listing, each with significant implications for future investment [4][5] - The company's outperformance since 2016 is attributed to three segments of value revaluation, with the third segment still ongoing [7] - The first round of revaluation was driven by improved earnings predictability due to the "Four Reservoirs Joint Regulation" [14][15] - The second round of revaluation focused on cash flow stability and earnings resilience, particularly during market downturns [29][30] - The third round of revaluation is centered on the business model, likening the company's long-term outperformance to "differential rent" [48][49] Historical Performance - The company's stock price has shown significant outperformance compared to the CSI 300 index, especially after 2016 [6][7] - The first significant outperformance occurred from late 2015 to early 2016, driven by improved earnings predictability [8][13] - The second outperformance was observed from Q2 2018 to the end of the year, during which the company remained stable amid market volatility [23][24] - The third outperformance has been ongoing since 2022, driven by the company's low covariance with macroeconomic factors [42][43] Earnings and Cash Flow Analysis - The company's earnings stability improved significantly after the 2016 asset injection, with reduced volatility in ROE and more accurate earnings forecasts [16][17][18] - The company's cash flow management has been strong, with free cash flow consistently around 35 billion yuan, significantly higher than net profit [41] - The company has managed to offset the expiration of tax incentives through growth in investment income and savings in financial expenses [34][35] Business Model and Industry Position - The company's business model is likened to "differential rent," with its long-term outperformance attributed to being a low-cost supplier in a homogeneous product market [49][50] - The company's position in the power industry is unique, with a steep cost curve that allows it to maintain high margins despite market fluctuations [53][56] - The company's hydropower assets are among the highest quality in the industry, with a small but significant share of China's total installed capacity [58][59] Valuation and Future Outlook - The company's valuation is influenced by three key factors: the risk-free rate, credit spreads, and the equity risk premium [60][61] - The company's implied discount rate has been narrowing since 2023, but it has not yet broken through previous lows, indicating that the stock is not overvalued [62][63] - The company's future performance is expected to be driven by its core assets, with a focus on the stability and cost advantages of its hydropower operations [69][70] Financial Projections - The company is expected to achieve net profits of 32.82 billion yuan, 34.66 billion yuan, and 36.27 billion yuan for 2024, 2025, and 2026, respectively [72] - The current stock price implies a PE ratio of 22x, 20x, and 19x for 2024, 2025, and 2026, respectively [72]

证券代码：600900 证券简称：长江电力 公告编号：2025-004 中国长江电力股份有限公司 2024 年中期权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.21 元（含税） 相关日期 二、 分配方案 1. 发放年度：2024 年中期 2. 分派对象： 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。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 24,468,217,716 股为基数，每股派 发现金红利 0.21 元（含税），共计派发现金红利 5,138,325,720.36 元（含税）。 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 | | Ａ股 | 2025/1/23 | － | 2025/1/24 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - Despite the impact of water scarcity, the company's power generation in Q4 is expected to be 60.09 billion kWh, a year-on-year decrease of 17.60%. However, the overall annual power generation is projected to grow by 7.11% year-on-year, supported by the transfer of equity and related debts from Hubei Qingneng Group, which will alleviate Q4 performance pressure. The company is expected to achieve steady annual performance growth [2][5] - The expected dividend yield, compared to the yield on ten-year government bonds, has reached the 94th percentile since 2023, indicating a strong investment value as a stable dividend stock [2][5] - The company is expected to have EPS of 1.32, 1.33, and 1.46 for 2024-2026, with corresponding PE ratios of 21.82, 21.67, and 19.72, respectively, reinforcing the "Buy" rating [10][11] Summary by Sections Company Overview - The company reported a total power generation of approximately 295.90 billion kWh for 2024, representing a year-on-year increase of 7.11% [5] Financial Performance - The company's total revenue for 2023 is projected at 78.11 billion yuan, with a steady increase expected in subsequent years [13] - The net profit for 2024 is estimated at 33.03 billion yuan, with EPS expected to rise to 1.32 yuan [13] Market Position - The company is positioned as a leading player in the hydropower sector, benefiting from favorable water conditions and a strong dividend policy [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total electricity generation in 2024 is approximately 295.9 billion kWh, representing a year-on-year increase of 7.11% [7] - In Q4 2024, the total electricity generation decreased by 17.60% year-on-year, with specific plants showing varied performance [7] - Financial expenses have continued to decrease, enhancing the company's profits [7] - The decline in the ten-year government bond yield opens up space for dividend benchmarks for the company [7] - The profit forecast for 2024-2026 has been adjusted downwards due to lower-than-expected water inflow, with net profit estimates of 32.86 billion, 34.18 billion, and 35.43 billion yuan respectively [7] Financial Performance Summary - Total revenue for 2022 was 68.86 billion yuan, with a projected increase to 78.11 billion yuan in 2023, reflecting a year-on-year growth of 13.43% [1] - The net profit attributable to the parent company for 2022 was 23.73 billion yuan, expected to rise to 27.24 billion yuan in 2023, showing a growth of 14.81% [1] - The latest diluted EPS for 2022 was 0.97 yuan, projected to increase to 1.11 yuan in 2023 [1] - The P/E ratio is projected to decrease from 29.69 in 2022 to 25.86 in 2023 [1] Market Data Summary - The closing price of the stock is 28.79 yuan, with a market capitalization of approximately 704.44 billion yuan [5] - The price-to-book ratio is 3.35 [5] - The company has a total of 24,468.22 million shares outstanding [6]

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。 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 2025 年 1 月 9 日 中国长江电力股份有限公司（以下简称公司）第六届董事会 第三十七次会议于2025年1月8日以通讯方式召开。会议应到董事 11人，实到11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《关于调整公司财务总监的议案》。 同意聘任张传红先生为公司财务总监，詹平原先生不再担任 公司财务总监。 本议案已经公司第六届董事会提名委员会第四次会议、审计 委员会第十九次会议审议通过。 股票代码：600900 股票简称：长江电力 公告编号：2025-002 中国长江电力股份有限公司 第六届董事会第三十七次会议决议公告 1 ...

华福证券 公 司 研 究 公 司 长江电力（600900.SH） 全年来水偏丰，新能源蓄势待发 投资要点： 事件： 1 月 8 日，公司发布 2024 年发电量完成情况公告，2024 年公司境 内所属六座梯级电站完成发电量 2959.04 亿千瓦时，同比+7.11%；2024 年单四季度完成发电量 600.90 亿千瓦时，同比-17.60%。 乌东德、三峡水库全年来水偏丰，新能源业务蓄势待发 动 态 跟 踪 2024 年，乌东德水库来水总量约 1123.69 亿立方米，较上年同期 偏丰 9.19%；三峡水库来水总量约 3740.95 亿立方米，较上年同期偏丰 9.11%。2024 年单四季度，乌东德电站总发电量 84.71 亿千瓦时，同比 +3.79%；白鹤滩电站总发电量 139.69 亿千瓦时，同比-6.02%；溪洛渡 电站总发电量 130.97 亿千瓦时，同比-12.26%；向家坝电站总发电量 67.68 亿千瓦时，同比-13.57%；三峡电站总发电量 143.72 亿千瓦时， 同比-36.47%；葛洲坝电站总发电量 34.14 亿千瓦时，同比-24.51%；。 新能源业务方面，近日公司顺利完成金下基地云 ...

证券代码：600900 证券简称：长江电力 公告编号：2024-050 中国长江电力股份有限公司 2024 年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 5,561 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 17,701,733,940 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 72.3458 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 本次股东大会的召集、召开形式和程序符合《公司法》《证券法》《中国长江 电力股份有限公司章程》和《中国长江电力股份有限公司股东大会议事规则》的 有关规定，会议决议合法有效。本次会议由张星燎董事主持。 表决情况： | 股东类型 | 同意 | | | 反对 ...

股票代码：600900 股票简称：长江电力 公告编号：2024-051 | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 热线电话 | 010-58688900 | 027-82568888 | | 传真号码 | 010-58688898 | 027-82568544 | 除上述调整外，公司投资者关系电子邮箱等其他联系方式保 持不变。敬请广大投资者关注以上变更，由此带来的不便，敬请 谅解。欢迎广大投资者通过上述渠道与公司沟通交流。 特此公告。 中国长江电力股份有限公司董事会 2024 年 12 月 30 日 1 中国长江电力股份有限公司 关于变更投资者热线电话及传真号码的公告 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。 为保证投资者交流渠道通畅，进一步做好投资者关系管理工 作，中国长江电力股份有限公司（以下简称公司）将于 2025 年 1 月 1 日起启用新的投资者热线电话及传真号码，原投资者热线 电话及传真号码不再使用。现将变更情况公告如下： ...

北京德恒律师事务所 关于中国长江电力股份有限公司 2024 年第四次临时股东大会的 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 年第四次临时股东大会的法律意见 北京德恒律师事务所 关于中国长江电力股份有限公司 2024 年第四次临时股东大会的 法律意见 德恒 01G20220548-20 号 致：中国长江电力股份有限公司 中国长江电力股份有限公司（以下简称"公司"）2024 年第四次临时股东 大会（以下简称"本次会议"）于 2024 年 12 月 30 日（星期一）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 ...