Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in power generation, with a significant improvement in financial expenses [8][10] - The company aims to achieve a power generation target of 300 billion kWh in 2025, supported by favorable water resource conditions [10][15] - The company has increased its market-oriented trading volume, which is expected to enhance revenue and pricing [13][14] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 84,492 million yuan, a year-on-year increase of 8.12%, and a net profit attributable to shareholders of 32,496 million yuan, up 19.28% [9][10] - For Q1 2025, the company reported revenue of 17,015 million yuan, a growth of 8.68%, and a net profit of 5,181 million yuan, reflecting a 30.56% increase [9][10] - The company's financial expenses decreased significantly, contributing to higher profit growth rates compared to revenue growth [10][12] Operational Highlights - The total installed capacity of hydropower is 71,795 MW, with domestic hydropower accounting for 16.45% of the national total [10] - The company’s six hydropower stations generated 295.904 billion kWh in 2024, a 7.11% increase year-on-year [10][12] - The company has successfully implemented market-oriented pricing strategies, with the proportion of market transactions rising to 38.6% in 2024 [13][14] Future Outlook - The company has revised its profit forecasts for 2025-2027, projecting net profits of 35,028 million yuan, 36,715 million yuan, and 37,087 million yuan respectively, with growth rates of 7.8%, 4.8%, and 1.0% [15] - The expected dividend payout ratio for 2025 is 70%, translating to a dividend yield of 3.4% [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in power generation, with financial expenses continuously improving. In 2024, the company achieved a total revenue of 84.49 billion yuan, a year-on-year increase of 8.12%, and a net profit attributable to shareholders of 32.50 billion yuan, a year-on-year increase of 19.28% [8][10] - The company aims to achieve a power generation target of 300 billion kWh in 2025, supported by favorable water resource conditions and improved market pricing [15] Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 84.49 billion yuan, up 8.12% year-on-year, and a net profit of 32.50 billion yuan, up 19.28% year-on-year. The first quarter of 2025 saw revenue of 17.02 billion yuan, a growth of 8.68%, and a net profit of 5.18 billion yuan, a growth of 30.56% [9][10] - The company's total installed hydropower capacity is 71.795 million kW, accounting for 16.45% of the national hydropower capacity. The six major hydropower stations generated 295.90 billion kWh in 2024, a year-on-year increase of 7.11% [10][12] Market Dynamics - The company has increased its market-based trading volume to 38.6% in 2024, up from 37.8% in 2023, with an average on-grid electricity price of 285.52 yuan/MWh, an increase of 4.24 yuan/MWh year-on-year [13][14] - The company is actively engaging in market-oriented pricing mechanisms, which are expected to enhance its competitive advantage in the clean energy sector [13] Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with net profit estimates for 2025, 2026, and 2027 set at 35.03 billion yuan, 36.72 billion yuan, and 37.09 billion yuan respectively, reflecting year-on-year growth rates of 7.8%, 4.8%, and 1.0% [15] - The current price-to-earnings ratio (P/E) is projected at 20.6 for 2025, with a dividend yield of 3.4% based on a 70% payout ratio [15]

| 一、会议议程 1 | | --- | | 二、会议须知 3 | | 三、会议议案 | | （一）公司 2024 年度董事会工作报告 4 | | （二）公司 2024 年度监事会工作报告 12 | | （三）公司 2024 年度利润分配方案及提请股东大会授权董 | | 事会决定 2025 年中期利润分配具体方案的议案..18 | | （四）公司 2024 年年度报告 21 | | （五）公司 2024 年度财务决算和 2025 年度预算报告 22 | | （六）关于公司 2025 年度使用闲置资金开展国债逆回购业 | | 务的议案 35 | | （七）关于公司 2025 年度投资计划的议案 37 | | （八）关于所属境外公司发行债券的议案 39 | | （九）关于与三峡财务有限责任公司续签《金融服务框架 | | 协议》的议案 43 | | （十）关于与三峡财务（香港）有限公司续签《融资业务 | | 框架协议》的议案 52 | | （十一）公司 2024 年度独立董事述职报告 59 | 中国长江电力股份有限公司 2024 年年度股东大会资料 2025 年 5 月 目 录 一、参会人签到、股东进行发言登记（8 ...

上 市 公 司 公用事业 2025 年 04 月 30 日 长江电力 (600900) ——来水改善蓄能充足 降息持续增厚业绩 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 29.46 | | 一年内最高/最低（元） | 32.28/25.16 | | 市净率 | 3.4 | | 息率（分红/股价） | 3.50 | | 流通 A 股市值（百万元） | 707,254 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.82 | | 资产负债率% | 59.65 | | 总股本/流通 A 股（百万） | 24,468/24,007 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01 ...

Group 1 - The China Power Utility Index has seen a decline of 0.85% as of April 30, 2025, with mixed performance among constituent stocks, including Shenzhen Energy leading with a rise of 2.73% [1] - The Power ETF (159611) has shown a cumulative increase of 0.63% over the past week, with a trading volume of 188 million yuan and a turnover rate of 5.64% on the latest trading day [1] - The Power ETF has experienced significant growth in scale, increasing by 1.641 billion yuan over the past six months, ranking first among comparable funds [1] Group 2 - The top ten weighted stocks in the China Power Utility Index account for 55.94% of the index, with major players including Changjiang Electric Power and China Nuclear Power [2] - The five major power generation groups reported profits in 2024, with Guodian Power distributing cash dividends of 3.567 billion yuan, representing 36.28% of its net profit [2] - The power and utility sector is recognized for its stability and defensive characteristics, with expectations for favorable fiscal and monetary policies in 2025 to support high dividend, low valuation assets [2] Group 3 - The National Energy Administration anticipates a rapid increase in national electricity load during the summer of 2025, with a projected year-on-year increase of approximately 10 million kilowatts [3] - The total electricity consumption in China is expected to reach 10.4 trillion kilowatt-hours in 2025, with a growth rate of around 6% [3] - Recommendations have been made to focus on investment opportunities in the power sector, particularly in light of potential supply pressures during peak periods [3]

Core Viewpoint - Under the guidance of policies, the market value management system of A-share listed companies, especially state-owned enterprises, has attracted significant attention from investors. China Yangtze Power Co., Ltd. (referred to as "Yangtze Power") disclosed its financial report and several important announcements regarding market value management on April 29 [1]. Market Value Management System - Yangtze Power has officially launched a market value management system aimed at enhancing company quality and implementing strategic management to improve investment value and shareholder return capabilities. The company plans to integrate market value management into its overall strategic planning, ensuring alignment with business development [3]. - The company will consider investor interests and returns in major decision-making processes, including corporate governance, daily operations, mergers and acquisitions, and financing, while maintaining prudent operations and avoiding blind expansion [3]. - Yangtze Power will monitor market reflections of its value and will analyze and address any significant discrepancies between market performance and company value [3]. - The company will explore capital operations, including mergers and acquisitions and share buybacks, to enhance asset quality and profitability, and will develop a dividend policy to balance shareholder returns with reinvestment needs [3]. Financial Performance - For the year 2024, Yangtze Power achieved operating revenue of 84.492 billion yuan, a year-on-year increase of 8.12%. The net profit attributable to shareholders was 32.496 billion yuan, up 19.28% year-on-year, while the net profit excluding non-recurring gains and losses was 32.507 billion yuan, reflecting an 18.17% increase [4]. - The company’s six domestic cascade power stations generated 295.904 billion kilowatt-hours of electricity in 2024, an increase of 19.641 billion kilowatt-hours, or 7.11% year-on-year. The revenue from the domestic hydropower sector grew by 7.87% to 74.479 billion yuan, with a gross profit margin of 62.51%, up 1.54 percentage points year-on-year [4]. - In the first quarter of 2025, Yangtze Power continued to show steady growth, with operating revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 5.181 billion yuan, reflecting a 30.56% year-on-year growth [4]. Dividend Distribution - Yangtze Power announced a profit distribution plan for 2024, proposing a cash dividend of 0.943 yuan per share, which includes an interim dividend of 0.21 yuan per share and a proposed final dividend of 0.733 yuan per share. The total cash dividend for 2024 is expected to be approximately 23.074 billion yuan, accounting for 71.00% of the net profit attributable to shareholders [5]. - This marks the third consecutive year that Yangtze Power has distributed over 20 billion yuan in dividends, with total cash dividends of 20.064 billion yuan in 2023 and 20.092 billion yuan in 2022 [6].

点评：天合光能2025年第一季度业绩同比下滑，凸显光伏行业当前面临的挑战。光伏市场正经历的价格 波动和竞争加剧，对行业内的企业提出了更高要求。天合光能需进一步加强成本控制和创新，以此应对 市场变化，保持竞争力。 NO.2长江电力：一季度净利润同比增长30.56% 丨 2025年4月30日星期三丨 4月29日，长江电力（600900）公告称，公司2025年第一季度实现营业收入170.15亿元，同比增长 8.68%，归母净利润为51.81亿元，同比增长30.56%。净利润同比变动的主要原因是公司六座梯级电站发 电量同比增加。 NO.1天合光能：一季度净亏损13.2亿元 4月29日，天合光能公告称，公司2025年第一季度的营业收入为143.35亿元，同比下滑21.48%，归母净 利润为-13.20亿元，同比由盈转亏。归母净利润变动原因为：受光伏产业链供需影响，公司组件产品售 价同比下降，光伏组件盈利能力有所下降。 NO.3晶科能源：一季度净亏损13.9亿元 4月29日，晶科能源公告称，公司2025年第一季度营业收入138.43亿元，同比下降40.03%，归母净利润 为-13.90亿元。业绩变动主要原因是光伏组件价格 ...

证券代码：600900 证券简称：长江电力 公告编号：2025-026 (五) 网络投票的系统、起止日期和投票时间 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2025 年 5 月 22 日 中国长江电力股份有限公司 关于召开2024年年度股东大会的通知 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 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 5 月 22 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 不涉及。 二、 会议审议事项 至2025 年 5 月 22 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：2025年5月22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 (二) 股东大会召集人：董事会 (三 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-025 中国长江电力股份有限公司 第六届监事会第十六次会议决议公告 本公司监事会及全体监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）第六届监事会 第十六次会议于2025年4月28日以现场方式召开。会议应到监事5 人，实到4人，委托出席1人，其中夏颖监事委托黄勋监事代为出 席并行使表决权。符合《公司法》和《公司章程》等有关规定， 公司部分高管列席了会议。会议由监事会主席曾义先生主持，以 记名表决方式审议通过如下决议： 一、审议通过《公司2024年度监事会工作报告》，并同意提 请股东大会审议。 意见如下： （一）公司依法运作情况 监事会认为：公司股东大会、董事会会议召开和决策程序符 合《公司法》《证券法》等法律法规及制度的要求；公司董事及 高级管理人员勤勉尽职履责，未发现违反法律法规、《公司章程》 或损害公司利益的行为。 （二）检查公司财务状况 1 监事会认为：公司财务报告编制、审核、披露符合法律法规 及公司相关制度要求，真实、准确、完整地反 ...

股票代码：600900 股票简称：长江电力 公告编号：2025-024 中国长江电力股份有限公司 第六届董事会第四十二次会议决议公告 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 第四十二次会议于2025年4月28日以现场方式召开。会议应到董 事11人，实到10人，委托出席1人，其中刘伟平董事委托何红心 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。会议由何红心副董 事长主持，以记名表决方式审议通过如下议案： 一、审议通过《公司2024年度董事会工作报告》，并同意提 请股东大会审议。 表决结果：同意11票，反对0票，弃权0票。 二、审议通过《公司2024年度总经理工作报告暨2025年度工 作计划》。 表决结果：同意11票，反对0票，弃权0票。 三、审议通过《公司2024年度财务决算报告》，并同意提请 股东大会审议。 本议案已经公司第六届董事会审计委员会第二十二次会议 审议通过。 1 表决结果：同意11票，反对0票，弃权 ...