证券研究报告·公司点评报告·电力 长江电力（600900） 2024 年中报点评：来水改善电量高增，财务 费用持续缩减 2024 年 09 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 68863 | 78112 | 87230 | 89168 | 90317 | | 同比（ % ） | 23.75 | 13.43 | 11.67 | 2.22 | 1.29 | | 归母净利润（百万元） | 23726 | 27239 | 34350 | 36135 | 37656 | | 同比（ % ） | (9.69) | 14.81 | 26.10 | 5.20 | 4.21 | | EPS- 最新摊薄（元 / 股） | 0.97 | 1.11 | 1.40 | ...

[Table_Main] 证券研究报告 | 公司点评 长江电力(600900.SH) 2024 年 09 月 03 日 增持（维持） 所属行业：公用事业/电力 当前价格(元)：29.71 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 长江电力 沪深300 -29% -14% 0% 14% 29% 43% 57% 2023-09 2024-01 2024-05 沪深300对比 1M 2M 3M 绝对涨幅(%) -1.36 3.49 14.65 相对涨幅(%) 3.15 9.61 23.44 资料来源：德邦研究所，聚源数据 相关研究 1.《长江电力（600900.SH）：业绩符 合预期，24Q1 财务费用下降明显》， 2024.5.6 2.《长江电力（600900.SH）：Q4 业绩 同比高增，乌白增发效益有望体现》， 2024.1.21 3.《长江电力（600900.SH）：Q3 来水 转好，业绩显著提升》，2023.11.6 4.《长江电力（600900.SH）：来水偏 枯影响 ...

长江电力 (600900.SH) 买入(维持评级) 公司点评 证券研究报告 2Q24 来水改善，业绩同比高增 业绩简评 8 月 30 日公司发布 24 年半年报,1H24 全年实现营收 348.1 亿, 同比+12.4%;实现归母净利 113.6 亿,同比+27.9%。2Q24 实现营 收 191.7 亿,同比+23.0%;实现归母净利 74.0 亿元，同比+40.4%。 经营分析 2Q24 来水改善，1H24 公司发电量同比+16.9%。2Q24 来水同比大幅 改善, 1Q24/2Q24 公司六座电站分别完成发电量 527.5/678.7 亿 度,同比分别-5.1%/+42.5%;上半年合计完成发电量 1206.2 亿度, 同比+16.9%,其中节水增发 44.7亿度,主因综合耗水率同比-1.9%。 23年市场化电量占比约４成,平均上网电价小幅下降。 截至 2023 年底,公司市场化交易电量占比约 37.8%,占比提升主因 23年注 入的乌白电站发电量市场化电量占比较高。1H24 公司实现营收同 比+12.4%,略低于发电量增幅,或因:1)水电增发缓解电力供需 矛盾,市场化电价同比下行;2)2Q24 来水改 ...

昨天有一些读者不理解黑神话这种单机游戏，我为什么能知道全世界其他玩家的进度，因为它不是纯单机，它玩的时候需要登陆steam、epic、wegame这 种平台来读取之前的进度，同时上传自己的游戏数据，所以平台上有所有玩家的进度统计。 这其实是一种很好的防盗版手段，以前的单机游戏可以脱网玩，盗版随便破解，所以现在单机游戏代码里写入了大量需要联网的互动，盗版就无从下手 了。 这个周末新闻不少，我帮大家捋捋有价值的信息。 1、周五彭博社传中国政府正在考虑调降存量房贷的利率，可信度高，因为有降利率的客观需求也有降利率的客观条件。受利好刺激，周五房地产板块一 度大涨7%。有网友说降存量房贷利率和地产股没关系，不是这样的，没有直接利好，但有间接利好。把视野拉高一点，降存量房贷利率对全社会都是利 好，除了银行和储户要让利。 有个相关数据，2季度个人住房贷款余额37.79万亿，同比下降2.1%，利率不降的话老百姓一有钱就提前还贷。 2、机构统计的中国百城房屋价格指数显示，8月份二手房环比下跌0.71%，同比下跌6.9%，已经连续28个月下跌。另外全国50城租金环比下跌0.2%，同比 下跌2.13%。这个是机构统计的，大概每个月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [15]. Core Views - The company reported a revenue of 34.808 billion yuan for the first half of 2024, a year-on-year increase of 12.38%, and a net profit attributable to shareholders of 11.362 billion yuan, up 27.92% year-on-year [2]. - Improved water inflow conditions have led to a significant increase in electricity generation, with the company achieving record high outputs in several hydropower stations [3]. - The company is actively advancing its pumped storage and photovoltaic operations, with successful management of multiple projects and a focus on enhancing international business [4]. - Revenue forecasts for 2024-2026 are projected at 87.581 billion yuan, 88.059 billion yuan, and 88.559 billion yuan respectively, with net profits expected to be 35.012 billion yuan, 36.453 billion yuan, and 37.841 billion yuan [5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 19.167 billion yuan, representing a 26.29% year-on-year growth, and a net profit of 7.395 billion yuan, up 40.35% year-on-year [2][3]. - The upstream water inflow from the Wudongde reservoir was approximately 21.811 billion cubic meters, a 29.7% increase year-on-year, while the downstream Three Gorges reservoir saw inflow of about 98.174 billion cubic meters, a 36.9% increase year-on-year [3]. Operational Developments - The company has taken over the operation and maintenance of the Zhejiang Changlongshan pumped storage power station, achieving zero unplanned outages and maintaining safety standards [4]. - The company has also initiated power production preparations at the Tian Tai pumped storage power station and completed investment decisions for other projects [4]. Profitability and Valuation - The report maintains previous profit forecasts, with expected P/E ratios of 20.5, 19.7, and 19.0 for the years 2024, 2025, and 2026 respectively [5]. - The company’s financial metrics indicate a gross margin of 57.8% and a net margin of 35.8% for 2023, with projected improvements in subsequent years [12].

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company has experienced significant growth in revenue and net profit due to abundant water supply and increased power generation, with a 12.38% year-on-year increase in revenue to 34.808 billion yuan and a 27.92% increase in net profit to 11.362 billion yuan for the first half of 2024 [1]. - The company is expanding its pumped storage capacity and has initiated the construction of a new pumped storage power station in Hunan, which will further enhance its operational scale [1]. - The acquisition of the Sapphire wind power project in Peru marks the company's first wind power project, indicating a strategic move to expand its international business [1]. Financial Summary - For the first half of 2024, the company reported a total revenue of 34.808 billion yuan, a 12.38% increase year-on-year, and a net profit attributable to shareholders of 11.362 billion yuan, reflecting a 27.92% increase [1]. - The company achieved a basic earnings per share (EPS) of 0.4644 yuan, up 27.92% year-on-year, with a gross profit margin of 52.38%, an increase of 4.90 percentage points [1]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 34.941 billion yuan, 35.858 billion yuan, and 36.695 billion yuan respectively, with corresponding EPS of 1.43 yuan, 1.47 yuan, and 1.50 yuan [2][6].

Investment Rating - The report maintains an "Accumulate" rating for Changjiang Electric Power (600900) with a target price of 34.32 CNY, up from the previous forecast of 33.42 CNY [4][9]. Core Views - The company's performance in Q2 2024 showed significant growth, driven by a substantial increase in electricity generation, with a year-on-year increase of 42.5% in domestic hydropower generation [9][15]. - The report anticipates continued improvement in electricity generation for Q3 2024, supported by favorable water inflow conditions in the Yangtze River basin [9][14]. - The company is expected to maintain a stable dividend payout, with an estimated dividend of approximately 1.0 CNY per share for 2024, corresponding to a dividend yield of about 2.9% at the target price [9][10]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 34.8 billion CNY, a year-on-year increase of 12.4%, and a net profit attributable to shareholders of 11.4 billion CNY, up 27.9% [9][10]. - Q2 2024 revenue reached 19.2 billion CNY, reflecting a 23.0% year-on-year growth, while net profit for the same period was 7.4 billion CNY, up 40.4% [9][10]. Electricity Generation - The report highlights that the significant increase in Q2 2024 performance was primarily due to a substantial rise in electricity generation, with domestic hydropower generation reaching 67.9 billion kWh [9][15]. - The inflow of water into the reservoirs, particularly the Three Gorges and Wudongde, was notably higher, with inflow volumes increasing by 11.4% and 36.9% year-on-year, respectively [9][10]. Valuation and Market Conditions - The report suggests that the company's stable cash dividend characteristics are increasingly valuable in a declining interest rate environment, enhancing its relative value [9][10]. - The current risk-free interest rate is in a downward trend, which may provide further room for the company's required dividend yield to decrease [9][10].

关于三峡财务有限责任公司的风险持续评估报告 法定代表人：程志明 金融许可证机构编码：L0056H24205001 统一社会信用代码：91110000179100676E 经营范围：吸收成员单位存款；办理成员单位贷款；办 理成员单位票据贴现；办理成员单位资金结算与收付；提供 成员单位委托贷款、债券承销、非融资性保函、财务顾问、 信用鉴证及咨询代理业务；从事同业拆借；办理成员单位票 据承兑；办理成员单位产品买方信贷；从事固定收益类有价 根据《上海证券交易所上市公司自律监管指引第5号—— 交易与关联交易》的要求，中国长江电力股份有限公司（以 下称公司）通过核查三峡财务有限责任公司（以下称三峡财 务公司）金融许可证、营业执照等证照及2024半年度财务报 表，对三峡财务公司的经营资质、业务和风险状况进行了评 估，现将有关风险持续评估情况报告如下： 一、三峡财务公司基本情况 三峡财务公司是中国长江三峡集团有限公司（以下简称 中国三峡集团）下属二级公司，于1997年经中国人民银行批 准设立，是专门服务于中国三峡集团及成员单位的非银行金 融机构。 注册资本金：50亿元人民币 注册地址：北京市海淀区玉渊潭南路1号楼3层302 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥34.81 billion, an increase of 12.38% compared to ¥30.97 billion in the same period last year[15]. - Net profit attributable to shareholders for the first half of 2024 was ¥11.36 billion, representing a 27.92% increase from ¥8.88 billion in the previous year[15]. - Basic earnings per share for the first half of 2024 were ¥0.4644, up 27.92% from ¥0.3630 in the same period last year[16]. - The company achieved a total profit of 13.54 billion yuan in the first half of 2024, an increase of 2.75 billion yuan, representing a growth of 25.51% year-on-year[20]. - The company reported a net profit of ¥18,599.44 from 长电新能有限责任公司, which has total assets of ¥1,086,815.99[36]. - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses for the first half of the year was CNY 11,370,373,925.58, an increase of 33.83% compared to the same period last year[108]. - The company reported a net profit for the first half of 2024 reached CNY 11,583,452,369.91, an increase of 27.1% compared to CNY 9,143,065,637.53 in the same period of 2023[116]. Cash Flow - The net cash flow from operating activities was ¥22.98 billion, a decrease of 8.38% compared to ¥25.09 billion in the same period last year[15]. - The net cash flow from investment activities was -37.98 billion yuan, a significant improvement of 676.91 billion yuan year-on-year[23]. - The net cash flow from financing activities was -174.01 billion yuan, a decrease of 662.77 billion yuan compared to the previous year[23]. - The company reported a net cash flow from operating activities of CNY 22,983,963,923.72, down from CNY 25,085,920,839.01 in the first half of 2023[122]. - Cash received from investment activities totaled CNY 13,228,608,739.70, down from CNY 50,677,203,463.67 in the previous year[122]. - The company paid CNY 6,261,516,864.81 in taxes, an increase of 11% compared to CNY 5,639,269,956.10 in the first half of 2023[122]. Assets and Liabilities - The company reported a total asset value of ¥574.50 billion, a slight increase of 0.40% from ¥572.22 billion at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 3.76% to ¥193.80 billion from ¥201.38 billion at the end of the previous year[15]. - The company's total liabilities reached RMB 369.52 billion, compared to RMB 359.87 billion at the end of 2023, indicating a growth of 2.18%[110]. - The company's equity attributable to shareholders decreased to RMB 193.80 billion from RMB 201.38 billion, a decline of 3.88%[111]. - The total liabilities increased to ¥163,528,673,070.66 from ¥149,427,486,748.37, representing a growth of 9.5%[113]. Research and Development - Research and development expenses amounted to 226.46 million yuan, a significant increase of 76.99% compared to the previous year[23]. - Research and development expenses increased significantly to ¥226,458,708.32, compared to ¥127,950,330.98 in the previous year, marking a rise of 77%[115]. - The company established its first academician workstation in the first half of 2024, marking a significant breakthrough in technological innovation[97]. Environmental and Social Responsibility - The company has not experienced any environmental pollution incidents or administrative penalties in the first half of 2024, demonstrating compliance with environmental protection laws[46]. - The company successfully bred 1.92 million juvenile rare fish, increasing the breeding scale by approximately 30% compared to the previous year[47]. - The company has initiated a fish release activity, returning over 800,000 juvenile Yangtze sturgeon to the Yangtze River, marking the highest release quantity in history[47]. - The company actively promotes green low-carbon development and has prepared an ESG report to identify risks and opportunities in environmental, social, and governance aspects[93]. Investment Activities - The company made equity investments totaling ¥2.02 billion in the first half of the year, a decrease of 14.13% year-on-year, while investment income was approximately ¥2.89 billion, up 8.79%[28]. - The company reported an investment income of ¥2,891,511,579.87, which is an increase from ¥2,657,998,427.14 in the previous year, reflecting a growth of 8.8%[115]. - The company has established a special account for managing raised funds, ensuring compliance with disclosure agreements[92]. Corporate Governance - The company has no profit distribution plan or capital reserve transfer plan for this reporting period[4]. - The company emphasizes that future plans and development strategies do not constitute substantive commitments to investors, highlighting investment risks[4]. - The company guarantees the independence of its management team, ensuring that senior executives are exclusively employed by the listed company and do not hold positions in related parties[54]. - The company commits to maintaining the independence of the listed company's assets, ensuring no non-operational occupation of funds or assets by related parties[54]. Market and Strategic Outlook - The company plans to enhance its marketing and production coordination to optimize the consumption of hydropower and maintain core benefits[40]. - The company plans to continue focusing on new product development and market expansion strategies to sustain growth in the upcoming quarters[116]. - The company plans to invest in the construction of the Chongqing Fengjie Caiziba Pumped Storage Power Station project, which was approved in the recent shareholder meeting[41]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 265,315[70]. - The largest shareholder, China Three Gorges Corporation, holds 11,471,920,527 shares, representing 46.88% of total shares[71]. - The company has 460,961,213 shares under lock-up conditions, which will be tradable starting February 3, 2026[73]. Debt and Financing - The company's interest-bearing debt at the beginning and end of the reporting period was CNY 1,455.67 billion and CNY 1,389.25 billion, respectively, reflecting a year-on-year decrease of 4.56%[100]. - The total amount raised from the issuance of the technology innovation corporate bonds in 2024 is CNY 2 billion[84]. - The company issued a total of 3 billion RMB in bonds with an interest rate of 4.86% maturing on August 1, 2033[77]. Compliance and Legal Matters - The company has not engaged in any major related party transactions during the reporting period[60]. - The company has not received any penalties or corrective actions related to legal violations during the reporting period[59]. - There are no significant risks or non-operating fund occupation by controlling shareholders reported[4].

一、审议通过《公司2024年半年度报告》。 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年半年 度报告》。 本报告已经公司第六届董事会审计委员会第十六次会议审 议通过。 股票代码：600900 股票简称：长江电力 公告编号：2024-037 中国长江电力股份有限公司 第六届董事会第三十三次会议决议公告 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 第三十三次会议于2024年8月30日以现场方式召开。会议应到董 事12人，实到9人，委托出席3人，其中刘伟平董事委托胡伟明董 事，王洪董事、洪猛董事委托张必贻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： 具 体 内 容 详 见 公 司 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn） ...