Investment Rating - The report initiates coverage with an "Overweight" rating for the company [1] Core Views - The company operates six major hydropower stations along the Yangtze River, solidifying its position as the leader in the hydropower industry with a total installed capacity of 71.8GW and annual power generation of 2762.63 billion kWh in 2023 [3] - The acquisition of Wudongde and Baihetan hydropower stations in 2023 increased the company's total installed capacity by 57.46% to 71.8GW and design power generation capacity by 52.83% to 2932.03 billion kWh [3] - The company is actively expanding capacity at Xiluodu, Xiangjiaba, and Gezhouba stations, with an expected additional capacity of 3.9GW, potentially accelerating in 2024 [3] - The six-station joint dispatch is expected to increase annual power generation by 60-70 billion kWh, leveraging improved water inflow and optimized pricing mechanisms [3] - The company maintains strong profitability with a 2023 dividend payout ratio of 73.66% and a dividend yield of 3.9%, ranking among the top in the industry [3] - The company's investment income as a percentage of net profit attributable to shareholders increased to 22.70% in Q1 2024 [3] Financial Projections - The company is expected to achieve revenues of 87.308 billion yuan, 89.262 billion yuan, and 90.794 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to shareholders of 34.739 billion yuan, 36.286 billion yuan, and 37.116 billion yuan [3] - The projected PE ratios for 2024, 2025, and 2026 are 20.81x, 19.92x, and 19.47x, respectively [3] Industry Position - The company is the largest hydropower operator in China, with its six stations forming the world's largest clean energy corridor [8] - The company's installed capacity accounts for 17.34% of China's total hydropower capacity, and its power generation represents 21.48% of the national total in 2023 [8] - The company's hydropower assets are located along the Yangtze River, with a significant portion of power generation concentrated in the flood season from May to October [16] Expansion and Development - The company is actively pursuing pumped storage and new energy projects, with a focus on the downstream Jinsha River base for integrated water, wind, and solar energy development [32] - The company has a pumped storage project pipeline of nearly 42GW, equivalent to two Three Gorges stations, and is accelerating the development of these projects [32] - The company is also expanding internationally, with investments in overseas power distribution and clean energy projects, including the acquisition of Luz del Sur in Peru [34] Financial Performance - The company's hydropower business is expected to generate revenues of 77.391 billion yuan, 78.634 billion yuan, and 79.232 billion yuan in 2024, 2025, and 2026, respectively, with gross margins of 64.05%, 64.67%, and 64.91% [36] - The company's international, power distribution, and smart energy businesses are projected to achieve revenues of 9.48 billion yuan, 10.428 billion yuan, and 11.262 billion yuan in 2024, 2025, and 2026, respectively, with a stable gross margin of 35% [36]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][50]. Core Views - The company has strengthened its core hydropower operations through the acquisition of the Wudongde and Baihetan hydropower stations, enhancing its capacity to manage six reservoirs [3][15]. - The company has achieved significant international business success, with a net profit of 1.45 billion yuan in 2023, and is progressing steadily with overseas projects [3][20]. - The company is actively developing a "water-wind-solar-storage" integrated energy base, with both photovoltaic and energy storage capacities exceeding 1 GW in 2023 [3][25]. Summary by Sections 1. Company Overview - The company is the largest hydropower company globally, managing six major hydropower stations along the Yangtze River, with a total installed capacity of 71.7 million kW [15][16]. - In 2023, the company’s market capitalization surpassed 580 billion yuan, maintaining its leading position among domestic power companies [15]. 2. Financial Performance - The company reported a net profit of 2.72 billion yuan in 2023, with a significant increase in cash flow, allowing for a stable high dividend payout [4][25]. - The company plans to distribute cash dividends of no less than 0.65 yuan per share from 2016 to 2020 and at least 70% of net profit from 2021 to 2025 [4][25]. 3. Industry Outlook - The hydropower sector is experiencing a recovery, with a 2.2% year-on-year increase in national hydropower generation in Q1 2024 [5][30]. - The company is well-positioned to benefit from the anticipated increase in electricity prices due to policy adjustments and the growing demand for clean energy [5][38]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024, 2025, and 2026 are 87.58 billion, 88.06 billion, and 88.56 billion yuan, respectively, with corresponding net profits of 35.01 billion, 36.45 billion, and 37.84 billion yuan [6][50]. - The report suggests that the company’s earnings per share (EPS) will be 1.43, 1.49, and 1.55 yuan for the years 2024, 2025, and 2026, respectively [6][50].

股票代码：600900 股票简称：长江电力 公告编号：2024-033 中国长江电力股份有限公司 关于马振波先生不再担任公司副董事长的公告 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。 中国长江电力股份有限公司（以下简称公司）董事会于近日 收到副董事长马振波先生的辞职报告。因工作原因，马振波先生 辞去公司董事、副董事长、董事会战略与ESG委员会委员职务。 根据《公司章程》及有关规定，马振波先生的辞职报告自送达公 司董事会时生效。 2024 年 8 月 5 日 1 马振波先生确认，其与公司董事会之间并无任何意见分歧， 亦无任何与其辞职有关的事项须提请公司股东注意。 公司董事会对马振波先生任职期间为公司所做的贡献表示 衷心感谢。 中国长江电力股份有限公司董事会 ...

股票代码：600900 股票简称：长江电力 公告编号：2024-032 中国长江电力股份有限公司 第六届董事会第三十一次会议决议公告 中国长江电力股份有限公司董事会 2024 年 7 月 19 日 2 同意由湖南攸县抽水蓄能有限公司投资建设湖南攸县广寒 坪抽水蓄能电站项目，总投资不超过109.97亿元，其中资本金占 总投资的20%。 本议案已经公司第六届董事会审计委员会第十五次会议审 议通过。 表决结果：同意 13 票，反对 0 票，弃权 0 票。 特此公告。 1 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 第三十一次会议于2024年7月19日以现场方式召开。会议应到董 事应到13人，实到9人，委托出席4人，其中刘伟平董事、马振波 董事委托张星燎董事，胡伟明董事、王洪董事委托燕桦董事代为 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、高级管理人员列席了会议。会议由张星燎 董事主持，以记名表决方式审议通过《关于投资建设湖南攸县广 寒坪抽水 ...

股票代码：600900 股票简称：长江电力 公告编号：2024-031 中国长江电力股份有限公司 关于公司控股股东发行可交换公司债券对持有的部 分本公司 A 股股票办理补充担保及信托登记的公告 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。 中国长江电力股份有限公司（以下简称公司）于 2022 年 6 月 6 日在上海证券交易所网站发布了《关于公司控股股东完成可 交换公司债券发行的公告》（公告编号 2022-034）：控股股东中国 长江三峡集团有限公司（以下简称中国三峡集团）以其持有的公 司部分 A 股股票为标的，成功发行中国长江三峡集团有限公司 2022 年面向专业投资者公开发行绿色科技创新可交换公司债券 （第一期）（以下简称 G 三峡 EB2），实际发行规模 100 亿元， 最终票面利率为 0.10%。 G 三峡 EB2 采用股票担保及信托形式，中国三峡集团以其 合法拥有的公司 A 股股票作为担保及信托财产并办理相关担保 及信托登记，以保障 G 三峡 EB2 持有人交换标的股票和 G 三峡 EB2 本息按照约定如期足额兑 ...

Financial Data and Key Metrics Changes - From 2014 to present, the stock price of Changjiang Electric has increased from 3.8 to 30 RMB, indicating a significant appreciation in value [2] - The dividend yield has decreased from 100 basis points (BP) to 50 BP compared to the 10-year government bond yield in 2024 [4] Business Line Data and Key Metrics Changes - In Q2 2024, Changjiang Electric's power generation increased by 42.5% year-on-year, attributed to improved water flow conditions [5][8] Market Data and Key Metrics Changes - The valuation dynamics for high dividend assets have been positively influenced by the decline in government bond rates, enhancing the denominator in the valuation equation [4] Company Strategy and Development Direction and Industry Competition - Changjiang Electric is positioned as a leading high dividend asset in the A-share market, outperforming even bank stocks that benefit from policy support [4] - The company faces inherent risks due to its reliance on water flow, which is unpredictable and cannot be controlled, leading to potential volatility in earnings [10] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the uncertainty in profitability due to the uncontrollable nature of rainfall and water flow, which can lead to significant fluctuations in earnings [10] Other Important Information - The company is characterized as a heavily asset-based entity, with substantial upfront investments in infrastructure, leading to predictable depreciation impacts on profits [5] Q&A Session Summary Question: What factors have contributed to Changjiang Electric's strong performance in the high dividend asset category? - The company has benefited from both the decline in government bond yields and an unexpected increase in power generation due to favorable weather conditions in 2024 [4][5] Question: How does Changjiang Electric manage the risks associated with water flow variability? - The management highlighted that while they have a monopoly on water resources, the unpredictability of rainfall poses a significant risk to consistent profitability [10]

平,可有效保障梯级水库开展短期计划编制和联合优化调度,实现水资源高效利 用:同时. 公司气象专业技术人员开发了 60 日逐日网格气象预报产品支撑月计 划编制,可基本满足梯级水库长期优化调度需求。 Q:乌东德、白鹤滩电站联合调度增发红利已经体现? A: 梯级电站联合调度效益主要通过两方面体现:一是上游水库蓄丰补枯提 升下游梯级电站发电效益;二是汛期通过联合调度提高了洪水资源利用效率。联 合调度的增发效益受来水、运行边界等因素影响,年际之间呈现一定的差异。近 年来乌东德、白鹤滩逐步投产运行,在调度中发挥了部分联合调度效益,但受枯 水影响联调效益未完全发挥。随着鸟东德、白鹤滩水库完成蓄水,流域来水逐步 回归正常,乌东德、白鹤滩电站联合调度增发效益将更加明显。 Q:公司的设备折旧是18年,实际能够用多少年? A:水电站安全、稳定的运行与水轮发电机组的正常运行息息相关,水轮发 电机组作为水电站安全生产的重要保障,公司在实践工作中积累了丰富的经验, 通过优化机组和控制系统设计,以及创新设备在线监测和诊断运行技术等方面取 得一系列重大突破,均有助于延长机器设备使用寿命。 Q:公司未来股权投资的方向? 2024 年二季度投资 ...

证券代码：600900 证券简称：长江电力 公告编号：2024-030 中国长江电力股份有限公司 2023 年年度权益分派实施公告 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： | 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 | 2024/7/18 | － | 2024/7/19 | 2024/7/19 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 23 日召开的 2023 年年度股东大会审议通过。 二、 分配方案 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。 每股分配比例 A 股每股现金红利 0.82 元（含税） 相关日期 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 | | --- ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has reported a significant increase in electricity generation, with a total of approximately 120.6 billion kWh for the first half of 2024, representing a year-on-year increase of 16.86%. In Q2 2024, the generation increased by 42.54% compared to the same period last year [4] - Improved water inflow conditions are supporting high electricity generation. After a dry period from 2H22 to 1H23, water inflow has gradually increased in 2H23. The total water inflow for the first five months of this year in Hubei Province reached 1,333 hours, a year-on-year increase of 395 hours [4] - The increase in electricity generation is expected to drive rapid growth in the company's performance. The additional electricity generation in the first half of 2024 is projected to contribute a pre-tax profit increase of approximately 4.33 billion yuan [4] - The company benefits from reduced financial costs and improved investment income, with financial expenses decreasing by approximately 10% year-on-year in Q1 due to debt optimization [4] - The company's net profit forecasts for 2024-2026 are 33.25 billion, 35.12 billion, and 37.56 billion yuan, respectively, with corresponding PE ratios of 22, 20, and 19 times [4] Summary by Sections Market Data - Closing price as of July 4, 2024, is 29.39 yuan, with a one-year high/low of 29.65/21.14 yuan [2] - The market capitalization of circulating A shares is 705.573 billion yuan [2] Financial Data - As of March 31, 2024, the company's net asset per share is 8.40 yuan, with a debt-to-asset ratio of 61.89% [3] - The total revenue for 2023 is reported at 78.112 billion yuan, with a year-on-year growth rate of 13.4% [5] - The net profit attributable to the parent company for 2023 is 27.239 billion yuan, with a year-on-year growth rate of 14.8% [5] Profitability Forecast - The company expects a significant increase in operating profit, with projections for 2024E at 39.597 billion yuan, reflecting a year-on-year growth rate of 22.1% [6] - The earnings per share for 2024E is forecasted to be 1.36 yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company experienced a significant increase in electricity generation in Q2 2024, with a total of 67.9 billion kWh, representing a year-on-year growth of 42.5%. This growth is attributed to favorable water conditions in the Yangtze River basin and a low comparative base from Q2 2023 [2][9]. - The report projects the company's earnings per share (EPS) for 2024, 2025, and 2026 to be 1.43, 1.51, and 1.60 yuan respectively, with a target price adjustment to 34.32 yuan, reflecting a price-to-earnings (PE) ratio of 24 times for 2024 [2][3]. - The report emphasizes the company's strong dividend payout ratio of 70%, which is expected to enhance its valuation in a declining return environment for investors [2][3]. Financial Summary - The company's revenue is projected to grow from 78.1 billion yuan in 2023 to 88.4 billion yuan in 2024, representing a year-on-year increase of 13.2% [3]. - Net profit attributable to shareholders is expected to rise from 27.2 billion yuan in 2023 to 35.0 billion yuan in 2024, indicating a growth of 28.3% [3]. - The report highlights a stable increase in cash dividends, which is seen as a valuable characteristic in the current market environment [2][3]. Electricity Generation Insights - The report details the electricity generation from various power stations, with notable increases such as 134 billion kWh from the Xiluodu station (up 69.2% year-on-year) and 222 billion kWh from the Three Gorges station (up 32.3% year-on-year) [2][9]. - The overall electricity generation growth is expected to continue into Q3 2024, supported by favorable water levels and a low comparative base from previous years [2][3]. Market Position - The company is positioned as a leading hydropower player in China, benefiting from a high dividend payout and a robust growth outlook, which is expected to attract investors seeking stable returns [2][3]. - The report notes that the company's current market capitalization is approximately 719.1 billion yuan, with a PE ratio of 26.4 based on the latest share price [4][8].