Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown steady growth in installed capacity and revenue, with a 2023 revenue of 26.485 billion yuan, reflecting an 11.23% year-on-year increase [5][6] - The installed capacity reached over 40 GW, with new installations of 13.5 GW in 2023, including 3.4944 million kW from wind power and 9.5402 million kW from solar energy [5][6] - The company has a robust pipeline of projects, with significant planned installations in wind and solar energy, supporting future growth [5][6] Financial Performance Summary - In 2023, the company achieved a net profit of 7.181 billion yuan, a 0.94% increase year-on-year [5][6] - For Q1 2024, the company reported a revenue of 7.899 billion yuan, up 15.26% year-on-year, while the net profit was 2.422 billion yuan, a slight increase of 0.1% [5][6] - The projected revenues for 2024-2026 are 32.441 billion yuan, 39.040 billion yuan, and 46.229 billion yuan, with growth rates of 22.5%, 20.3%, and 18.4% respectively [5][7] Project Pipeline and Future Outlook - As of the end of 2023, the company has substantial projects under construction, including 5.8567 million kW of wind power and 12.4103 million kW of solar power [5][6] - The company is expected to maintain steady growth due to its strong project reserves and operational capacity [5][6]

公司报告 | 年报点评报告 三峡能源（600905） 证券研究报告 2024年05月 06日 投资评级 23 年新增并网再创新高，业绩稳健增长 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 4.74元 事件：公司发布2023年年报及2024年一季报。2023年公司实现营收264.85 目标价格 元 亿元，同比增长11.23%；归母净利润71.81亿元，同比增长0.94%；2024Q1 公司实现营收 78.99 亿元，同比增长15.26%；归母净利润24.22 亿元，同 基本数据 比增长0.1%。 A股总股本(百万股) 28,621.26 点评： 流通A股股本(百万股) 13,587.86 A股总市值(百万元) 135,664.77 新增并网再创历史新高，海上风电差异化优势显著 流通A股市值(百万元) 64,406.44 2023年公司建设项目规模超1800万千瓦，新增并网装机1353.56万千瓦， 每股净资产(元) 2.97 其中，风电装机 349.44 万千瓦，太阳能发电装机 954.02 万千瓦。公司风 资产负债率(%) 69.36 电、太阳能发电并网装机容量合计3924.08万千瓦。公司 ...

Investment Rating - The report downgrades the investment rating to "Cautious Accumulate" from "Accumulate" [3][5] Core Views - The company's electricity price has slightly decreased in 2023, but with ample project reserves, installed capacity is expected to continue growing [3] - The 2023 revenue reached 26.5 billion yuan, a year-on-year increase of 11.2%, while the net profit attributable to shareholders was 7.18 billion yuan, up 0.9% year-on-year [3] - The average on-grid electricity price for 2023 was 0.488 yuan/kWh, down 2.8% year-on-year, attributed to an increase in market-based trading and the rise of parity renewable energy projects [3] - As of the end of 2023, the cumulative installed capacity reached 40 GW, a year-on-year increase of 51.0%, with a projected installed capacity of 18.8 GW under construction [3] Summary by Sections Financial Summary - Revenue for 2023 was 26,485 million yuan, with a growth rate of 11% [4] - Operating profit (EBIT) for 2023 was 12,174 million yuan, showing no growth compared to the previous year [4] - Net profit attributable to shareholders for 2023 was 7,181 million yuan, with a growth rate of 1% [4] - The EPS for 2023 was 0.25 yuan, with projections of 0.28 yuan for 2024 and 0.30 yuan for 2025 [4] Profitability and Valuation Metrics - The operating profit margin for 2023 was 46.0%, down from 51.3% in 2022 [4] - The net asset return rate (ROE) for 2023 was 8.7% [4] - The price-to-earnings (PE) ratio for 2024 is projected at 16.77 [4] Market Data - The current stock price is 4.69 yuan, with a target price set at 5.04 yuan [5][10] - The stock has a market capitalization of 134.234 billion yuan [11] - The stock's 52-week price range is between 4.22 and 5.56 yuan [11]

证券研究报告 | 2024年05月01日 三峡能源（600905.SH） 买入 业绩表现稳健，新能源装机容量增长较大 核心观点 公司研究·财报点评 2023年公司营业收入稳健增长，归母净利润微升。2023年，公司实现营收 公用事业·电力 264.85亿元（+11.23%），归母净利润71.81亿元（+0.94%）。2023年，公 证券分析师：黄秀杰 证券分析师：郑汉林 司营业收入同比增加的原因在于公司新项目投产发电，发电量同比增加， 021-61761029 0755-81982169 huangxiujie@guosen.com.cn zhenghanlin@guosen.com.cn 2023年公司发电量551.79亿千瓦时（+14.12%）。公司归母净利润增速低于 S0980521060002 S0980522090003 营业收入增速的原因在于：1）2022年新并网项目在2023年陆续投产，折旧 证券分析师：李依琳 联系人：崔佳诚 及运营成本增加；2）2022年12月开始发电企业计提安全生产费，营业成本 010-88005029 021-60375416 liyilin1@guosen.com.cn ...

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 6.40 CNY per share [4] Core Views - The company achieved a revenue of 26.485 billion CNY in 2023, an 11.23% YoY increase, and a net profit attributable to shareholders of 7.181 billion CNY, a 0.94% YoY increase [1] - In Q1 2024, the company's revenue reached 7.899 billion CNY, a 15.26% YoY increase, with a net profit attributable to shareholders of 2.422 billion CNY, a 0.10% YoY increase [1] - The company's installed capacity exceeded 40GW in 2023, with new installations totaling 13.54GW, including 2.88GW of onshore wind, 0.62GW of offshore wind, and 9.54GW of photovoltaic [1] - The company's electricity generation in 2023 reached 55.179 billion kWh, a 14.1% YoY increase, with onshore wind, offshore wind, and photovoltaic generation increasing by 16.5%, 11.2%, and 14.1% respectively [1] - The company's comprehensive gross margin in Q1 2024 was 59.0%, a slight increase of 0.2 percentage points YoY [1] Financial Performance - The company's operating income is expected to grow to 33.641 billion CNY in 2024, a 27.0% YoY increase, and further to 38.669 billion CNY in 2025, a 14.9% YoY increase [3] - Net profit attributable to shareholders is projected to reach 9.039 billion CNY in 2024, a 25.9% YoY increase, and 10.635 billion CNY in 2025, a 17.7% YoY increase [3] - The company's EPS is forecasted to be 0.32 CNY in 2024, 0.37 CNY in 2025, and 0.41 CNY in 2026 [3] Operational Highlights - The company's installed capacity growth is driven by significant ongoing projects, with 5.86GW of wind power and 12.41GW of photovoltaic projects under construction [2] - In Q1 2024, the company generated 17.735 billion kWh of electricity, a 28.7% YoY increase, with onshore wind, offshore wind, and photovoltaic generation increasing by 11.4%, 25.5%, and 64.9% respectively [1] Valuation and Projections - The company's PE ratio is estimated at 14.9x for 2024, 12.6x for 2025, and 11.5x for 2026 [3] - The target price of 6.40 CNY per share is based on a 20.0x PE valuation for 2024, considering the company's growth potential and industry comparables [2]

占着全国最好的风电资源，两年投资超百亿！福建国资控股，联手三峡能源，火电坐镇基本盘，绿电迎风起 ...

2024年第一季度报告 证券代码：600905 证券简称：三峡能源 中国三峡新能源（集团）股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人张龙、主管会计工作负责人杨贵芳及会计机构负责人（会计主管人员）王书超保证季 度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 ...

Financial Performance - In 2023, the company's operating revenue reached ¥26,485,472,393.22, an increase of 11.23% compared to the previous year[18]. - The net profit attributable to shareholders of the listed company was ¥7,181,086,737.34, reflecting a growth of 0.94% year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 2.39% to ¥7,008,579,848.95[18]. - The company's total assets increased by 18.82% to ¥311,707,560,904.40 by the end of 2023, driven by new installed capacity[20]. - The net assets attributable to shareholders grew by 6.93% to ¥82,529,395,261.07[18]. - The basic earnings per share rose to ¥0.2509, an increase of 0.88% compared to the previous year[19]. - The net cash flow from operating activities decreased by 14.23% to ¥14,417,230,797.01, primarily due to lower recovery amounts from renewable energy price surcharges[20]. - The company experienced a 47.48% decline in investment income due to fluctuations in the profitability of associated enterprises[20]. - The company reported a total revenue from electricity generation of approximately ¥26.12 billion, up 10.71% from the previous year[70]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.78 per 10 shares, totaling approximately RMB 2.23 billion (including tax) based on a total share capital of 28,621,379,200 shares as of March 31, 2024[4]. - The company has not proposed any capital reserve transfers to increase share capital or stock dividends in the current profit distribution plan[4]. - The company's cash dividend distribution plan is subject to approval at the shareholders' meeting[137]. - The company has adhered to the regulations regarding cash dividend policies as outlined in its articles of association[138]. Governance and Compliance - The company has received a standard unqualified audit report from Da Hua Accounting Firm[3]. - The board of directors has been fully present at the meetings, ensuring governance and oversight[2]. - The company has confirmed that all directors can guarantee the authenticity, accuracy, and completeness of the annual report[6]. - The company has implemented a strict governance structure, ensuring compliance with national laws and regulations, and enhancing the effectiveness of decision-making processes[95]. - The company has integrated party leadership into its governance structure, ensuring that the party's role is reflected in all governance aspects[95]. - The company has established a management system for related party transactions, ensuring compliance with regulatory requirements[95]. - The company has maintained a strong focus on risk management and internal control, ensuring the legality and compliance of its operations[95]. Strategic Development - The company is actively developing large-scale land-based renewable energy projects, focusing on high-proportion renewable energy delivery[27]. - The company is actively pursuing new energy projects, including a 2.4 million kW pumped storage power station in Qinghai and a 1 million kW photovoltaic and all-vanadium flow battery integration project in Xinjiang[28]. - The company aims to double its wind and solar power generation by 2025, contributing to a renewable energy consumption target of approximately 1 billion tons of standard coal[87]. - The company plans to deepen its offshore wind power layout, focusing on regions such as Guangdong, Fujian, and Jiangsu, while expanding into Shandong, Liaoning, and other areas[89]. - The company is focusing on talent acquisition and training, particularly in high-demand areas such as energy storage and hydrogen technology[40]. Risk Management - There are no significant risks affecting the company's ongoing operations during the reporting period[7]. - The company has outlined potential risks in its annual report, which investors should be aware of[5]. - The company conducted a major risk assessment for 2023, identifying and analyzing significant risks and formulating corresponding control measures[119]. - The company is actively monitoring policy changes to mitigate risks associated with resource acquisition and market competition in the renewable energy sector[92]. Environmental and Social Responsibility - The company invested approximately 226.51 million yuan in environmental protection during the reporting period[150]. - The company reduced carbon emissions by 42,705,800 tons through the use of clean energy generation[156]. - The company has committed to long-term promises regarding competition and related transactions, ensuring compliance with regulations[164]. - The company has engaged in various forms of assistance, including industrial, educational, and medical support, as part of its poverty alleviation efforts[161]. - The company has committed to a long-term strategy for sustainable development, aligning with national policies and contributing to rural revitalization[162]. Market Engagement - The company participated in electricity market transactions across 23 provinces, settling a total transaction volume of 26.078 billion kWh, accounting for 48.63% of total grid electricity[29]. - The company is actively participating in the development of a unified national electricity market system, enhancing the marketization of electricity transactions[34]. - The company is focusing on technological innovation, particularly in offshore wind, energy storage, and hydrogen production, to strengthen its core competencies[90]. Management Changes - The company has appointed Zhang Long as the acting chairman following the resignation of Wang Wubin[6]. - The company reported significant management changes, with multiple resignations from the board and senior management positions in 2023[105]. - The company’s board of directors is currently undergoing restructuring following the resignation of several key members, including the chairman and board secretary[106]. - The company is focusing on enhancing its governance structure in light of recent leadership changes to ensure stability and continuity[107]. Investment and Financing - The company plans to issue bonds and debt financing tools totaling no more than CNY 14 billion to meet operational funding needs and reduce capital costs[129]. - The company reported a total of 6,154 employees, with 257 in the parent company and 5,897 in major subsidiaries[132]. - The company has established a joint venture, Sanxia Bazhou Ruoqiang Energy Co., Ltd., with a registered capital of RMB 150 million, where the company contributed RMB 51 million, holding a 34% stake[195]. - The company has completed the transfer of 90% equity in Cai Xia Ying Shang New Energy Co., Ltd. to Three Gorges (Anhui) Energy Investment Co., Ltd. for a price of 26,366.58 million yuan on December 29, 2023[190]. Technological Innovation - The company’s annual R&D investment exceeded 700 million yuan, with over 800 new patent applications and more than 300 patents granted during the year[29]. - The company is advancing its digital transformation, aiming to enhance operational efficiency through smart production and predictive maintenance[40]. - The company emphasizes the importance of technological innovation and aims to enhance its technological support system and increase investment in R&D[89].

证券代码：600905 证券简称：三峡能源 公告编号：2024-020 中国三峡新能源（集团）股份有限公司 关于参加2023年报沪市主板清洁低碳 集体业绩说明会的公告 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。 重要内容提示： 中国三峡新能源（集团）股份有限公司（以下简称公司）将 于 2024 年 4 月 30 日发布公司 2023 年年度报告，详见上海证券 交易所网站（www.sse.com.cn）。为便于广大投资者更全面深入 地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 5 月 8 日参加 2023 年报沪市主板清洁低碳集体业绩说明会，会 （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 公司董事、总经理张龙先生，独立董事胡裔光先生，总会计 师、总法律顾问兼首席合规官杨贵芳先生，相关部门负责人等（如 有特殊情况，参会人员可能进行调整）。 四、投资者参加方式 会议主题：2023年报沪市主板清洁低碳集体业绩说明会 会议召开时间：2024年5月8日（星期三）13:30-18:00 会 ...

会杜律师事务所 IG&WCOL 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编：100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaovang District Beijing, 100020 P.R. China T +86 10 5878 5588 86 10 5878 5566 北京市金杜律师事务所 关于中国三峡新能源(集团)股份有限公司 2021年限制性股票激励计划回购注销部分限制性股票相关事项的 法律意见书 致:中国三峡新能源(集团)股份有限公司 律师 重庆 l 广州 | 海口 | 杭州 | 香港特别行政区 | 济南 | 青岛 | 三亚 | 上海 | 深圳 | 苏州 | 无锡 | 珠海 | 布里斯班 | 堪培拉 | 墨尔本 | 新加坡 | = | 纽约 | 用 rn of the King & Wood Mallesons network. See www.kwm.com for more information. chun | Chengdu | Chongqing | Gua ...