Group 1 - The establishment of Sanxia New Energy Power Generation (Shouguang) Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The legal representative of the new company is Li Dawei, and its business scope includes power generation, transmission, and distribution [1] - The company is jointly held by Sanxia Energy and other stakeholders, indicating a collaborative investment approach [1]

证券代码：600905 证券简称：三峡能源 公告编号：2024-065 中国三峡新能源（集团）股份有限公司 关于 2024 年第三季度业绩说明会 召开情况的公告 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。 中国三峡新能源（集团）股份有限公司（以下简称公司）于 2024 年 11 月 7 日通过网络视频直播方式举办 2024 年第三季度 业绩说明会，现将召开情况公告如下： 一、基本情况 时间：2024 年 11 月 7 日 10:00-11:00 方式：网络视频直播 机构名称（排名不分先后）：中信证券、华泰证券、海通证 券、国泰君安证券、中信建投证券、银河证券、招商证券、长江 证券、天风证券、国联证券、兴业证券、华源证券、财通证券等。 公司参会人员：总会计师、董事会秘书、总法律顾问兼首席 合规官杨贵芳，证券事务代表王蓉及相关部门负责人。 二、交流的主要问题及公司回复概要 2．公司目前储备的新能源基地项目（包括最新的南疆基地 项目）具体的分布和规划？ 答：公司围绕国家能源战略和顶层规划，聚焦陆上大基地、 海上引领者两大重点，加 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company's Q3 2024 performance exceeded expectations, driven by improved wind resources, with a year-on-year net profit growth of 15% [1][3] - The company reported a total power generation of 16.487 billion kWh in Q3 2024, representing a year-on-year increase of 38.05% [1] - The company plans to invest in a large-scale new energy base in Xinjiang with a total capacity of 21.5 GW, which includes 8.5 GW of solar, 4 GW of wind, 4 GW of thermal power, and 5 GW of energy storage [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved an operating revenue of 6.701 billion yuan, a year-on-year increase of 19.97%, and a net profit attributable to shareholders of 1.055 billion yuan, a year-on-year increase of 14.69% [3] - The gross profit margin for Q3 was 48.5%, an increase of approximately 2 percentage points year-on-year [1] Investment Plans - The planned investment in the Xinjiang new energy base project totals 71.85 billion yuan, with a capital contribution of 25% [4] - The project is designed to integrate wind, solar, thermal, and energy storage, ensuring synchronized construction with the high-voltage direct current transmission project [4] Market Outlook - Recent favorable policies for green electricity are expected to enhance the value of renewable energy [4] - The report anticipates that administrative measures to stabilize electricity prices and enhance green certificate values will improve the return expectations for future renewable energy projects [4] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 6.72 billion, 7.01 billion, and 7.32 billion yuan, with corresponding growth rates of -6.4%, 4.2%, and 4.5% [5] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 21, 20, and 19 for the years 2024, 2025, and 2026 respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [5][13]. Core Insights - The company reported a revenue of 21.76 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.81%. However, the net profit attributable to shareholders decreased by 6.31% to 5.09 billion yuan [1]. - In Q3 alone, the company achieved a revenue of 6.70 billion yuan, marking a 19.97% increase year-on-year, while the net profit attributable to shareholders rose by 14.69% to 1.06 billion yuan [1][3]. - The company's power generation increased significantly in Q3, with a total output of 16.49 billion kWh, a year-on-year growth of 38.05%, driven by the commissioning of new units [2]. Financial Performance - The gross margin for Q3 improved by 1.89 percentage points to 48.5%, despite a 15.73% increase in operating costs due to higher depreciation and operational expenses from new units [3]. - The company’s net profit margin for Q3 was 21.10%, an increase of 1.51 percentage points year-on-year [3]. - The company has a robust project pipeline, with a total planned installed capacity of 23.48 million kW as of June, including significant contributions from wind and solar projects [4]. Future Projections - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 7.20 billion, 8.20 billion, and 9.10 billion yuan respectively, corresponding to P/E ratios of 19, 17, and 15 [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4][17]. Core Views - The company's revenue has increased due to growth in electricity generation, but net profit has declined due to falling electricity prices [1][8]. - The company is advancing its renewable energy projects, which are expected to drive future growth in installed capacity [3][17]. - The decline in net profit is attributed to several factors, including an increase in grid parity electricity and fluctuations in market transactions affecting overall electricity prices [1][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.76 billion yuan (+12.81%) and a net profit of 5.09 billion yuan (-6.31%) [1][8]. - In Q3 2024, revenue reached 6.70 billion yuan (+19.97%) with a net profit of 1.06 billion yuan (+14.69%) [1][8]. - The decline in net profit is due to increased grid parity electricity, changes in electricity structure, and a 46.23% drop in investment income from associates [1][8]. Electricity Generation - In Q3 2024, total electricity generation was 16.49 billion kWh (+38.05%), with wind power generation at 9.18 billion kWh (+24.08%) and solar power generation at 6.78 billion kWh (+62.74%) [2][11]. - The company has seen significant growth in both onshore and offshore wind power generation [11]. Project Development - The company plans to invest in the Xinjiang Southern Taklamakan Desert renewable energy base project, which will include 8.5 million kW of solar and 4 million kW of wind capacity [3][17]. - The total investment for the Southern base project is estimated at 71.85 billion yuan, with a construction period of 3-4 years [3][17]. Profit Forecasts - The profit forecasts for 2024-2026 have been adjusted downwards due to the impact of declining electricity prices, with expected net profits of 7.00 billion yuan, 8.00 billion yuan, and 8.90 billion yuan respectively [4][17]. - The earnings per share (EPS) are projected to be 0.25 yuan, 0.28 yuan, and 0.31 yuan for the respective years [4][17].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 21.76 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.81%. The net profit attributable to shareholders was 5.09 billion yuan, a decrease of 6.31% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 6.70 billion yuan, up 19.97% year-on-year, with a net profit of 1.06 billion yuan, reflecting a year-on-year increase of 14.69% [1]. - The company plans to invest in a large-scale renewable energy project in Xinjiang, which includes 8.5 million kilowatts of solar power and 4 million kilowatts of wind power, with a total investment of 71.8 billion yuan [3]. Financial Performance Summary - For Q3 2024, the total power generation reached 16.49 billion kWh, a year-on-year increase of 38.05%. Wind power generation was 9.18 billion kWh, up 24.08%, and solar power generation was 6.78 billion kWh, up 62.74% [2]. - The average on-grid electricity price in Q3 2024 was 0.406 yuan per kWh, down 13.1% year-on-year, while the cost per kWh was 0.209 yuan, down 16.2%, leading to a gross margin increase of 1.89 percentage points to 48.50% [2]. - The company forecasts net profits of 7.20 billion yuan, 8.63 billion yuan, and 9.67 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 18.29x, 15.26x, and 13.62x [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a significant increase in power generation in Q3 2024, with total revenue reaching 21.76 billion yuan, a year-on-year increase of 12.81%. However, the net profit attributable to shareholders decreased by 6.31% to 5.093 billion yuan [1]. - The company plans to invest 71.848 billion yuan in a new energy base project in Xinjiang, which will include 12.5 GW of solar and wind power capacity [1]. - Despite the increase in power generation, profitability is under pressure due to declining electricity prices and poor investment returns, with a net profit margin of 28.7%, down 3.42 percentage points year-on-year [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total power generation of 52.605 billion kWh, a year-on-year increase of 31.40%. In Q3 alone, power generation was 16.487 billion kWh, up 38.05% year-on-year [1]. - The company's gross profit margin for the first three quarters of 2024 was 53.47%, down 1.82 percentage points year-on-year, while the net profit margin was 28.7%, down 3.42 percentage points [1]. - The projected net profit for 2024, 2025, and 2026 is estimated to be 6.990 billion yuan, 7.496 billion yuan, and 7.958 billion yuan, respectively, with corresponding EPS of 0.24 yuan, 0.26 yuan, and 0.28 yuan [2][4].

证券代码：600905 证券简称：三峡能源 公告编号：2024-062 中国三峡新能源（集团）股份有限公司 关于回购注销汤维贵等激励对象限制性 股票的公告 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： 本次回购激励对象已获授但尚未解除限售的限制性股票 99.3336 万股，涉及人数 5 人，占公司回购前总股本的 0.00347%； 本次回购注销完成后，公司总股本将由 28,620,732,532 股减少至 28,619,739,196 股。 本次回购价格：3.20478 元/股，回购资金为公司自有资金。 中国三峡新能源（集团）股份有限公司（以下简称公司）于 2024 年 10 月 29 日在北京以现场并结合视频的方式召开第二届董事会第 二十八次会议和第二届监事会第十七次会议，会议审议通过了《关 于回购注销 2021 年限制性股票激励计划汤维贵等激励对象限制性 股票的议案》，拟回购注销 5 名激励对象已获授但尚未解除限售的 限制性股票 99.3336 万股。现将相关事项公告如下： 一、本次激励计划已履行的相关程 ...

证券代码：600905 证券简称：三峡能源 公告编号：2024-061 中国三峡新能源（集团）股份有限公司 关于新疆南疆塔克拉玛干沙漠新能源基地 投资决策的公告 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。 投资主体：公司控股子公司三峡巴州若羌能源有限公司， 其股东为中国三峡新能源（集团）股份有限公司、中国长江电力 股份有限公司、三峡资本控股有限责任公司、长江三峡投资管理 有限公司，持股比例分别为 34%、33%、16.5%、16.5%。 投资金额：新疆南疆塔克拉玛干沙漠新能源基地项目动态 投资金额为 7,184,828 万元。其中，项目资本金占投资金额的 25%，为 1,796,300 万元，由股东按照持股比例出资，其中按照 目前的股权结构公司出资 610,742 万元；项目建设所需其余资金 通过银行贷款、融资租赁、委托贷款等方式解决。 审议程序：公司于 2024 年 10 月 29 日召开第二届董事会 第二十八次会议，审议通过《关于新疆南疆塔克拉玛干沙漠新能 源基地投资决策的议案》。南疆基地项目投资事项在公司董事会 审批 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥6,700,898,014.10, representing a year-on-year increase of 19.97%[2] - The net profit attributable to shareholders for Q3 2024 was ¥1,054,669,780.57, an increase of 14.69% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,051,509,371.33, reflecting a year-on-year increase of 12.61%[2] - The company's net profit attributable to shareholders for the first nine months of 2024 was ¥5,093,242,109.93, showing a decline of 6.31% year-on-year[6] - The company reported a 12.81% increase in operating revenue for the first nine months of 2024, totaling ¥21,759,562,595.58, primarily due to new projects coming online[6] - Total operating revenue for the first three quarters of 2024 reached CNY 21,759,562,595.58, an increase of 12.8% compared to CNY 19,289,043,293.68 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was CNY 6,244,720,653.45, a slight increase from CNY 6,194,606,491.97 in the same period of 2023[17] - The company reported a total comprehensive income of CNY 6,261,840,879.50 for the current period, slightly up from CNY 6,212,068,082.36 in the previous year[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥340,074,203,497.46, which is a 9.10% increase from the end of the previous year[3] - The total equity attributable to shareholders at the end of the reporting period was ¥85,632,404,037.83, a 3.76% increase from the previous year[3] - The total liabilities rose to CNY 238,961,836,198.53, up from CNY 216,222,621,829.25, indicating an increase of 10.5%[14] - The company's long-term borrowings amounted to CNY 146,222,838,627.09, an increase from CNY 133,670,428,483.20, representing a growth of 9.3%[14] - The total liabilities of the company amounted to CNY 57.79 billion, up from CNY 47.65 billion in the previous year, reflecting an increase of approximately 21.2%[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 595,304[8] - The largest shareholder, China Three Gorges Group Corporation, holds 8,064,485,300 shares, accounting for 28.18% of total shares[8] - The company has no significant changes in the top ten shareholders or their shareholding status due to margin trading[10] - The company reported no significant related party transactions among the top shareholders[9] - The total number of preferred shareholders with restored voting rights is zero[8] Cash Flow and Investments - The company's cash and cash equivalents increased to 8,947,791,947.94 RMB from 5,099,666,009.47 RMB year-over-year[12] - The net cash flow from operating activities for the first nine months of 2024 was CNY 14,238,842,351.16, compared to CNY 11,651,857,213.38 in the previous year, indicating a year-over-year increase of about 22.3%[19] - The net cash flow from investing activities for the first nine months of 2024 was CNY -20,846,222,230.74, an improvement from CNY -22,542,347,470.44 in the previous year[20] - The company raised CNY 41,620,681,789.13 from financing activities, a decrease from CNY 47,454,212,789.42 in the same period of 2023[20] - The company reported an investment income of CNY 2.86 billion for the first three quarters of 2024, a substantial increase from CNY 423.87 million in the same period of 2023[26] Operational Costs and Expenses - Total operating costs for the first three quarters of 2024 were CNY 14,710,159,182.91, up 14.0% from CNY 12,925,173,211.46 in the previous year[15] - Research and development expenses for the first three quarters of 2024 were CNY 11,939,012.82, up 35.0% from CNY 8,795,490.40 in the same period of 2023[17] - The company's cash outflow for operating activities was CNY 5,171,024,447.49, up from CNY 4,570,953,310.29 in the previous year, reflecting increased operational costs[19] - The company paid 302,232,553.77 RMB in employee compensation, which is higher than 249,623,067.31 RMB in the previous year[28] Other Information - The company has no other important information to remind investors about the operating conditions during the reporting period[11] - The company did not apply new accounting standards for the current reporting period[30]