Investment Rating - Maintain "Overweight" rating [5][9] Core Views - The company's installed capacity is growing rapidly, with sufficient reserve projects to support high growth in the next 2-3 years [2] - Revenue is steadily increasing, driven by new project commissioning, but wind power profitability has slightly declined [3] - Average electricity prices for wind and solar have slightly decreased, but operating cash flow in Q1 2024 has significantly increased [4][9] - The company has a strong project pipeline, with long-term growth potential in the green power industry [9] Financial Performance - 2023 revenue reached 26,485 million yuan, up 11.2% YoY, with net profit attributable to shareholders of 7,181 million yuan, up 0.9% YoY [1] - 2024 Q1 revenue was 7,899 million yuan, up 15.3% YoY, with net profit attributable to shareholders of 2,422 million yuan, flat YoY [1] - Expected revenue for 2024-2026: 33,808, 40,129, and 45,676 million yuan, with net profit attributable to shareholders of 8,735, 10,170, and 11,470 million yuan, respectively [1][9] - ROE is expected to improve from 8.7% in 2023 to 10.7% by 2026 [1] Installed Capacity - 2023 new installed capacity: 13,535.6 MW, including 3,494 MW of wind (616 MW offshore), 9,540 MW of solar, and 501 MW of other sources [2] - Total installed capacity reached 40,044 MW by the end of 2023 [2] - Projects under construction: 18,768 MW, with newly approved/filed projects of 26,499.2 MW [2] Profitability and Costs - 2023 gross margin and net margin were 55.1% and 31.2%, down 3.3 pct and 4.0 pct YoY, respectively [3] - Wind and solar gross margins in 2023 were 56.9% and 53.2%, with wind margin down 4.6 pct YoY [3] - Increased depreciation and operating costs due to new project commissioning impacted profitability [3] Electricity Prices and Cash Flow - 2023 average electricity prices (excluding tax) for wind and solar were 0.4923 yuan/kWh and 0.4927 yuan/kWh, down 4.2% and 0.5% YoY, respectively [4] - 2023 operating cash flow was 14,417 million yuan, down 14.2% YoY, but Q1 2024 operating cash flow increased 18.7% YoY to 4,420 million yuan [4][9] Valuation and Market Data - As of May 9, 2024, the stock price was 4.69 yuan, with a total market cap of 134,233.71 million yuan and a circulating market cap of 63,727.05 million yuan [5] - Estimated P/E ratios for 2024-2026: 15.4x, 13.2x, and 11.7x, respectively [1][9] - Estimated P/B ratios for 2024-2026: 1.5x, 1.4x, and 1.3x, respectively [1]

上 市 公 司 公用事业 2024 年05月 10 日 三峡能源 (600905) 公 司 研 究 ——多因素拖累业绩释放 成长性明确保障长期价值 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2023年报和2024年第一季度报告。2023年公司实现营业收入264.85亿元，同比 增长 11.23%，实现归母净利润 71.81亿元，同比增长 0.94%，略高于我们此前的预期。2024年第 证 一季度公司实现营业收入 78.99 亿元，同比增长 15.26%，实现归母净利润 24.22 亿元，同比增长 市场数据： 2024年05月09日 券 收盘价（元） 4.69 0.10%，低于我们的预期。 研 一年内最高/最低（元） 5.58/4.08  风电、光伏发电持续高增，利用小时数下降叠加装机规模减少缩减水电业绩。根据公司经营数据公告， 究 市净率 1.6 报 息率（分红/股价） - 2023年度，公司完成发电量 551.79 亿度，同比增长 14.12%。其中，风电发电量 389.56 亿度， 告 流通A股市值（百万元） 63727 同比增长14.75%；光伏发 ...

[Table_Page] 年报点评|电力 证券研究报告 [三Table_峡Title] 能源（600905.SH） [公Tab司le_I评nves级t] 买入 当前价格 4.69元 新增投产装机同比超 50%，期待绿电盈利模型明晰 合理价值 5.25元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-09 ⚫ 2023 年业绩同比微增，2024Q1 同比持平。公司发布 2023 年报，实 [相Tab对le_P市icQ场uote表] 现 现营收264.85亿元（同比+11.2%）、归母净利润71.8亿元（同比+0.9%， 前三季度同比-11.6%）、扣非归母净利润 70.1 亿元（同比-2.4%）。业 2% 绩保持增长为新增项目投产等（全年发电量同比+14.1%）抵消试运行 -3%05/23 07/23 09/23 11/23 01/24 03/24 05/24 -8% 收入及投资收益下降 46.9%等不利影响。2024Q1 实现营收 79 亿元 -12% （同比+15.3%）、归母净利润24.2亿元（同比+0.1%）；装机投产较多 -17% 但业绩持平，主要为折旧 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 5.89 CNY over the next six months [1][3]. Core Insights - The company reported a steady increase in performance, with 2023 revenue reaching 26.5 billion CNY, a year-on-year growth of 11.2%. The net profit attributable to shareholders was 7.18 billion CNY, up 0.9% [2][3]. - The company continues to expand its installed capacity, with a total of 40.0 GW as of the end of 2023, and ongoing projects amounting to 18.8 GW [2][3]. - The company is a leader in the renewable energy sector, with significant growth in wind and solar power generation, and an increasing proportion of market-based electricity transactions [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 26.5 billion CNY, with a net profit of 7.18 billion CNY. The first quarter of 2024 saw revenue of 7.9 billion CNY, reflecting a 15.3% increase year-on-year [2][4]. - The wind power segment generated 18.6 billion CNY in revenue, a 10% increase, while the solar power segment brought in 7.41 billion CNY, growing by 13.4% [2][4]. Installed Capacity and Growth - The company added 13.54 GW of new installed capacity in 2023, with wind power contributing 3.49 GW and solar power 9.54 GW. The total installed capacity reached 40.0 GW, with wind power accounting for 19.4 GW [2][3]. - The company’s market share in the wind power sector is 4.4%, and in offshore wind, it is 14.7%. The solar power segment holds a 3.3% market share [2][3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 8.94 billion CNY, 10.16 billion CNY, and 11.13 billion CNY, respectively, with corresponding EPS of 0.31, 0.36, and 0.39 CNY [3][4]. - The company is expected to maintain a high growth rate in installed capacity, with a CAGR of 36.9% from 2020 to 2023. A PE ratio of 19 times is applied for the 2024 valuation, leading to a target price of 5.89 CNY [3][4].

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 ...