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]

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Financial Performance - The company's operating revenue for Q1 2024 reached CNY 7,899,120,372.61, representing a year-on-year increase of 15.26% compared to CNY 6,853,129,450.44 in the same period last year[4] - Net profit attributable to shareholders of the listed company was CNY 2,421,823,921.76, showing a slight increase of 0.10% from CNY 2,433,884,515.62 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,420,313,233.50, reflecting a year-on-year growth of 1.28%[4] - Net profit for Q1 2024 was ¥2,890,652,331.21, representing an increase from ¥2,769,296,081.26 in Q1 2023, a growth of 4.4%[21] - The net profit for Q1 2024 was CNY -153.74 million, compared to a net loss of CNY -2.94 million in Q1 2023, indicating a significant deterioration in profitability[29] - The total comprehensive income for Q1 2024 was CNY -153.74 million, compared to CNY -608,869.80 in Q1 2023, indicating a worsening financial position[29] Cash Flow - The net cash flow from operating activities amounted to CNY 4,420,579,676.55, which is an increase of 18.72% compared to CNY 3,743,709,073.26 in the same period last year[5] - The net cash flow from operating activities for Q1 2024 was CNY 4,420,579,676.55, an increase of 18.8% compared to CNY 3,723,476,890.94 in Q1 2023[22] - Total cash inflow from operating activities reached CNY 5,833,312,044.23, up from CNY 5,076,431,461.60 in the same period last year, reflecting a growth of 14.9%[22] - The net cash flow from investing activities was CNY -7,077,223,113.04, worsening from CNY -5,686,226,218.38 in Q1 2023[23] - Cash inflow from financing activities totaled CNY 16,277,647,009.33, compared to CNY 15,225,366,636.31 in Q1 2023, marking an increase of 6.9%[23] - The total cash inflow from financing activities was 17,026,581,222.02 CNY, an increase from 11,267,427,409.81 CNY year-over-year[31] - The net cash flow from financing activities was 4,078,876,126.60 CNY, up from 2,021,966,340.98 CNY in the previous period[31] Assets and Liabilities - The total assets at the end of the reporting period were CNY 324,948,528,623.39, representing a growth of 4.25% from CNY 311,707,560,904.40 at the end of the previous year[5] - The total assets reached ¥324,948,528,623.39, compared to ¥311,707,560,904.40 at the end of 2023, reflecting a growth of about 4.2%[17] - The company's total liabilities increased to ¥225,384,834,335.23 in Q1 2024 from ¥216,222,621,829.25 in Q1 2023, reflecting a growth of 4.9%[18] - Total liabilities increased to CNY 51.98 billion in Q1 2024, up from CNY 47.65 billion in Q1 2023, representing an increase of approximately 4.93%[26] - Non-current liabilities rose to CNY 31.34 billion in Q1 2024, compared to CNY 27.38 billion in Q1 2023, marking an increase of about 14.06%[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 635,069, with the largest shareholder being China Three Gorges Corporation holding 28.11% of the shares[8] - The company’s controlling shareholder, China Three Gorges Group, has cumulatively increased its stake by acquiring 46,471,900 shares, with a total investment exceeding ¥200 million as of March 31, 2024[13] Costs and Expenses - The company reported a significant increase in depreciation and operating costs, which impacted net profit despite the increase in revenue from newly commissioned wind and solar units[7] - Total operating costs for Q1 2024 were ¥4,719,856,425.85, up 14.4% from ¥4,126,508,281.67 in Q1 2023[20] - Research and development expenses for Q1 2024 were ¥3,496,449.82, significantly higher than ¥9,488.68 in Q1 2023, indicating increased investment in innovation[20] - The company reported a financial expense of ¥1,077,967,806.28 in Q1 2024, up from ¥975,155,653.07 in Q1 2023, marking a rise of 10.5%[20] - The cash paid for dividends, profits, or interest was 269,633,005.08 CNY, slightly up from 267,077,655.41 in the previous period[31] Inventory and Receivables - As of March 31, 2024, the total current assets amounted to ¥54,197,539,513.76, an increase of approximately 14% from ¥47,473,186,794.51 on December 31, 2023[15] - Accounts receivable rose to ¥40,077,014,241.09, up from ¥36,673,560,751.31, indicating an increase of approximately 9.5%[15] - The company’s inventory decreased slightly to ¥340,819,361.51 from ¥352,943,238.14, reflecting a decline of about 3.4%[15]

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 ...