Investment Rating - The report assigns a "Recommended" rating to the company, with a target price of 4.91 CNY, down from the previous estimate [2]. Core Views - The company's performance in H1 2024 has been under pressure, with net profit attributable to shareholders decreasing by 10.58% year-on-year to 4.038 billion CNY, despite a 28.58% increase in power generation due to new project launches [2]. - The installed capacity reached 41.37 million kW, with wind and solar power accounting for 19.62 million kW and 20.58 million kW, respectively. The market shares for wind and solar are 4.20% and 2.88% [2]. - The company has significant projects under construction, with a total planned installed capacity of 23.477 million kW, which includes 5.5114 million kW for wind, 13.3456 million kW for solar, and 3.6 million kW for pumped storage [2]. - Short-term green electricity revenues are under pressure, but there is an expectation for long-term improvement in profitability as the market stabilizes [2]. Financial Summary - The company's main revenue for 2023 is projected at 26.485 billion CNY, with expected growth rates of 11.2% in 2023, 22.5% in 2024, 11.4% in 2025, and 10.2% in 2026 [3]. - Net profit attributable to shareholders is forecasted to be 7.181 billion CNY in 2023, with growth rates of 0.4% in 2023, 11.8% in 2024, 7.8% in 2025, and 13.5% in 2026 [3]. - Earnings per share (EPS) is expected to increase from 0.25 CNY in 2023 to 0.34 CNY in 2026 [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 16 in 2023 to 12 in 2026, indicating a potential valuation improvement over time [3].

公司报告 | 半年报点评 业绩短期有所承压，充足在建项目有望带动规模快速扩张 事件：公司披露 2024 年中报。上半年公司实现营收 150.59 亿元，同比增 长 9.89%；实现归母净利润 40.39 亿元，同比下降 10.58%。 三峡能源（600905） 证券研究报告 2024 年 09 月 05 日 投资评级 行业 公用事业/电力 6 个月评级 买入（维持评级） 当前价格 4.2 元 目标价格 元 点评 H1 新增装机 1.3GW，6 月末在建规模达 23GW 2024 年上半年，公司新增装机容量 132.64 万千瓦，累计装机容量达到 4137.08 万千瓦；其中风电累计装机容量达到 1962.46 万千瓦（海上风电累 计装机容量 568.64 万千瓦，占全国市场份额的 14.90%）；太阳能发电累计 装机容量达到 2058.26 万千瓦。截至 6 月末，公司在建项目计划装机容量 合计 2347.70 万千瓦，其中风电 551.14 万千瓦、太阳能 1334.56 万千瓦、 抽水蓄能 360 万千瓦、独立储能 102 万千瓦。此外，上半年公司新增获取 核准/备案项目容量 144.12 万千瓦，其中风 ...

上 市 公 司 证 券 研 究 报 告 - 公用事业 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 03 日 | | 收盘价（元） | 4.24 | | 一年内最高/最低（元） | 4.99/4.08 | | 市净率 | 1.4 | | | 1.84 | | 息率（分红/股价） 流通 A 股市值（百万元） | 121,204 | | 上证指数/深证成指 | 2,802.98/8,268.05 | | | | | --- | --- | |----------------------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 2.95 | | 资产负债率 % 总股本 /流通 A 股（百万） | 69.84 28, ...

证券代码：600905 证券简称：三峡能源 公告编号：2024-054 中国三峡新能源（集团）股份有限公司 关于 2024 年半年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 9 月 3 日通过现场结合线上方式举办 2024 年半年度业绩 说明会，现将召开情况公告如下： 一、基本情况 时间：2024 年 9 月 3 日 10:00-11:00 方式：现场结合线上方式 机构名称（排名不分先后）：银华基金、中信证券、华泰证 券、海通证券、国泰君安证券、银河证券、招商证券、民生证券、 国盛证券、国联证券、兴业证券、华福证券、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 1．公司 2024 年上半年装机情况如何？预计全年并网情况如 何？ 答：公司上半年新增并网装机容量 132.64 万千瓦，累计装 1 机容量达 4137.08 万千 ...

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 蔡思 S1350524070005 caisi@huayuanstock.com 联系人 蔡思 S1350524070005 caisi@huayuanstock.com 市场表现： -20% -15% -10% -5% 0% 5% 相关研究 2024 年 09 月 04 日 三峡能源 (600905.SH ) 增持（维持） ——业绩符合预期，期待绿电价值回归 投资要点： ➢ 事件：2024 年上半年公司实现营业收入 150.6 亿元，同比增长 9.89%，实现归母净利润 40.4 亿元，同比下滑 10.6%，对应 2024 年二季度实现归母净利润 16.2 亿元，同比下滑 22.91%， 符合我们的预期。 ➢ 受利用小时数和电价双重下滑影响，上半年公司利润有所下滑。2024 年上半年公司实现上网 电量 351.1 亿千瓦时，同比增长 28.6%，其中风电/光伏分别实现上网电量 223.3/ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5][22] Core Views - The company's operating revenue increased by 9.89% year-on-year to 15.059 billion yuan in the first half of 2024, while the net profit attributable to shareholders decreased by 10.58% to 4.039 billion yuan [1][6] - The decline in net profit is attributed to several factors, including an increase in grid-connected power at parity prices, changes in the structure of grid-connected power, and a decrease in overall electricity prices [1][6] - The company has a significant amount of projects under construction, with a total planned installed capacity of 23.477 million kilowatts, which is expected to drive steady growth in performance [1][18] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved an operating revenue of 15.059 billion yuan, a year-on-year increase of 9.89%, while the net profit attributable to shareholders was 4.039 billion yuan, a decrease of 10.58% [1][6] - The second quarter of 2024 saw an operating revenue of 7.160 billion yuan, up 4.51% year-on-year, but the net profit attributable to shareholders fell by 22.91% to 1.617 billion yuan [1][6] - The company's gross profit margin decreased to 55.68%, down 3.14 percentage points year-on-year, primarily due to the impact of declining electricity prices [12] Installed Capacity and Projects - The company added 1.3264 million kilowatts of new grid-connected capacity in the first half of 2024, including 208,000 kilowatts from wind power and 758,400 kilowatts from solar power [1][18] - As of June 2024, the total installed capacity reached 41.3708 million kilowatts, with wind power accounting for 19.6246 million kilowatts and solar power for 20.5826 million kilowatts [1][18] - The company has a substantial pipeline of projects under construction, with a total planned capacity of 23.477 million kilowatts, which includes 5.5114 million kilowatts of wind power and 13.3456 million kilowatts of solar power [1][18] Market and Policy Environment - National policies are expected to improve the consumption of renewable energy, with measures aimed at enhancing the power system's capacity to absorb renewable energy [17][18] - The increasing market-oriented proportion of renewable energy is anticipated to stabilize the profitability of the renewable energy sector [17][18] Profit Forecast - Due to the impact of declining electricity prices, the profit forecast for the company has been adjusted, with expected net profits of 8.1 billion yuan, 9.2 billion yuan, and 10 billion yuan for 2024, 2025, and 2026 respectively [2][18]

三峡能源（600905.SH） 2024 年半年报点评 海陆并进，风光装机规模持续扩张 2024 年 08 月 31 日 ➢ 事件：8 月 28 日公司发布 2024 年半年报，公司实现营业收入 150.59 亿 元，同比增加 9.89%；实现归母净利润 40.39 亿元，同比减少 10.58%；实现扣 非归母净利 40.38 亿元，同比减少 8.59%。2024Q2 公司实现营业收入 71.60 亿 元，同比增加 4.51%，环比减少 9.36%；实现归母净利润 16.17 亿元，同比减少 22.37%，环比减少 33.24%；实现扣非归母净利 16.18 亿元，同比减少 20.18%， 环比减少 33.14%。参股企业盈利水平波动，投资收益同比下降 18.59%。 ➢ 发电量增长，但总体电价下滑导致业绩同比减少。24H1 公司新增装机 132.64 万千瓦，累计装机容量为 4137.08 万千瓦。海南崖州 10 万千瓦光伏项 目、盂县 10 万千瓦光伏+储能项目、阜阳南部风光电基地（颍上）25 万千瓦风 电项目等陆续投产并网发电，1H24 完成发电量 361.18 亿千瓦时，同比增加 28.58% ； 其 ...

证券代码：600905 证券简称：三峡能源 公告编号：2024-050 中国三峡新能源（集团）股份有限公司 第二届董事会第二十七次会议决议公告 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）第 二届董事会第二十七次会议于 2024 年 8 月 29 日在北京以现场并 结合通讯方式召开，会议通知已于 2024 年 8 月 19 日以电子邮件 方式发出。本次会议应出席董事 8名，现场及视频参会董事 6名， 胡裔光董事、张建义董事委托杜至刚董事出席会议并代为行使表 决权；公司部分监事、高级管理人员等列席了会议。会议的召集 召开符合《公司法》《公司章程》的有关规定，会议合法有效。 会议由朱承军董事长主持，以记名投票方式表决，形成决议如下： 一、审议通过《关于公司<2024年半年度报告>及摘要的议案》 具体内容详见公司同日披露的《2024 年半年度报告》及《2024 年半年度报告摘要》。 二、审议通过《关于<2024 年半年度募集资金存放与实际使 用情况的专项报告>的议案》 具体内容详 ...

Capacity and Generation - The company reported a total installed capacity of 10,000 MW as of June 30, 2024, with a year-on-year increase of 15%[1]. - The total electricity generation for the first half of 2024 reached 12 billion kWh, representing a 20% increase compared to the same period last year[1]. - In the first half of 2024, the company added 132.64 MW of installed capacity, bringing the total to 4,137.08 MW[23]. - The company's wind power installed capacity reached 1,962.46 MW, capturing 4.20% of the national market share, while offshore wind power accounted for 568.64 MW, representing 14.90% of the national market[25]. - Solar power installed capacity increased to 2,058.26 MW, with a market share of 2.88%[25]. Financial Performance - The company's operating revenue for the first half of 2024 was CNY 15,058,664,581.48, representing a 9.89% increase compared to CNY 13,703,723,334.87 in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2024 was CNY 4,038,572,329.36, a decrease of 10.58% from CNY 4,516,621,924.70 in the previous year[15]. - The net cash flow from operating activities increased by 15.55% to CNY 8,118,017,541.86, up from CNY 7,025,298,072.48 in the same period last year[15]. - The company's total assets as of June 30, 2024, grew by 6.24% to CNY 331,142,823,517.91, compared to CNY 311,707,560,904.40 at the end of the previous year[15]. - The net assets attributable to shareholders increased by 2.40% to CNY 84,509,998,058.29 from CNY 82,529,395,261.07 at the end of the previous year[15]. Research and Development - Research and development expenses for new energy technologies increased by 30% in the first half of 2024, totaling 150 million RMB[1]. - The management highlighted a focus on integrating renewable energy sources with storage solutions to enhance operational efficiency[9]. - The company has approved 10 new internal and external research projects in the first half of 2024, with three national and provincial projects passing performance evaluations[30]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new provinces by the end of 2024, aiming for a 25% increase in market share[1]. - The company operates primarily in the wind and solar power generation sectors, with a focus on developing large-scale projects in deserts and remote areas, covering all 30 provinces in China[21]. - The company is committed to expanding its market presence as the energy market evolves, with a focus on increasing participation in market transactions[22]. Compliance and Risk Management - The company has no significant risks affecting its ongoing operations, ensuring stability for future growth[5]. - The company is committed to maintaining compliance with regulatory requirements, ensuring the accuracy and completeness of its financial reports[4]. - There were no non-operational fund occupations by controlling shareholders or related parties during the reporting period[4]. Environmental and Social Responsibility - The company emphasizes energy conservation and ecological protection, implementing a comprehensive environmental protection management system[63]. - The company is actively involved in the "Thousand Villages and Ten Thousand Towns Wind Action" initiative to promote rural wind power development[24]. - The company has initiated measures to reduce carbon emissions, including optimizing energy consumption and enhancing carbon management practices[64]. Shareholder and Governance Matters - The board of directors confirmed that all members were present for the meeting, ensuring a quorum for decision-making[3]. - The company has not proposed any profit distribution or capital reserve transfer plans for this reporting period[3]. - The company has appointed Zhu Chengjun as chairman and Yang Guifang as secretary of the board following recent elections[56]. Future Outlook - The company plans to continue expanding its new projects and increasing electricity generation capacity to drive future growth[18]. - The future outlook remains cautiously optimistic, with a focus on leveraging technological advancements and market expansion opportunities[186].

中国三峡新能源（集团）股份有限公司(以下简称公司)第二 届监事会第十六次会议于 2024 年 8 月 29 日在北京以现场并结合 通讯方式召开，会议通知已于 2024 年 8 月 19 日以电子邮件方式 发出。出席本次会议的监事应到 3 人，实到 3 人，本次会议的召 集召开符合《公司法》和《公司章程》的有关规定。会议由监事 会主席林志民主持，以记名投票方式表决，形成决议如下： 一、审议通过《关于公司<2024年半年度报告>及摘要的议案》 监事会认为： 证券代码：600905 证券简称：三峡能源 公告编号：2024-051 中国三峡新能源（集团）股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会及全体监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。 （一）公司2024年半年度报告的编制和审议程序符合法律法 规和公司相关管理制度的规定； （二）公司2024年半年度报告的内容和格式符合中国证监会 和上海证券交易所的各项规定，所包含的信息真实地反映了公司 2024年半年度的经营成果和财务状况； （三）在提出本意见前，监事会没有发现参与半年报编 ...