| 3.公司有无计划降低负债？ | | --- | | 答：公司一贯重视资产负债率管控工作，未来将结 | | 合投资计划，提前筹划各项投融资工作，将资产负债率 | | 控制在合理水平，保持可持续发展的资本基础，持续回 | | 报投资者。 | | 4.可再生能源电价附加回收进度？ | | 答：2024 年 1 月，国家有关部门下发文件要求电网 | | 企业加快推进可再生能源电价附加项目清单审核，并做 | | 好资金核算。2022 年国补核查目前尚无落地结论，公司 | | 相信在核查结果落地后，历史存量可再生能源电价附加 | | 将得到妥善解决。 | | 5.请问三峡能源跟哪些企业签订了绿电协议？对公 | | 司发展有什么促进作用？ | | 答：截至 2024 年 1 月，公司已在 18 个省份参与了 | | 绿电交易，且在江苏、安徽、天津、上海等地签订了长 | | 周期绿电协议或达成合作意向，积累了中国石化、液空 | | 中国等国内外优质客户。在新能源参与市场化交易的形 | | 势下，绿电协议成为新能源项目在电力市场锁量锁价、 | | 保收增收的有力工具。 | | 6.随着新能源发电量的提升，以及未来市场化交易 ...

证券研究报告 公用事业|电力 首次覆盖报告 2024年05月16日 三峡能源 (600905.SH) 增持 ——三峡集团旗下新能源平台 静待绿电机制理顺 （首次覆盖） 投资要点： 证券分析师 ➢ 三峡集团旗舰上市平台，“三峡集团新能源业务的战略实施主体”。公司为三峡集团旗舰上市平 刘晓宁 S1350523120003 台，截至2024年3月，三峡集团直接持股28.11%，通过长江三峡投资管理有限公司间接持股 liuxiaoning@huayuanstock.com 20.96%。除三峡能源外，三峡集团上市公司还包括长江电力、湖北能源以及三峡水利（综合能 源业务），公司业务定位为“三峡集团新能源业务的战略实施主体”。 研究支持 ➢ 新能源装机规模超过龙源电力，大力发展海风为公司特色。从体量上看，公司新能源在运规模已 经超过龙源电力，位居A+H股首位。截至2023年12月底，公司风电累计装机容量达到1942 联系人 刘晓宁 万千瓦，占全国市场份额的4.4%，其中海上风电累计装机容量549万千瓦，占全国市场份额的 S1350523120003 14.73%，为全国在运海风规模最大的上市公司；光伏装机容量达到1982 ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨三峡能源（ ） 600905.SH [年Ta度b新le_增T装itle机] 再创记录，投资收益限制业绩表现 报告要点 [2T0a2b3le年_S末um公m司a总ry装] 机达到4004.44万千瓦，增幅达50.99%，装机快速扩张拉动下公司发电量 同比增长14.12%。但由于平价项目及光照条件偏弱，公司全年毛利率同比下降3.27pct，参股 项目的投资收益也同比大幅减少47.48%，而且由于计提信用减值金额达到5.53亿元。受此影 响，2023年公司实现归母净利润71.81亿元，同比增长0.94%。2024年一季度，受投资收益 ...

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]