证券代码：600995 证券简称：南网储能 南方电网储能股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|------------------------|-------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | | 特定对象调研 分析师会议 | | 类别 | 媒体采访 | 业绩说明会 | | | 新闻发布会 | 路演活动 | | | 现场参观 | | | | | 其他投资策略会 | | | | 西南证券、长城基金、新华基金、中银基金、中欧基金、申万菱 信基金，国海证券、东证资管、博道基金、杭州港投星约投资管 | | 参与单位名称 | | 理有限公司、复霈资产、远希私募基金、上海道昆私募基金管理 有限公司、长生人寿、复胜资产、中美联泰大都会人寿保险有限 | | | | 公司、富国基金、永赢基金 | | 时间 | 2024 年 ...

证券代码： 600995 证券简称：南网储能 南方电网储能股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|----------------------------------|----------------------------------------------------------------| | | | | | 投资者关系活动 | 特定对象调研 | 分析师会议 | | 类别 | 媒体采访 | 业绩说明会 | | | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他 业绩交流会 | | | | | 华泰证券、富国基金管理有限公司、中邮人寿保险股份有限公司、 | | | | 中加基金管理有限公司、广东正圆私募基金管理有限公司、工银 | | | | 资管（全球）有限公司、广发国际资产管理有限公司、博时基金 | | | | 管理有限公司、国投证券股份有限公司、平安基金管理有限公司、 | | 参与单位名称及 | | 富安达基金管理有限公司、上海明河投资管理有限公司、深圳昭 | | 人员姓名 | | 图投资管理有 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 11.34 [1][2][6]. Core Views - The company's peak hydropower generation has significantly increased by 11.8% year-on-year due to improved water inflow, while pumped storage performance remained stable [2][3]. - The company reported a revenue of RMB 29.11 million and a net profit attributable to the parent company of RMB 6.26 million for the first half of 2024, reflecting a year-on-year increase of 1.76% in revenue but a decrease of 9.58% in net profit [2][3]. - The forecasted net profit for 2024-2026 is RMB 10.36 million, RMB 13.45 million, and RMB 17.27 million respectively, with corresponding EPS of RMB 0.32, RMB 0.42, and RMB 0.54 [2][3]. Summary by Sections Revenue and Profit - In 1H24, the company achieved a revenue of RMB 29.11 million, with a net profit of RMB 6.26 million, marking a year-on-year revenue increase of 1.76% and a net profit decrease of 9.58% [2][3]. - The revenue from peak hydropower increased by 11.65% to RMB 7.15 million in 1H24, while the average tax-inclusive on-grid electricity price remained stable at RMB 0.229 per kWh [3]. Hydropower Generation - The company's peak hydropower generation increased by 11.8% year-on-year in 1H24, with specific plants showing significant growth, such as the Lubuge plant with a 63.35% increase [3]. - In 2Q24, the total peak hydropower generation reached 23.68 billion kWh, representing a 30% year-on-year increase [3]. New Energy Storage - As of June 2024, the company has completed the installation of 423.8 MW/832 MWh of new energy storage capacity, with new projects including the Foshan Baotang and Meizhou Yuezhi electrochemical storage stations [3]. - The revenue from new energy storage business surged by 231.64% year-on-year to RMB 1.38 million in 1H24 [3]. Pumped Storage Revenue - The revenue from pumped storage decreased by 5.48% year-on-year to RMB 20.43 million in 1H24, primarily due to the high base effect from previous capacity prices [4]. - The company anticipates a 10% year-on-year decline in pumped storage revenue for 2024, estimating total revenue of RMB 39.73 million [4]. Financial Projections - The company projects a revenue of RMB 6.347 billion for 2024, with a net profit of RMB 1.036 billion, reflecting a 12.74% increase in revenue and a 2.19% increase in net profit compared to 2023 [7][12]. - The expected PE ratio for 2024 is set at 28.91x, with a projected PB ratio of 1.39x [7][12].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][16] Core Views - The impact of capacity electricity price adjustments has largely played out, with expectations for pumped storage and new energy storage to ramp up production [5][11] - Revenue showed slight growth, with a year-on-year increase of 1.76% to 2.911 billion yuan in the first half of 2024, primarily driven by increased water inflow for peak-shaving hydropower and the commissioning of the Foshan Baotang energy storage station [5][11] - The company’s net profit attributable to shareholders decreased by 9.58% year-on-year to 626 million yuan, with a non-recurring net profit of 634 million yuan, down 8.43% year-on-year [5][11] Summary by Sections Revenue and Profitability - In Q2 2024, the company achieved revenue of 1.586 billion yuan, a year-on-year increase of 9.25% and a quarter-on-quarter increase of 19.76% [5][11] - The gross margin for the first half of 2024 was 50.26%, a decrease of 2.07 percentage points year-on-year, while the net margin was 26.86%, down 2.59 percentage points year-on-year [8][11] Capacity and Projects - As of the end of the reporting period, the company had 10.28 million kilowatts of installed pumped storage capacity, with 9 projects under construction and approved, totaling 10.8 million kilowatts [11][12] - The company plans to increase its pumped storage capacity to approximately 29 million kilowatts by 2030 and 44 million kilowatts by 2035 [11][12] New Energy Storage Development - The company has completed 423.8 MW/832 MWh of new energy storage capacity, with two new electrochemical storage stations commissioned during the reporting period [11][12] - By 2025, the company aims to reach a new energy storage scale of 2 million kilowatts, increasing to over 5 million kilowatts by 2030 and 10 million kilowatts by 2035 [11][12] Financial Forecasts - The profit forecasts for 2024-2026 have been adjusted to 1.114 billion yuan, 1.4 billion yuan, and 1.744 billion yuan respectively, with year-on-year growth rates of 10%, 26%, and 25% [12][14] - The corresponding price-to-earnings ratios for the current stock price are projected to be 28, 22, and 18 times for 2024, 2025, and 2026 respectively [12][14]

证券代码：600995 证券简称： 南网储能 编号：2024-44 南方电网储能股份有限公司 关于职工代表董事选举结果的公告 附件 鄢永昌先生简历 鄢永昌，男，1969 年 6 月生，中共党员，大学学历，学士学位， 工程师，现任南方电网储能股份有限公司工会副主席、工会办公室（职 工权益维护部）主任。主要工作经历： 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。 根据《公司法》《公司章程》等有关规定，公司近日召开了职工 代表大会，选举鄢永昌先生（简历详见附件）为公司第八届董事会职 工代表董事。鄢永昌职工代表董事任期与公司第八届董事会任期一致。 特此公告。 附件：鄢永昌先生简历 南方电网储能股份有限公司董事会 2024 年 8 月 31 日 1 2024.08 至今任南方电网储能股份有限公司职工董事，工会副主 席、工会办公室（职工权益维护部）主任。 2 2018.04-2020.04 广东蓄能发电有限公司党委委员、纪委书记、 职工监事； 2020.04-2021.09 南方电网调峰调频发电有限公司纪委第三派 驻纪检组组长，广东蓄能 ...

证券代码：600995 证券简称：南网储能 编号：2024-45 南方电网储能股份有限公司 会议召开时间：2024 年 9 月 9 日（星期一）15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）、全景网"投资者关系互 动平台"（http://ir.p5w.net） 会议召开方式:视频录播+网络文字互动方式 投资者可于 2024 年 9 月 2 日（星期一）至 9 月 6 日（星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏 目、扫描下方全景网问题预征集专题页面二维码或者通过公 司邮箱 nwcn@es.csg.cn，进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 年 9 月 9 日（星期一）下午 15:00-16:00 召开 2024 年半年度业绩说 明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频录播结合网络文字互动形式召开，公司将 针对 2024 年半年度经营业绩情况与投资者进行交流，在信息披露允 许的范围内对投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,911,153,231.18, representing a 1.76% increase compared to CNY 2,860,879,604.60 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2024 was CNY 626,222,885.11, a decrease of 9.58% from CNY 692,602,144.71 in the previous year[18]. - The net cash flow from operating activities decreased by 7.44%, amounting to CNY 1,856,386,152.12 compared to CNY 2,005,513,549.77 in the same period last year[18]. - The total assets at the end of the reporting period were CNY 46,582,839,052.03, reflecting a 4.71% increase from CNY 44,486,027,161.99 at the end of the previous year[18]. - The net assets attributable to shareholders increased by 1.65%, reaching CNY 21,181,071,603.27 compared to CNY 20,836,661,255.98 at the end of the previous year[18]. - The basic earnings per share for the first half of 2024 was CNY 0.20, down 9.09% from CNY 0.22 in the same period last year[19]. - The weighted average return on equity decreased by 0.45 percentage points to 2.97% compared to 3.42% in the previous year[19]. - The company reported a decrease of 8.43% in net profit after deducting non-recurring gains and losses, totaling CNY 634,063,686.70 compared to CNY 692,421,154.31 last year[18]. Assets and Liabilities - The company's total liabilities reached CNY 21.96 billion, up from CNY 20.20 billion, marking an increase of around 8.69%[125]. - The total equity attributable to shareholders rose to CNY 21.18 billion from CNY 20.84 billion, showing an increase of about 1.63%[125]. - The company's cash and cash equivalents increased to CNY 3.91 billion from CNY 3.22 billion, a growth of approximately 21.36%[124]. - Accounts receivable rose to CNY 667.81 million, up from CNY 468.22 million, representing a significant increase of about 42.61%[124]. - Inventory increased to CNY 265.68 million from CNY 229.73 million, reflecting a growth of approximately 15.63%[124]. - The company reported a decrease in short-term borrowings to CNY 144.79 million from CNY 250.21 million, a reduction of about 42.14%[125]. - Long-term borrowings increased to CNY 17.41 billion from CNY 14.07 billion, indicating a growth of approximately 23.36%[125]. Investments and Projects - In the first half of 2024, the total installed capacity of the company's pumped storage reached 10.28 million kW, with 9 projects under construction and approved, totaling 10.8 million kW[27]. - The company operates a total of 12.73 million kW of installed capacity, including 10.28 million kW of pumped storage, 423.8 thousand kW of new energy storage, and 2.03 million kW of peak-shaving hydropower[27]. - The company is developing 9 pumped storage power stations with a total capacity of 10.8 million kW and has 20 reserve projects totaling 27.5 million kW, laying a solid foundation for future growth[34]. - Significant ongoing projects include the Guangxi Nanning Pumped Storage Power Station with a cumulative investment of 2.88495 billion RMB and the Guangdong Zhaoqing Langjiang Pumped Storage Power Station with a cumulative investment of 1.85002 billion RMB[51]. - The company has established a cumulative installed capacity of 423.8MW/832MWh for new energy storage stations by the end of the reporting period, with two new electrochemical storage stations launched during the period[28]. Research and Development - The company has been recognized with 103 new invention patents during the reporting period, bringing the total to 447 patents[32]. - The company has completed the research and development of a 10MWh sodium-ion battery energy storage system, contributing to the operation of the first 10MWh sodium-ion battery energy storage station in the country[37]. - Research and development expenses increased by 1.37% to $7.45 million, driven by changes in R&D project activities[41]. Environmental and Social Responsibility - The company has invested 194,000 yuan in six targeted poverty alleviation projects across Guangdong, Yunnan, and Guizhou provinces in the first half of 2024[71]. - The company has implemented measures to enhance energy efficiency, including upgrading old transformers to ensure new equipment meets at least level two energy efficiency standards[70]. - The company has initiated a tree planting campaign to improve carbon sink capacity and promote green development[69]. - The company has actively engaged in ecological restoration, with 231,300 square meters of land restored in ongoing projects in the first half of 2024[68]. Corporate Governance - The company has not disclosed any plans for profit distribution or capital reserve conversion during this reporting period[4]. - There are no significant risks or uncertainties that could affect the accuracy and completeness of the financial report as stated by the board of directors[5]. - The company held two shareholder meetings during the reporting period, approving a total of 13 proposals without any rejections[61]. - Non-independent director Jiang Yuhao resigned due to reaching the statutory retirement age, effective April 16, 2024, and Zhang Kun was elected as a non-independent director on May 16, 2024[63]. Compliance and Legal Matters - The company has not received any penalties or corrective actions related to violations of laws or regulations during the reporting period[81]. - There were no significant litigation or arbitration matters reported during the reporting period[81]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[80]. Financial Management - The company issued 1 billion RMB in "carbon neutral" green bonds, reducing financing costs by 1.1 percentage points compared to the same period's LPR[36]. - The company has a total credit line of CNY 40 billion with the Southern Power Grid Finance Company, with actual transactions amounting to CNY 12.7 billion[93]. - The company raised a total of CNY 8.00 billion, with a net amount of CNY 7.95 billion after deducting issuance costs[98]. - The company reported a total of 127 million RMB in expected related party transactions for 2024, with actual transactions in the first half amounting to 35.38 million RMB[82]. Accounting and Financial Reporting - The financial statements comply with the requirements of the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[157]. - The company has made no adjustments for prior period errors, maintaining consistency in its financial reporting[145]. - The company’s accounting period runs from January 1 to December 31 each year[158]. - The company recognizes its share of jointly controlled assets and liabilities in joint operations and accounts for them according to relevant accounting standards[166].

一、南网财务公司基本情况 南方电网财务有限公司（以下简称"南网财务公司"） 是中国南方电网有限责任公司（以下简称"南方电网公司"） 的全资子公司，为原中国银行业监督管理委员会批准设立的 非银行金融机构。 成立日期：2004 年 12 月 29 日 南方电网储能股份有限公司对南方电网财务有限公司 的风险持续评估报告 2024 年 8 月 法定代表人：吕双 注册资本：70 亿元人民币 南网财务公司经营范围包括下列本、外币业务：吸收成 员单位存款；办理成员单位贷款；办理成员单位票据贴现； 办理成员单位资金结算与收付；提供成员单位委托贷款、债 券承销、非融资性保函、财务顾问、信用鉴证及咨询代理业 务；从事同业拆借；办理成员单位票据承兑；办理成员单位 产品买方信贷和消费信贷；从事固定收益类有价证券投资； 对金融机构的股权投资；监管部门批准的其他业务。经营范 第 1 页 共 7 页 围最终以市场监督管理机关核定的经营范围为准。 二、南网财务公司内部控制的基本情况 （一）控制环境 1、治理结构 注册地址：广东省广州市天河区华穗路6号大楼17、18、 19 楼及 1210、1211 房 企业类型：有限责任公司（国有控股） 金 ...

证券代码：600995 证券简称： 南网储能 编号：2024-39 南方电网储能股份有限公司 第八届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 南方电网储能股份有限公司（以下简称"公司"）第八届董事会 第十九次会议通知于2024年8月16日以书面送达及电子邮件方式发出， 会议于2024年8月29日在广州以现场会议方式召开。本次会议应出席 董事8名，实际出席董事8名，刘国刚、李定林、范晓东、曹重、张昆、 杨璐、胡继晔、陈启卷8位董事现场出席。会议由刘国刚董事长主持。 公司监事会主席金昌铉，监事杨昌武、杨伟聪和部分高级管理人员列 席了会议。根据《公司法》和《公司章程》等有关规定，本次会议合 法、有效。 二、董事会会议审议情况 (一)审议通过了关于调整公司生产指挥中心设置的议案。 同意公司生产指挥中心不再按公司直属机构设置。 表决结果：8 票同意、0 票反对、0 票弃权。 (二)审议通过了关于组建成立公司国际业务部的议案。 同意成立公司国际业务部。 表决结果：8 票同意、0 票 ...