证券研究报告 | 公司动态点评 2024年 03月 30日 南网储能（600995.SH） 来水偏枯致盈利能力下滑，长期看具备规模增长空间 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 8,261 5,630 6,678 8,119 9,845 股票信息 增长率yoy（%） 0.6 -31.9 18.6 21.6 21.3 行业 电力及公用事业 归母净利润（百万元） 1,663 1,014 1,389 1,599 1,969 2024年3月29日收盘价（元） 9.49 增长率yoy（%） 33.3 -39.1 37.1 15.1 23.1 总市值（百万元） 30,330.10 ROE（%） 8.9 5.1 6.7 7.2 8.2 EPS最新摊薄（元） 0.52 0.32 0.43 0.50 0.62 流通市值（百万元） 9,133.01 P/E（倍） 18.2 29.9 21.8 19.0 15.4 总股本（百万股） 3,196.01 P/B（倍） 1.5 1.5 1.4 1.3 1.2 流通股本（百万股） 962.38 资料来源：公司财报，长城证 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has declined due to the impact of the new pumped storage pricing policy and reduced water inflow affecting peak regulation hydropower [3] - In 2023, the company reported total revenue of 5.63 billion yuan, a year-on-year decrease of 31.85%, and a net profit attributable to shareholders of 1.01 billion yuan, down 39.05% year-on-year [2][3] - The company is actively developing new energy storage technologies and has seen significant growth in its new energy storage segment [3] Financial Performance Summary - Total revenue (million yuan): - 2022A: 8,261 - 2023A: 5,630 - 2024E: 6,046 - 2025E: 7,419 - 2026E: 8,448 - Year-on-year growth rates: - 2023A: -31.85% - 2024E: 7.40% - 2025E: 22.70% - 2026E: 13.87% [2] - Net profit attributable to shareholders (million yuan): - 2022A: 1,663 - 2023A: 1,014 - 2024E: 1,256 - 2025E: 1,628 - 2026E: 1,838 - Year-on-year growth rates: - 2023A: -39.05% - 2024E: 23.94% - 2025E: 29.62% - 2026E: 12.88% [2][3] Revenue Breakdown - Peak regulation hydropower revenue in 2023 was 1.05 billion yuan, down 44.78% year-on-year, with a gross margin of 40.74% [3] - Pumped storage revenue in 2023 was 4.43 billion yuan, down 3.83% year-on-year, with a gross margin of 47.66% [3] - New energy storage revenue in 2023 was 93 million yuan, up 196.87% year-on-year, with a gross margin of 27.07% [3] Capacity and Projects - As of the end of 2023, the company had 10.28 million kilowatts of operational pumped storage capacity and 4.8 million kilowatts under construction [3] - The company has actively engaged in research on various energy storage technologies, including sodium-ion batteries and compressed air storage [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted for 2024-2025 from 1.42 billion and 1.88 billion yuan to 1.26 billion and 1.63 billion yuan, respectively [3] - Expected P/E ratios for 2024-2026 are 24 times, 19 times, and 17 times [3]

Financial Performance - The company's operating revenue for 2023 was CNY 5,629,657,903, a decrease of 31.85% compared to CNY 8,260,893,377.42 in 2022[16]. - Net profit attributable to shareholders for 2023 was CNY 1,013,569,950.91, down 39.05% from CNY 1,662,974,320.17 in 2022[16]. - The net profit after deducting non-recurring gains and losses increased by 158.37% to CNY 1,027,935,847.97 in 2023 from CNY 397,860,645.36 in 2022[16]. - The net cash flow from operating activities for 2023 was CNY 3,556,834,255.58, a decrease of 22.69% compared to CNY 4,600,633,362.14 in 2022[16]. - Basic earnings per share for 2023 were CNY 0.32, a decrease of 50.00% from CNY 0.64 in 2022[22]. - The weighted average return on net assets for 2023 was 4.98%, down 6.50 percentage points from 11.48% in 2022[22]. - The company achieved operating revenue of 5.63 billion RMB, a year-on-year decrease of 31.85%[39]. - Operating costs amounted to 3.04 billion RMB, down 28.69% year-on-year[40]. - Net profit attributable to shareholders was 1.01 billion RMB, with basic earnings per share of 0.32 RMB[39]. Dividend and Share Capital - The company plans to distribute a cash dividend of 0.9515 CNY per 10 shares, totaling 304,099,952.35 CNY for the year 2023, with no stock bonus or capital reserve conversion[3]. - The total share capital as of the end of 2023 is 3,196,005,805 shares[3]. - The total cash dividend amount for the year was approximately ¥304.1 million, representing 30% of the net profit attributable to ordinary shareholders in the consolidated financial statements[143]. - The company has implemented a cash dividend policy, with a minimum cash dividend ratio of 30% of the average distributable profit over the last three years, contingent on profitability and positive retained earnings[140]. Audit and Compliance - The company has received a standard unqualified audit report from Da Xin Certified Public Accountants[2]. - There are no non-operating fund occupations by controlling shareholders or related parties reported[4]. - The company has not violated any decision-making procedures regarding external guarantees[4]. - The company maintained independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations throughout the reporting period[102]. - The company’s board of directors has established several specialized committees, including the audit committee, nomination committee, and strategic committee, to enhance governance[129]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, which investors should be aware of[5]. - The company faces risks related to water supply uncertainty and construction challenges for pumped storage projects[99]. Technology and Innovation - The company has made significant progress in technology development, with 21 technologies filling domestic gaps and eight achieving international leading or advanced levels[30]. - The company is focusing on technological innovation in the energy storage sector, having developed several key technologies[38]. - The company is actively researching sodium-ion batteries, flow batteries, and compressed air storage technologies, and has initiated planning for a compressed air storage power station[36]. Project Development - The company has secured approval for five new projects, increasing its total project reserve capacity to over 35 million kilowatts[25]. - The company completed the largest energy storage station in the Guangdong-Hong Kong-Macao Greater Bay Area with a capacity of 300MW/600MWh[25]. - As of the end of 2023, the company's pumped storage capacity reached 10.28 million kW, with 4 projects under construction totaling 4.8 million kW[36]. - The company approved 5 new pumped storage projects in 2023, adding a total capacity of 6 million kW, including projects in Guangdong and Guangxi[36]. Market and Customer Relations - The company's major customer, China Southern Power Grid, accounted for 95.29% of total sales, highlighting a significant reliance on a single customer[49]. - Revenue from the Guangdong region decreased by 2.07%, while the Yunnan region saw a drastic decline of 85.85% due to changes in business operations[45]. Environmental and Social Responsibility - The company invested ¥16,760.14 million in environmental protection during the reporting period[150]. - The company reduced carbon emissions by 7,174,787 tons through various carbon reduction measures[154]. - The company donated a total of ¥193.4 million to public welfare projects, benefiting 27,141 people[158]. Employee and Management - The company reported a total of 2,151 employees, with 675 in the parent company and 1,476 in major subsidiaries[135]. - The employee composition includes 803 production personnel, 738 technical personnel, and 364 administrative personnel[135]. - The company has established a performance-based compensation system, emphasizing merit and contribution in salary determination[137]. Future Outlook - The company plans to achieve a total installed capacity of approximately 16.71 million kW by the end of 2025, including 12.68 million kW of pumped storage and 2 million kW of new energy storage[96]. - By 2030, the company aims to have a pumped storage capacity of around 29 million kW and over 5 million kW of new energy storage, totaling approximately 36 million kW[96]. - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[113].

关于本报告 本报告是以完成资产重组上市的南方电网储能股份有限公司为报告主体发布的第 2 份环境、社会及治理报告， 报告本着客观全面、规范透明的原则，详细阐述 2023 年度公司环境、社会及治理工作的管理理念、亮点实践及 年度成效。 时间范围 本报告为年度报告，时间跨度为 2023 年 1 月 1 日至 2023 年 12 月 31 日，为增强报告可比性及前瞻性，部 分内容往前后年度适度延伸。 报告范围 本报告的组织范围为南方电网储能股份有限公司及其 附属公司，本报告中"南网储能""公司""企业""我 们"等称谓均为南方电网储能股份有限公司及其分子 公司。 编制依据 公司保证本报告内容不存在虚假记载、误导性陈 述或重大遗漏。 报告获取 报告发布纸质版和电子版，您可以登录南方电网 储能股份有限公司官网"投资者关系"专栏或上海 证券交易所网站下载报告电子版，也可以通过电话 （020-38128001）联系我们获取纸质版报告。 意见反馈 扫描二维码，请将您对 ESG 报告和 ESG 管理工作 的意见反馈给我们。 信息来源 本报告采用的数据来源于公司正式文件、统计报告 或有关公开资料，报告中财务数据以人民币为单 位，特 ...

南方电网储能股份有限公司 审 计 报 告 大信审字[2024]第 1-00968 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查理 报告编码:京24MLZP2RVW Room 2206 22/F.Xuevuan International To No.1 Zhichun Road,Haidian Dist. Beijing, China, 100083 审计报告 大信审字[2024]第 1-00968 号 南方电网储能股份有限公司全体股东: 一、审计意见 我们审计了南方电网储能股份有限公司(以下简称"贵公司")的财务报表,包括 2023 年 12月 31日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵公司 2023 年 12月 31日的合并及母公司财务状况以及 2 ...

证券代码：600995 证券简称：南网储能 编号：2024-15 电白抽蓄项目位于广东省茂名市电白区境内，规划总装机容量 120 万 kW，是国家能源局《抽水蓄能中长期发展规划（2021-2035 年）》 广东省"十四五"重点实施项目。电白抽蓄项目毗邻粤西海上风电聚 集区，建成投运后将进一步提升广东电网调节能力，促进粤西海上风 电等新能源消纳，保障电网安全稳定经济运行。 电白抽蓄项目已完成可行性研究，并取得《茂名市发展和改革局 关于广东电白抽水蓄能电站项目核准的批复》（茂发改核准〔2023〕 11 号）。 2024 年 3 月 29 日，公司第八届董事会第十五次会议审议通过了 《关于投资建设广东电白抽水蓄能电站项目的议案》。该事项尚需提 交公司股东大会审议。 投资建设电白抽蓄项目不属于关联交易，也不构成《上市公司重 大资产重组管理办法》规定的重大资产重组。 二、投资项目基本情况 南方电网储能股份有限公司 关于投资建设广东电白抽水蓄能电站的公告 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： 1 投资标的名称：广 ...

中国国际金融股份有限公司（以下简称"中金公司"、"独立财务顾问"）作 为南方电网储能股份有限公司（以下简称"南网储能"、"公司"）2022 年重大资 产置换及发行股份购买资产并募集配套资金暨关联交易的独立财务顾问，根据 《上市公司重大资产重组管理办法》《上市公司监管指引第 2 号-上市公司募集资 金管理和使用的监管要求》《上海证券交易所股票上市规则》及《上海证券交易 所上市公司自律监管指引第 1 号-规范运作》有关规定，对南网储能 2023 年年度 募集资金存放与使用情况等事项进行了审慎核查，并出具核查意见如下： 一、募集资金基本情况 （一）扣除发行费用后的实际募集资金金额、资金到账时间 根据中国证券监督管理委员会《关于核准云南文山电力股份有限公司向中国 南方电网有限责任公司发行股份购买资产并募集配套资金的批复》(证监许可 〔2022〕1902 号)，公司向特定投资者非公开发行 630,575,243 股人民币普通股（A 股），每股发行认购价格为人民币 12.69 元，发行募集资金总额为 8,001,999,833.67 元，扣除保荐承销费及其他发行费用人民币 52,515,054.05 元（不含税），实际募 ...

南方电网储能股份有限公司 2023 年度董事会审计委员会 履职情况报告 根据《上市公司治理准则》《上海证券交易所股票上市 规则》《南方电网储能股份有限公司章程》《南方电网储能 股份有限公司董事会审计委员会议事规则》等有关规定， 2023 年南方电网储能股份有限公司（以下简称"公司"）董 事会审计委员会以习近平新时代中国特色社会主义思想为指 导，本着勤勉尽责的原则，积极履行职责。现将 2023 年度履 职情况报告如下： 一、审计委员会基本情况 （五）2023 年第五次会议审议通过了《关于公司 2023 年 第三季度报告的议案》《关于使用部分暂时闲置募集资金进 行现金管理及以协定存款方式存放募集资金的议案》，会议 听取了公司 2023 年三季度内部审计工作汇报。 公司第八届董事会审计委员会由杨璐独立董事、胡继晔 独立董事、曹重董事组成，杨璐独立董事为会计专业人士并 担任审计委员会召集人。3 名董事均具备相关的专业知识和从 业经验，能够胜任审计委员会的工作。 二、审计委员会会议召开情况 2023 年，审计委员会召开会议 7 次，具体如下： （一）2023 年第一次会议审议通过了《关于公司 2022 年 年度报告及其 ...

证券代码：600995 证券简称：南网储能 编号：2024-17 南方电网储能股份有限公司 2023年部分经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》等有关规定，现将南方电网储能股份有限公司 2023 年部分 经营数据公告如下： 2024 年 3 月 30 日 | 类型 | | 装机容量（万千瓦） | | | 主营业务收入（万元） | | | --- | --- | --- | --- | --- | --- | --- | | | 2023 | 年 | 2022 年 | 2023 年 | 2022 年 | 同比变动 | | 抽水蓄能 | 1028 | | 1028 | 442,816.62 | 460,453.72 | -3.83% | | 调峰水电 | 203 | | 203 | 105,072.93 | 190,268.81 | -44.78% | | 新型储能 | 42.38 | | 11.1 | 9,328.67 | 3,142. ...

南方电网储能股份有限公司 涉及财务公司关联交易的存 款、贷款等金融业务的 专项说明 大信专审字[2024]第 1-01105 号 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 大信专审字[2024]第 1-01105 号 南方电网储能股份有限公司全体股东： 大信会计师事务所（特殊普通合伙） 涉及财务公司关联交易的存款、贷款等金融业务的 专项说明 我们接受委托，审计了南方电网储能股份有限公司（以下简称"贵公司"）的财务报表， 包括 2 ...