北京浩天律师事务所（以下简称"本所"）受南方电网储能股份有限公司（以下简 称"南网储能"或"公司"）委托，指派律师出席南网储能 2024 年第三次临时股东大会（以 下简称"本次股东大会"或"本次会议"），并就本次股东大会的召集、召开程序、 召集人和出席会议人员资格、表决程序、表决结果的有效性及合法性等事项发表法律 意见。 本所依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则（2022 年修订）》 （以下简称"《股东大会规则》"）、《中国证券登记结算有限责任公司上市公司股东 大会网络投票业务实施细则》《上海证券交易所上市公司自律监管指引第 1 号—规范 运作》及中华人民共和国其他相关法律、法规、规章及规范性文件（以下简称"中国法 律"）以及南网储能《公司章程》之规定，出具本法律意见书。 北京浩天律师事务所 关于南方电网储能股份有限公司 2024 年第三次临时股东大会之法律意见书 致：南方电网储能股份有限公司 9、本次股东大会其他会议文件。 本所律师得到如下保证：公司已提供本所律师认为出具本法律意见书所必需的材 料，所提供的原始材 ...

证券代码：600995 证券简称：南网储能 编号：2024-57 南方电网储能股份有限公司 2024 年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：关于《公司 2024 年半年度利润分配方案》的议案 审议结果：通过 表决情况： | 1、出席会议的股东和代理人人数 | 414 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,413,140,550 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 75.5048 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由公司董事长刘国刚主持，会议采取现场投票与网络投票相结合的方式 进行表决，会议召开及表决的方式符合《公司法》和《公司章程》等有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][15]. Core Views - The company experienced a significant increase in net profit due to improved water inflow and rapid development of new energy storage business, with a year-on-year growth of 27.6% in net profit for the first three quarters of 2024 [1][5]. - Revenue for the first three quarters of 2024 reached 4.519 billion yuan, a year-on-year increase of 11.12%, driven by increased hydropower generation and the commissioning of the Foshan Baotang energy storage station [1][5]. - The new energy storage business saw a remarkable growth of 209.53% year-on-year, attributed to the operational capacity increase to 423,800 kW [2][14]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a net profit attributable to shareholders of 1.045 billion yuan, up 27.62% year-on-year, with a non-recurring net profit of 1.058 billion yuan, reflecting a 29.23% increase [1][5]. - The third quarter alone saw a net profit of 419 million yuan, a quarter-on-quarter increase of 22.88% and a year-on-year increase of 231.49% [1][5]. Revenue Breakdown - The revenue from pumped storage business was 3.084 billion yuan, a slight decline of 0.39% year-on-year due to policy-related revenue reductions [2][14]. - The revenue from peak regulation hydropower business increased by 37.56% year-on-year to 1.199 billion yuan, driven by improved water inflow and a total generation of 6.21 billion kWh, up 43.85% year-on-year [2][14]. - The new energy storage business generated 209 million yuan, marking a 209.53% increase year-on-year due to the commissioning of the Foshan Baotang energy storage station [2][14]. Future Outlook - The company has initiated its first independent participation in the electricity market with its Meizhou pumped storage power station, which is expected to enhance profitability as market reforms progress [2][14]. - The company plans to increase its pumped storage capacity significantly, with projections to reach 2.9 million kW by 2030 and 4.4 million kW by 2035 [14]. Valuation Metrics - The report projects net profits for 2024-2026 at 1.312 billion, 1.629 billion, and 2.007 billion yuan respectively, with corresponding year-on-year growth rates of 29.4%, 24.2%, and 23.2% [4][15]. - The current price-to-earnings (PE) ratios are projected at 36, 21, and 17 for the years 2024, 2025, and 2026 respectively [4][15].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5][8]. Core Views - The company has demonstrated significant growth in Q3 2024, with a revenue increase of 33.3% year-on-year, reaching 1.61 billion yuan, and a remarkable net profit growth of 231%, amounting to 420 million yuan [2][5]. - The increase in performance is attributed to a substantial rise in water inflow for peak regulation hydropower plants, leading to a 130.7% increase in power generation [2][5]. - The company is actively expanding its capacity with 10.8 million kilowatts of pumped storage projects under construction, indicating strong long-term growth potential [2][5]. Summary by Sections Financial Performance - In Q3 2024, the company's net profit margin improved to 31.2%, an increase of 18.1 percentage points year-on-year, primarily due to the surge in peak regulation hydropower performance [2][5]. - The gross profit margin also increased by 13.5 percentage points to 52.9% [2][5]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 5.955 billion yuan, 6.731 billion yuan, and 8.049 billion yuan, respectively, with growth rates of 6%, 13%, and 20% [6][8]. - The expected net profits for the same years are 1.192 billion yuan, 1.365 billion yuan, and 1.688 billion yuan, reflecting year-on-year growth rates of 18%, 15%, and 24% [6][8]. Market Position - The company's stock is currently priced at 11.38 yuan, with a market capitalization of approximately 36.37 billion yuan [2][5]. - The company has a total share capital of 319.6 million shares [1].

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 | | ...

证券代码：600995 证券简称：南网储能 编号：2024-56 南方电网储能股份有限公司 关于控股股东全资子公司增持公司股份计划 实施期限届满暨增持计划实施结果的公告 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： 三、增持计划的实施结果 自 2023 年 10 月 31 日至 2024 年 10 月 30 日期间，南网资本通过 集中竞价交易方式累计增持公司 A 股股份 22,158,807 股，占公司总 股本的 0.69%，对应增持金额 209,998,598.17 元（不含交易费用）， 本次增持计划已实施完毕。 本次增持计划实施完毕后，公司控股股东南方电网公司及其一致 行动人云南电网公司、南网资本分别持有公司 2,086,904,162 股、 2 146,719,000 股和22,158,807 股股份，占公司已发行总股份的 70.58%。 1 增持计划：自2023年10月31日起12个月内，南方电网储能股份有 限公司（以下简称"公司"）控股股东中国南方电网有限责任公 司（以下简称"南方电网公司"）拟通过 ...

| | 造天律师事务所 I HYLANDS LAW FIRM 北京浩天律师事务所 关于 南方电网储能股份有限公司 北京浩天律师事务所(以下简称"本所")接受南方电网储能股份有限公司(以 下简称"公司"或"南网储能")的委托,根据《中华人民共和国公司法》《中华人 民共和国证券法》(以下简称"《证券法》")、《上市公司收购管理办法》(以 下简称"《收购管理办法》")、《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 8号—股份变动管理》（以下简称"《监管指引 8号》")等中国法律、法规及规范性文件(以下简称"中国法律")的有关规 定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神,就公司控股股东 中国南方电网有限责任公司(以下简称"南方电网")之一致行动人南方电网资 本控股有限公司(以下简称"南网资本")增持公司股份事项(以下简称"本次 增持"）出具专项核查意见(以下简称"本专项核查意见"）。 控股股东之一致行动人增持公司股份 之 专项核查意见 二零二四年十月 HYLANDS LAW FIRM 北京浩天律师事务所 关于南方电网储能股份有限公司 控股股东之一致行动人增持公司股份 之专项核查 ...

南方电网储能股份有限公司 2024 年第三次临时股东大会 2024 年 11 月 15 日 证券简称：南网储能 证券代码：600995 南方电网储能股份有限公司 2024 年第三次临时股东大会会议材料 南方电网储能股份有限公司 2024 年 11 月 15 日 南方电网储能股份有限公司 2024 年第三次临时股东大会 2024 年 11 月 15 日 1 目 录 | 一、2024 | 年第三次临时股东大会会议议程 | 1 | | --- | --- | --- | | 二、2024 | 年第三次临时股东大会注意事项 | 2 | | | 三、议案材料 | 4 | | 关于《公司 | 2024 年半年度利润分配方案》的议案 4 | | 南方电网储能股份有限公司 2024 年第三次临时股东大会 2024 年 11 月 15 日 南方电网储能股份有限公司 2024 年第三次临时股东大会会议议程 | 时间 | 内容 一、主持人宣布会议开始、介绍会议出席情况 | 主持人 | | --- | --- | --- | | | 二、审议会议议案 关于《公司 2024 年半年度利润分配方案》的议案 三、公司股东及股东代表发言，公 ...

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 2024 | 年三季度业绩交流会 | | | | 国信证券股份有限公司、北京鸿道投资管理有限责任公司、深圳 | | 参与单位名称 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][14]. Core Insights - The company achieved a revenue of 4.519 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 11.1%, and a net profit attributable to shareholders of 1.045 billion yuan, up 27.6% year-on-year. In Q3 alone, revenue reached 1.608 billion yuan, a 33.3% increase, with net profit soaring by 231.5% to 419 million yuan [1][2]. - The significant increase in water inflow has led to a substantial rise in power generation from peak-shaving hydropower, with generation volumes for the Tian Sheng Qiao and Lu Bu Ge power plants increasing by 44.1% and 58.6% respectively [2]. - The new energy storage business, bolstered by the launch of the Foshan Bao Tang energy storage station, generated 210 million yuan in revenue, marking a dramatic increase of 209.5% year-on-year [2]. Financial Performance Summary - The company reported a total revenue of 8.261 billion yuan in 2022, which decreased to 5.630 billion yuan in 2023, but is projected to recover to 6.265 billion yuan in 2024, with further growth expected in subsequent years [5][8]. - The net profit attributable to shareholders is forecasted to grow from 1.287 billion yuan in 2024 to 1.953 billion yuan by 2026, reflecting a compound annual growth rate [5][9]. - The company's EBITDA is expected to increase from 4.161 billion yuan in 2024 to 5.400 billion yuan in 2026, indicating improving operational efficiency [5][9]. Market Participation and Future Outlook - The company is expanding its pumped storage capacity, with a total installed capacity of 10.28 million kilowatts and additional projects under construction that will add another 10.8 million kilowatts [3][4]. - The implementation of a market trading mechanism for pumped storage in Guangdong province is expected to enhance profitability through participation in the electricity spot market [4]. - The company anticipates net profits of 1.29 billion yuan in 2024, 1.65 billion yuan in 2025, and 1.95 billion yuan in 2026, with corresponding price-to-earnings ratios of 25.7, 20, and 17 times respectively [4][5].