Financial Performance - The company's operating revenue for the first three quarters of 2024 reached CNY 4.52 billion, an increase of 11.12% year-on-year[2] - Operating profit amounted to CNY 1.64 billion, reflecting a year-on-year increase of 32.34%[2] - Total profit for the period was CNY 1.64 billion, up 32.24% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 1.05 billion, representing a year-on-year growth of 27.62%[2] - Basic earnings per share increased to CNY 0.33, a rise of 26.92% year-on-year[2] - The weighted average return on equity improved to 4.92%, an increase of 0.88 percentage points[2] Assets and Equity - Total assets as of September 30, 2024, were CNY 48.70 billion, up 9.47% from the beginning of the year[2] - Net assets attributable to shareholders increased to CNY 21.61 billion, a growth of 3.72%[2] Performance Drivers - The increase in performance was primarily driven by higher water inflow and increased power generation from the peak-shaving hydropower plant[4] Financial Data Disclaimer - Investors are advised to note that the financial data presented are preliminary and unaudited, and may differ from the final figures disclosed in the third-quarter report[5]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to benefit from the recovery of hydropower generation and the growth of new energy storage projects, with projected revenues of 6.06 billion, 7.39 billion, and 9.01 billion yuan for 2024 to 2026, respectively [7] - The company has significant long-term growth potential in its pumped storage and new energy storage sectors, with plans to expand its installed capacity significantly by 2035 [3][7] Financial Summary - In 2024, the company is projected to achieve a revenue of 6.06 billion yuan, a year-on-year increase of 7.7%, and a net profit of 1.25 billion yuan, reflecting a growth of 23.1% [1][7] - The company's operating income for the first half of 2024 was 2.911 billion yuan, a decrease of 1.76% year-on-year, with a net profit of 626 million yuan, down 9.58% [2] - The company’s total installed capacity for pumped storage is currently 10.28 million kilowatts, with plans to reach approximately 29 million kilowatts by 2030 and 44 million kilowatts by 2035 [3] Business Performance - The revenue from pumped storage, peak-shaving hydropower, and new energy storage for the first half of 2024 was 2.043 billion, 715 million, and 138 million yuan, respectively, with year-on-year changes of -5.48%, +11.65%, and +231.64% [2] - The company has ongoing projects with a total planned capacity of 2.75 million kilowatts, indicating a robust pipeline for future growth [3] Market Position - The company is positioned as the only independent operator of pumped storage and grid-side energy storage under the Southern Power Grid, which provides a competitive advantage in the market [7]

根据相关政府部门工作安排，南方电网储能股份有限公司（以下 简称"公司"）所属梅州抽水蓄能电站（一期）（以下简称"梅蓄一 期电站"，装机容量 120 万千瓦）经不结算试运行后，自 2024 年 10 月 1 日起，按照《广东省抽水蓄能参与电力市场交易细则（试行）》 （广东交易〔2024〕156 号）开展交易、出清、考核和结算。梅蓄一 期电站容量电费维持现行机制不变。 证券代码：600995 证券简称： 南网储能 编号：2024-46 南方电网储能股份有限公司 关于梅蓄一期电站进入电力现货市场交易的公告 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。 南方电网储能股份有限公司董事会 2024 年 9 月 30 日 1 梅蓄一期电站参与电力现货市场交易，电量电费收入不确定性增 加。由于抽水蓄能电站电量电费收入占比较小，公司结合此前不结算 试运行情况，初步分析认为，抽水蓄能电站进入电力现货市场并参与 结算对公司利润影响较小，具体影响以实际运行结果为准。敬请广大 投资者注意投资风险。 ...

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 | （请文字说明其他活动内容） | | 参与单位名称 | 不特定对象（投资者网上提问） | | | 时间 | 2024 年 9 月 9 | 日（星期一）下午 15:00-16:00 | | 地点 | 形式召开业绩说明会 | 公司通过上证路演、全景路演平台采用视频录播 + 网络文字互动 | | 上市公司接待人 员姓名 | 会秘书钟林 | 董事长刘国刚，独立董事杨璐，副总经理、总会计师高磊，董事 | | | 2024 ...

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 ...