特别提示 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个别及连带责任。 大唐国际发电股份有限公司("公司")于 2023 年 12 月 21 日召开的 2023 年 第四次临时股东大会通过决议，同意公司 2024 年开展境内外权益融资及债务融 资合计不超过人民币 800 亿元。 证券代码：601991 证券简称：大唐发电 公告编号：2024-045 特此公告。 大唐国际发电股份有限公司 关于绿色中期票据发行的公告 2023 年 6 月 7 日，公司收到中国银行间市场交易商协会的《接受注册通知 书》（中市协注[2023]DFI31 号），接受公司债务融资工具注册，注册额度自通 知书落款之日起 2 年内有效。 公司已于 2024 年 9 月 4 日完成了"大唐国际发电股份有限公司 2024 年第一 期绿色中期票据（碳中和债）"（"本期绿色中期票据"）的发行。本期绿色中 期票据的发行额为人民币 15 亿元，期限为 3 年，单位面值为人民币 100 元，票 面利率为 2.11%。 本期绿色中期票据由中国邮政储蓄银行股份有限公司作为主承销商及簿 ...

Investment Rating - The report maintains a "Buy" investment rating for Datang Power (601991.SH) [1] Core Views - The company reported significant growth in performance, with a revenue of 58.31 billion yuan in the first half of 2024, a year-on-year increase of 0.19%. The net profit attributable to shareholders reached 3.11 billion yuan, up 104.85% year-on-year, and the basic earnings per share increased by 212.06% to 0.1242 yuan [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved an operating income of approximately 58.31 billion yuan, an increase of 1.08 billion yuan year-on-year. The net profit was about 4.287 billion yuan, up 23.82 billion yuan year-on-year. The net profit attributable to the parent company was approximately 3.108 billion yuan, an increase of 1.591 billion yuan year-on-year [2] - The profit from coal-fired power generation (including thermal) was 1.51 billion yuan, a year-on-year increase of 288.13%. Hydropower profit totaled 1.03 billion yuan, up 1033.02% year-on-year [2] Energy Generation and Pricing - The average on-grid electricity price was 462.74 yuan per megawatt-hour (including tax), a decrease of about 4.70% year-on-year. The total on-grid electricity generated was approximately 1,223.973 billion kilowatt-hours, an increase of about 4.43% year-on-year [2] - The company has an installed capacity of 73,734.862 megawatts, with coal-fired power accounting for 45,124 megawatts and hydropower approximately 9,204.73 megawatts [2] Clean Energy Transition - In the first half of 2024, the company added 973.898 megawatts of clean energy capacity, with wind power accounting for 564.32 megawatts and solar power 408.338 megawatts. The proportion of low-carbon clean energy capacity increased to 38.80%, up 1.05 percentage points from the end of last year [3] - The company has 122 approved power projects with a total capacity of 4,714.985 megawatts, including 1,109.3 megawatts for wind power and 3,605.685 megawatts for solar power [3] Investment Outlook - The company is expected to see high growth potential due to the synergy between coal-fired and renewable energy development. Revenue forecasts for 2024 to 2026 are 128.168 billion yuan, 133.033 billion yuan, and 139.145 billion yuan, with net profits of 4.006 billion yuan, 4.449 billion yuan, and 5.708 billion yuan respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company's revenue slightly increased while net profit saw a significant rise, with a net profit of 3.108 billion yuan (+104.85%) in 2024H1, driven by lower coal prices and favorable water conditions for hydropower [1][6]. - The coal and hydropower segments experienced substantial profit growth, while the wind power segment's profits declined [1][6]. - The company has a robust pipeline of approved and ongoing projects, indicating potential for sustained future growth [1][10]. Summary by Relevant Sections Financial Performance - In 2024H1, the company achieved operating revenue of 58.31 billion yuan (+0.19%) and a net profit of 3.108 billion yuan (+104.85%), with a non-recurring net profit of 3.119 billion yuan (+145.43%) [1][6]. - The second quarter saw revenues of 27.573 billion yuan (-8.65%) and a net profit of 1.777 billion yuan (+28.71%) [1][6]. - The total profit from the coal power segment was 1.510 billion yuan (+288.13%), while the hydropower segment saw a profit of 1.032 billion yuan (+1033.02%) [1][6]. Project Development - The company approved 122 power projects with a total capacity of 4.715 million kilowatts in 2024H1, including 1.1093 million kilowatts for wind power and 3.6057 million kilowatts for solar power [10][11]. - There are 80 ongoing projects with a total capacity of 11.8692 million kilowatts, indicating a strong project pipeline for future revenue generation [10][11]. Profitability Metrics - The gross margin improved to 15.43%, an increase of 6.26 percentage points, attributed to lower coal prices and increased hydropower generation [8]. - The net profit margin rose to 7.35%, up 4.08 percentage points from the previous year [8][9]. - Return on equity (ROE) increased to 8.05%, reflecting improved profitability [9]. Future Outlook - The company forecasts net profits of 5.03 billion yuan, 5.62 billion yuan, and 6.18 billion yuan for 2024, 2025, and 2026, respectively, with expected growth rates of 268.1%, 11.9%, and 9.9% [11][12]. - The current stock price suggests a potential upside of 10%-20% compared to the estimated fair value of 2.99-3.26 yuan per share [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance in Q2 2024 improved significantly, with a year-on-year increase of 98% [3] - The company reported a total revenue of 583.1 billion yuan for H1 2024, a slight increase of 0.2% year-on-year, and a net profit attributable to shareholders of 31.1 billion yuan, up 104.85% year-on-year [2] - The recovery in hydropower and thermal power performance, along with increased investment income, contributed to the improved results [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 275.7 billion yuan, down 8.6% year-on-year, with a net profit of 17.8 billion yuan, an increase of 28.7% year-on-year [2] - The company's coal power profit totaled 15.1 billion yuan in H1 2024, recovering from a loss of 8.0 billion yuan in H1 2023, primarily due to a decrease in fuel prices [3] - Hydropower profits surged to 10.3 billion yuan in H1 2024 from 0.9 billion yuan in H1 2023, driven by improved water inflow [3] Investment and Growth - The company recorded investment income of 13.2 billion yuan in Q2 2024, a year-on-year increase of 63% [3] - The total installed capacity for wind and solar power increased by 0.97 GW in H1 2024, with wind power profits totaling 11.3 billion yuan, down 23% year-on-year [4] - The company expects further performance recovery in the second half of 2024 due to favorable hydrological conditions [5] Valuation and Forecast - The revenue forecasts for 2024-2026 are 1233 billion yuan, 1247 billion yuan, and 1252 billion yuan, respectively, with net profits of 50.5 billion yuan, 55.6 billion yuan, and 61.2 billion yuan [5] - The corresponding price-to-earnings ratios (PE) are projected to be 10, 9, and 8 times for the respective years [5]

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 [7][16]. Core Views - The company reported a significant improvement in profitability, with a 105% year-on-year increase in net profit for H1 2024, reaching 3.108 billion yuan [1]. - The share of low-carbon clean energy installations increased to 38.8%, with substantial growth in hydropower and renewable energy generation [2]. - The coal machinery segment turned profitable, while hydropower profits saw a significant increase due to improved water conditions [3]. - Investment income contributed positively to the overall performance, with 1.35 billion yuan in investment gains, primarily from coal and nuclear power investments [4]. - Future profit forecasts for 2024-2026 are projected at 4.4 billion, 5.5 billion, and 6.3 billion yuan, respectively, with corresponding P/E ratios of 12, 9, and 8 [5]. Financial Summary - For H1 2024, the company achieved revenue of 58.31 billion yuan, a slight increase of 0.19% year-on-year, while net profit surged by 104.85% [1]. - The clean energy segment added approximately 974 megawatts of new capacity, with hydropower and renewable energy contributing significantly to the total electricity generation of 122.397 billion kilowatt-hours, up 4.43% year-on-year [2]. - The coal machinery segment reported a total profit of 1.51 billion yuan, while the hydropower segment's profit reached 1.032 billion yuan, reflecting a strong recovery [3]. - The company’s financial outlook shows a steady increase in revenue and net profit over the next few years, with a projected revenue of 123.4 billion yuan in 2024 [6].

华福证券 大唐发电（601991.SH） 煤机扭亏为盈水电强势修复，投资净收益增厚 Q2 收益 投资要点： 事件：公司发布了 2024 年上半年报告，1H2024 公司实现营业收入 583.10 亿元，同比增长 0.19%；归属于母公司股东的净利润 31.08 亿元，同 比增长 104.85%。分季度看，2Q2024 单季度营业收入 275.73 亿元，同比下 降 8.56%；归属于母公司股东的净利润 17.77 亿元，同比增长 28.71%。 上半年归母净利润同比增幅超一倍，单 2Q 同比环比增幅明显。 1H2024，公司上网电量 1223.97 亿千瓦时（同比+4.43%），同时含税上网 电价 462.74 元/兆瓦时（同比-4.70%）。量增价减，上半年公司营业收入同 比微增 0.19%。一方面，受益于上半年煤价同比下降，公司燃料成本减少； 另一方面，上半年公司财务费用压降 3.35 亿元，公司归母净利润实现同比 增长 104.85%。分季度看，2Q24 归母净利润 17.77 亿元，同比+28.71%， 环比+33.44%。二季度，公司计提在建工程减值、固定资产减值、信用减值 事项，合计计提资产减值约 ...

公司代码：601991 公司简称：大唐发电 2024 年半年度报告 大唐国际发电股份有限公司 2024 年半年度报告 1 / 207 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准 确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 一、 未出席董事情况 | --- | --- | --- | --- | |----------------|----------------|----------------------|--------------| | | | | | | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | 董事 | 王剑峰 | 公务原因 | 赵献国 | | 董事 | 金生祥 | 公务原因 | 孙永兴 | 二、 本半年度报告未经审计。 三、 公司负责人李凯、主管会计工作负责人孙延文及会计机构负责人（会计主管人员）王湉 侃声明：保证半年度报告中财务报告的真实、准确、完整。 四、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期内未有经董事会审议 ...

证券代码：601991 证券简称：大唐发电 公告编号：2024-042 大唐国际发电股份有限公司 监事会决议公告 特别提示 本公司监事会及全体监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个别及连带责任。 大唐国际发电股份有限公司（"大唐国际"或"公司"）第十一届十五次监 事会于 2024 年 8 月 22 日（星期四）在公司本部召开。会议通知已于 2024 年 8 月 9 日以书面形式发出。会议应到监事 4 名，实到监事 4 名。会议的召开符合《中 华人民共和国公司法》和《大唐国际发电股份有限公司章程》（"《公司章程》"） 的规定，会议合法有效。会议审议并一致通过如下决议： 一、审议通过《关于选举监事会主席的议案》 表决结果：同意 4 票，反对 0 票，弃权 0 票 同意严习正先生担任公司第十一届监事会主席。其任期自监事会批准之日起 至第十一届监事会任期届满之日（2025 年 6 月 28 日）止。 3.未发现参与半年度报告编制和审议的人员有违反保密规定的行为。 4.同意公司发布 2024 年半年度报告、半年度报告摘要及业绩公告。 三、审议通过《关于公 ...

关于召开 2024 年半年度业绩说明会的公告 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个别及连带责任。 重要内容提示： 证券代码：601991 证券简称：大唐发电 公告编号：2024-044 大唐国际发电股份有限公司 大唐国际发电股份有限公司（以下简称"公司"）将于 2024 年 8 月 22 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 8 月 29 日(星期四)上午 10 点至 11 点举行 2024 年半年度业绩说明会电话会议，就投资者关心的问题进行交流。 一、说明会内容 本次投资者说明会以电话会议形式召开，公司将针对 2024 年半年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间 2024 年 8 月 29 日(星期四)上午 10 点至 11 点 三、公司参加人员 董事长：李凯先生 董事会秘书、总会计师：孙延文先生 独立董事：宗文龙先生 ...

北京市京都律师事务所 关于大唐国际发电股份有限公司 2024 年第二次临时股东大会 之 京都津师事务所 King & Capital Law Firm 电话: 010-5817 3701 传真: 010-8525 1268 地址：北京市朝阳区景华南街 5 号远洋光华国际 C 座 22-23 层 关于大唐国际发电股份有限公司 2024年第二次临时股东大会之法律意见书 北京市京都律师事务所 关于大唐国际发电股份有限公司 2024 年第二次临时股东大会之 法律意见书 京都 20241827 号-内核文件 02 致:大唐国际发电股份有限公司 法律意见书 北京市京都律师事务所(简称"本所")接受大唐国际发电股份有限公司(简称 "公司")委托,指派樊利涛律师、王颖律师(简称"本所律师")出席公司 2024 年第二次临时股东大会(简称"本次股东大会"),并对本次股东大会的合法性进行 见证及出具本法律意见。 本法律意见书系根据现行《中华人民共和国公司法》(简称"《公司法》")、 《中华人民共和国证券法》(简称"《证券法》")《上市公司股东大会规则》(简 称"《股东大会规则》")等有关法律、法规和规范性文件以及《大唐国际发电股 ...