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大唐国际发电股份有限公司 关于超短期融资券发行的公告 证券代码：601991 证券简称：大唐发电 公告编号：2024-054 大唐国际发电股份有限公司 2024 年 11 月 18 日 共 1 页 第 1 页 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。 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 11 月 18 日完成了"大唐国际发电股份有限公司 2024 年度 第五期超短期融资券"（"本期超短期融资券"）的发行。本期超短期融资券的 发行额为人民币 30 亿元，期限为 88 天，单位面值为人民币 100 元，票面利率为 1.91% ...

证券代码：601991 证券简称：大唐发电 公告编号：2024-053 大唐国际发电股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 11 月 18 日(星期一)至 11 月 22 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 或 通 过 公 司 邮 箱 dtpower@dtpower.com 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。 大唐国际发电股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于2024年11月25日下午15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 202 ...

Summary of Conference Call Company Overview - The company discussed is Dazhuang Power, which was listed on the Hong Kong and London Stock Exchanges in 1997, being the first Chinese enterprise to be listed in these markets simultaneously [2] - As of September 2024, the company's total asset scale is 313.3 billion yuan, with a total installed capacity of 75.41 million kilowatts [2] Key Financial Metrics - For the first three quarters of 2024, the company achieved operating revenue of 90.986 billion yuan, a year-on-year increase of 0.4% [3] - The average on-grid electricity price was 449.60 yuan per megawatt-hour, down 4% year-on-year [2] - The coal-fired power segment turned profitable with earnings of 2.63 billion yuan, a significant increase of 2.375 billion yuan year-on-year [3] - The company’s asset-liability ratio decreased by 1.27 percentage points from the beginning of the year to 69.63% [3] Installed Capacity and Projects - The company has 95 power projects approved in the first three quarters, with a total capacity of 8.17 million kilowatts [4] - New installed capacity in the first three quarters was 2.12 million kilowatts, increasing the total installed capacity to 29.23 million kilowatts, representing 38.80% of the total [4] Market Dynamics - The company noted that the coal price for coal-fired power plants decreased by 80.78 yuan per ton, a drop of 8.45% year-on-year [3] - The company is actively pursuing new energy projects, aiming for a 50% clean energy share by the end of the 14th Five-Year Plan [4][5] Profitability by Segment - Profitability by segment for the first three quarters of 2024: - Coal-fired power: 2.63 billion yuan, loss margin at 45% - Gas-fired power: 366 million yuan, loss margin at 14.29% - Hydropower: 1.924 billion yuan, loss margin at 15.38% - Wind power: 1.416 billion yuan, loss margin at 11.54% - Photovoltaic: 674 million yuan, loss margin at 6.06% [21] Future Outlook - The company is optimistic about maintaining electricity prices through negotiations with local governments [11] - The company is exploring acquisitions in the renewable energy sector to meet its clean energy goals [13] - The coal supply and price outlook for 2025 is expected to remain stable without significant upward pressure [10][24] Additional Insights - The company is focusing on enhancing operational efficiency and reducing costs across various segments [7][8] - The average utilization hours for different power sources were reported as follows: - Coal-fired: 3,482 hours, up 61 hours year-on-year - Gas-fired: 2,387 hours, up 2 hours year-on-year - Hydropower: 2,808 hours, up 420 hours year-on-year [16] Conclusion - The conference highlighted the company's strategic focus on expanding its renewable energy portfolio while managing costs and improving profitability in its traditional coal-fired segment. The company aims to achieve a balanced energy mix and maintain competitive pricing in the evolving energy market.

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15][19] Core Views - The company has shown a slight increase in coal power generation and a significant growth in net profit for the first three quarters of 2024, with operating revenue reaching 90.986 billion yuan (+0.40%) and net profit attributable to shareholders reaching 4.429 billion yuan (+56.22%) [1][5] - The increase in net profit is attributed to effective quality improvement measures and cost control in fuel supply, leading to a favorable operational situation [1][5] - The company is actively promoting the construction of thermal and renewable energy projects, which is expected to further enhance its performance [2][12] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 90.986 billion yuan, with a slight increase of 0.40% year-on-year. The net profit attributable to shareholders was 4.429 billion yuan, reflecting a significant increase of 56.22% [1][5] - The average on-grid electricity price was 449.6 yuan/MWh, down by 3.98%, while the on-grid electricity volume was 202.119 billion kWh, up by 4.10% [1][5] - The company’s net profit growth is primarily due to the implementation of efficiency improvement measures and the favorable operational environment [1][5] Segment Performance Summary - In Q3 2024, the company’s coal power generation was 55.814 billion kWh (+1.54%), gas power generation was 6.321 billion kWh (+12.81%), while hydro power generation slightly decreased by 0.10% to 12.423 billion kWh. Wind power generation increased by 23.10% to 3.408 billion kWh, and solar power generation surged by 47.43% to 1.755 billion kWh [2][6] - The company’s investment cash flow has significantly increased, indicating accelerated project implementation in both thermal and renewable energy sectors [12][14] Profitability and Valuation - The company’s gross margin for the first three quarters of 2024 was 14.65%, an increase of 3.89 percentage points year-on-year, mainly due to a decrease in coal prices [12] - The net profit margin increased by 2.55 percentage points to 7.07% compared to the same period in 2023 [12] - The company is projected to achieve net profits of 5.03 billion yuan, 5.62 billion yuan, and 6.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.27, 0.30, and 0.33 yuan [15][17]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase relative to the market benchmark index over the next six months [14]. Core Insights - The company reported a 56.22% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, with total revenue reaching 909.86 billion yuan, a slight increase of 0.40% [1][2]. - The average on-grid electricity price decreased by approximately 3.98% to 449.6 yuan per megawatt-hour, while the on-grid electricity volume increased by about 4.10% to approximately 202.12 billion kilowatt-hours [2]. - The company has shown improvements in gross margin and net margin, which increased by 3.89 percentage points and 2.55 percentage points, respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 909.86 billion yuan and a net profit of 44.29 billion yuan [1]. - The third quarter of 2024 saw a revenue of 326.76 billion yuan, with a net profit of 13.21 billion yuan, reflecting a year-on-year growth of 0.80% and 0.24%, respectively [1][2]. - The company’s coal power generation increased by 1.54% in the third quarter, while hydropower output slightly decreased by 0.1% [3]. - Wind and solar power generation saw significant growth, with increases of 20.81% and 48.04%, respectively, in the first three quarters of 2024 [3]. Earnings Forecast and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be 40.18 billion yuan, 50.33 billion yuan, and 58.62 billion yuan, respectively, with corresponding price-to-earnings ratios of 13.4, 10.7, and 9.2 [4]. - The projected revenue for 2024 is 127.27 billion yuan, with a growth rate of 4% [10]. Key Financial Ratios - The company’s gross margin and net margin for 2023 were reported at 11.7% and 2.5%, respectively [9]. - The debt-to-asset ratio stands at 69.63%, indicating a relatively high level of leverage [5]. Market Position and Strategy - The company is actively responding to the green transition by enhancing its renewable energy output and has successfully completed a clean coal power project that integrates solar energy [3]. - The company’s strategic focus on improving operational efficiency and reducing fuel costs has contributed to its strong financial performance [2].

证券代码：601991 证券简称：大唐发电 公告编号：2024-052 大唐国际发电股份有限公司 关于超短期融资券发行的公告 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。 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 10 月 30 日完成了"大唐国际发电股份有限公司 2024 年度 第四期超短期融资券"（"本期超短期融资券"）的发行。本期超短期融资券的 发行额为人民币 15 亿元，期限为 30 天，单位面值为人民币 100 元，票面利率为 1.93%。 本期超短期融资券由兴业银行股份有限公司作为主承销商及簿记管理人，募 集资金全部用 ...

证券代码：601991 证券简称：大唐发电 公告编号：2024-051 大唐国际发电股份有限公司 日常关联交易公告 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。 重要内容提示： 1.大唐国际发电股份有限公司（"本公司"或"公司"）于2024年10月29日与 中国大唐集团有限公司（"大唐集团"）签署《中国大唐集团有限公司与大唐国际 发电股份有限公司综合产品和服务框架协议》（"框架协议"或"协议"），协议有 效期自2025年1月1日至2027年12月31日止。大唐集团于协议有效期内向本公司及 子公司提供产品及服务（包括生产、基建物资采购及相关配套服务，煤炭供应， 技术改造、运行管理及检修维护，技术监控及技术服务，基建工程总承包，电量 （含水、汽等资源）销售及服务，替代发电，烟气环保设施特许经营，科技项目 研发，信息化系统开发，物业管理及其他后勤服务），本公司于协议有效期内向 大唐集团及子公司提供产品及服务（包括煤炭供应及煤炭运输，电量（含水、汽 等资源）销售及服务，替代发电，运行管理及检修维护，烟气环保设施特许经 ...