上 市 公 司 公用事业 2024年04月01日 大唐发电 (601991) 公 司 研 究 ——煤电成本改善修复盈利，降息周期助力能源转型 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 事件：公司发布2023年年报，2023年实现营收1224亿元，同比增长4.77%；归母净 利润13.65亿元，去年同期亏损4.08亿元，业绩扭亏为盈。但扣除永续债利息后基本每 股收益-0.0154元，仍低于我们的预期，主要系四季度计提资产减值及光伏电价下降。 证 市场数据： 2024年03月29日 券 收盘价（元） 2.93 ⚫ 火电成本端改善明显，带动业绩扭亏。2023 年公司实现上网电量 2594 亿度，同比增长 研 一年内最高/最低（元） 3.72/2.19 5.06%，较上年同期增加125亿度。其中火电上网电量同比增加123.8亿度。电价方面， 究 市净率 0.7 2023年公司平均含税上网电价0.4664元/度，同比小幅增长1.22%。成本方面，火电发 报 息率（分红/股价） - 告 流通A股市值（百万元） 36321 电单位燃料成本同比下降27.21元/兆瓦时，电力销售总成本达到9 ...

Investment Rating - The report assigns a "Buy" rating to Datang Power (601991 SH) for the first time [1] Core Views - Datang Power achieved a turnaround in 2023 with revenue of 122 404 billion yuan, up 4 77% YoY, and net profit attributable to shareholders of 1 365 billion yuan, compared to a loss of 410 million yuan in 2022 [1] - Q4 2023 saw revenue of 31 785 billion yuan, up 7 46% YoY, but a net loss of 1 470 billion yuan due to asset impairment losses of 1 356 billion yuan [1] - Coal power segment still has room for recovery, with coal power fuel costs decreasing by 27 21 yuan/MWh YoY [1] - New energy projects under construction and approved reached 12 8GW, with a strong project pipeline [1] Business Performance - In 2023, coal power, gas power, wind power, solar power, and hydro power segments reported profits of -133 million yuan, 392 million yuan, 2 556 billion yuan, 480 million yuan, and 1 383 billion yuan respectively [1] - Electricity sales reached 259 4 billion kWh, up 5 06% YoY, with thermal power, wind power, hydro power, and solar power sales growing by 6 21%, 16 53%, -10 30%, and 60 79% respectively [1] - Average on-grid tariff increased by 5 62 yuan/MWh to 466 41 yuan/MWh [1] Financial Projections - Revenue is expected to grow to 1 240 341 billion yuan in 2024, 1 269 916 billion yuan in 2025, and 1 304 175 billion yuan in 2026 [2] - Net profit attributable to shareholders is projected to reach 4 111 billion yuan in 2024, 5 064 billion yuan in 2025, and 6 010 billion yuan in 2026 [2] - ROE is forecasted to improve from 1 85% in 2023 to 5 28% in 2024, 6 14% in 2025, and 6 86% in 2026 [2] Valuation Metrics - P/E ratio is expected to decline from -185 71 in 2023 to 12 88 in 2024, 10 45 in 2025, and 8 81 in 2026 [2] - P/B ratio is projected to decrease from 0 72 in 2023 to 0 68 in 2024, 0 64 in 2025, and 0 60 in 2026 [2]

2024 年 03 月 27 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 煤电大幅减亏，减值影响全年业绩 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn ——大唐发电（ ） 年年报点评 601991 2023 最近一年走势 事件 : 2024年3月22日，大唐发电发布2023年年报： 1）2023年实现收入1224亿元，同比+4.8%；实现归母净利润13.7亿 元，上年同期亏损4.1亿元；实现扣非后归母净利润5.6亿元，上年同期 亏损14.8亿元。 2）2023Q4实现收入317.9亿元，同比+7.5%；实现归母净利润-14.7亿 元，上年同期为-11.7亿元；实现扣非后归母净利润-16.3亿元，上年同 期为-17.7亿元。 相对沪深300表现 2024/03/26 表现 1M 3M 12M 投资要点 : 大唐发电 13.0% 20.2% -6.8% 沪深300 2.6% 6.6% -12.0%  煤电大幅减亏，减值+所得税费用变化影响2023Q4业绩。2023年 公司实现归母净利润13.7亿元，同比扭亏为盈，主要是因为煤电业 市场数据 ...

华福证券 火力发电 2024年03月26日 公 司 大唐发电（ ） 601991.SH 买入（维持评级） 研 究 当前价格： 2.78元 24 年煤电板块有望扭亏为盈，业绩持续修复奠定 目标价格： 3.63元 分红预期 基本数据 总股本/流通股本(百万股) 18,506.71/12,396.09 流通A股市值(百万元) 34,461.13 投资要点： 每股净资产(元) 1.48 资产负债率(%) 70.90  事件：公司发布 2023年年报，2023年实现营收1224.04亿元，同比 一年内最高/最低价(元) 3.72/2.19 +4.77%；归母净利润13.65亿元，同比+434.81%。分季度看，2023Q4单季 一年内股价相对走势 营收317.85亿元，同比+7.46%；归母净利润-14.70亿元，同比-25.20%。 公  23年归母净利润同比高增435%，公司积极分红回报投资者。23年公 司 财 司上网电量2594.26亿千瓦时（同比+5.06%），同时含税上网电价466.41 报 元/兆瓦时（同比+1.22%）。受益于量价齐升，23年收入1224.04亿元（同 点 比+4.77%）。23年火电 ...

[Table_Header] 公司点评●电力 2024年 3月 26日 [Table_Title] [Table_StockCode] 煤电盈利仍有提升空间，装机结构持续 大唐发电(601991) 优化 [Table_InvestRank] 推荐 (维持) --大唐发电 2023 年报点评 核心观点： 分析师 [Table事_S件um：m公a司ry]发 布 2023年年报，全年实现营收 1224.04亿元，同比增长 4.77%； [陶Ta贻b功le_ Authors] 实现归母净利 13.65 亿元（扣非 5.64 亿元），较 2022 年归母净利-4.08 亿元 ：010-80927673 （扣非-14.80亿元）实现扭亏为盈。23Q4单季度实现营收 317.85亿元，同比 ：taoyigong_yj@chinastock.com.cn 增加 7.46%；实现归母净利润-14.70 亿元（扣非-16.25 亿元）。利润分配方案 分析师登记编码：S0130522030001 为每 10股派发现金红利 0.075元（含税）。 ⚫ 煤电大幅减亏，新能源盈利稳健增长。 梁悠南 分板块来看，全年煤电亏损 1.33 ...

股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[大ITnaf 唐bol]e 发_Ti电tle]( 601991) [评Tab级le_：Inv est] 谨慎增持 上次评级：谨 慎增持 减值等拖累业绩，分红价值有望释放 目标价格： 3.24 上次预测： 3.28 公 大唐发电 2023年年报点评 当前价格： 2.83 司 于鸿光(分析师) 汪玥(研究助理) 孙辉贤(研究助理) 2024.03.25 更 021-38031730 021-38031030 021-38038670 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas wangyue028681@gtjas.com sunhuixian026739@gtjas.com 证书编号 .Sc0o8m8 0522020001 S0880123070143 S0880122070052 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 2.2 53 2- ,3 3. 76 49 报 告 本报告导读： 总股本/流通A股（百万股） 18,507/12,396 流通 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 122,404,466 thousand, representing a 4.77% increase compared to CNY 116,828,044 thousand in 2022[13]. - The net profit attributable to shareholders for 2023 was CNY 1,365,125 thousand, a significant recovery from a loss of CNY 407,727 thousand in 2022, marking a 434.81% increase[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 564,468 thousand, compared to a loss of CNY 1,479,764 thousand in the previous year, reflecting a 138.15% improvement[13]. - Basic earnings per share for 2023 was -0.0154 CNY, an improvement of 84.04% compared to -0.0965 CNY in 2022[16]. - The weighted average return on equity increased by 5.19 percentage points to -1.04% in 2023 from -6.23% in 2022[16]. - The net profit attributable to shareholders under Chinese accounting standards for the current period was 1,365,125 thousand CNY, compared to a loss of 407,727 thousand CNY in the previous period[17]. - The company achieved a turnaround in profitability, moving from a loss to a profit for the year, driven by strategies focused on coal price reduction, electricity volume increase, and cost control[25]. Cash Flow and Assets - The net cash flow from operating activities for 2023 was CNY 21,213,682 thousand, up 3.67% from CNY 20,463,660 thousand in 2022[15]. - The total assets of the company at the end of 2023 were CNY 303,998,918 thousand, a slight decrease of 0.37% from CNY 305,132,264 thousand at the end of 2022[15]. - The net assets attributable to shareholders increased to CNY 73,594,084 thousand, representing a 17.55% increase from CNY 62,609,195 thousand in 2022[15]. - The cash flow generated from operating activities in Q3 2023 was 10,118,846 thousand CNY, reflecting strong operational performance[20]. - The company reported a decrease in non-current asset disposal gains to 431,236 thousand CNY in 2023 from 686,282 thousand CNY in 2022[21]. Dividends and Shareholder Returns - The company plans to distribute cash dividends amounting to CNY 138,800 thousand for the 2023 fiscal year[4]. - The cash dividend amount for the year is 138,800,000 RMB, with a per-share dividend of 0.075 RMB[106]. - The company has a cash dividend policy that stipulates a distribution of 50% of the net profit as cash dividends[104]. Operational Efficiency and Management - The company is focused on enhancing management efficiency and accelerating green development transformation to achieve high-quality growth[24]. - The company is implementing a two-part electricity pricing policy for coal power starting January 1, 2024, to adapt to new operational models[27]. - The company is committed to accelerating the development of new energy and clean coal power, with a focus on green transformation and resource utilization[70]. - The company is actively pursuing market expansion, with new projects in Hebei and Heilongjiang contributing 1,350 MW and 1,900 MW respectively[53]. Environmental and Sustainability Initiatives - The company has committed to environmental responsibility, with no ecological incidents reported during the reporting period[130]. - The company has implemented carbon reduction measures, including the use of low-carbon technologies in production and the development of new products aimed at reducing carbon emissions[131]. - The company has invested in enhancing its environmental technology and equipment to improve pollution control measures[124]. - The company has established a comprehensive support system for poverty alleviation, focusing on 64 key projects across 39 targeted villages in 11 provinces[135]. Governance and Compliance - The company has strengthened its internal control system, with no significant deficiencies identified in financial reporting or internal controls as of the evaluation date[73]. - The company has established a modern governance structure, continuously improving its governance capabilities since its inception[73]. - The company has conducted risk assessments and internal control evaluations as part of its daily management practices[73]. - The company has maintained independence from its controlling shareholder, ensuring separate assets, personnel, and financial management[74]. Future Outlook and Strategic Plans - The company anticipates a 6% growth in national electricity consumption in 2024, reaching approximately 9.8 trillion kilowatt-hours[67]. - The company expects the total installed power generation capacity to reach 3.25 billion kilowatts in 2024, with non-fossil energy sources accounting for 57% of the total[67]. - The company aims to develop renewable energy and achieve carbon peak and carbon neutrality goals, enhancing its competitive edge in the energy sector[69]. - The company plans to continue investing in renewable energy technologies to enhance its sustainability efforts[55]. Financial Strategies and Debt Management - The company has a total of 158,235 thousand RMB in guarantees provided to subsidiaries during the reporting period[152]. - The company has a total of 937,864 thousand RMB in overdue amounts for entrusted loans[154]. - The company has a plan for future entrusted loans, indicating ongoing financial strategies[156]. - The company has a credit limit of RMB 27 billion from China Datang Group Financial Company, with an actual utilization of RMB 9.887 billion[150]. Emissions and Environmental Compliance - The company reported a total sulfur dioxide emission of 778.535 tons, with a concentration of 13.7 mg/Nm3, meeting the emission standards[113]. - The company has achieved compliance with emission standards across multiple facilities, indicating effective environmental management practices[119]. - The company has implemented environmental monitoring plans and regularly reports to the national pollution permit management information platform[127]. - The company reported a total of 1,513.65 tons of sulfur dioxide emissions from the Jilin Power Plant, with a concentration of 94.92 mg/Nm3, significantly exceeding the limit of 200 mg/Nm3[123].

大 唐 国 际 发 电 股 份 有 限 公 司 审计报告 天 职 业 字 [2024] 18329 号 m 录 审计报告 -- -1 2023 年度财务报表 --- -7 2023 年度财务报表附注 -- -13 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://ac.net/.gov.cn）"进行企 、 审计报告 天职业字[2024]18329 号 大唐国际发电股份有限公司全体股东: 一、审计意见 我们审计了后附的大唐国际发电股份有限公司(以下简称"大唐发电")财务报表，包括 2023 年 12 月 31 日的合并及公司资产负债表、2023 年度的合并及公司利润表、合并及公司现 金流量表、合并及公司所有者权益变动表，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，公允反映了大 唐发电 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的 ...

根据上海证券交易所《上海证券交易所上市公司自律监管指引第 5 号 ——交易与关联交易》的要求，公司查验了中国大唐集团财务有限公司（以 下简称"财务公司"）的《金融许可证》、《企业法人营业执照》等，取 得并审阅了财务公司包括资产负债表、利润表、现金流量表等在内的定期 财务报告，对财务公司的经营资质、业务与风险状况进行了评估，具体情 况报告如下： 一、财务公司基本情况 大唐国际发电股份有限公司 关于中国大唐集团财务有限公司风险持续评估报告 财务公司根据深银监复〔2004〕250 号《关于中国大唐集团重组深圳 经济特区经济发展财务公司有关问题的批复》、中国银行业监督管理委员 会银监复〔2005〕95 号《中国银行业监督管理委员会关于大唐集团财务有 限公司业务范围及变更营业场所的批复》，于 2005 年 5 月 10 日正式成立， 2005 年 8 月正式开业。财务公司是由中国大唐集团有限公司控股的系统内 第一家非银行金融机构，注册资本金 65 亿元人民币（含 750 万美元）。财 务公司的基本情况如下： 统一社会信用代码：911100001921956572 金融许可证机构编码：L0200H211000001 法定 ...

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 年第一次临时股东大会 之 法律意见书 京都津师事务所 King & Capital Law Firm 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、于亚敏律师(简称"本所律师")出席公 司 2024 年第一次临时股东大会(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。 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 1 关于大唐国际发电股份有限公司 2024年第一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 年第一次临时股东大会之 法律意见书 京都 20231412 号-内核文件 06 致:大唐国际发电股份有限公司 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 ...