Investment Rating - The report maintains a "Recommended" rating for Datang Power Generation [2] Core Insights - The company's profitability has significantly improved, with a notable increase in net profit and cash flow, primarily due to a decrease in coal prices [5][6] - The company has substantial growth potential in installed capacity, with over 30% of its capacity under construction or approved, supporting long-term growth [5][6] Financial Forecast Summary - **Revenue Forecast**: Projected revenues for 2024 to 2027 are 123,473.63 million, 120,598.42 million, 124,721.10 million, and 127,416.75 million respectively, with a revenue growth rate of 0.86% in 2024, declining to -2.33% in 2025, and then recovering to 3.42% and 2.16% in 2026 and 2027 [5][7] - **Net Profit Forecast**: Expected net profits for the same period are 4,506.18 million, 5,184.03 million, 5,576.03 million, and 6,212.03 million, with a remarkable profit growth of 229.70% in 2024 [5][7] - **Profitability Ratios**: The gross margin is projected to improve from 14.87% in 2024 to 15.94% in 2027, while the net margin is expected to rise from 3.65% to 4.88% over the same period [5][7] - **Valuation Metrics**: The price-to-earnings (PE) ratio is forecasted to decrease from 11.70 in 2024 to 8.49 in 2027, indicating potential undervaluation as earnings grow [5][7] Segment Performance - **Coal and Hydropower Segments**: The coal segment's profit is expected to increase significantly due to lower coal prices, while the hydropower segment also shows growth, contributing to overall profitability [5][6] - **Installed Capacity**: As of the end of 2024, the company has an operational capacity of 79.11 GW, with 24.74 GW under construction or approved, indicating strong future growth potential [5][6]

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company's performance meets expectations, with a focus on the elasticity of coal prices [5] - The significant increase in net profit for 2024 is attributed to the decline in coal prices, with an estimated elasticity of approximately 20% for coal price changes [7] - The company plans to distribute a dividend of 0.0621 yuan per share, which accounts for 56% of the undistributed profits [7] Financial Performance Summary - For 2023, the company reported a revenue of 122.404 billion yuan, with a year-on-year growth of 4.77% [6] - The net profit attributable to shareholders for 2024 is projected at 45.06 billion yuan, representing a year-on-year increase of 230.09% [6] - The earnings per share (EPS) for 2024 is estimated at 0.24 yuan, with a projected price-to-earnings (P/E) ratio of 11.87 [6] - The company’s total assets are expected to reach 333.818 billion yuan by 2025, with a debt-to-asset ratio of 71.02% [3][8] Profitability and Growth - The company anticipates a net profit of 49.16 billion yuan in 2025, with a projected growth rate of 8.72% for the following years [7] - The gross profit margin is expected to improve to 17.08% by 2025 [8] - The company is focusing on expanding its clean energy capacity, with a target of 10GW of new installations during the current five-year plan [7] Market Position and Strategy - The company benefits from its coal-fired power generation, primarily located in northern coal-producing regions, which positions it well to capitalize on falling coal prices [7] - The company has a significant investment in nuclear power and coal mining, contributing stable cash flows and potential dividends for future projects [7] - The company is cautious in its project development, emphasizing quality over quantity in its expansion strategy [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [5][17]. Core Insights - In 2024, the company achieved a net profit attributable to shareholders of 4.506 billion yuan, representing a significant year-on-year increase of 229.70% [2][3]. - The company's operating revenue for 2024 was 123.474 billion yuan, a slight increase of 0.86% compared to the previous year [2][3]. - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.149 billion yuan, which is 25.5% of the net profit attributable to shareholders [3]. Financial Performance - The company's electricity generation increased by approximately 3.81% in 2024, while the average on-grid electricity price decreased by about 3.22% [3]. - The reduction in fuel costs contributed to a decrease of 4.119 billion yuan in electricity fuel expenses, enhancing profitability [3]. - The gross margin and net margin improved by 3.12 percentage points and 3.1 percentage points, respectively, indicating enhanced profitability [3]. Segment Performance - The coal power segment achieved a profit of 2.567 billion yuan in 2024, with a profit per kilowatt-hour of 0.0132 yuan, marking a turnaround from a loss in the previous year [4]. - Hydropower profitability increased by 0.0157 yuan per kilowatt-hour, while wind and solar power profitability experienced fluctuations [4]. - The company’s low-carbon clean energy capacity increased to 40.37%, with significant ongoing and approved projects in wind and solar energy [4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 4.582 billion yuan, 4.605 billion yuan, and 4.607 billion yuan, respectively, with corresponding P/E ratios of 11.8, 11.7, and 11.7 [5][6].

Investment Rating - The report maintains a rating of "Buy" for the company [4] Core Views - The company's 2024 annual report shows that it achieved operating revenue of 123.47 billion yuan, a year-on-year increase of 0.86%, and a net profit attributable to shareholders of 4.51 billion yuan, a significant year-on-year increase of 229.7% [1][8] - The improvement in profitability is attributed to the decline in fuel costs and increased hydropower generation, leading to a substantial recovery in thermal power profits [8] - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.15 billion yuan, with a dividend payout ratio of 38.13% [8] Financial Data and Valuation - The company forecasts total operating revenue for 2025 to be 130.02 billion yuan, with a year-on-year growth of 5% [3][11] - The net profit attributable to shareholders is projected to be 5.09 billion yuan in 2025, reflecting a year-on-year growth of 13% [9][11] - The company's average on-grid electricity price for the year was 451.4 yuan per megawatt-hour, a decrease of 3.22% year-on-year [8] - The company has a total market capitalization of 54 billion yuan and a circulating market capitalization of 36.2 billion yuan [4] Performance Metrics - The company achieved a gross profit margin of 14.87% in 2024, an increase of 3.12 percentage points year-on-year, and a net profit margin of 5.55%, up by 3.1 percentage points [8] - The return on equity (ROE) for the trailing twelve months (TTM) is 5.9% [4] - The company's debt-to-asset ratio stands at 71.0% [4] Growth and Investment Outlook - The company is actively pursuing a low-carbon transition, with significant wind and solar projects in progress, including 2.59 million kilowatts of new wind power and 1.70 million kilowatts of solar power added in 2024 [8] - The company expects continued growth in its renewable energy capacity, which is anticipated to contribute positively to future earnings [8]

Core Viewpoint - Datang Power's significant profit increase is attributed to cost control and a strategic shift towards green energy, with a net profit of approximately 4.506 billion yuan, marking a 229.7% year-on-year increase [1][2]. Financial Performance - In 2024, Datang Power reported an operating revenue of approximately 123.474 billion yuan, a year-on-year increase of 0.86% [2]. - The net profit attributable to shareholders reached approximately 4.506 billion yuan, reflecting a 229.7% increase compared to the previous year [2]. - The net profit excluding non-recurring gains and losses was approximately 4.504 billion yuan, showing a remarkable growth of 695.69% year-on-year [1][2]. Operational Highlights - Datang Power's total electricity generation reached approximately 2,693.22 billion kilowatt-hours, an increase of about 3.81% year-on-year [2]. - The electricity generation from coal-fired units was 1,944.63 billion kilowatt-hours, up 1.01% year-on-year [2]. - The company saw significant growth in renewable energy generation, with wind power up 23.05% and solar power up 44.12% year-on-year [2]. Green Transition Strategy - Datang Power is actively transitioning from traditional coal power to a diversified energy structure, focusing on wind and solar energy [1][3]. - In 2024, the company added 6,700.263 MW of new generating capacity, with 2,594.2 MW from wind projects and 1,704.823 MW from solar projects [1][3]. - The proportion of low-carbon clean energy installations increased to 40.37%, up 2.62 percentage points from the previous year [1][3]. Future Plans - The company plans to continue increasing investments in wind and solar energy, enhancing collaboration with local governments and partners to promote the development of the renewable energy sector [4]. - Datang Power has made significant advancements in renewable energy technology, implementing innovative systems in solar projects to improve economic and environmental benefits [4].

Financial Performance - The company's operating revenue for 2024 reached CNY 123,473,629 thousand, representing a 0.86% increase compared to CNY 122,426,600 thousand in 2023[20]. - Net profit attributable to shareholders for 2024 was CNY 4,506,183 thousand, a significant increase of 229.70% from CNY 1,366,761 thousand in 2023[20]. - The net cash flow from operating activities for 2024 was CNY 26,123,073 thousand, up 23.01% from CNY 21,236,372 thousand in 2023[21]. - The total assets of the company as of the end of 2024 were CNY 322,601,537 thousand, reflecting a 6.03% increase from CNY 304,242,001 thousand at the end of 2023[21]. - The basic earnings per share for 2024 was CNY 0.1629, a substantial increase from a loss of CNY 0.0153 in 2023, marking a 1,164.71% change[22]. - The weighted average return on equity for 2024 was 10.44%, an increase of 11.47 percentage points from -1.03% in 2023[22]. - The net profit attributable to shareholders of the listed company for the current period is 4,506,183 thousand RMB, compared to 1,366,761 thousand RMB in the previous period, reflecting a significant increase[24]. - The total net assets attributable to shareholders of the listed company at the end of the period are 76,560,601 thousand RMB, up from 73,688,800 thousand RMB at the beginning of the period[24]. Operational Highlights - The operating income for the first quarter is 30,737,100 thousand RMB, while the second quarter is 27,572,741 thousand RMB, the third quarter is 32,675,879 thousand RMB, and the fourth quarter is 32,487,909 thousand RMB[27]. - The cash flow generated from operating activities for the third quarter is 10,959,166 thousand RMB, indicating strong operational performance[27]. - The company achieved a historical high in operating profit, with a focus on profit maximization and cost control strategies[33]. - The company completed a total electricity generation of approximately 269.322 billion kilowatt-hours, a year-on-year increase of 3.79%[46]. - The company's total main business income is approximately RMB 121.80 billion, with electricity sales accounting for 88.34% of total revenue[54]. - The company produced 285.15 billion kWh of electricity, reflecting a production increase of 3.69% year-on-year[55]. Energy Capacity and Projects - The installed capacity of new energy projects increased by 6,700.263 MW, with wind power projects contributing 2,594.2 MW and solar projects 1,704.823 MW, raising the proportion of low-carbon clean energy installations to 40.37%[35]. - The company approved power projects totaling 14,744.9 MW, including 4,660 MW for coal-fired projects and 8,053.1 MW for solar projects[35]. - The total installed capacity of the company was approximately 79,111.227 megawatts, with a low-carbon clean energy capacity ratio of 40.37%, an increase of 2.62 percentage points from the end of last year[44]. - The company added 6,700.263 megawatts of new installed capacity during the reporting period, including 2,400 megawatts of coal-fired capacity and 2,594.2 megawatts of wind power[44]. Financial Management and Investments - The company’s financing capabilities were strengthened with a total issuance of medium-term notes and short-term financing bonds amounting to 16 billion yuan[45]. - Total R&D investment amounted to 2,435,987,000 CNY, which is 1.97% of operating revenue, with capitalized R&D accounting for 79.58% of the total[59]. - The company reported a year-on-year increase of 109.35% in photovoltaic power generation, reaching 115.887 million kWh[71]. - The company has invested a total of RMB 5,498,410,000 in significant non-equity investments, with a 44% stake in Fujian Ningde Nuclear Power Co., Ltd. and a 28% stake in Datang Tashan Coal Mine Co., Ltd.[85]. Governance and Compliance - The company has established a comprehensive internal control system, with no major deficiencies identified in financial reporting controls[102]. - The company maintains independence from its controlling shareholder, ensuring separate assets, personnel, and financial management[103]. - The company has made commitments to avoid competition with its controlling shareholder, with ongoing updates to these commitments[104]. - The board of directors held 13 meetings during the reporting period, ensuring compliance with regulations and timely disclosure of decisions[101]. Environmental Responsibility - The company has established an environmental protection mechanism in compliance with regulatory requirements[147]. - The company achieved emissions compliance across all its thermal power plants, meeting or exceeding national emission standards[155]. - The company has implemented a self-monitoring scheme for environmental compliance, regularly reporting to the national pollution permit management platform[158]. - The company has invested a total of 1,802.498 million yuan in poverty alleviation and rural revitalization projects during the reporting period[164]. Future Outlook - The company aims to enhance its core functions and competitiveness while focusing on high-quality development and operational efficiency in 2025[92]. - The company plans to promote the clean and efficient use of coal power and accelerate the development of renewable energy projects[93]. - The company expects continued growth in electricity sales due to increased grid electricity volume in 2024[54]. - The company is focusing on expanding its renewable energy capacity, particularly in solar and wind, to align with market trends and regulatory requirements[78].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔 任 何 責 任。 非執行董事 蔣 建 華、田 丹、馬 繼 憲、朱 梅、王 文 南、王 劍 峰、趙 獻 國、金 生 祥、孫 永 興 獨立非執行董事 牛 東 曉、宗 文 龍、趙 毅、朱 大 宏、尤 勇 00991 公司董事名單及其角色與職能 大 唐 國 際 發 電 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）成 員 載 列 如 下： 執行董事 李 凱（董 事 長） 本 公 司 董 事 會 下 設 四 個 專 門 委 員 會，各 董 事 會 成 員 在 該 等 委 員 會 中 的 職 務 載 列 如 下： （一）戰略發展與風險控制委員會 召 集 人： 李 凱 委 員： 朱大宏（獨立非執行董事）、田丹、馬繼憲、王劍峰、 孫 永 興、王 文 南 1 （二）審核委員會 召 集 人： 宗 文 龍（獨 立 非 執 行 董 事） 委 員： 牛東曉（獨立非執行董事） ...

大 唐 国 际 发 电 股 份 有 限 公 司 审计报告 天 职 业 字 [2025] 10751 号 录 审 计 报 告 l 2024 年度财务报表- -7 2024 年度财务报表附注- -13 您可使用手机"扫一扣"或近入"注册会计师行业统一流管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京253V 审计报告 天职业字[2025]10751 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 2024年 12 月 31 日的合并及公司资产负债表、2024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 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 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 ...

大 唐 国 际 发 电 股 份 有 限 公 司 内 部 控 制 审 计 报 告 天职业字[2025]10751-1 号 DHANG Particles 同時期 b 您可使用手机"扫一扫"或近入"注册会计师行业统一流管平台（http://ac.cnof.jpg.cn/ 您可使用手机"扫一扫"或近入"注册会计师行业统一监管平台（http:// acc.mo.jpg.vn.cn）" 班行查验。 【 内部控制审计报告 天职业字[2025]10751-1 号 大唐国际发电股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了大唐 国际发电股份有限公司（以下简称"大唐发电"）2024年 12 月 31 日的财务报告内部控制的有 效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》的 规定,建立健全和有效实施内部控制,并评价其有效性是大唐发电董事会的责任。 我们认为,大唐发电于 2024年 12月 31 日按照《企业内部控制基本规范》和相关规定在 所有重大方面保持了有效的财务报告内部控制。 中国注册会计师: 中国注册会 ...

大唐国际发电股份有限公司 2024 年度独立董事述职报告 牛东晓 作为大唐国际发电股份有限公司（"大唐国际"或"公司"）的独立董 事，本人能够严格按照《公司法》《证券法》《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》等法律法规、公司章程和大唐国际独立 董事工作制度的规定，忠实、勤勉、尽责地履行独立董事职责，客观、公 正、审慎地发表意见，维护公司整体利益和全体股东尤其是中小股东的合 法权益。现将本人 2024 年度履职情况报告如下： 一、个人基本情况 （一）个人履历及兼职情况 本人牛东晓，现年 62 岁，教授、博士生导师，技术经济及管理专业 博士。曾任华北电力大学基础科学系教授，华北电力大学经济与管理学院 教授、院长，获得长江学者特聘教授、新世纪百千万人才工程国家级人选、 中国科学技术协会决策咨询专家、国务院政府特殊津贴、中国能源经济学 会（IAEE）中国委员会常务理事、中国电机工程学会学术委员、中国优选 法统筹法与经济数学研究会统筹分会理事长等。现任华北电力大学经济与 管理学院教授，华北电力大学学术委员会副主任、中国绿色电力发展研究 （111）学科创新引智基地主任，中国技术经济学会副理事长，大唐 ...