上 市 公 司 公用事业 2024 年04月 30 日 大唐发电 (601991) 公 司 研 究 ——电量高增业绩超预期 成本回落释放高业绩弹性 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2024年一季报。1Q24公司实现营业收入307.37亿元，同比上升9.58%，归属于 上市公司股东的净利润13.31亿元，同比增长872.26%；基本每股收益为0.0505元/股，同比上升 证 市场数据： 2024年04月29日 517.44%；归属于上市公司股东的所有者权益为781.78亿元，同比上升6.23%，业绩表现超出我们 券 收盘价（元） 3.02 的预期。 研 一年内最高/最低（元） 3.72/2.19 究 市净率 0.7  火电上网电量高增，成本回落业绩大幅增长。1Q24 公司实现上网电量 598.62 亿度，同比上升约 报 息率（分红/股价） - 12.82%。其中火电方面，煤机上网电量为459.34亿度，同比上升10.69%；燃机上网电量为49.78 告 流通A股市值（百万元） 37436 上证指数/深证成指 3113.04/9673.76 亿度，同比 ...

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 30,737,100, representing a year-on-year increase of 9.58%[8] - Net profit attributable to shareholders was CNY 1,331,460, showing a significant increase of 872.26% compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,327,011, reflecting a remarkable increase of 2,691.83% year-on-year[8] - Basic earnings per share were CNY 0.0505, up by 517.44% year-on-year[8] - In Q1 2024, the company reported a net profit of 1,736,254 thousand RMB, a significant increase from 4,986 thousand RMB in Q1 2023, representing a growth of approximately 34,800%[46] - Operating profit for Q1 2024 was 2,114,062 thousand RMB, compared to 186,281 thousand RMB in Q1 2023, indicating a year-over-year increase of about 1,033%[46] - Total comprehensive income for Q1 2024 reached 1,736,373 thousand RMB, up from 197,108 thousand RMB in Q1 2023, marking an increase of approximately 779%[50] - Basic and diluted earnings per share for Q1 2024 were both 0.0505 RMB, compared to -0.0121 RMB in Q1 2023, reflecting a turnaround in profitability[50] Cash Flow - The net cash flow from operating activities amounted to CNY 6,164,230, which is an increase of 75.65% compared to the previous year[8] - Cash inflows from operating activities in Q1 2024 amounted to 33,861,219 thousand RMB, an increase from 31,190,096 thousand RMB in Q1 2023, representing a growth of about 8.6%[54] - Cash outflows from operating activities were 27,696,989 thousand RMB in Q1 2024, slightly up from 27,680,669 thousand RMB in Q1 2023, indicating a marginal increase of 0.06%[56] - The net cash flow from operating activities for Q1 2024 was 6,164,230 thousand RMB, compared to 3,509,427 thousand RMB in Q1 2023, showing an increase of approximately 76%[56] - Cash inflows from investment activities of 372,312 thousand RMB in Q1 2024, compared to 116,298 thousand RMB in Q1 2023, representing a significant increase of about 220%[58] - Cash outflows from investment activities totaled 3,531,944 thousand RMB in Q1 2024, compared to 3,026,901 thousand RMB in Q1 2023, reflecting an increase of approximately 16.7%[58] - The net cash flow from investment activities was -3,159,632 thousand RMB in Q1 2024, compared to -2,910,603 thousand RMB in Q1 2023, indicating a deeper cash outflow by about 8.6%[58] - Cash inflow from financing activities totaled $23,576,990 in Q1 2024, compared to $32,305,505 in Q1 2023, representing a decrease of approximately 27%[60] - Cash outflow from financing activities amounted to $24,626,998 in Q1 2024, down from $33,706,671 in Q1 2023, indicating a reduction of about 27%[60] - The net cash flow from financing activities was -$1,050,008 in Q1 2024, an improvement from -$1,401,166 in Q1 2023[60] Assets and Liabilities - Total assets at the end of the reporting period were CNY 306,198,184, a slight increase of 0.72% from the end of the previous year[9] - Shareholders' equity at the end of the reporting period was CNY 78,177,540, reflecting a growth of 6.23% compared to the previous year[9] - The total liabilities as of March 31, 2024, were CNY 212,645,767, a decrease from CNY 215,532,968 as of December 31, 2023[39] - Current liabilities totaled CNY 88,646,545 as of March 31, 2024, down from CNY 91,230,324 at the end of 2023, representing a decline of 2.9%[37] - Non-current liabilities were CNY 123,999,222 as of March 31, 2024, compared to CNY 124,302,644 at the end of 2023, showing a slight decrease of 0.2%[39] - The total equity attributable to shareholders increased to CNY 78,177,540 as of March 31, 2024, from CNY 73,594,084 at the end of 2023, reflecting a growth of 6.5%[41] Shareholder Information - The number of shares held by the largest shareholder, China Datang Corporation, is 6,540,706,520, representing 35.34% of the total shares[30] - The total shares held by the top ten shareholders account for approximately 53.09% of the company's total issued shares[30] - The company has a significant amount of pledged shares, with HKSCC Nominees Limited holding 3,275,623,820 shares, approximately 17.70% of the total share capital[30] - The company’s financial subsidiary holds 8,238,600 A shares as of March 31, 2024[31] Operational Costs and Expenses - Total operating costs for Q1 2024 were CNY 28,798,467, slightly up from CNY 28,451,565 in Q1 2023, reflecting a year-over-year increase of 1.2%[44] - The company's financial expenses in Q1 2024 amounted to CNY 1,360,363, down from CNY 1,518,860 in Q1 2023, indicating a decrease of 10.4%[44] - Research and development expenses decreased to CNY 546 in Q1 2024 from CNY 1,183 in Q1 2023, a reduction of 53.8%[44] Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[44]

Financial Performance - The operating revenue for the year 2023 was RMB 122.40 billion, reflecting a growth from RMB 116.83 billion in 2022[11]. - The pre-tax profit for 2023 was RMB 5.70 billion, compared to a pre-tax loss of RMB 11.08 billion in 2021[11]. - The company’s profit attributable to ordinary shareholders for 2023 was a loss of RMB 212 million, a significant improvement from a loss of RMB 10.54 billion in 2021[11]. - The total profit before tax for the group was approximately RMB 5.70 billion, representing a growth of about 7,307.79% year-on-year, with net profit attributable to equity holders of the company at approximately RMB 1.44 billion, recovering from a net loss of RMB 0.33 billion in 2022[30]. - The company achieved an operating revenue of approximately RMB 122.40 billion, an increase of about 4.77% compared to the previous year, primarily driven by a 5.30% growth in the electricity and heat sales segment[29]. - The company reported a significant increase in revenue, achieving a total of 30 billion RMB for the fiscal year, representing a year-over-year growth of 15%[61]. - The company provided guidance for the next fiscal year, projecting a revenue increase of 10% to 33 billion RMB[63]. Asset and Liability Management - As of December 31, 2023, the total assets of Datang International Power Generation Co., Ltd. amounted to approximately RMB 304.04 billion, with a total installed capacity of 73,290.96 MW[10]. - Total assets as of December 31, 2023, amounted to RMB 304,039 million, a slight decrease from RMB 305,185 million in 2022[20]. - Total liabilities decreased to RMB 215,601 million in 2023 from RMB 228,860 million in 2022, indicating improved financial stability[20]. - The net debt-to-equity ratio was approximately 183.25% as of December 31, 2023, indicating a focus on managing financial leverage[33]. - The group’s net financial expenses were approximately RMB 5.77 billion, a decrease of about 14.07% year-on-year, mainly due to a reduction in debt financing scale and controlled financing costs[29]. Capacity and Generation - The company achieved a total power generation of approximately 274.96 billion kWh in 2023, with a completed grid-connected power generation of about 259.43 billion kWh[11]. - The company added a total of 4,799.2 MW of new installed capacity in 2023, including 577 MW from thermal power, 2,047.5 MW from wind power, and 1,604.7 MW from photovoltaic power[10]. - The installed capacity of low-carbon clean energy reached 37.75% of the total capacity, an increase of 4.65 percentage points compared to the end of the previous year[10]. - The company added 4.8 million kilowatts of new installed capacity in 2023, with 3.65 million kilowatts from new energy sources[22]. - The company added a total generating capacity of 4,799.2 MW in 2023, with a low-carbon clean energy installed capacity ratio increasing to 37.75%[28]. Strategic Initiatives and Goals - The company is committed to achieving its "dual carbon" goals, focusing on green and low-carbon transformation as its development direction[10]. - The company is committed to enhancing its green transformation capabilities, including the development of energy storage and hydrogen energy projects[23]. - The company plans to deepen its focus on new energy and clean coal power industries, aiming for green transformation and sustainable development[37]. - The company is actively pursuing strategic opportunities to accelerate structural adjustments and green transformation, focusing on developing wind, solar, and hydropower projects during the 14th Five-Year Plan[75]. - The company aims to upgrade and transform thermal power generation, reducing carbon emissions and eliminating outdated capacity through technological innovation[75]. Governance and Compliance - The company has maintained compliance with corporate governance codes and has not faced any significant regulatory penalties[80]. - The board of directors consists of 15 members, including 5 independent non-executive directors, ensuring a diverse and professional background[88]. - The company has established a governance structure to ensure compliance with legal regulations and internal control systems[129]. - The company has established a mechanism to review the effectiveness of its governance practices annually[89]. - The company confirmed that all directors and supervisors complied with the standard code of conduct for securities trading during the year[103]. Human Resources and Training - The group’s employee count stood at 29,077, with a focus on performance-based compensation linked to economic efficiency and labor productivity[34]. - The company has implemented a comprehensive annual training plan, focusing on developing management, technical, and skilled personnel[42]. - The company is actively promoting a multi-channel career development system for employees, enhancing motivation and accelerating talent development[43]. - The workforce consists of 29,077 employees, with 82.9% being male and 17.1% female, indicating a significant gender disparity[39]. Environmental and Social Responsibility - The company maintained a commitment to environmental sustainability by implementing relevant laws and regulations, including the Environmental Protection Law of the People's Republic of China[155]. - The company made charitable donations totaling approximately RMB 8.4362 million during the year[163]. - The company has established a customer satisfaction management system to enhance customer relationships and satisfaction[160]. Investor Relations - The company emphasizes integrity and communication as core principles in its investor relations strategy[74]. - The company has established a dedicated team for investor relations management, ensuring effective communication with shareholders and investors[74]. - A total of 191 investors and analysts were engaged through various communication channels, including earnings briefings and conference calls, during the reporting period[74]. Capital Operations and Financing - The company raised RMB 29.862 billion through debt financing and RMB 21 billion through equity financing in 2023[85]. - The company issued medium-term notes with a total financing amount of RMB 15 billion at a coupon rate of 3.06% on November 29, 2023, for repaying interest-bearing debts and supplementing working capital[176]. - The company issued medium-term notes with a total financing amount of RMB 20 billion at a coupon rate of 3.09% on October 16, 2023, for repaying interest-bearing debts and supplementing working capital[176]. Related Party Transactions - The company engaged in related party transactions with China Datang Group, with a total transaction amount of RMB 1.1 billion for the year 2023[178]. - The maximum annual limit for coal supply transactions was RMB 485 million, with actual transactions amounting to RMB 173.71 million[180]. - The company has ongoing related party transactions that help reduce operational risks and costs, enhancing efficiency[180].

E 大 唐 国 际 发 电 股 份 有 限 公 司 datang International power generation co., ltd. 股份代號: 00991 綠色低碳 高質發展 armm 00000 // 2023 年度報告 00 000000 000000 0 l l l = n 中国大型 THE des t 3 8 12 HARRESS p ed SS to with the t n a 1-40 ter n and SHH n (1) the first 3 目錄 | --- | --- | --- | --- | |------------------|-------|--------------------------|---------| | | | | | | | | | | | 公司基本情況 | 2-4 | | | | 公司歷程 | 5 | | | | 項目分佈圖 | 6-7 | | | | 財務摘要 | 8 | | | | 董事長致辭 | 9-11 | | | | 管理層討論與分析 | 12-18 | | | | 人力資源概況 | 19-37 | | | | | | | | | ...

增資協議 2024年4月26日，本公司與大唐集團及大唐核電公司簽署了增資協議，據此，本公司 及大唐集團同意以現金增加大唐核電公司的註冊資本。其中，根據彼等各自於大唐核 電公司的持股比例，本公司同意向大唐核電公司增資人民幣34,000.00萬元，大唐集團 同意向大唐核電公司增資人民幣51,000.00萬元。本次增資完成後，本公司向大唐核電 公司的出資額累計為人民幣126,901.23萬元，總持股比例仍為40%；大唐集團向大唐核 電公司的出資額累計為人民幣190,351.84萬元，總持股比例仍為60%。 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。 00991 公告 關連交易 增資協議 根據上市規則第14.22條及第14A.81條，增資協議項下擬進行之交易與過往交易應合併 計算，並視作一項交易處理。 由於增資協議項下擬進行之交易（與過往交易合併時）的最高適用百分比率（定義見上 市規則第14.07條）高於0.1%但低於5%，故增資協議項下擬進行之交易須遵 ...

证券代码：601991 证券简称：大唐发电 公告编号：2024-020 大唐国际发电股份有限公司 董事会决议公告 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（"大唐国际"或"公司"）第十一届二十七次 董事会于 2024 年 4 月 26 日（星期五）在公司本部召开。会议通知已于 2024 年 4 月 12 日以书面形式发出。会议应到董事 15 名，实到董事 15 名。会议的召开 符合《中华人民共和国公司法》（"《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。公司 4 名监事列席了 本次会议。根据《公司章程》规定，会议由董事长王顺启先生主持。经出席会议 的董事表决，会议审议并一致通过如下决议： 一、审议通过《关于2024年第一季度报告的议案》 表决结果：同意 15 票，反对 0 票，弃权 0 票 1.同意发布公司 2024 年第一季度报告。 2.本议案在提交董事会审议前已经董事会审核委员会审议通过。 二、审议通过《关于调整公司董事的议案》 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 30,737,100, representing a year-on-year increase of 9.58%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 1,331,460, showing a significant increase of 872.26% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,327,011, reflecting a remarkable increase of 2,691.83% year-on-year[4] - The net cash flow from operating activities for Q1 2024 was CNY 6,164,230, which is an increase of 75.65% compared to the previous year[4] - The basic earnings per share for Q1 2024 was CNY 0.0505, marking an increase of 517.44% year-on-year[4] - Total operating costs for Q1 2024 were CNY 28,798,467, an increase from CNY 28,451,565 in Q1 2023[19] - Net profit for Q1 2024 reached CNY 1,736,254, significantly up from CNY 4,986 in Q1 2023[19] - Operating profit for Q1 2024 was CNY 2,114,062, compared to CNY 186,281 in the same period last year[19] - Revenue from sales of goods and services in Q1 2024 was CNY 32,782,684, up from CNY 30,045,358 in Q1 2023[20] - Total comprehensive income for Q1 2024 was CNY 1,736,373, compared to CNY 197,108 in Q1 2023[20] Assets and Liabilities - Total assets at the end of Q1 2024 were CNY 306,198,184, a slight increase of 0.72% from the end of the previous year[5] - The equity attributable to shareholders at the end of Q1 2024 was CNY 78,177,540, which increased by 6.23% compared to the end of the previous year[5] - The company's total assets as of March 31, 2024, amount to RMB 306,198,184,000, compared to RMB 303,998,918,000 as of December 31, 2023[18] - The company's total liabilities as of March 31, 2024, are RMB 212,645,767,000, compared to RMB 215,532,968,000 as of December 31, 2023[18] - The non-current liabilities total RMB 123,999,222,000 as of March 31, 2024, slightly down from RMB 124,302,644,000 at the end of 2023[18] - The company's inventory as of March 31, 2024, is RMB 3,758,884,000, compared to RMB 3,634,605,000 as of March 31, 2023[16] - The company reported accounts receivable of RMB 19,920,324,000 as of March 31, 2024, compared to RMB 19,619,049,000 a year earlier[16] - The company's total equity attributable to shareholders as of March 31, 2024, is RMB 78,177,540,000, an increase from RMB 73,594,084,000 as of December 31, 2023[18] Cash Flow and Liquidity - The company's cash and cash equivalents increased to RMB 10,924,596,000 from RMB 9,016,673,000 year-over-year[16] - Cash and cash equivalents at the end of Q1 2024 totaled CNY 10,421,211, an increase from CNY 8,724,970 at the end of Q1 2023[22] - The company reported a net increase in customer deposits and interbank placements, contributing to liquidity[21] Government Support and Investments - The company received government subsidies amounting to CNY 79,010, primarily related to energy-saving renovation projects[6] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 180,995[9] - As of March 31, 2024, China Datang Group and its subsidiaries hold a total of 9,824,568,940 shares, accounting for approximately 53.09% of the company's total issued shares[13] Accounting and Reporting - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[23] - The financial report is presented by Wang Shunqi, with accounting responsibilities held by Sun Yanwen and Wang Tiankan[23] - The announcement was made by the board of directors of Datang International Power Generation Co., Ltd. on April 26, 2024[23] - The report does not apply to the new accounting standards or interpretations for the first execution year[23] - The document indicates a total of 12 pages, suggesting a comprehensive financial overview[23] - There are no specific performance summaries, user data, or future outlooks provided in the document[23] - No new products, technologies, market expansions, or mergers and acquisitions are mentioned in the report[23] - The report does not include any financial figures or percentage changes[23] - The company has not disclosed any new strategies in this document[23] - The document serves primarily as a formal announcement regarding accounting standards[23]

公司已于 2024 年 4 月 24 日完成了"大唐国际发电股份有限公司 2024 年度 第一期超短期融资券"（"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 10 亿元，期限为 56 天，单位面值为人民币 100 元，票面利率为 1.70%。 本期超短期融资券由北京银行股份有限公司作为主承销商及簿记管理人，募 集资金全部用于偿还有息债务及补充营运资金。 证券代码：601991 证券简称：大唐发电 公告编号：2024-019 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 ...

大唐国际发电股份有限公司 2024 第一季度上网电量完成情况公告 证券代码：601991 证券简称：大唐发电 公告编号：2024-018 共 5 页 第 1 页 | 区域 | 电源种类 | 企业名称 | 2024 年一 季度上网 | 同比 | | --- | --- | --- | --- | --- | | | | | 电量(亿 | | | | | 大唐国际发电股份有限公司北京高井热电分公 | 千瓦时) | | | | 燃机、光伏 | 司 | 14.965 | 0.18% | | | 煤机 | 大唐国际发电股份有限公司陡河热电分公司 | 3.316 | 17.51% | | | 煤机 | 大唐国际发电股份有限公司下花园热电分公司 | 3.047 | 5.21% | | | 煤机 | 大唐国际发电股份有限公司张家口发电分公司 | 25.842 | 12.38% | | | 煤机、光伏 | 天津大唐国际盘山发电有限责任公司 | 14.384 | 15.91% | | | 煤机、风电、 光伏 | 内蒙古大唐国际托克托发电有限责任公司 | 36.802 | 10.36% | | | 煤机 | 内蒙古大唐国际托克托第 ...

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。 00991 特此公告。 承董事會命 孫延文 聯席公司秘書 中國，北京，2024年4月16日 於本公告日，本公司董事為： 王順啟、應學軍、徐光、田丹、馬繼憲、朱紹文、曹欣、趙獻國、金生祥、孫永興、 牛東曉*、宗文龍*、趙毅*、朱大宏*、尤勇* * 獨立非執行董事 公告 董事會會議通知 大唐國際發電股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將於2024年4 月26日（星期五）召開董事會會議，審議批准包括本公司及其子公司截至2024年3月31日止 三個月未經審計的2024年第一季度業績等事項。 ...