公司报告 | 年报点评报告 大唐发电（601991） 证券研究报告 2024年04月 02日 投资评级 煤电盈利大幅改善，清洁能源转型有望加速 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 3元 事件：公司发布2023年年报。2023年公司实现营收1224亿元，同比增长 目标价格 元 4.77%；实现归母净利润13.65亿元，同比提高435%。 基本数据 点评： A股总股本(百万股) 12,396.09 火电：燃料成本压力减弱，盈利能力大幅改善 流通A股股本(百万股) 12,396.09 截至2023年末，公司煤机装机45.6GW，燃机6.6GW。收入端，2023年公 A股总市值(百万元) 37,188.27 司煤机利用小时同比提高 374 小时至 4599 小时，燃机利用小时同比提高 流通A股市值(百万元) 37,188.27 91 小时至3039 小时，带动火电发电量同比增长 6%至 2266 亿千瓦时；火 每股净资产(元) 1.48 电电价同比略增。成本端，2023 年公司火电发电单位燃料成本同比下降 资产负债率(%) 70.90 27.21 元/兆瓦时，叠加电量增长影响，公司电力燃料费 ...

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].

Financial Performance - The company's operating revenue for the year ended December 31, 2023, was approximately RMB 122.40 billion, an increase of about 4.77% compared to the previous year[3]. - The pre-tax profit reached approximately RMB 5.70 billion, showing a significant increase of approximately 7,307.79% year-on-year[3]. - The net profit attributable to equity holders of the company was approximately RMB 1.44 billion, a turnaround from a net loss of RMB 0.33 billion in 2022, representing a 540.06% improvement[3]. - Basic earnings per share improved to a loss of RMB 0.0115, compared to a loss of RMB 0.0921 in the previous year, marking an 87.51% reduction in losses[3]. - The total operating costs for the year amounted to approximately RMB 114.38 billion, reflecting a slight increase of about 0.54% year-on-year due to increased power generation costs[13]. - The net financial expenses for the year were approximately RMB 5.77 billion, a decrease of about 14.07% year-on-year, attributed to a reduction in debt financing scale and controlled financing costs[14]. - The total profit before tax for the year was approximately RMB 5.70 billion, representing a significant increase of about 7,307.79% year-on-year, with net profit attributable to equity holders of the company at approximately RMB 1.44 billion, compared to a net loss of RMB 327 million in 2022[15]. - The company's operating revenue for the year ended December 31, 2023, was RMB 122,404,466 thousand, an increase from RMB 116,828,044 thousand in 2022, representing a growth of approximately 4.5%[43]. - The operating profit for the year was RMB 8,023,565 thousand, a significant increase from RMB 3,061,886 thousand in the previous year, reflecting a growth of approximately 162.5%[43]. - The net profit attributable to the company's equity holders for the year was RMB 3,101,495 thousand, compared to a loss of RMB 780,091 thousand in 2022, marking a substantial turnaround[43]. - The company reported a net profit of RMB 3,101,495 thousand for the year ended December 31, 2023, compared to a loss of RMB 780,091 thousand in 2022, indicating a significant turnaround in performance[44]. - Total comprehensive income for the year was RMB 3,365,191 thousand, a recovery from a loss of RMB 737,208 thousand in the previous year[44]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.0075 per share for the fiscal year 2023[3]. - The company proposed a cash dividend of RMB 0.0075 per share, amounting to a total of approximately RMB 138.8 million based on the total share capital of 18,506,710,504 shares as of December 31, 2023[26]. - The company will complete profit distribution matters within two months after shareholder meeting approval[28]. - The company proposed a final dividend of RMB 0.0075 per share for the year ended December 31, 2023, totaling RMB 138,800,000[77]. Asset and Liability Management - As of December 31, 2023, the total assets of the group were approximately RMB 304.04 billion, a decrease of about RMB 1.15 billion from the end of 2022, mainly due to a reduction in prepaid fuel payments[16]. - The total liabilities of the group as of December 31, 2023, were approximately RMB 215.60 billion, a decrease of about RMB 13.26 billion from the end of 2022, primarily due to a reduction in interest-bearing debt financing[16]. - The group had a debt ratio of approximately 70.91% and a net debt-to-equity ratio of approximately 183.25% as of December 31, 2023[18]. - The company's total liabilities decreased to RMB 28,639,574 in 2023 from RMB 31,996,684 in 2022[83]. - The company's total assets less current liabilities amounted to RMB 212,809,141 thousand in 2023, compared to RMB 202,756,342 thousand in 2022, reflecting an increase of about 4.9%[46]. - The total assets for the reporting segments as of December 31, 2023, were RMB 303,998,918 thousand, slightly down from RMB 305,132,264 thousand in 2022[64]. - The total liabilities for the reporting segments decreased to RMB 215,532,968 thousand in 2023 from RMB 228,827,927 thousand in 2022, showing a reduction of about 5.8%[64]. Operational Developments - The company added a total of 4,799.2 MW of new generating capacity in 2023, with 2,047.5 MW from wind projects and 1,604.7 MW from solar projects, increasing the proportion of low-carbon clean energy capacity to 37.75%[10]. - A total of 184 power projects were approved during the reporting period, with an approved capacity of 12,782.43 MW, including 4,000 MW from two coal-fired projects[11]. - The company is advancing its green transformation strategy, focusing on the development of new energy and the upgrading of existing coal power projects[10]. - The company is committed to energy security and has successfully completed major power supply tasks for significant events, demonstrating its capability in energy supply assurance[10]. - The company is focusing on the transformation and development of new energy and clean coal power, emphasizing green transformation and resource optimization[27]. Corporate Governance and Compliance - The company has made significant progress in corporate governance, enhancing its governance system and risk control measures, and has received multiple awards for its corporate brand image[11]. - The company has adhered to corporate governance codes throughout the year, with specific exceptions noted[34]. - The company has undergone significant changes in its board of directors, with new appointments effective from February 21, 2023, and December 21, 2023[31][32]. - The company is committed to improving its internal control system and risk management to ensure effective operation[27]. Future Outlook - The outlook for 2024 includes a focus on safety management and cost control to maximize overall efficiency and profitability[24]. - The company plans to enhance its R&D investment management and stimulate employee participation in technological innovation[27]. - The company aims to enhance its brand image and value creation capabilities through comprehensive management improvements[27]. Employee and Compensation - The total number of employees in the group was 29,077 as of December 31, 2023, with a focus on performance-based compensation and talent incentives[20]. - Employee costs totaled RMB 11,184,197 thousand in 2023, up from RMB 9,053,290 thousand in 2022, indicating a growth of approximately 23.5%[75]. Tax and Financial Reporting - The company’s tax expense for the year was RMB (2,602,793) thousand, compared to RMB (856,686) thousand in the previous year, indicating an increase in tax obligations[43]. - The company reported a total income tax expense for 2023 of RMB 2,602,793 thousand, significantly higher than RMB 856,686 thousand in 2022, indicating a substantial rise in tax obligations[74]. - The application of the revised International Financial Reporting Standards (IFRS) has resulted in an increase in income tax expenses by RMB 5,535,000 for the year ending December 31, 2023, compared to a decrease of RMB 2,432,000 in 2022[55]. - The company aims to enhance its financial reporting accuracy by addressing the discrepancies between IFRS and Chinese Accounting Standards in future disclosures[94].

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 ...