Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported a revenue of 2.924 billion yuan for the first three quarters of 2024, a year-on-year increase of 3.35%, and a net profit attributable to shareholders of 916 million yuan, which is a 13.31% increase year-on-year [2]. - In Q3 2024, the company achieved a revenue of 1.119 billion yuan, a year-on-year increase of 22.78%, and a net profit of 451 million yuan, reflecting a significant year-on-year increase of 77.98% [2]. - The growth in power generation in Q3 2024 was driven by the commissioning of new photovoltaic projects in Xinjiang, with total power generation reaching 31.4 billion kWh, a 39.68% increase year-on-year [2][3]. - The average on-grid electricity price for the company's renewable energy in Q3 2024 was 0.356 yuan per kWh, a decrease of 12% year-on-year, while the cost per kWh decreased by 26% to 0.135 yuan [3]. - The company has made significant progress in its ongoing projects, with a total installed capacity of 12.0065 million kW in operation and 21.1865 million kW under construction as of June 30, 2024 [3]. Financial Forecasts - The company is expected to achieve net profits of 1.045 billion yuan, 1.451 billion yuan, and 1.974 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18.35x, 13.21x, and 9.71x [4]. - Revenue projections for the years 2024 to 2026 are 4.235 billion yuan, 6.192 billion yuan, and 8.194 billion yuan, with growth rates of 14.74%, 46.23%, and 32.33% respectively [4][11].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][4]. Core Views - The company reported better-than-expected performance with a clear increase in installed capacity growth. For the first three quarters of 2024, the company achieved operating revenue of 2.924 billion yuan, a year-on-year increase of 3.35%, and a net profit attributable to shareholders of 916 million yuan, a year-on-year increase of 13.31% [2][3]. - Cost reduction and efficiency improvement measures have shown significant results, with the expense ratio for the first three quarters of 2024 at 17.42%, down 1.65 percentage points year-on-year. The gross profit margin for the same period was 59.23%, an increase of 2.68 percentage points year-on-year [2][3]. - The company has seen a substantial increase in power generation due to new installed capacity, with Q3 2024 power generation reaching 3.14 billion kWh, a year-on-year increase of 39.68% [2][3]. - The company is deepening its projects in the Xinjiang large base, with a rich reserve of resources. It has obtained new energy project indicators totaling 10.549 million kW in various regions, with a significant portion from Xinjiang [2][3]. Financial Summary - For 2024, the company is expected to achieve a net profit attributable to shareholders of 1.058 billion yuan, with an EPS of 0.51 yuan, corresponding to a PE ratio of 18 times based on the closing price on October 29 [2][3]. - The projected operating revenue for 2024 is 5.226 billion yuan, with a growth rate of 41.6% [3][5]. - The company’s net profit is expected to grow at rates of 15.1%, 28.3%, and 24.6% for the years 2025 and 2026, respectively [3][5].

天津中绿电投资股份有限公司 第十一届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 | 证券代码：000537 | 证券简称：中绿电 | 公告编号：2024-066 | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | G1 | 2.审议通过了《关于调整 2024 年综合计划的议案》 表决情况：出席本次会议的全体董事以赞成票 8 票，反对票 0 票，弃权票 0 票， 审议通过了本议案。 三、备查文件 1.经与会董事签字并加盖董事会印章的第十一届董事会第十次会议决议； 2.其他公告文件。 一、董事会会议召开情况 天津中绿电投资股份有限公司（以下简称"公司"）第十一届董事会第十次会议 于 2024 年 10 月 18 日以专人送达或电子邮件方式发出通知，并于 2024 年 10 月 29 日以现场结合通讯表决的方式在北京礼士智选假日酒店会议室召开。会议应到董事 八名,实到董事八名。其中，董事孙培刚先生、独立董事王大树先生以通讯表决方式 参会。会议由董事长粘建军先生主持，公司部分监事及高级管理 ...

| 证券代码：000537 | 证券简称：中绿电 | 公告编号：2024-067 | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | G1 | 天津中绿电投资股份有限公司 1.审议通过了《关于 2024 年第三季度报告的议案》 同意公司董事会编制的《2024 年第三季度报告》。具体内容详见公司同日披露 在巨潮资讯网上的《2024 年第三季度报告》（公告编号：2024-068）。 表决情况：出席本次会议的全体监事以赞成票 3 票，反对票 0 票，弃权票 0 票， 审议通过了本议案。 三、备查文件 1.经与会监事签字并加盖监事会印章的第十一届监事会第六次会议决议； 2.其他公告文件。 特此公告。 第十一届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 天津中绿电投资股份有限公司（以下简称"公司"）第十一届监事会第六次会 议于 2024 年 10 月 18 日以专人送达或电子邮件方式发出通知，并于 2024 年 10 月 29 日以现场结合通讯表决的方式在北京礼士智选 ...

监事：赵晓琴、牛丽颖、李海军 天津中绿电投资股份有限公司 监事会关于公司 2024 年第三季度报告的专项审核意见 经审核，监事会认为天津中绿电投资股份有限公司（以下简称"公司"或"上 市公司"）董事会编制和审议公司 2024 年第三季度报告的程序符合法律、行政法 规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 天津中绿电投资股份有限公司 监事会 2024 年 10 月 29 日 ...

Financial Performance - The company's operating revenue for Q3 2024 reached CNY 1,119,426,903.38, representing a year-on-year increase of 22.78%[2] - Net profit attributable to shareholders for Q3 2024 was CNY 450,732,658.25, up 77.98% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 376,172,928.36, an increase of 48.22% year-on-year[2] - Basic earnings per share for Q3 2024 were CNY 0.22, reflecting a growth of 57.14% compared to the previous year[2] - The company achieved a net profit of CNY 915,520,534.82 for the first three quarters of 2024, representing a 13.31% increase year-on-year[4] - The company achieved operating revenue of 2.924 billion RMB in the first three quarters of 2024, representing a year-on-year growth of 3.35%[9] - The operating profit for the same period was 1.206 billion RMB, up 19.44% year-on-year[9] - The net profit attributable to shareholders reached 916 million RMB, reflecting a year-on-year increase of 13.31%[9] - The total comprehensive income for the period was CNY 1,075,720,552.36, up from CNY 892,732,122.33 in the same quarter last year, reflecting a growth of 20.5%[27] Assets and Liabilities - The company's total assets as of the end of Q3 2024 amounted to CNY 87,717,499,014.26, a 24.65% increase from the end of the previous year[2] - The company’s total assets reached 87.717 billion RMB by the end of Q3 2024[9] - Current assets totaled CNY 15,563,589,740.08, down from CNY 15,914,019,143.82, indicating a decrease of about 2.20%[24] - Non-current assets increased significantly to CNY 72,153,909,274.18 from CNY 54,458,153,576.82, representing a growth of approximately 32.48%[24] - Total liabilities rose to CNY 63,382,444,005.74 from CNY 49,816,781,305.86, marking an increase of about 27.06%[25] - Shareholders' equity increased to CNY 24,335,055,008.52 from CNY 20,555,391,414.78, reflecting a growth of approximately 18.00%[25] - The company reported a decrease in short-term borrowings to CNY 1,387,667,501.09 from CNY 11,045,635,755.80, a reduction of about 87.45%[25] - Long-term borrowings increased significantly to CNY 47,527,973,145.59 from CNY 24,673,140,305.00, indicating a growth of approximately 92.20%[25] Cash Flow - The net cash flow from operating activities for the period was CNY 1,261,206,356.92, a decrease of 43.27% year-on-year[5] - Cash flow from operating activities generated CNY 1,261,206,356.92, a decrease of 43.3% compared to CNY 2,223,156,521.16 in the previous year[28] - Cash flow from investing activities showed a net outflow of CNY 17,937,957,217.45, compared to a net outflow of CNY 11,021,856,185.19 in the same period last year[29] - Cash flow from financing activities resulted in a net inflow of CNY 13,416,098,850.37, an increase from CNY 8,615,129,665.17 in Q3 2023[29] - The company’s cash and cash equivalents at the end of the period stood at CNY 5,736,218,860.29, compared to CNY 4,687,294,977.50 at the end of Q3 2023[29] Operational Highlights - The company attributed its performance growth to the increase in installed capacity and steady growth in electricity generation and revenue[5] - The total power generation in Q3 2024 was 3.14 billion kWh, a year-on-year increase of 39.68%[10] - The company completed a total power generation of 7.755 billion kWh in the first three quarters, up 11.68% year-on-year[10] - The company successfully acquired new energy projects totaling 10.549 million kW in various regions, including Xinjiang and Shandong[11] - The company completed the transfer of fixed assets, resulting in gains from asset disposal[5] Corporate Governance and Management - The company organized 8 board meetings, 4 supervisory meetings, and 3 shareholder meetings in the first three quarters of 2024[12] - The company appointed new senior management, including the hiring of Ms. Lü Yanfei as the financial head and Mr. Yi Chengru as the board secretary[14] - The company actively engaged with investors, responding to 203 inquiries and hosting 7 on-site investor research sessions to enhance transparency[15] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies, although specific figures were not disclosed in the report[25] - The company plans to introduce three new products in Q1 2025, targeting a 15% market share increase[30] - Market expansion plans include entering two new provinces by the end of 2024[30] - The company is exploring potential acquisitions to enhance its market position in the renewable sector[30] Research and Development - Investment in R&D increased by 25%, focusing on renewable energy technologies[30] Shareholder Information - The company reported a cash dividend of ¥372 million for the fiscal year 2023, with a distribution ratio of "10 for 1.8"[15] - The company held 1.418 billion shares, accounting for 68.61% of the total shares, by its largest shareholder, Luneng Group[6] Market Performance - Tianjin Zhonglv Electric Investment Co., Ltd. reported a revenue increase of 15% year-over-year, reaching 1.2 billion RMB in Q3 2024[30] - The company achieved a user growth of 20%, with active users now totaling 5 million[30] - Future outlook indicates a projected revenue growth of 10% for Q4 2024, driven by new product launches[30] - Gross margin improved to 35%, up from 30% in the previous quarter[30] - Operating expenses were reduced by 5%, contributing to overall profitability[30] - Customer satisfaction ratings improved to 90%, reflecting enhanced service quality[30]

关于2024年三季度发电量完成情况的公告 | 证券代码：000537 | 证券简称：中绿电 | 公告编号：2024-065 | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | G1 | 天津中绿电投资股份有限公司 天津中绿电投资股份有限公司 董事会 2024 年 10 月 18 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据初步统计，天津中绿电投资股份有限公司（以下简称"公司"）2024 年第三 季度完成发电量 31.40 亿千瓦时，同比上升 39.68%。公司 2024 年前三季度累计完成 发电量 77.55 亿千瓦时，同比上升 11.68%。其中，风电完成发电量 54.00 亿千瓦时， 同比下降 8.91%；光伏完成发电量 22.90 亿千瓦时，同比上升 140.80%。 上述数据为公司内部初步测算结果，可能与公司后期披露的定期报告存在差异， 最终以公司披露的定期报告为准，敬请广大投资者注意投资风险。 特此公告。 ...

| 证券代码：000537 | 证券简称：中绿电 | 公告编号：2024-064 | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | G1 | 天津中绿电投资股份有限公司 4.法定代表人：徐同德 关于对外投资设立子公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外投资概述 1.为满足天津中绿电投资股份有限公司（以下简称"公司"）项目开发建设及 专业化管理需要，公司投资设立"中绿电（烟台）新能源发电有限公司"负责烟台 牟平 5 万千瓦农光互补等新能源项目的开发建设，注册资本为 1000 万元，并于近日 获得营业执照。 2.根据《深圳证券交易所股票上市规则》及《公司章程》相关规定，本次设立 中绿电（烟台）新能源发电有限公司事项属于公司对外投资行为，投资金额为 1000 万元，未达到公司最近一期经审计净资产的 10%，无需提交董事会及股东大会审议。 3.本次对外投资事项不构成关联交易，也不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。 二、项目公司基本情况 1.公司名称：中绿电（烟台）新 ...

| 证券代码：000537 | 证券简称：中绿电 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | G1 | 1.2024 年 4 月 16 日，天津中绿电投资股份有限公司(以下简称"公司")召开第 十一届董事会第四次会议，审议通过《关于拟挂牌转让部分资产的议案》,同意公司 按照相关规定在产权交易所以公开挂牌方式转让部分资产,挂牌底价不低于评估值 126,944.24 万元。详见公司 2024 年 4 月 18 日披露于巨潮资讯网上的《第十一届董 事会第四次会议决议公告》（公告编号：2024-012）和《关于拟挂牌转让部分资产的 公告》（公告编号：2024-013）。 2024 年 4 月 24 日，公司在北京产权交易所发布了挂牌转让公告。2024 年 9 月 24 日，北京产权交易所出具《交易签约通知书》，通知公司本次挂牌转让的意向受 让方为北京中绿园房地产开发有限公司（以下简称"北京中绿园"），成交价格为 126,944.24 万元。北京中绿园也是本次挂牌交易中唯一一家符合条件的竞买方。按 照产权交易规则，公司将在接到《交 ...

同意公司通过公开挂牌形式将部分资产转让给竞买方北京中绿园房地产开发有 限公司，成交价格为 126,944.24 万元。 | 证券代码：000537 | 证券简称：中绿电 | 公告编号：2024-062 | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | G1 | 天津中绿电投资股份有限公司 第十一届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 天津中绿电投资股份有限公司（以下简称"公司"）第十一届董事会第九次会议 于 2024 年 9 月 24 日以专人送达或电子邮件方式发出通知，并于 2024 年 9 月 29 日 以现场表决的方式在公司会议室召开。会议应到董事八名,实到董事八名。会议由董 事长粘建军先生主持，公司部分监事及高级管理人员列席了会议。会议的召集、召 开符合有关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 1.审议通过了《关于北京中绿园摘牌公司部分资产暨关联交易的议案》 关联董事蔡红君先生、王晓成先生对本议案进行了回避表决。公司独立董 ...