Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4]. Core Views - The company reported a revenue of 3.691 billion yuan for 2023, representing a year-on-year growth of 7.60%. The net profit attributable to shareholders was 920 million yuan, up 45.14% year-on-year. For Q1 2024, revenue decreased by 2.00% to 856 million yuan, and net profit fell by 28.79% to 167 million yuan [2][3]. - The company has completed a capital increase, raising approximately 1.8 billion yuan, which can leverage an investment of 6 to 9 billion yuan for ongoing projects [2]. - The company’s installed capacity reached 5.6165 million kilowatts, with a total power generation of 9.066 billion kilowatt-hours in 2023, marking an 11.0% increase year-on-year [2][3]. Financial Summary - For 2023, the company achieved total revenue of 3.691 billion yuan, with a net profit of 920 million yuan, and an EPS of 0.49 yuan. The projected EPS for 2024 and 2025 are 0.59 yuan and 0.79 yuan respectively, with a target price of 11.80 yuan per share based on a 20.0x PE valuation for 2024 [3][4]. - The company’s gross profit margin for Q1 2024 was stable at 54.5%, despite a decrease in power generation due to resource disruptions [2][3]. - The financial expenses increased by 0.1 billion yuan in Q1 2024, impacting the operating profit margin, which decreased by 3.6 percentage points to 30.4% [2].

Financial Performance - The company's operating revenue for Q1 2024 was ¥856,232,102.63, a decrease of 2.00% compared to ¥873,727,134.50 in the same period last year[3] - Net profit attributable to shareholders was ¥167,055,934.95, down 28.79% from ¥234,595,264.45 year-on-year[3] - Basic earnings per share were ¥0.09, a decline of 30.77% from ¥0.13 in the same period last year[3] - The weighted average return on equity was 0.97%, down 0.44 percentage points from 1.41% year-on-year[3] - The total power generation was 2.047 billion kWh, a year-on-year decrease of 5.28%[10] - Wind power generation was 1.705 billion kWh, down 6.58% year-on-year, while photovoltaic generation increased by 5.21% to 323 million kWh[10] - Operating profit for Q1 2024 was CNY 259,963,794.29, a decrease of 12.4% compared to CNY 297,014,437.10 in Q1 2023[22] - Net profit for Q1 2024 was CNY 213,498,626.75, down 19.6% from CNY 265,541,702.22 in Q1 2023[22] Cash Flow and Assets - The net cash flow from operating activities decreased by 51.61%, amounting to ¥269,654,485.72 compared to ¥557,242,971.71 in the previous year[3] - Cash flow from operating activities was CNY 667,709,437.05, down from CNY 820,964,090.26 in the previous year, indicating a decline of 18.6%[24] - The total cash and cash equivalents at the end of the period amounted to 7,533,752,153.28 CNY, down from 8,996,870,870.45 CNY at the beginning of the period[25] - The total current assets increased to RMB 18.99 billion from RMB 15.91 billion, reflecting a growth of approximately 19.5%[19] - The company's non-current assets decreased to RMB 52.51 billion from RMB 54.46 billion, a decline of approximately 3.6%[20] - The company reported a net cash flow from investment activities of -3,553,712,854.15 CNY, compared to -674,562,325.65 CNY in the same quarter last year[25] Shareholder Information - Shareholders' equity attributable to the parent company was ¥17,333,093,462.88, up 1.01% from ¥17,158,955,556.40 at the end of the previous year[3] - The company had 34,490 common shareholders at the end of the reporting period[8] - The largest shareholder, Luneng Group Co., Ltd., held 76.13% of the shares[8] - The company reported a decrease in the number of shares lent out through margin trading, with a total of 5,134,200 shares involved[8] Expenses and Liabilities - Financial expenses increased by approximately ¥0.1 billion due to extensive external financing for new project constructions[5] - The company reported a significant increase in credit impairment losses to CNY -17,501,650.06 from CNY -5,377,832.52, indicating a deterioration in asset quality[22] - Total liabilities increased to CNY 50,570,180,651.03 in Q1 2024 from CNY 49,816,781,305.86 in Q1 2023, reflecting a growth of 1.5%[21] - Short-term borrowings rose to RMB 11.46 billion from RMB 11.05 billion, an increase of approximately 3.7%[20] - Long-term borrowings increased to RMB 27.16 billion from RMB 24.67 billion, reflecting a growth of about 10.1%[20] Corporate Governance and Reporting - The company held a board meeting once and two committee meetings during the reporting period, approving all proposed resolutions[13] - The company published a total of 14 announcements to ensure transparency and keep investors informed[14] - The company did not undergo an audit for the first quarter report[26] - The report was presented by the board of directors on April 30, 2024[26] - The company changed its industry classification from "Real Estate" to "Electricity and Heat Production and Supply"[15]

| | | 2.召开方式：现场直播与线上会议相结合 3.现场会议地点：中证报 16 层演播厅（地址：宣武门西大街甲 97 号） 4. 线上参与 方 式 ： 投 资 者 可 以 通 过 登 录 中 证 路 演 中 心 （https://www.cs.com.cn/roadshow/）观看现场直播及参与本次业绩说明会，同时 可以通过文字形式向公司相关领导提问，公司将于会议当天向广大投资者答复。 5.出席人员：董事长粘建军先生、总经理孙培刚先生、公司相关高级管理人员、 独立董事（参会人员将根据安排确定）及报名参会的投资者等（参会人员或将根据 实际情况调整）。 天津中绿电投资股份有限公司 关于召开2023年度业绩说明会并征集问题的公告 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。 天津中绿电投资股份有限公司（以下简称"公司"）于 2024 年 4 月 30 日在《中 国证券报》《上海证券报》《证券时报》《证券日报》及巨潮资讯网上披露 2023 年 年度报告及其摘要。为便于广大投资者进一步了解公司 2023 年度经营情况，公司拟 以现场直播与线上会议相结合的方式召开 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.80 RMB per 10 shares to all shareholders, based on a total share capital of 2,066,602,352 shares[2]. - The company distributed cash dividends of 1.00 RMB per 10 shares, totaling 186,252,072.00 RMB, based on a total share capital of 1,862,520,720 shares as of December 31, 2022[121]. - The cash dividend distribution accounted for 100% of the total profit distribution amount[123]. Company Overview - The company was established in March 1986 and has been publicly listed since December 10, 1993, on the Shenzhen Stock Exchange[9]. - The registered address of the company is located in Tianjin Economic and Technological Development Zone, with a postal code of 300457[6]. - The company’s main business includes domestic trade, material supply, and the sale of various goods, including labor protection supplies and jewelry[9]. Financial Performance - The company's operating revenue for 2023 was approximately ¥3.69 billion, representing a 7.60% increase compared to ¥3.43 billion in 2022[13]. - Net profit attributable to shareholders for 2023 was approximately ¥919.58 million, a 45.14% increase from ¥632.70 million in 2022[13]. - The total assets at the end of 2023 were approximately ¥70.37 billion, an increase of 87.46% from ¥37.54 billion at the end of 2022[13]. Business Expansion and Strategy - The company reported a significant change in its main business scope, now including power generation, transmission, and distribution services, as well as emerging energy technology research and development[10]. - The company has expanded its business to include electric vehicle charging infrastructure operations and energy-saving management services[10]. - The company is actively involved in ecological restoration and protection services as part of its new business strategy[10]. Shareholder and Management Changes - The company has undergone multiple changes in major shareholders, with the latest being Shandong Luneng Group Co., Ltd. holding 20.017% of the total shares[10]. - The company experienced changes in its board and management, with several resignations and new appointments scheduled for December 28, 2023[96]. - The company’s board of directors and supervisory board underwent a restructuring, with non-independent directors and independent directors being elected for the new term[96]. Risk Management - The company emphasizes that forward-looking statements regarding future plans and market conditions are estimates and may not materialize, highlighting potential investment risks[2]. - The company faces risks related to policy changes that could impact market competition and project profitability, and it will closely monitor policy developments[77]. - The company acknowledges the impact of economic cycles on electricity demand and plans to optimize trading strategies to mitigate risks[80]. Research and Development - The company published 2 papers and applied for 2 patents related to joint wind and solar power forecasting technology[51]. - The company is developing an intelligent cleaning system for large photovoltaic power plants, which is expected to enhance cleaning efficiency and reduce costs[49]. - R&D investment amounted to ¥3,260,293.84 in 2023, down 69.12% from ¥10,557,792.95 in 2022[52]. Environmental Commitment - The company achieved a total power generation of 9.066 billion kWh and on-grid electricity of 8.796 billion kWh in 2023, resulting in a reduction of carbon dioxide emissions by 4.8976 million tons[132]. - The company is committed to achieving carbon peak and carbon neutrality goals by adopting advanced power generation equipment and technology[132]. - The company has established a comprehensive environmental management system to comply with environmental protection laws and regulations[132]. Corporate Governance - The company has established an independent financial department and accounting system, ensuring no interference from the controlling shareholder[91]. - The company has optimized 10 basic management systems in accordance with regulatory requirements[88]. - The company is focusing on compliance management, as evidenced by the approval of the 2022 compliance management report[108]. Community Engagement - The company donated a total of 1.43 million yuan across 4 charitable projects during the reporting period[134]. - A donation of 600,000 yuan was made to the Third Middle School of Delingha City for infrastructure improvements and educational support[134]. - The company was awarded the "Caring Enterprise" honor by the Delingha City government for its charitable efforts[134]. Future Outlook - The company plans to achieve an operational installed capacity exceeding 20,000 MW by the end of 2024, with new construction targets exceeding 20,000 MW[73]. - The company aims to build and operate an installed capacity of over 30,000 MW by the end of the "14th Five-Year Plan" period[73]. - The company has set a future outlook with a revenue target of 1.5 billion CNY for 2024, indicating a projected growth rate of 25%[103].

Group 1 - The new "Guo Jiu Tiao" aims to strengthen regulation, prevent risks, and promote high-quality development in the capital market, marking the third iteration since 2004 and 2014 [1] - Investment institutions are optimistic about the new "Guo Jiu Tiao," believing it will enhance the long-term investment value of A-shares and signal a new development phase for the capital market [1][2] - The new guidelines emphasize improving the quality of listed companies, increasing dividends, and enhancing market value management, which will favor companies with strong operational quality while imposing stricter conditions on underperforming firms [2][3] Group 2 - The "Guo Jiu Tiao" is expected to solidify the foundation for a potential bull market, with the A-share market showing signs of recovery and upward trends [2] - The market has responded positively, with the "Zhong Zi" sector, represented by China Green Power (000537.SZ), seeing a 3.58% increase, indicating growing investment interest [2] - The ongoing state-owned enterprise reforms are also contributing to the high-quality development of companies like China Green Power, which is positioned to benefit from enhanced market value management practices [3][4] Group 3 - China Green Power has achieved significant project development milestones, with over 20 million kilowatts of projects under construction or in operation, and is expected to realize over 10 million kilowatts of new energy indicators by 2024 [4] - The company reported a revenue of 2.829 billion yuan for the first three quarters of 2023, a year-on-year increase of 7.23%, and a net profit of 808 million yuan, up 29.73% [4] - The combination of the new "Guo Jiu Tiao" and ongoing state-owned enterprise reforms positions China Green Power as a key player in the renewable energy sector, enhancing its investment value [3][4]

| 证券代码：000537 | 证券简称：中绿电 | 公告编号：2024-012 | | --- | --- | --- | | 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 第十一届董事会第四次会议决议公告 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 1.审议通过了《关于拟挂牌转让部分资产的议案》 同意公司通过产权交易机构以公开挂牌方式转让部分资产。 具体内容详见公司同日发布在巨潮资讯网（www.cninfo.com.cn）上的《关于拟 挂牌转让部分资产的公告》（公告编号：2024-013）。 表决情况：出席本次会议的全体董事以赞成票 9 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四次会议决议； 2.其他公告文件。 特此公告。 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（以下简称"公司"）第十一届董事会第四次会议 通知于 2024 年 4 月 12 日由专人送达或电子邮件方式发出，并于 202 ...

| 证券代码：000537 | 证券简称：中绿电 | | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | | | 公告编号：2024-013 G1 | 天津中绿电投资股份有限公司 关于拟挂牌转让部分资产的公告 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。 特别提示： 1.交易内容：公司拟在产权交易所通过公开挂牌方式转让部分资产，转让价格 不低于资产评估机构对标的资产的评估价值，最终交易对手和交易价格将根据国有 产权交易规则市场化产生和确定。 2.本次交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 交易实施不存在重大法律障碍。 3.由于本次拟转让资产通过公开挂牌的方式进行，挂牌受让方和最终交易价格 目前尚未确定，尚无法判断是否构成关联交易。 4.本次交易已经公司第十一届董事会第四次会议审议通过，正履行国资监管部 门评估备案程序。 5.本次交易结果存在不确定性，敬请广大投资者注意投资风险。 一、交易概述 本次转让尚未确定交易对象，暂不构成关联交易，不构成《上市公司重大资产 1 重组管理办法》规定的重大资产重组，交 ...

| 证券代码：000537 | 证券简称：中绿电 | | --- | --- | | 债券代码：148562 | 债券简称：23 绿电 | | | 公告编号：2024-011 G1 | 天津中绿电投资股份有限公司 第十一届监事会第二次会议决议公告 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"）第十一届监事会第二次会 议通知于 2024 年 3 月 29 日由专人送达或电子邮件方式发出，并于 2024 年 4 月 2 日 以现场表决方式在北京礼士智选假日酒店会议室召开。会议应到监事三名,实到监事 三名。会议由监事会主席赵晓琴女士主持，公司董事会秘书列席了会议。会议的召 集、召开符合有关法律、法规和《公司章程》的规定。 二、监事会会议审议情况 1.审议通过了《关于开设向特定对象发行股票募集资金专项账户并授权签署募 集资金监管协议的议案》 同意根据募集资金管理需要开设募集资金专项账户，用于本次发行股票募集资 金的专项存放、管理及使用，并对募集资金的存放和使用情况进行监管。同意公司 董事会授权经理 ...

| 证券代码：000537 | 证券简称：中绿电 公告编号：2024-009 | | --- | --- | | 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 关于青海综合能源海南100万千瓦光储一体化项目获得核准的 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、项目指标情况概述 天津中绿电投资股份有限公司（以下简称"公司"）所属子公司青海曦和绿德 综合能源有限公司于 2024 年 3 月 20 日收到《关于青海综合能源海南 100 万千瓦光 储一体化项目的项目备案登记表》（项目代码：2403-632500-04-01-655755），同 意该项目备案，要求青海曦和绿德综合能源有限公司尽快办理各项前期手续。具体 情况如下： 二、项目概况 1.项目名称：青海综合能源海南 100 万千瓦光储一体化项目 环境评估、电网接入、安全评估、地灾压矿评估等项目前期工作，项目开工建设时 间、具体实施进度等均存在一定的不确定性。 2.在项目实施过程中，可能存在相关政策、法规、市场等方面的不确定风险， 可能存在实施计划延缓、投 ...

| 证券简称：中绿电 公告编号：2024-008 | 证券代码：000537 | | --- | --- | | 债券简称：23 绿电 G1 | 债券代码：148562 | 天津中绿电投资股份有限公司 关于青海海西州50万千瓦风电项目获得核准的公告 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、项目指标获取情况概述 天津中绿电投资股份有限公司（以下简称"公司"）所属子公司青海茫崖鲁能 新能源有限公司于近日收到青海海西州能源局出具的《关于同意青海茫崖鲁能新能 源有限公司青海省 2023 年风电项目 2 标段海西州 50 万千瓦风电项目核准的通知》， 同意该项目核准，要求青海茫崖鲁能新能源有限公司尽快办理各项前期手续， 确保 项目合法合规开工建设。具体情况如下： 二、项目概况 1.项目名称：青海省 2023 年风电项目 2 标段海西州 50 万千瓦风电项目 3.公司将根据项目后续进展或变化情况，按要求履行信息披露义务，敬请广大 投资者注意投资风险。 4.项目建设地址：茫崖市冷湖镇 5.资金来源：资金来源为企业自筹 20%，银行贷款 80% 三、对公司的影响 ...