Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance is under pressure due to falling electricity prices, but there is continuous growth in clean energy [1][3]. - The company is a leading power provider in Guangdong Province, with short-term earnings limited by electricity price pressures, while long-term profitability is expected to recover as coal power costs stabilize [3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 42.517 billion yuan, a year-on-year decrease of 5.88%. The net profit attributable to shareholders was 1.467 billion yuan, down 15.04% year-on-year [1]. - For Q3 2024, the company reported operating revenue of 16.439 billion yuan, a decrease of 2.35% year-on-year, and a net profit of 564 million yuan, down 35.18% year-on-year [1][2]. Electricity Generation - In Q3, the company generated 25.371 billion kWh from coal-fired power, a decline of 1.49% year-on-year, while gas-fired power generation increased by 31.5% to 7.869 billion kWh [2]. - The average on-grid electricity price for the first three quarters was 532.26 yuan per MWh, down 8.73% year-on-year, leading to a reduction in gross profit from power generation by 4.92 billion yuan [2]. Clean Energy Expansion - The company added 4.9439 million kW of clean energy capacity in the first three quarters of 2024, increasing the clean energy share to 46.34% [3]. - Wind and solar power generation in Q3 reached 833 million kWh and 678 million kWh, respectively, with year-on-year growth of 9.17% and 465% [3]. Future Projections - Expected operating revenues for 2024, 2025, and 2026 are 57.415 billion yuan, 63.205 billion yuan, and 69.183 billion yuan, respectively, with projected net profits of 1.357 billion yuan, 1.890 billion yuan, and 2.240 billion yuan [3][4]. - The report anticipates earnings per share (EPS) of 0.26 yuan, 0.36 yuan, and 0.43 yuan for the years 2024, 2025, and 2026, respectively [3][4].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The report indicates that the company's performance in Q3 2024 was below expectations, with a focus on the anticipated implementation of the Guangdong long-term electricity price [3][8] - The current electricity pricing mechanism does not adequately reflect the supporting and regulating value of thermal power, awaiting the long-term electricity price in Guangdong [8] Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 42.52 billion yuan, a year-on-year decrease of 5.9%, and the net profit attributable to shareholders was 1.47 billion yuan, down 15.0% [8] - In Q3 2024, revenue was 16.44 billion yuan, a year-on-year decline of 2.4%, and the net profit attributable to shareholders was 560 million yuan, down 35.2% [8] - The gross profit for Q3 2024 was 2.40 billion yuan, a decrease of 29.0% year-on-year, with a gross margin of 14.6%, down 5.5 percentage points year-on-year [8] Electricity Generation and Pricing - The company's electricity generation volume increased by 4.7% year-on-year in Q3 2024, with total on-grid electricity of 33.24 billion kWh [8] - The average on-grid electricity price in Q3 2024 was 0.521 yuan/kWh, a decrease of 8.4% year-on-year [8] Future Outlook - The company is steadily advancing its construction projects, with a total installed capacity of 8.0 GW for coal power, 2.7 GW for gas power, 0.6 GW for wind power, and 4.0 GW for solar power as of the end of Q3 2024 [8] - The company has a project reserve of approximately 2.0 GW, with cash payments for fixed assets and other long-term assets amounting to 3.33 billion yuan in Q3 2024, a year-on-year decrease of 35.2% [8] Valuation and Target Price - The target price has been adjusted to 5.76 yuan from the previous 6.35 yuan, based on a 2025 PE valuation of 18 times, considering the company's substantial installed capacity growth [8]

| 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2024-61 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | 公司债券代码：149711 | 公司债券简称：21粤电03 | | 广东电力发展股份有限公司 关于向广东能源融资租赁有限公司增资的 关联交易公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关联交易概述 1、2024 年 10 月 29 日，广东电力发展股份有限公司（以下简称"公司"或"本 公司"） 第十届董事会第二十一次会议审议通过了《关于向广东能源融资租赁有 限公司增资的议案》。为进一步增强资本实力，扩大业务投放规模，董事会同意 公司按 25%的持股比例向广东能源融资租赁有限公司（以下简称"融资租赁公司"） 增资 2.5 亿元，根据融资租赁公司业务开展需要分笔拨付。 2、本公司是广东省能源集团有限公司（以下简称"广东能源集团"）控股 67.39%的子公司，广东能源集团、超康投资有限公司（以下简称"超康公司"） 与本公司分别 ...

| | | 公司债券代码：149418 公司债券简称：21粤电02 公司债券代码：149711 公司债券简称：21粤电03 广东电力发展股份有限公司 关于召开 2024 年第五次临时股东大会的通知 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、召开会议的基本情况 1、股东大会届次：本次股东大会为 2024 年第五次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合《公司法》等相关 法律法规及公司《章程》的有关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 11 月 19 日（星期二）下午 14:30 （2）网络投票时间为：2024 年 11 月 19 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 19 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交 易所互联网投票的具体时间为 2024 年 11 月 19 日 9:15 至 2024 年 11 月 19 日 15:00 期间的任意时间。 5 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 16.44 billion, a decrease of 2.35% year-on-year, while the net profit attributable to shareholders was CNY 564.14 million, down 35.18%[1] - The net profit attributable to shareholders for the first three quarters was CNY 1.47 billion, a decline of 15.04% year-on-year, with a basic earnings per share of CNY 0.2794[5] - The net profit for the third quarter of 2024 was CNY 2,074,185,618, a decrease of 14.9% compared to CNY 2,435,849,188 in the same period last year[13] - Operating profit for the quarter was CNY 2,831,190,102, down from CNY 3,343,225,899, reflecting a decline of 15.3% year-over-year[13] - The company reported a total comprehensive income of CNY 1,948,871,323, compared to CNY 2,240,920,728 in the previous year, reflecting a decrease of 13.0%[14] - Basic earnings per share for the quarter were CNY 0.2794, down from CNY 0.3289 in the same quarter last year[14] - The total investment income was CNY 791,972,468, a decrease of 12.4% from CNY 903,720,500 in the previous year[13] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period reached CNY 10.87 billion, reflecting a significant increase of 54.59% compared to the previous year[1] - The net cash flow from operating activities increased to CNY 10.87 billion, up from CNY 7.03 billion, representing a growth of approximately 54.4% year-over-year[16] - Total cash outflow from operating activities decreased to CNY 37.88 billion from CNY 43.85 billion, a reduction of about 13.5%[16] - Cash inflow from investment activities rose significantly to CNY 906.99 million, compared to CNY 311.86 million, marking an increase of approximately 190.5%[16] - The net cash flow from investment activities was negative at CNY -8.88 billion, an improvement from CNY -15.26 billion year-over-year[16] - Cash inflow from financing activities decreased to CNY 27.58 billion from CNY 44.53 billion, a decline of about 38.2%[16] - The net cash flow from financing activities turned negative at CNY -462.26 million, contrasting with a positive CNY 11.68 billion in the previous year[16] - The total cash and cash equivalents at the end of the period stood at CNY 13.48 billion, down from CNY 14.89 billion[16] - The company paid CNY 2.50 billion in dividends and interest, an increase from CNY 1.99 billion, reflecting a rise of approximately 25.7%[16] - The cash paid for the acquisition of fixed assets was CNY 9.48 billion, a decrease from CNY 14.94 billion, indicating a reduction of about 36.5%[16] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 169.07 billion, representing a growth of 4.88% from the end of the previous year[1] - Current assets increased to CNY 33.39 billion in Q3 2024 from CNY 31.93 billion in Q3 2023, representing a growth of 4.61%[11] - Non-current assets rose to CNY 135.67 billion in Q3 2024, compared to CNY 129.28 billion in Q3 2023, an increase of 4.66%[11] - Total assets reached CNY 169.07 billion in Q3 2024, up from CNY 161.21 billion in Q3 2023, marking a growth of 4.67%[12] - Total liabilities amounted to CNY 133.58 billion in Q3 2024, compared to CNY 127.30 billion in Q3 2023, reflecting an increase of 4.73%[12] - Short-term borrowings increased to CNY 16.90 billion in Q3 2024 from CNY 15.76 billion in Q3 2023, a rise of 7.19%[12] - The total equity attributable to shareholders at the end of the reporting period was CNY 23.49 billion, an increase of 6.09% from the previous year[1] - The company's equity attributable to shareholders reached CNY 23.49 billion in Q3 2024, up from CNY 22.14 billion in Q3 2023, an increase of 6.06%[12] Operational Highlights - The company achieved a total electricity generation of 89.04 billion kWh in the first three quarters, an increase of 2.99% year-on-year, with a notable rise in solar power generation by 912.53%[4] - The average on-grid electricity price was CNY 532.26 per MWh, a decrease of CNY 50.93 per MWh, or 8.73% year-on-year[4] - The company added 4.94 million kW of clean energy capacity in the first three quarters, increasing the proportion of clean energy installations to 46.34%, up 8.25% from the beginning of the year[5] - The company reported a decrease in gross profit from power generation by CNY 492 million, or 7.56%, due to a drop in on-grid electricity prices[5] - The company received government subsidies amounting to CNY 29.42 million during the reporting period, primarily related to electricity sales incentives[2] - The company is focusing on expanding its renewable energy projects, which aligns with national energy policies and market trends towards sustainability[9] Project Developments - The company has received approvals for three major wind power projects, including a 1 million kW wind power project in Turpan, which is expected to enhance its renewable energy capacity significantly[9] - The company has successfully put into commercial operation the second unit of the Dongguan Ningzhou site replacement power project after a 168-hour full-load trial run[9] - The board approved a capital increase of RMB 27,360.50 million to Guangdong Power Industrial Fuel Co., with the company's contribution not exceeding RMB 13,680.25 million, aimed at supporting the sustainable development of renewable energy projects[9] Shareholder Information - The top shareholder, Guangdong Energy Group Co., Ltd., holds 1,644,662,664 shares, representing a significant portion of the company's equity[8] - The company has a total of 5% shareholders and major shareholders participating in the margin trading business, with no significant changes reported in the borrowing and returning of shares[8]

| 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2024-58 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | 公司债券代码：149711 | 公司债券简称：21 粤电 03 | | 广东电力发展股份有限公司 第十届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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、发出会议通知的时间和方式 广东电力发展股份有限公司第十届董事会第二十一次会议于 2024 年 10 月 16 日 以电子邮件的方式发出会议通知。 2、召开会议的时间、地点和方式 董事会召开时间：2024 年 10 月 29 日 召开地点：广州市 召开方式：现场会议 3、董事会出席情况 会议应到董事 11 名（其中独立董事 4 名），实到董事 11 名（其中独立董事 4 名）。 郑云鹏董事长、梁超董事、李方吉董事、李葆冰董事、陈延直董事、张汉玉独立董 事、吴战篪独立董事、才国伟独立董事、赵增立独立董事亲自出席了本次会议。贺 如新董 ...

广东电力发展股份有限公司 第十届监事会第十二次会议决议公告 本公司及全体监事保证信息披露内容的真实、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 1、发出会议通知的时间和方式 广东电力发展股份有限公司第十届监事会第十二次会议于 2024 年 10月 16 日以 电子邮件的方式发出会议通知。 2、召开会议的时间、地点和方式 证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 公告编号：2024-59 公司债券代码：149418 公司债券简称：21粤电02 公司债券代码：149711 公司债券简称：21 粤电 03 5、本次会议的召开和表决程序符合《公司法》等有关法律法规及公司《章程》 的规定。 二、监事会会议审议情况 1、审议通过了《关于〈2024 年第三季度财务报告〉的议案》 本议案经 6 名监事投票表决通过，其中：同意 6 票，反对 0 票，弃权 0 票。 1 监事会召开时间：2024 年 10 月 29 日 召开地点：广州市 召开方式：现场会议 3、监事会出席情况 会议应到监事 6 名（其中独立监事 2 名），实到监事 6 名（其中独立监事 2 名）。 杨 ...

| 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | 公告编号：2024-63 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | 公司债券代码：149711 | 公司债券简称：21粤电03 | | 广东电力发展股份有限公司 关于参股财务公司收到《行政处罚决定书》 及风险处置结果的公告 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。 2024 年 1 月 24 日，广东电力发展股份有限公司收到参股的广东能源集团财 务有限公司（以下简称"财务公司"）转来的《国家金融监督管理总局广东监管 局行政处罚决定书》（粤金罚决字〔2024〕3 号），对财务公司在贷款业务中存在 的违规行为罚款合计 95 万元，并对相关责任人给予警告。根据公司《关于在广 东能源集团财务有限公司存贷款业务的风险处置预案》第十条（十）规定，该事 项需启动风险处置程序并履行相应的临时信息披露义务。 公司存贷款风险处置领导小组及时启动风险处置程序，包括但不限于敦促财 务公司提供详细情况说明，分析风险原因动态， ...

东莞宁洲厂址替代电源项目位于东莞市虎门镇，规划建设 3 台 828MW 的 9HA.02 型"燃气－蒸汽"联合循环热电冷联产机组，项目总投资 59.28 亿元。项目 预计年发电量可达 124 亿千瓦时，年供热量约 1815 万吉焦，可满足滨海湾新区及 周边区域的电力需求和集中供热供冷需求，同时实现能源的梯次高效使用，发挥东 莞滨海湾新区能源支撑点作用，对推进区域能源结构调整和地区经济绿色低碳发展 具有重要意义；同时有利于公司进一步扩大发电装机规模，提高清洁电源比例，增 强综合实力和市场竞争力。 特此公告。 广东电力发展股份有限公司董事会 二 O 二四年十月十八日 | 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | 公告编号：2024-57 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | 公司债券代码：149711 | 公司债券简称：21 粤电 03 | | 广东电力发展股份有限公司 关于东莞宁洲厂址替代电源项目投产的 自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 ...

1 证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 广东电力发展股份有限公司投资者关系活动记录表 编号：2024014 | --- | --- | --- | |----------------|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | 时间 | 2024 年 10 月 15 | | | 地点 | 苏州园区香格里拉大酒店 | | | 参与单位名称及 | 国盛证券 高紫明 | | | | 鸿道投资 赵云 | | | ...