公司 2024 年度跟踪评级报告 广东电力发展股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0241 号 编号：信评委函字号 广东电力发展股份有限公司 2025 年度跟踪评级报告 声 明 编号：信评委函字[2023]跟踪 0768 号 上海豫园旅游商城（集团）股份有限 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之 ...

Group 1: Company Overview and Market Conditions - Guangdong Power Development Co., Ltd. is one of the earliest joint-stock reform enterprises in Guangdong and one of the first power listed companies in China, with the largest installed capacity among listed power companies in Guangdong [1] - The company primarily engages in investment, construction, and management of power and renewable energy projects, with a diversified energy source structure including large coal-fired, LNG, and hydropower projects [1] - In Q1 2025, the company faced significant operational pressure due to intensified competition in the Guangdong electricity market, leading to a 10% year-on-year decrease in on-grid electricity volume [2] Group 2: Financial Performance and Future Plans - The company's gross profit from power generation declined, resulting in a year-on-year loss in Q1 2025; the company plans to optimize trading strategies and control fuel procurement costs to improve operational performance [2] - The procurement structure for coal is balanced, with domestic and imported coal each accounting for approximately 50% of total procurement [2] Group 3: Future Development and Energy Transition - Long-term electricity demand in Guangdong is expected to continue growing, necessitating enhanced support and auxiliary functions from local power sources due to the impact of west-to-east electricity transmission and increasing renewable energy capacity [3] - The company currently has a controlling installed capacity of 39.3657 million kW, with wind power accounting for 3.3950 million kW (8.62%) and solar power accounting for 3.8809 million kW (9.86%); approximately 2.079 million kW of renewable projects are under construction [4] Group 4: Debt Management and Financing Strategy - The company acknowledges a high debt-to-asset ratio and plans to manage debt levels by enhancing operational efficiency, controlling financing scale, and exploring equity financing opportunities [5]

Group 1: Market Overview - In 2025, the total bilateral negotiation transaction volume in Guangdong Province reached 3310.08 billion kWh, with an average transaction price of 391.87 RMB/kWh, a decrease of 73.77 RMB/kWh compared to the previous year [2] - The average transaction price for annual bilateral negotiation transactions has significantly decreased due to intensified market competition [2] Group 2: Company Performance - The company's electricity generation volume decreased by 10% year-on-year due to multiple maintenance activities at its power plants and weakened coastal wind intensity [2] - Despite a decline in coal prices, the company's revenue drop led to a decrease in gross profit from electricity generation, resulting in a loss for the first quarter [2] Group 3: Future Projects - The company has 8 million kW of coal power under construction, with an expected 4-5 million kW to be operational in 2025, and the remainder in 2026-2027 [3] - There are 194.2 million kW of gas power projects expected to be operational in 2026, and 207.9 million kW of renewable energy projects, with approximately 200 million kW expected to be operational in 2025 [3] Group 4: Capital Expenditure and Financial Strategy - The company plans to invest 16.096 billion RMB in 2025, with approximately 1.877 billion RMB allocated for capital contributions, focusing on thermal power, renewable energy, technological upgrades, and project acquisitions [4] - The company's debt-to-asset ratio was 79.47% in 2024, and future plans include managing debt levels, enhancing operational efficiency, and exploring equity financing opportunities [4]

Investment Rating - The investment rating for the company is "Accumulate" [9]. Core Views - The company's revenue performance is under pressure due to weak volume and price in its main business, with a significant decline in both metrics leading to a decrease in revenue [2][6]. - In Q1 2025, the company reported a total electricity generation of 25.292 billion kWh, a year-on-year decrease of 10.32%, and a revenue of 10.573 billion yuan, down 17.33% year-on-year [2][6]. - Despite a decrease in coal prices leading to an 11.14% reduction in operating costs, this was insufficient to offset the revenue decline, resulting in a net loss of 383 million yuan for the quarter, a year-on-year decrease of 403.21% [2][6]. Summary by Sections Revenue and Profitability - The company's Q1 2025 revenue was 10.573 billion yuan, down 17.33% year-on-year, with a net loss of 383 million yuan, reflecting a significant decline in profitability [2][6]. Electricity Generation - The total electricity generation in Q1 2025 was 25.292 billion kWh, a decrease of 10.32% year-on-year, primarily due to increased maintenance and reduced wind intensity in coastal areas [12]. Cost Management - Operating costs decreased by 11.14% year-on-year due to falling coal prices, but this reduction was not enough to counteract the revenue decline [12]. Future Growth Potential - The company is accelerating its green and low-carbon transition, with significant increases in installed capacity for wind and solar energy, which is expected to support future growth [12]. - By the end of 2024, the company had a total installed capacity of 7.276 billion kW for renewable energy, a year-on-year increase of 47.17% [12]. Earnings Forecast - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.04 yuan, 0.18 yuan, and 0.31 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 107.96, 25.54, and 14.67 [12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is being pressured by declining electricity prices, while cost reductions are anticipated to support profit recovery [1][3] - The company has seen a decrease in revenue and net profit for 2024 and Q1 2025, primarily due to lower electricity prices [1][2] - Despite the challenges, there is significant growth potential in installed capacity, with ongoing projects and a favorable coal price outlook expected to improve profitability [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 571.59 billion, a year-on-year decrease of 4.27%, and a net profit of 9.64 billion, down 1.07% [1] - For Q1 2025, the company reported an operating revenue of 105.73 billion, a decrease of 17.33%, and a net loss of 3.83 billion, a significant drop of 403% year-on-year [1] - The average selling price of electricity in 2024 was 0.533 yuan per kWh, down 8.62% from the previous year [2] Generation Capacity and Cost Analysis - The company's total power generation in 2024 was 1258 billion kWh, an increase of 4.38% year-on-year, with significant growth in gas and renewable energy generation [2] - Fuel costs accounted for 75.81% of operating costs in 2024, benefiting from a reduction in fuel prices, which decreased by 27.25 billion year-on-year [2] - The company has a substantial growth potential in installed capacity, with approved projects totaling 707 million kW and ongoing projects of 1202 million kW [3] Future Earnings Forecast - The company is expected to generate operating revenues of 576.52 billion, 632.93 billion, and 686.00 billion for 2025, 2026, and 2027, respectively, with growth rates of 0.9%, 9.8%, and 8.4% [3] - Net profit forecasts for 2025, 2026, and 2027 are 9.77 billion, 11.78 billion, and 15.51 billion, respectively, with corresponding EPS of 0.19, 0.22, and 0.30 [3][4]

| | | 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 年度股东大会的通知 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 年度股东大会 2、会议召集人：公司董事会 经公司第十一届董事会第四次会议审议通过，决定召开 2024 年度股东大会。 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：2025 年 5 月 28 日（星期三）下午 14:30 （2）网络投票时间为：2025 年 5 月 28 日 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式。 公司将通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络形 式的投票平台，流通股股东可以在网络投票时间内通过上述系统行使表决权。 6、股权登记日： 本次股东大会A股股权登记日为2025年5月20日，B股 ...

证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 公告编号：2025-21 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 第十一届监事会第三次会议决议公告 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 4、会议主持人为公司监事会主席杨海先生，公司高级管理人员、部门部长列席 了本次会议。 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〈2025 年第一季度财务报告〉的议案》 广东电力发展股份有限公司第十一届监事会第三次会议于 2025 年 4 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 监事会召开时间：2025 年 4 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）。 杨海监 ...

证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2025-20 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十一届董事会第四次会议于 2025 年 4 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：2025 年 4 月 29 日 二、董事会会议审议情况 1、审议通过了《关于〈2025 年第一季度财务报告〉的议案》 本议案已经第十一届董事会审计与合规委员会 2025 年第一次通讯会议审议 通过，同意提交董事会审议。本议案经 10 名董事投票表决通过，其中：同意 10 1 票，反对 0 票，弃权 0 票。 2、审议通过了《关于〈2025 年第一季度报告〉的议案》 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 ...

第一章 总 则 第一条 为加强广东电力发展股份有限公司（以下简称"公 司"）市值管理工作，进一步规范公司市值管理行为，切实维护公 司、投资者及其他利益相关者的合法权益，依据《中华人民共和 国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市 规则》《上市公司监管指引第10号——市值管理》等有关法律法规 及公司章程规定，制订本制度。 第二条 本制度所指市值管理，是指公司以提高公司质量为 基础，为提升投资者回报能力和水平而实施的战略管理行为 第二章 市值管理的目的与基本原则 第三条 市值管理主要目的是牢固树立回报股东意识，采取 措施保护投资者尤其是中小投资者利益，诚实守信、规范运作、 专注主业、稳健经营，以新质生产力的培育和运用，推动经营水 平和发展质量提升，并在此基础上做好投资者关系管理，增强信 息披露质量和透明度，必要时积极采取措施提振投资者信心，推 动公司投资价值合理反映公司质量。 第四条 市值管理的基本原则： 广东电力发展股份有限公司 市值管理制度 （一）系统性原则。公司应遵循系统思维、整体推进的原则， 第 1 页 共 7 页 协同公司各业务体系以系统化方式持续开展市值管理工作。 （二）合规性原则。 ...

广东电力发展股份有限公司章程修正案 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章程 指引》等法律、法规、规范性文件的规定，结合公司实际情况和经营需要，经广 东电力发展股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第 四次会议审议通过，董事会同意对公司《章程》及其附件《股东会议事规则》《董 事会议事规则》部分条款进行修订。具体修订内容如下： 一、《公司章程》修订对比表 | 修订前内容 | 修订后内容 | | --- | --- | | | 第一条 为维护广东电力发展股份有限公司 | | 第一条 为维护广东电力发展股份有限公司（以 | （以下简称"公司"）、股东、职工和债权人 | | 下简称"公司"）、股东和债权人的合法权益， | 的合法权益，规范公司的组织和行为，根据《中 | | 规范公司的组织和行为，根据《中华人民共和国 | | | 公司法》（以下简称"《公司法》"）、《中华 | 华人民共和国公司法》（以下简称"《公司 | | | 法》"）、《中华人民共和国证券法》（以下 | | 人民共和国证券法》（以下简称"《证券法》"）、 | 简称"《证券法》"）、《中国共产党章程》 | ...