| 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2024-52 | | --- | --- | --- | | 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2024年第四次临时股东大会 取消部分议案暨补充通知的公告 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。 广东电力发展股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开 第十届董事会第二十次会议，审议通过了《关于召开 2024 年第四次临时股东大 会的议案》，决定于 2024 年 9 月 19 日召开公司 2024 年第四次临时股东大会，并 于 2024 年 8 月 31 日披露了《关于召开 2024 年第四次临时股东大会的通知》（公 告编号：2024-49）。 鉴于部分董事候选人尚需补充提供相关材料，为了保证公司董事会、监事会 换届选举的一致性、完整性与合规性，经谨慎研究，公司董事会决定取消将下述 议案提交 2024 年第四次 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨粤电力 A（000539.SZ） [Table_Title] 清洁能源短期承压，煤电护航业绩增长 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 煤炭价格的下降主导公司煤电业务表现，上半年煤电业务实现归母净利润 3.06 亿元，同比增长 | | | 47.72% 。而气电业务则在电价承压，成本快速增长的影响下，上半年实现归母净利润 1.44 亿 | | | 元，同比下降 43.45% 。新能源整体盈利能力在电价及利用小时数同比下降的影响下，经营也 | | | 在一定程度上承压，上半年实现归母净利润 1.98 亿元，同比下降 34.18% ...

证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 公告编号：2024-50 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 关于参加广东辖区2024年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，广东电力发展股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手 共进 助力上市公司提升投资价值——2024广东辖区上市公司投资者关系管理月 活动投资者集体接待日"。本次活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（http://rs.p5w.net）参与本次互动交流，活动时间为2024年9 月12日（周四）15:30-16:30。 公司《2024年半年度报告摘要》刊登于2024年8月31日的《中国证券报》《证 券时报》《上海证券报》《证券日报》《香港商报》和巨潮资讯网，《2024年半年度 报告》刊登于巨潮资讯网（http:// ...

证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2024-51 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2024年第四次通讯会议 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 召开地点：广州市 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（以下简称"公司"或"本公司"）第十届董事 会2024年第四次通讯会议于2024年8月30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 9 月 10 日 召开方式：通讯表决 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），全体董事以通讯表决方式出席会议。 4、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、董事会会议审议情况 1、审议通过了《关于广东省风力发电有限公司申报发行新能源基础设施投 资 ...

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：2024009 | --- | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 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 ...

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：2024008 | --- | --- | --- | |----------------|--------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 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 | ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's profitability continues to improve due to declining costs, although revenue has been impacted by falling electricity prices [1][2] - The company has diversified its energy sources, with significant growth in clean and renewable energy projects contributing to a slight increase in total electricity generation [2] - The financial outlook for the company shows expected revenue growth in the coming years, despite a projected decline in 2024 [2][6] Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 26.079 billion yuan, a decrease of 7.98% year-on-year, while net profit attributable to shareholders was 903 million yuan, an increase of 5.42% [1] - The average selling price of electricity decreased by 8.85% to 539.50 yuan per MWh, with total electricity generation from coal-fired power down by 7.90% [1] - The company achieved a net profit of 306 million yuan from its coal power segment, up 48% year-on-year, while the gas power segment saw a decline in net profit by 43% [1] Renewable Energy Development - As of June 2024, the company has a total installed capacity of 5.7785 million kW in wind and solar energy, with an addition of 834,500 kW in the first half of 2024 [2] - The total electricity generation from renewable sources increased by 0.84% year-on-year, with significant growth in wind and solar energy generation [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 57.415 billion yuan, 63.205 billion yuan, and 69.183 billion yuan, respectively, with expected growth rates of -3.8%, 10.1%, and 9.5% [2][6] - Net profit projections for the same years are 1.357 billion yuan, 1.890 billion yuan, and 2.240 billion yuan, with corresponding EPS of 0.26 yuan, 0.36 yuan, and 0.43 yuan [2][6]

Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Views - The report highlights that the decline in fuel costs has effectively offset the downward pressure on electricity prices, allowing for continued growth in both traditional and renewable energy sectors [1][2]. - The company's performance in the first half of 2024 shows a decrease in operating revenue by 7.98% year-on-year, but a net profit attributable to shareholders of 903 million yuan, representing a year-on-year increase of 5.42% [1][2]. - The report anticipates that the company will continue to optimize its electricity market trading strategies to mitigate the negative impacts of falling electricity prices [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 26.08 billion yuan, a decrease of 7.98% year-on-year, and a net profit of 903 million yuan, up 5.42% year-on-year [1]. - The coal power segment contributed a net profit of 306 million yuan, while the gas power segment contributed 144 million yuan [1]. - The overall gross profit margin improved by 2.24 percentage points year-on-year due to a decrease in operating costs in the coal power segment [1]. Power Generation Segments - The coal power segment continues to grow with ongoing investments, while the gas power segment has seen an increase in generation capacity [1][3]. - As of June 2024, the company had a total installed capacity of 19.89 million kilowatts for coal power and 10.19 million kilowatts for gas power [1]. - The report notes that the company is expected to see significant growth in electricity sales due to increasing demand in Guangdong [1]. Renewable Energy Growth - The renewable energy segment has shown considerable growth, with wind power capacity increasing by 600,000 kilowatts and solar power capacity by 234,500 kilowatts in H1 2024 [3]. - The company plans to expand its renewable energy capacity significantly during the 14th Five-Year Plan period, with a target of 14 million kilowatts [3]. - The report indicates that the company’s cash flow from traditional power generation will support the development of renewable energy projects [3]. Profit Forecast and Valuation - The net profit forecasts for 2024, 2025, and 2026 are adjusted to 1.448 billion yuan, 1.819 billion yuan, and 2.287 billion yuan, respectively, with year-on-year growth rates of 48.6%, 25.6%, and 25.7% [3][4]. - The report maintains an "Accumulate" rating based on the company's advantages in both traditional and renewable energy sectors and the high growth rate of electricity demand in Guangdong [3].

证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 公告编号：2024-47 2、召开会议的时间、地点和方式 监事会召开时间：2024 年 8 月 29 日 召开地点：广州市 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 第十届监事会第十一次会议决议公告 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十一次会议于 2024 年 8 月 16 日以 电子邮件的方式发出会议通知。 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）。 杨海监事会主席、许昂监事、施燕监事、黎清监事、沙奇林独立监事、马晓茜独立 监事亲自出席了会议。 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 ...

Financial Performance - The company's operating revenue for the reporting period was ¥26,078,790,971, a decrease of 7.98% compared to the same period last year[14]. - Net profit attributable to shareholders was ¥902,938,860, representing an increase of 5.42% year-on-year[14]. - The net profit after deducting non-recurring gains and losses was ¥886,059,830, up by 4.36% from the previous year[14]. - The net cash flow from operating activities reached ¥6,006,225,071, a significant increase of 120.79% compared to the same period last year[14]. - Basic earnings per share were ¥0.1720, reflecting a growth of 5.42% year-on-year[14]. - Total assets at the end of the reporting period amounted to ¥164,569,341,102, an increase of 2.09% from the end of the previous year[14]. - Net assets attributable to shareholders were ¥22,680,612,863, which is a 2.43% increase compared to the previous year[14]. - The weighted average return on equity was 4.03%, up from 3.86% in the previous year[14]. - The company reported a significant improvement in cash flow, indicating enhanced operational efficiency[14]. - The company reported a total operating income of 2,607,879,000 CNY, a decrease of 226,205,000 CNY or 7.98% year-on-year[21]. - The company's net profit attributable to shareholders reached 90,294,000 CNY, an increase of 4,640,000 CNY compared to the previous year[21]. - The company achieved a fuel cost of 1,693,216,000 CNY, which accounted for 75.25% of the operating costs, benefiting from a decrease of 286,178,000 CNY or 14.46% year-on-year[21]. - The company reported a total of ¥611,328,616 in initial investment costs for various securities, with a fair value change loss of ¥431,139,138 during the reporting period[42]. Strategic Direction and Market Expansion - The main business focuses on investment, construction, and management of power and renewable energy projects[2]. - The report outlines the company's strategic direction and potential market expansion opportunities[3]. - The company continues to focus on expanding its renewable energy projects and enhancing technological capabilities[14]. - The company plans to actively expand its new energy projects to align with carbon neutrality goals and enhance its market position[21]. - The company is actively pursuing market expansion by optimizing power generation management and ensuring the execution of various electricity contracts[49]. - The company aims to enhance its energy structure by accelerating the development of key energy projects, including solar and natural gas projects[51]. - The company is exploring distributed energy solutions and infrastructure development, including charging stations and hydrogen energy utilization[51]. Environmental Compliance and Social Responsibility - The report includes a comprehensive overview of the company's governance and social responsibility efforts[3]. - The company is committed to optimizing carbon asset management and enhancing carbon emission data management to achieve energy savings and carbon reduction[51]. - The total emissions of sulfur dioxide from Honghai Bay Power Plant amounted to 146.06 tons, with an emission intensity of 7.23 mg/Nm³, complying with the GB13223-2011 standard[60]. - The total emissions of nitrogen oxides from Honghai Bay Power Plant reached 561.55 tons, with an emission intensity of 27.80 mg/Nm³, adhering to the GB13223-2011 standard[60]. - The company is actively monitoring and reporting emissions data to ensure compliance with environmental regulations, with detailed records for each power plant[61]. - The company has engaged in social responsibility initiatives, including donations of 480 saplings and 145,000 yuan worth of materials to support local communities[68]. - In the first half of 2024, the company organized community support activities, purchasing agricultural products worth approximately CNY 130,000 to enhance local economic income[69]. Financial Management and Governance - The financial report is guaranteed to be true, accurate, and complete by the company's management[2]. - All board members attended the meeting to review the semi-annual report[2]. - The company emphasizes its commitment to transparency and compliance with regulatory requirements in its disclosures[4]. - The company has a strong financial position with abundant cash flow and access to various financing channels to support its growth[26]. - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[71]. - The company reported no major litigation or arbitration matters during the reporting period[73]. - The company approved several related party transactions at the board meeting, including financial service agreements and leasing cooperation frameworks[80]. Investment and Capital Structure - The company has a controllable installed capacity of 38,451,100 kW, with coal-fired power accounting for 55.11% of the total[20]. - The company has a total asset scale of 164.6 billion CNY, making it the largest power listed company in Guangdong Province[22]. - The company’s total approved guarantee amount at the end of the reporting period was 866,995,000 yuan, with an actual guarantee balance of 244,208,000 yuan[89]. - The company’s actual guarantee amount accounted for 10.77% of its net assets, with specific guarantees to shareholders and related parties totaling 184,208,000 yuan[89]. - The company’s board approved a change in accounting policy effective January 1, 2024, to better reflect its financial status and operating results[90]. - The company has a credit line of CNY 3,900 million with Guangdong Energy Group Financial Co., Ltd., with an actual amount of CNY 1,069,922,000 utilized[77]. Risk Management - The company faces potential risks in future development, which are discussed in detail in the management analysis section[2]. - The company is facing risks related to extreme weather events and increasing competition in the electricity market, necessitating enhanced safety and operational management measures[48]. - The company has implemented a technology-driven innovation strategy, establishing 1 provincial-level and 3 municipal-level R&D platforms, and has applied for 25 national industry R&D achievements and 41 utility model patents in 2024[52]. Accounting and Financial Reporting - The financial statements comply with the accounting standards and accurately reflect the financial position as of June 30, 2024, and the operational results for the first half of 2024[142]. - The company’s financial reporting period is from January 1, 2024, to June 30, 2024[143]. - The company recognizes expected credit losses for financial assets measured at amortized cost based on historical loss experience and current conditions[152]. - The company assesses expected credit losses for financial instruments in different stages, with specific criteria for each stage[152]. - The company recognizes impairment losses for long-term equity investments when their recoverable amount is less than their carrying value[160].