%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨粤电力 （ ） A 000539.SZ [火Ta电b经le_营T显itle著] 修复，减值限制业绩弹性 报告要点 [在Ta电bl价e_上Su涨m及m成ar本y]回落双重催化下，公司2023年煤电业务毛利为56.72亿元，较上年同期亏 损27.53亿元相比大幅扭亏；气电业务毛利15.60亿元，同比增加8.69亿。可再生能源业务方 面，由于电价回落以及利用小时数下降影响偏大，公司2023年可再生能源业务实现毛利10.71 亿元，同比回落26.02%。虽然火电经营显著修复，但由于部分资产经营环境有所变化，公司计 ...

Investment Rating - The investment rating for the company is "Accumulate" [1]. Core Views - The company reported a revenue of 59.71 billion yuan in 2023, a year-on-year increase of 13.38%, and a net profit attributable to shareholders of 0.975 billion yuan, marking a turnaround from losses [1]. - In Q4 2023, the company achieved a revenue of 14.53 billion yuan, a year-on-year increase of 10.31%, but a quarter-on-quarter decrease of 13.67% due to a 1.29 billion yuan impairment provision, resulting in a net loss of 0.752 billion yuan [1]. - The company is expected to face pressure from declining electricity prices in 2024, despite benefiting from a significant increase in electricity prices in 2023 [2][3]. Summary by Sections Revenue and Profitability - The company’s total revenue for 2023 was 59.71 billion yuan, with a year-on-year growth rate of 13.38% [1]. - The net profit attributable to shareholders for 2023 was 0.975 billion yuan, showing a significant recovery from a loss of 2.98 billion yuan in 2022 [3]. - The gross profit margin improved to 14.6% in 2023 from -0.4% in 2022 [3]. Electricity Generation and Demand - The company has been expanding its coal-fired and gas-fired power projects, with a total installed capacity of 12.67 million kilowatts under construction in 2023 [1]. - The total electricity generation for coal-fired power was 114.15 billion kWh in 2023, an increase of 5.03% year-on-year [1]. - The company’s electricity sales volume is expected to continue to grow due to increasing demand in Guangdong [1]. Pricing and Cost Structure - The average electricity price for coal-fired power in 2023 was 0.58 yuan per kWh, a year-on-year increase of 7.41% [1]. - The company’s fuel costs decreased significantly in 2023, with total fuel costs amounting to 40.27 billion yuan, down 6.90% year-on-year [1]. - The company plans to further control costs and optimize its fuel procurement strategy to mitigate the impact of declining electricity prices in 2024 [1][2]. Future Outlook - The company’s net profit forecasts for 2024, 2025, and 2026 are 2.025 billion yuan, 2.783 billion yuan, and 3.445 billion yuan, respectively, reflecting growth rates of 107.8%, 37.4%, and 23.8% [2][3]. - The company aims to increase its renewable energy capacity significantly during the "14th Five-Year Plan" period, with a target of 14 million kilowatts of new installed capacity [2].

Financial Performance - The company's operating revenue for 2023 was CNY 59.71 billion, representing a 13.38% increase compared to CNY 52.66 billion in 2022[16]. - Net profit attributable to shareholders for 2023 was CNY 974.66 million, a significant recovery from a net loss of CNY 3.00 billion in 2022, marking a 132.70% improvement[16]. - The net profit after deducting non-recurring gains and losses was CNY 1.09 billion, compared to a loss of CNY 2.94 billion in the previous year, reflecting a 137.55% increase[16]. - The net cash flow from operating activities reached CNY 8.47 billion, a substantial increase of 472.06% from CNY 1.48 billion in 2022[16]. - Basic earnings per share for 2023 were CNY 0.1856, recovering from a loss of CNY 0.5721 in 2022, an increase of 132.70%[16]. - The weighted average return on net assets improved to 4.59% in 2023, up from -13.77% in 2022, indicating a positive turnaround[16]. - The company's electricity sales volume reached 1140.02 billion kWh, a year-on-year increase of 5.87%, with a consolidated average selling price of 583.43 RMB per thousand kWh, up 6.94% from the previous year[25]. - The company's operating revenue was 59.7084 billion RMB, an increase of 704.731 million RMB, reflecting a growth of 13.38% year-on-year[25]. - The net profit attributable to shareholders reached 974.66 million RMB, a significant increase of 395.509 million RMB compared to the previous year[26]. - The company's electricity sales revenue was 58.86 billion RMB, which is 98.58% of total revenue, growing by 13.43% year-on-year[37]. Dividend Distribution - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares to all shareholders, based on a total of 5,250,283,986 shares[3]. - The cash dividend distribution is fully supported by the company's distributable profits of 5,226,773,509 RMB[120]. - The company's profit distribution policy mandates that cash dividends should not be less than 10% of the distributable profits for the year, with a minimum of 20% of the total distribution being cash dividends[117]. Business Operations - The main business focuses on investment, construction, and management of power and renewable energy projects[3]. - The company continues to focus on expanding its renewable energy projects, including wind and solar power initiatives[14]. - The company is committed to enhancing its operational efficiency and financial performance through strategic investments and technology advancements[14]. - The company plans to add approximately 14 million kW of new energy capacity during the "14th Five-Year Plan" period, including 1.6 million kW of onshore wind, 2.8 million kW of offshore wind, and 9.6 million kW of solar power[32]. - The company is actively pursuing opportunities for mergers and acquisitions to strengthen its market position[95]. Market and Industry Trends - The company reported a 6.7% year-on-year increase in national electricity consumption, reaching 9.22 trillion kWh in 2023[24]. - The average transaction price for electricity in Guangdong province decreased by CNY 88.24 per MWh compared to the previous year, impacting the company's revenue negatively[24]. - The company plans to optimize electricity market trading strategies and control fuel procurement costs to mitigate revenue impacts[24]. - The company is facing risks from extreme weather events affecting production and the aging of some thermal power units, necessitating improved disaster prevention and equipment management[82]. - The company anticipates intensified competition in the electricity market, prompting a need for dynamic market strategy optimization and cost control measures[82]. Research and Development - The company invested CNY 1,116,555,274 in R&D in 2023, a decrease of 9.17% compared to CNY 1,229,311,572 in 2022[58]. - The proportion of R&D investment to operating income decreased from 2.33% in 2022 to 1.87% in 2023, a decline of 0.46%[58]. - The company is conducting ongoing research on offshore wind power operation and maintenance key technologies, aiming to establish a comprehensive wind turbine operation status evaluation system[56]. - The company is developing intelligent optimization technology for boiler combustion systems, which is expected to improve boiler efficiency by approximately 0.3%[56]. - Research and development expenditures increased by 25% in 2023, totaling RMB 200 million, to support innovation in renewable energy technologies[200]. Environmental Compliance - The company and its subsidiaries strictly comply with multiple environmental protection laws and standards, including the Air Pollution Prevention and Control Law[128]. - The total emissions of sulfur dioxide from the ShaJiao A Power Plant were 187.41 tons, with a discharge concentration of 14.66 mg/Nm³, meeting the required standards[129]. - The company achieved pollutant emission performance values of 0.008 g/kWh for particulate matter, 0.058 g/kWh for sulfur dioxide, and 0.125 g/kWh for nitrogen oxides in 2023, ensuring stable compliance with emission standards[133]. - The company is committed to maintaining compliance with environmental regulations across all its facilities[128]. - The company has not experienced any environmental accidents in 2023[138]. Leadership and Governance - The company reported a leadership change with the appointment of Zheng Yunpeng as Chairman on February 20, 2023, and Liang Chao as General Manager effective December 29, 2023[96]. - The company has established a complete independent financial department with its own accounting system and bank accounts[89]. - The company ensures compliance with relevant laws and regulations in its governance practices[109]. - The board of directors includes a diverse group of members, with the chairman being 55 years old and the youngest director being 47 years old, ensuring a range of experience and perspectives[94]. - The company has a strong leadership team with members holding advanced degrees in engineering and management from prestigious universities[97]. Future Outlook - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by market expansion and new product launches[86]. - The company has set a performance guidance of achieving a net profit margin of 12% for the upcoming fiscal year[86]. - The company is focused on enhancing operational efficiency, targeting a 20% reduction in operational costs through process optimization[86]. - The company aims to achieve carbon neutrality by 2030, aligning with national energy policies and sustainability initiatives[102]. - The company has set a future outlook with a revenue target of RMB 12 billion for 2024, reflecting a growth expectation of 14%[200].

广东能源集团财务有限公司 2023 年风险评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号 ——交易与关联交易（2023 年修订）》的要求，以及广东能 源集团财务有限公司（以下简称"财务公司"）提供的有关资 料和财务报表，广东电力发展股份有限公司（以下简称"本公 司"）对财务公司截至 2023 年 12 月 31 日的经营资质、业务 与风险状况进行了评估，现将本公司关于财务公司的风险评 估情况报告如下： 一、财务公司基本情况 财务公司是经中国银行业监督管理委员会广东监管局 批准（金融许可证机构编码：L0061H244010001），在广东省 工 商 行 政 管 理 局 登 记 注 册 （ 统 一 社 会 信 用 代 码 91440000712268670K），由广东省能源集团有限公司（原广 东省粤电集团有限公司，出资比例 60%，简称"集团公司"）、 广东电力发展股份有限公司（出资比例 25%，简称"股份公 司"或"本公司"）、广东省沙角（C 厂）发电公司（出资比例 15%，简称"沙 C 公司"）于 2006 年 12 月共同出资通过净壳 收购重组原广东万家乐集团财务有限责任公司组建的一家 非银行 ...

广东电力发展股份有限公司 2023 年度财务报表及审计报告 广东电力发展股份有限公司 2023 年度财务报表及审计报告 | 内容 | 页码 | | | | --- | --- | --- | --- | | 审计报告 | 1 – 8 | | | | 2023 年度财务报表 | | | | | 合并及公司资产负债表 | 1 – 4 | | | | 合并及公司利润表 | 5 – 7 | | | | 合并及公司现金流量表 | 8 – | | 11 | | 合并股东权益变动表 | 12 | – | 13 | | 公司股东权益变动表 | 14 | – | 15 | | 财务报表附注 | 16 | – | 184 | | 财务报表补充资料 | 1 – 2 | | | 审计报告 普华永道中天审字(2024)第 10033 号 (第一页，共八页) 广东电力发展股份有限公司全体股东： 一、审计意见 (一) 我们审计的内容 我们审计了广东电力发展股份有限公司(以下简称"粤电力")的财务报 表，包括 2023 年 12 月 31 日的合并及公司资产负债表，2023 年度的合并及 公司利润表、合并及公司现金流量表、合并及公司股东权益 ...

关于本报告 报告概况 本报告是广东电力发展股份有限公司发布的第 2 份环境、社会及治理（ESG）专项报告。本着 客观、规范、透明和全面的原则，报告详细披露了广东电力发展股份有限公司 2023 年在环境、 社会及公司治理议题上的管理方法与工作绩效。 报告范围 本报告内容覆盖广东电力发展股份有限公司及下属公司； 称谓说明 为了便于表述和阅读，本报告中"广东电力发展股份有限公司"也以"粤电力"或"公司"表示； "广东省能源集团有限公司"也以"广东能源集团"或"集团"表示。 编制依据 中国社会科学院《中国企业社会责任报告指南》（CASS-ESG 5.0） 全球报告倡议组织《GRI 可持续发展报告标准》（GRI Standards） 发布形式 本报告包含纸质版和电子版两个版本。 您可在网站 https://ged.com.cn/cn/ 上下载电子版本。 关于本报告 广东电力发展股份有限公司 2023环境、社会及治理报告 2023 年 1 月 1 日至 2023 年 12 月 31 日，为增强报告可比性和完整性，部分内容有所延伸。 | 公司概况 | 01 | | --- | --- | | ESG管理 | 03 | | ...

广东电力发展股份有限公司 2023 年度独立董事述职报告 1、出席股东大会及董事会情况 报告期内，本人出席了公司 9 次董事会、3 次股东大会， 具体出席情况如下： | 姓名 | 应参加董 | 现场出席董 | 以通讯方式参 | 委托出席董 | 缺席董事 | 是否连续两次 未亲自参加董 | 出席股东 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 事会次数 | 事会次数 | 加董事会次数 | 事会次数 | 会次数 | | 大会次数 | | | | | | | | 事会会议 | | | 张汉玉 | 9 | 5 | 4 | 0 | 0 | 否 | 3 | 本人对 2023 年历次董事会审议的议案均投出赞成票。 本人 张汉玉 作为广东电力发展股份有限公司（下称 "粤电力"或"公司"）的独立董事，在 2023 年度严格按 照《公司法》《上市公司治理准则》《上市公司独立董事管 理办法》《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》等法律、规范性文件以及公司《章 程》《独立董事工作制度》的规定认真履行职责，充分发挥 独立董事的独立作 ...

一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实 施内部控制，评价其有效性，并如实披露内部控制评价报告 是公司董事会的责任。监事会对董事会建立和实施内部控制 进行监督。经理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报 告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 报告内容的真实性、准确性和完整性承担个别及连带法律责 任。 公司内部控制的目标是合理保证经营管理合法合规、资 产安全、财务报告及相关信息真实完整，提高经营效率和效 果，促进实现发展战略。由于内部控制存在的固有局限性， 故仅能为实现上述目标提供合理保证。此外，由于情况的变 化可能导致内部控制变得不恰当，或对控制政策和程序遵循 的程度降低，根据内部控制评价结果推测未来内部控制的有 效性具有一定的风险。 广东电力发展股份有限公司 2023 年度内部控制自我评价报告 根据《企业内部控制基本规范》及其配套指引的规定和 其他内部控制监管要求（以下简称"企业内部控制规范体 系"），结合广东电力发展股份有限公司（以下简称"公司"） 内部控制管理制度，在内部控制日常监督和专项监督的基础 上，公司对2 ...

关于召开2023年度业绩网上说明会的公告 | 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2024-21 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | 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"或"本公司"）定于2024年4月 18日（星期四）15:00-16:30在全景网举办2023年度业绩说明会，本次年度业绩说 明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次年度业绩说明会。公司《2023年度报告摘要》刊登 于2024年3月30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，《2023年度报告全文》刊登于巨潮资讯网 （http://www.cninfo.com.cn），供全体股东和投资者查阅。 出席本次说明会的人员有：公司董事长郑云鹏先生，总经理梁超先生，副总 经理、财务负责人、董事会秘书刘 ...

广东电力发展股份有限公司 董事会审计与合规委员会工作细则 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审 计，指导监督公司合规管理，确保董事会对经理层的有效监 督，完善公司治理结构，根据《中华人民共和国公司法》《上 市公司治理准则》、公司《章程》及其他有关规定，公司特 设立董事会审计与合规委员会，并制定本工作细则。 第二条 董事会审计与合规委员会是董事会下设的专门 工作机构，主要负责公司经营状况的财务审核、公司内、外 部审计的沟通、监督和核查工作；研究公司合规管理重大事 项或提出意见建议，指导、监督和评价公司合规管理工作。 第七条 审计与合规委员会在行使其职权需要时，可以在 委员会内组成工作小组开展工作，工作小组负责人由主任委 员或其指定的委员担任。工作小组可以选聘公司外部专业人 员参与工作，费用由公司支付。 第二章 人员组成 第三条 审计与合规委员会成员由五名不在上市公司担 任高级管理人员的董事组成，其中独立董事委员三名，独立 董事委员中至少还应当有一名为会计专业人士。 第四条 审计与合规委员会设主任委员一名，由独立董事 中会计专业人士担任。 第五条 审计与合规委员会主任委员和委员人选由董 ...