Financial Performance - The company's operating revenue for Q1 2024 was CNY 12,789,410,415, a decrease of 1.97% compared to CNY 13,046,268,148 in the same period last year[2] - Net profit attributable to shareholders increased by 42.80% to CNY 126,281,663 from CNY 88,429,494 year-on-year[2] - Net profit for Q1 2024 increased to CNY 296,517,543, compared to CNY 84,727,866 in Q1 2023, representing a growth of 250.5%[13] - The company reported a significant increase in operating profit, reaching CNY 451,578,280, up from CNY 125,238,515 in the previous year[13] - Basic and diluted earnings per share for Q1 2024 were CNY 0.0241, compared to CNY 0.0168 in Q1 2023, an increase of 43.5%[14] Cash Flow and Liquidity - The net cash flow from operating activities surged by 810.25% to CNY 2,719,506,027 compared to CNY 298,763,280 in the previous year[2] - Operating cash inflow for the period was CNY 15,058,245,685, an increase from CNY 13,518,520,310 in the previous period, representing a growth of approximately 11.4%[15] - The net cash flow for the period was CNY 266,279,945, significantly lower than CNY 1,883,225,784 in the previous period, indicating a decline of about 85.9%[16] - The total cash and cash equivalents at the end of the period amounted to CNY 12,220,447,097, down from CNY 13,317,034,284 in the previous period, a decrease of approximately 8.2%[16] Assets and Liabilities - The company's total assets at the end of Q1 2024 were CNY 162,583,145,248, reflecting a 0.85% increase from CNY 161,207,283,087 at the end of the previous year[2] - Total liabilities increased to CNY 128,918,475,977 from CNY 127,296,425,385, marking a rise of 1.27%[14] - The company's total equity decreased to CNY 33,664,669,271 from CNY 33,910,857,702, a decline of 0.73%[14] - Accounts receivable decreased to CNY 8.36 billion from CNY 8.96 billion, indicating a reduction of approximately 6.93%[11] - Inventory increased significantly to CNY 3.30 billion, up from CNY 2.66 billion, representing a growth of 24.06%[11] Operational Efficiency - The fuel cost for power generation was CNY 859,236,000, a decrease of CNY 83,328,000 or 8.84% year-on-year[6] - The company's electricity generation increased by 1.852 billion kWh year-on-year, positively impacting revenue despite a decline in electricity prices[6] - The revenue from renewable energy sources, including wind and solar, grew by CNY 19,623,000 year-on-year, contributing to stable performance[6] - Total operating costs decreased to CNY 12,482,302,299 from CNY 13,137,274,974, reflecting a reduction of 4.98%[13] - Research and development expenses decreased to CNY 82,411,766 from CNY 183,802,170, a reduction of 55.1%[13] Governance and Strategic Changes - The company approved a capital increase of CNY 50 million for its indirect subsidiary, enhancing its financial capacity[9] - The company plans to implement changes in accounting policies to better reflect its financial status starting January 1, 2024[9] - The company appointed a new employee supervisor following the retirement of the previous one, ensuring continuity in governance[9] Non-Recurring Items - Non-recurring gains totaled CNY 30,956,792, primarily from asset disposals and government subsidies[3] - The company recognized a long-term equity investment impairment provision of CNY 1.21 billion, impacting the parent company's net profit[11]

国信信扬律师事务所 GOLDSUN & XINYANG LAW FIRM 广东省广州市天河路101 号兴业银行大厦13 楼。 邮编Post Code：510620 Floor 13th, Industrial Bank Building, No. 101 Tianhe Lu, Guangzhou 510620, Guangdong Province, People's Republic of China 电话Tel：（8620）：3821 9668 传真Fax：（8620）：3821 9766 国信信扬律师事务所 关于广东电力发展股份有限公司 2023 年度股东大会 的法律意见书 致：广东电力发展股份有限公司 国信信扬律师事务所（以下简称"本所"）受广东电力发展股份有限公司（以下 简称"公司"）委托，指派陈凌和颜丽欣律师（以下简称"经办律师"）参加了公司 于 2024 年 4 月 26 日下午 14：30 在广州市天河东路 2 号粤电广场南塔 33 楼会议室召 开的公司 2023 年度股东大会（以下简称"本次股东大会"）。 本所及经办律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东 ...

| 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2024-27 | | --- | --- | --- | | 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 2023 年度股东大会决议公告 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。 特别提示： 本次会议召开期间没有增加、否决或变更提案，未涉及变更前次股东大会决议。 一、会议召开和出席情况 1、召开时间： （1）现场会议召开时间：2024年4月26日（星期五）下午14:30 （2）网络投票时间为：2024年4月26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4月26 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4月26日9:15至15:00期间的任意时间。 2、现场会议召开地点：广州市天河东路2号粤电广场南塔33楼会议室。 3、召开方式：本次股东大 ...

| 证券代码：000539、200539 | A、粤电力 | 证券简称：粤电力 | | B | | | --- | --- | --- | --- | --- | --- | | 公司债券代码：149418 | 粤电 02 | 债券简称：21 | | | | | | | | | | 公告编号：2024-25 | | 公司债券代码：149711 | | | 债券简称：21 粤电 03 | | | 广东电力发展股份有限公司 关于"21粤电02"债券持有人回售结果的公告 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、误导性陈述或者重大遗漏。 根据《广东电力发展股份有限公司 2021 年面向合格投资者公开发行公司债 券(第二期)募集说明书》（以下简称：《募集说明书》）的约定，广东电力发展股 份有限公司分别于 2024 年 3 月 25 日、2024 年 3 月 26 日、2024 年 3 月 27 日发 布了《广东电力发展股份有限公司关于"21 粤电 02"票面利率调整及投资者回 售实施办法第一次提示性公告》、《广东电力发展股份有限公司关于"21 粤电 02" 票面利率调整及投资者回售实施 ...

| | | 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 2021 年面向合格投资者 公开发行公司债券(第二期)2024 年付息公告 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。 特别提示： 广东电力发展股份有限公司2021年面向合格投资者公开发行公司债券(第二 期)（债券简称：21 粤电 02；债券代码：149418）本次付息的债权登记日为 2024 年 4 月 26 日，凡在 2024 年 4 月 26 日（含）前买入并持有本期债券的投资者享 有本次派发的利息；2024 年 4 月 26 日卖出本期债券的投资者不享有本次派发的 利息。 广东电力发展股份有限公司2021年面向合格投资者公开发行公司债券(第二 期（以下简称 ) "本期债券"）将于 2024 年 4 月 29 日支付 2023 年 4 月 28 日至 2024 年 4 月 27 日期间的利息，为确保付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广东电力发展股份有限公 ...

| 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2024-24 | | --- | --- | --- | | 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 关于调整2023年度业绩网上说明会 召开时间的公告 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。 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、董事会秘书刘维先生，总法律顾问秦晓女士，财务部部长蒙 飞先生，独立董事张汉玉女士、吴战篪先生。 为充分尊重投资者、提升交流的针对性，现就公司2023年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2024年4月 1 16日（星期二）15：00前访问http://ir.p5w.net/zj/，或扫描下方二维码，进入问题 征集专题页面。公司将在2023年度业绩说明会上，对投资者普遍关注的问题进行 回答。 欢迎广大投资者积极参与本次网上说明会。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.37 CNY, down from the previous forecast of 7.36 CNY [1][2]. Core Views - The company's performance is under pressure primarily due to asset impairment, but there is an expectation for performance elasticity to be released in the future [1]. - The company reported a revenue of 59.7 billion CNY in 2023, a year-on-year increase of 13.4%, and a net profit of 9.7 billion CNY, indicating a turnaround from losses [1][2]. - The report highlights that the growth potential of the company's thermal power business is expected to resonate with its performance elasticity, especially in the context of declining coal prices [1][2]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 14.5 billion CNY, a year-on-year increase of 10.3%, while the net profit was 5.3 billion CNY, showing a reduction in losses [1]. - The company plans to distribute a dividend of 0.02 CNY per share, which represents 10.8% of the net profit [1]. - The company’s total installed capacity at the end of 2023 was 14.7 GW, with a significant portion in thermal power [1][2]. Earnings Forecast - The report forecasts EPS for 2024 and 2025 to be 0.35 CNY and 0.49 CNY respectively, with a valuation based on comparable company PE at 13x for 2025 [1][2]. - The expected revenue growth rates for 2024 and 2025 are 5% and 22% respectively, indicating a positive outlook for the company's financial performance [1][2]. Market Position - The company remains one of the largest power companies in Guangdong, focusing on investment, construction, and management of power projects [2]. - The report notes that the company's coal-fired power business still accounts for a significant portion of its revenue, despite the challenges posed by fluctuating coal prices [1][2].

证券研究报告 ＃industryId＃ 火电 ＃investSuggestion＃ ＃ ＃d粤yCo电mpa力ny＃ A （ 000539 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 23 年煤电利润快速修复，仍处资本开支上行周期 ange＃ ＃createTime1＃ 2024年4月1日 投资要点 ＃市场ma数rk据etData＃ ＃sum事ma件ry：＃粤电力A发布2023年报，报告期内公司实现营业收入597.08亿元， 日期 2024/3/29 同比+13.38%，归母净利润、扣非归母净利润分别为9.75、10.94亿元，均同 收盘价（元） 5.17 比扭亏为盈，经营净现金流84.66亿元，同比+472.03%，全年毛利率14.63%， 总股本（百万股） 5,250 同比+14.99pct。结合经营数据，我们点评如下： 流通股本（百万股） 3,352  火电：煤电业务快速修复至度电毛利0.0632元，火电仍将处于大额资本开支 净资产（百万元） 22,142 期，公司煤电、气电上网电量分别为897.35、181.44亿度，分别同比+2.20%、 总资产（百 ...

%% 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].