Core Viewpoint - The company is experiencing a decline in electricity prices despite an increase in electricity sales volume, with a reduction in asset impairment year-on-year, benefiting from a decrease in coal prices, which is expected to improve cost structure and lead to a potential profit reversal [1][4]. Financial Performance - The company has adjusted its rating to "Cautious Accumulate" due to the anticipated decline in electricity prices in Guangdong for 2025, lowering the EPS forecast for 2025-2026 to 0.18/0.22 yuan (previously 0.32/0.41 yuan), and projecting an EPS of 0.30 yuan for 2027. The target price has been reduced to 5.17 yuan (previously 5.76 yuan) based on a 1.1x PB valuation for 2025 [2]. - For 2024, the company reported revenue of 57.16 billion yuan, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 0.96 billion yuan, a year-on-year decrease of 1.1%. In Q4 2024, revenue was 14.64 billion yuan, a year-on-year increase of 0.7%, while the net profit was a loss of 0.50 billion yuan, improving by 0.25 billion yuan year-on-year [2]. Electricity Generation and Pricing - In Q4 2024, the company's electricity generation volume increased, but the average on-grid electricity price decreased. The total on-grid electricity volume was 30.31 billion kWh, a year-on-year increase of 10.1%. The average on-grid electricity price was 0.536 yuan/kWh, a year-on-year decrease of 8.3% [3]. - The gross profit margin for Q4 2024 was 12.0%, down by 2.9 percentage points year-on-year, with a net profit loss of 0.32 billion yuan, improving by 0.49 billion yuan year-on-year. The improvement in performance is attributed to a reduction in asset impairment losses, which were 0.36 billion yuan in Q4 2024, down by 0.93 billion yuan year-on-year [3]. Project Development - The company is steadily advancing its construction projects, with a total of 8.0 GW of coal, gas, wind, and solar projects under construction expected to be operational between 2025 and 2027. Additionally, there are 2.8 GW of planned and signed acquisition projects [4]. - The company's coal-fired power generation capacity remains high, with 31.8 GW of coal-fired capacity accounting for 80.9% of total installed capacity, and coal-fired electricity generation of 110.9 billion kWh making up 92.9% of total electricity generation [4]. Coal Price Trends - The domestic coal prices are currently on a downward trend, with the Qinhuangdao Shanxi Q5500 power coal closing price at 665 yuan/ton as of March 31, 2025, representing a year-on-year decrease of 19.6%. This decline in coal prices is expected to improve the company's cost structure and support a potential profit reversal [4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's performance is under pressure due to declining electricity prices, with a focus on waiting for improvements in profit per kilowatt hour [1] - In 2024, the company reported a revenue of 57.16 billion yuan, a year-on-year decrease of 4.27%, and a net profit attributable to shareholders of 964 million yuan, a decrease of 1.07% [1][2] - The coal-fired power segment is significantly impacted by falling electricity prices, while renewable energy segments show growth potential [2][6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 57.16 billion yuan, down 4.27% year-on-year, and a net profit of 964 million yuan, down 1.07% year-on-year [1][5] - The fourth quarter of 2024 saw a revenue of 14.64 billion yuan, up 0.75% year-on-year but down 10.93% quarter-on-quarter [1] - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares, totaling 105 million yuan [1] Segment Analysis - The coal power segment reported a net profit of 278 million yuan, while the gas power segment reported 483 million yuan, and the renewable energy segment achieved a net profit of 171 million yuan [2] - The overall gross margin for electricity sales decreased by 1.14 percentage points year-on-year to 12.97% [2] Future Outlook - The company is expected to continue increasing its coal and gas power projects, with significant growth in gas power generation [3] - The average electricity price in Guangdong is projected to decline further in 2025, which may continue to pressure the company's performance [3][6] - The company is focusing on controlling costs, with a notable decrease in fuel costs expected to mitigate some of the pressure from falling electricity prices [4][6] Financial Projections - Revenue is projected to increase to 58.19 billion yuan in 2025, with a net profit of 878 million yuan, reflecting a year-on-year decrease of 8.9% [5][6] - The company's earnings per share (EPS) are expected to be 0.17 yuan in 2025, with a price-to-earnings (P/E) ratio of 26.90 times [5][6]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a downward adjustment in expectations [8]. Core Insights - The company reported a total operating revenue of 57.159 billion yuan in 2024, a year-on-year decrease of 4.27%, and a net profit attributable to shareholders of 0.964 billion yuan, down 1.07% year-on-year [5][11]. - The decline in coal power revenue was attributed to a reduction in both volume and price, leading to a 17.34% decrease in revenue from coal power. However, revenue from gas power and renewable energy increased by 32.86% and 42.81% respectively due to new installations [11][12]. - The company successfully reduced asset impairment losses by over 1.3 billion yuan, resulting in a total of 0.356 billion yuan in impairment losses for 2024 compared to 1.675 billion yuan in the previous year [11][12]. Summary by Sections Financial Performance - The company achieved a total operating revenue of 57.159 billion yuan in 2024, a decrease of 4.27% year-on-year. The net profit attributable to shareholders was 0.964 billion yuan, down 1.07% year-on-year [5][11]. - The coal power segment generated a net profit of 0.278 billion yuan, while gas power and renewable energy segments contributed net profits of 0.483 billion yuan and 0.171 billion yuan respectively [11]. Operational Highlights - The company’s controllable installed capacity reached 41.7075 million kilowatts by the end of 2024, with a significant portion (49.24%) coming from clean energy sources [11]. - The total power generation for 2024 was 1,258.3 billion kilowatt-hours, reflecting a year-on-year increase of 4.38% [11]. Cost Management - Operating costs decreased by 2.84% year-on-year, amounting to 49.521 billion yuan, primarily due to alleviated fuel price pressures [11]. - The company maintained stable sales and management expenses, while financial costs remained flat despite significant growth in installed capacity [11]. Future Outlook - The report projects earnings per share (EPS) for 2025-2027 to be 0.18 yuan, 0.23 yuan, and 0.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 24.95, 20.41, and 14.28 [11].

| 公司概况 | 03 | | --- | --- | | ESG管理 | 06 | | 展望2025 | 69 | | 附录 | 70 | | 粤美生态 点亮绿色未来 | | | --- | --- | | 环境治理 防范风险 | 21 | | 节能减排 高效利用 | 23 | | 绿色运营 生态友好 | 26 | | 绿色低碳技术 | | --- | | 清洁火电基建 | | 驭风逐光前行 | | 伙伴共赢 行业发展 | 35 | | --- | --- | | 双侧发力 品质供电 | 39 | | 诚聚英才 以心用之 | 43 | | 乡村振兴 电力先行 | 48 | | 倾心公益 惠泽民生 | 52 | | 党建引领 凝心铸魂 | 57 | | --- | --- | | 公司治理 守法合规 | 60 | | 安全生产 治本攻坚 | 64 | | 数字转型 创新发展 | 67 | 2024 年环境、社会及治理报告 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 3 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 2024 ...

广东电力发展股份有限公司2024年度非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位：广东电力发展股份有限公司 | 单位：万元 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024年度占 | | | | 2024年期初 2024年度占用 2024年期末 上市公司核算 2024年度偿还 | | | | | | | | 非经营性资金占用 | | | | 资金占用方名称 占用方与上市公司的关联关系 占用资金余 累计发生金额 用资金的利 占用资金余 占用形成原因 | | | | | 占用性质 | | | 的会计科目 | | | | 累计发生金额 （不含利息） 息(如有) 额 | | 额 | | | | | | 控股股东、实际控制 | 不适用 | | | 无 不适用 不适用 无 无 无 无 无 不适用 | | | | | | 人及其附属企业 | | 前控股股东、实际控 | | | | | | | | | | | | 无 | 不适用 | | | 不适用 不适用 无 无 无 无 ...

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 2024 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 制制度和评价办法，在内部控制日常监督和专项监督的基础 上，公司对2024年 ...

| 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2025-13 | | --- | --- | --- | | 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 关于计提资产减值准备的公告 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。 2025年3月27日，广东电力发展股份有限公司（以下简称"本公司"或"公 司"）召开了第十一届董事会第三次会议，审议通过了《关于计提资产减值准备 的议案》。根据相关规定，现将具体情况公告如下： 一、本次计提资产减值准备概述 根据财政部《企业会计准则第8号——资产减值》及公司相关会计政策规定， 公司及各控股子公司对各类资产进行了全面清查。通过分析、评估和测试，基于 谨慎性原则，对2024年母公司所持子公司股权计提长期股权投资减值准备 26,010.71万元，影响母公司报表净利润减少26,010.71万元，于合并层面抵消，不 影响合并报表归属于母公司净利润；对2024年公司及各控股子 ...

广东电力发展股份有限公司 2024 年度监事会工作报告 2024 年，公司监事会严格按照《公司法》《证券法》《深 圳证券交易所股票上市规则》《公司章程》和相关法律法规 的要求，忠于职守、勤勉尽责，认真行使监事职权，对公司 依法运作、财务状况、经营管理、内部控制、董事和高级管 理人员履职情况等方面进行了监督，有效维护了公司及全体 股东的合法利益。现将 2024 年度监事会工作情况报告如下： 一、2024 年度监事会会议召开情况 报告期内，监事会召开了 5 次监事会现场会议。各次监 事会会议的主要情况如下： 第十届监事会第九次会议于 2024 年 3 月 29 日在广州市 召开，会议审议通过了《关于〈2023 年度总经理工作报告〉 的议案》《关于计提资产减值准备的议案》《关于〈2023 年度 财务报告〉的议案》《关于〈2023 年度利润分配和分红派息 预案〉的议案》《关于〈2023 年度监事会工作报告〉的议案》 《关于〈2023 年年度报告〉和〈年度报告摘要〉的议案》《关 于公司〈内部控制评价报告〉的议案》《关于公司〈2023 年 环境、社会及治理（ESG）报告〉的议案》《关于变更监事的 议案》《关于补选独立监事 ...

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年度业绩网上说明会的公告 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"或"本公司"）定于2025年4月 15日（星期二）15:00-16:30在全景网举办2024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《2024年度报告摘要》刊登 于2025年3月29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。 | 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2025-16 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | 出席本次说明 ...

广东电力发展股份有限公司 董事会审计与合规委员会关于会计师事务所2024年 度履职情况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《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》和《公司章程》《董事会审计 与合规委员会工作细则》等规定和要求，广东电力发展股份有限公司（以下简称 "公司"）董事会审计与合规委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将董事会审计与合规委员会对会计师事务所2024年度履职评估及履行监督职 责的情况汇报如下： 一、2024年年审会计师事务所基本情况 （一）会计师事务所基本情况 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：1981年【工商登记：2011年12月22日】 注册地址：北京市朝阳区建国门外大街22号赛特广场五层 执业证书颁发单位及序号：北京市财政局NO0014469 截至2024年末，致同会计师事务所从业人员近六千人，其中合伙人239名， 注册会计师1,359名，签署过证券服务业务审计报告的注册会计师超过400人。 致同会计师 ...