Group 1: Energy Capacity and Investment Plans - As of the end of 2024, the company has a coal-fired power installed capacity of 19.95 million kW, gas-fired capacity of 1.1847 million kW, and renewable energy capacity of 727.59 thousand kW. The total capacity of renewable projects under construction is approximately 2.079 million kW [1][2] - The company plans to invest 16.096 billion RMB in 2025, with about one-third allocated to renewable energy [1][2] - The company has 8 million kW of coal-fired capacity under construction, with an expected 4-5 million kW to be operational in 2025 [2] Group 2: Financial Performance and Debt Management - The company's asset-liability ratio for 2024 is 79.47%. Future plans include managing debt levels through operational efficiency and financing strategies [2] - The company plans to issue 888 million RMB in REITs in 2024 and will explore equity financing opportunities [2] Group 3: Market and Pricing Strategies - The company faces higher on-grid prices for gas-fired power (approximately 0.68 RMB) compared to coal due to market dynamics [2] - The company is actively managing costs through fuel procurement, energy conservation, and expenditure control to enhance profitability [7] Group 4: Corporate Governance and Market Management - The company is committed to improving investor relations and market management, with plans to enhance its market value through various strategies [5][6] - The company has a dividend distribution plan for 2024, proposing a cash dividend of 0.2 RMB per 10 shares, totaling approximately 105 million RMB [6] Group 5: Future Development and Industry Position - The company is focusing on balancing traditional thermal power and renewable energy development in line with carbon neutrality goals [3] - The company has no current plans for nuclear power projects but is exploring offshore wind power investments [9]

Market Overview - The Shanghai Composite Index rose by 0.05% on April 2, with 18 out of 28 sectors experiencing gains, led by textiles and apparel (1.45%) and beauty and personal care (1.01%) [1] - The sectors with the largest declines were defense and military (1.17%) and non-ferrous metals (0.87%), with public utilities ranking third in terms of decline [1] Capital Flow Analysis - The main capital flow showed a net outflow of 8.051 billion yuan across the two markets, with 9 sectors seeing net inflows [1] - The non-bank financial sector led with a net inflow of 1.787 billion yuan and a daily increase of 0.58%, followed by the telecommunications sector with a net inflow of 963 million yuan and a daily increase of 0.97% [1] - A total of 22 sectors experienced net outflows, with the pharmaceutical and biological sector leading with a net outflow of 2.759 billion yuan, followed by the electronics sector with a net outflow of 2 billion yuan [1] Public Utilities Sector Performance - The public utilities sector declined by 0.80% with a net outflow of 1.09 billion yuan, comprising 132 stocks, of which 20 rose and 106 fell [2] - Among the stocks in this sector, 44 saw net inflows, with the top three being Shaoneng Co. (39.724 million yuan), Guangdong Electric Power A (27.7136 million yuan), and Hunan Development (20.6605 million yuan) [2] - The stocks with the highest net outflows included China General Nuclear Power (1.399735 billion yuan), Qianyuan Electric Power (1.218559 billion yuan), and China Nuclear Power (1.042745 billion yuan) [2] Public Utilities Sector Capital Inflow Rankings - The top stocks by capital inflow included: - Shaoneng Co. with a rise of 3.67% and a turnover rate of 17.31%, net inflow of 39.724 million yuan [3] - Guangdong Electric Power A with a rise of 1.95% and a turnover rate of 3.20%, net inflow of 27.7136 million yuan [3] - Hunan Development with a rise of 10.00% and a turnover rate of 0.70%, net inflow of 20.6605 million yuan [3] Public Utilities Sector Capital Outflow Rankings - The stocks with the highest capital outflows included: - China General Nuclear Power with a decline of 1.89% and a turnover rate of 0.44%, net outflow of 139.9735 million yuan [4] - Qianyuan Electric Power with a decline of 4.70% and a turnover rate of 6.81%, net outflow of 121.8559 million yuan [4] - China Nuclear Power with a decline of 0.96% and a turnover rate of 0.37%, net outflow of 104.2745 million yuan [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 expectations for improvement in profitability per kilowatt hour [1][2] - The coal-fired power segment is significantly impacted by falling electricity prices, while renewable energy segments show growth potential [2][6] - The company plans to continue expanding its coal and gas power projects, with a focus on increasing electricity generation capacity [3][4] Financial Performance Summary - In 2024, the company achieved operating 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, down 1.07% year-on-year [1] - The fourth quarter of 2024 saw a single-quarter operating revenue of 14.64 billion yuan, a year-on-year increase of 0.75%, but a quarter-on-quarter decrease of 10.93% [1] - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares, totaling 105 million yuan [1] Segment Performance Summary - The coal power segment reported a net profit of 278 million yuan, while the gas power segment achieved a net profit of 483 million yuan [2] - The renewable energy segment generated a net profit of 171 million yuan, and investment income contributed 810 million yuan [2] - The overall gross margin for electricity sales decreased by 1.14 percentage points year-on-year, with coal and gas power margins declining by 3.69 and 1.50 percentage points, respectively [2] Future Outlook - The company is expected to see a continued decline in electricity prices in Guangdong, which may pressure performance in 2025 [3][6] - The company has ongoing projects with a total capacity of 800,000 kilowatts for coal power and 194,200 kilowatts for gas power, which are anticipated to be operational between 2024 and 2026 [3] - The renewable energy segment is projected to grow significantly, with plans for an additional 1.4 million kilowatts of installed capacity during the 14th Five-Year Plan [6] Financial Projections - Revenue is projected to reach 58.19 billion yuan in 2025, with a net profit of 878 million yuan, reflecting a year-on-year decrease of 8.9% [5] - The company's EPS is expected to be 0.17 yuan in 2025, with a P/E ratio of 26.90 times [5][6] - The net profit forecast for 2026 and 2027 is 1.15 billion yuan and 1.20 billion yuan, respectively, with corresponding EPS of 0.22 yuan and 0.23 yuan [5][6]

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 ...