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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's coal-fired power business has significantly recovered, with a gross profit of 5.672 billion yuan in 2023, a substantial turnaround from a loss of 2.753 billion yuan in the previous year. The gas-fired power business also saw a gross profit increase to 1.560 billion yuan, up by 0.869 billion yuan year-on-year. However, the renewable energy segment faced challenges, with a gross profit of 1.071 billion yuan, down 26.02% year-on-year due to falling electricity prices and reduced operating hours [5][6][7]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 59.708 billion yuan, a year-on-year increase of 13.38%. The net profit attributable to the parent company was 0.975 billion yuan, recovering from a loss of 2.980 billion yuan in the previous year [5][6]. - The total electricity generated from coal-fired power was 107.879 billion kWh, a 5.18% increase year-on-year, with an average on-grid electricity price of 0.58 yuan/kWh, up 7.42% year-on-year. The coal power business generated sales revenue of 44.243 billion yuan, an increase of 8.91% [5][6]. Renewable Energy Business - The company added 450,000 kW of wind power and 1,972,600 kW of solar power in 2023, with total installed capacity reaching 2,795,000 kW for wind and 2,149,000 kW for solar by year-end. Wind power generation increased by 14.70% to 4.720 billion kWh, but the average on-grid price fell to 0.70 yuan/kWh, down 0.03 yuan/kWh year-on-year. Solar power generation rose significantly to 0.378 billion kWh from 0.003 billion kWh in the previous year [6][7]. Investment and Valuation - The company adjusted its earnings forecast, expecting EPS of 0.40 yuan, 0.53 yuan, and 0.64 yuan for 2024-2026, corresponding to PE ratios of 12.98x, 9.73x, and 8.04x respectively. The "Buy" rating is maintained based on these projections [7].

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].