Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2 billion to 2.25 billion yuan in 2024, representing a year-on-year growth of 39.91% to 57.4% [1] - The increase in profit is primarily driven by higher electricity generation, lower coal prices, and improved profitability of controlled power generation enterprises [1] - The electricity demand in Anhui province is projected to grow by 12% in 2024, with total electricity consumption reaching 359.8 billion kilowatt-hours [1] - The company is set to benefit from new power generation units coming online, contributing to an increase in installed capacity [2] - The expected weighted average price for electricity transactions in Anhui for 2025 is estimated to decrease by 5.3% [3] Summary by Sections Performance Forecast - The company forecasts revenue of 29.957 billion yuan in 2024, with a growth rate of 7.5% [4] - The net profit attributable to shareholders is projected to be 2.034 billion yuan in 2024, reflecting a growth rate of 42.3% [4] - Earnings per share (EPS) is expected to be approximately 0.90 yuan in 2024 [4] Installed Capacity and New Projects - As of June 2024, the company's total equity installed capacity is expected to exceed 19 million kilowatts, with 14.95 million kilowatts in operation or under construction [2] - New projects include the commissioning of two 660,000-kilowatt units in Xinjiang and a 1 million-kilowatt project in Qianyingzi expected to be operational by March 2025 [2] Cost and Profitability - The report indicates that coal prices are expected to remain stable, providing flexibility for the company's coal-fired power profitability [3] - The company's profitability is anticipated to remain strong due to the gradual commissioning of new units and low coal prices [3]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately CNY 200 million to CNY 225 million for the fiscal year 2024, representing a year-on-year growth of 39.91% to 57.40%[5] - The net profit after deducting non-recurring gains and losses is estimated to be between CNY 197.72 million and CNY 222.72 million, reflecting a growth of 54.09% to 73.57% compared to the previous year[3] - The basic earnings per share are projected to be approximately CNY 0.9926 to CNY 0.8823, up from CNY 0.6306 in the previous year[3] Factors Influencing Profitability - The increase in profit is primarily attributed to a rise in electricity generation and a decrease in coal prices, enhancing the profitability of the company's controlled power generation enterprises[5] Audit and Reporting - The performance forecast has not been audited by an accounting firm, and the company has communicated with its auditors regarding significant matters related to the forecast[4] - Detailed financial data for the fiscal year 2024 will be disclosed in the annual report, and investors are advised to make cautious decisions[7]

Investment Rating - The report maintains a "Buy" rating for Waneng Power (000543) with a 6-month target price of 10.30 CNY, compared to the current price of 7.09 CNY [1] Core Views - Waneng Power is a leading thermal power company in Anhui province, with significant capacity expansion expected [1] - The company benefits from tight power supply-demand dynamics in Anhui, supporting electricity prices [7] - Coal price declines are improving thermal power costs, with Qinhuangdao thermal coal prices expected to remain around 760 CNY/ton [7] - The company is expanding its installed capacity, with 2.32 GW of new capacity expected to be operational by end-2024 [7] - Power sector reforms are enhancing the profitability stability of thermal power, with ancillary services contributing to diversified income [7] Financial Performance - Revenue is expected to grow from 27.87 billion CNY in 2023 to 33.06 billion CNY in 2025, with a CAGR of 10.85% [2] - Net profit attributable to shareholders is projected to increase from 1.43 billion CNY in 2023 to 2.33 billion CNY in 2025, with a CAGR of 18.48% [2] - EPS is forecasted to rise from 0.63 CNY in 2023 to 1.03 CNY in 2025 [2] - ROE is expected to improve from 8.58% in 2023 to 12.39% in 2025 [2] Industry and Market Dynamics - Anhui's power demand is growing rapidly, with a CAGR of 8.7% from 2020-2023, driven by economic growth and industrial development [7] - Thermal power remains the dominant power source in Anhui, accounting for 90.4% of total power generation in H1 2024 [43] - The company's thermal power utilization hours are expected to remain high, at 5,000 hours in 2024, gradually declining to 4,800 hours by 2026 [8] - Coal prices are expected to remain low, with the company's comprehensive coal cost projected at 980 CNY/ton in 2024, declining to 860 CNY/ton by 2026 [8] Capacity Expansion and New Projects - The company is expanding its thermal power capacity, with 1.175 GW of operational capacity and 1.32 GW under construction as of H1 2024 [23] - New projects include the Xinjiang Yingema Power Plant (1.32 GW) and Qianyingzi Power Plant Phase II (1 GW), both expected to be operational by end-2024 [7] - The company is also investing in renewable energy, with plans to add 4 GW of new energy capacity during the 14th Five-Year Plan period [95] Valuation and Target Price - The report values Waneng Power at 10x 2025 PE, implying a target price of 10.30 CNY [11] - The company's 2025 PE of 6.9x is below the industry average of 9.4x, indicating potential undervaluation [116] - The target price is based on the company's capacity expansion, low coal prices, and thermal power premium [11]

证券代码：000543 证券简称：皖能电力 公告编号：2024-63 安徽省皖能股份有限公司 第十一届董事会第五次会议决议公告 安徽省皖能股份有限公司（以下简称"公司"或"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。 《公司章程》的规定，所作决议合法有效。本次会议经记名投票表决，审议通 过了如下议案： 一、审议通过《关于拟投资设立安徽皖能天长风电有限责任公司暨关联交 易的议案》 详见《关于投资设立安徽皖能天长风电有限责任公司暨关联交易的公告》 （公告编号2024-64） 该议案属于关联交易事项，关联董事李明、刘亚成、卢浩对该议案回避表 决；董事方世清、米成、陶国军、独立董事谢敬东、姚王信、孙永标同意该项 议案。 表决结果为：赞成6票，反对0票，弃权0票。 二、关于审议公司2023年实际发放工资总额的议案 二〇二四年十二月二十七日 安徽省皖能股份有限公司董事会 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届董 事会第五次会议于2024年12月26日下午在公司会议室以现场与线上表决相结合 的方式召开。本次会议应出席董事9人，实际出席董事9人 ...

股票代码：000543 股票简称：皖能电力 公告编号：2024-64 安徽省皖能股份有限公司 为践行"双碳"目标，加快推动绿色低碳转型，实现高质量发展，公司下属 全资子公司安徽省皖能能源交易有限公司（以下简称"皖能交易"）与安徽省皖 能资本投资有限公司（以下简称"皖能资本"）、滁州高新投资控股有限公司（以 下简称"滁州高新投资"）共同投资设立安徽皖能天长风电有限责任公司（暂定 名，最终以市场监督管理局核准登记为准，简称"皖能天长公司"）。皖能天长 公司注册资本为 500 万元，其中皖能交易拟以货币资金出资 130 万元，占注册资 本的 26%；皖能资本拟以货币资金出资 125 万元，占注册资本的 25%；滁州高新 投资拟以货币方式出资 245 万元，持有 49%的股权。 （二）本次投资构成关联交易 皖能资本为公司控股股东安徽省能源集团有限公司的全资子公司，为本公司 关联方。公司本次与关联方皖能资本共同对外投资构成关联交易，不构成《上市 公司重大资产重组管理办法》规定的重大资产重组，不需经过股东大会批准。 （三）审议程序 2024 年 12 月 26 日公司召开了董事会十一届五次会议，会议审议通过了《关 于拟投 ...

证券代码：000543 证券简称：皖能电力 公告编号：2024- 62 安徽省皖能股份有限公司 关于变更办公地址名称的公告 安徽省皖能股份有限公司（以下简称"公司"或"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。 根据《地名管理条例》《合肥市地名管理办法》等规定，公司办公地址名称 由原"合肥市包河区成都路2528号云谷金融城B01栋25-27层"变更为"合肥市包 河区贵州路491号皖能智能管控中心25-27层"，邮政编码由原"230041"变更为 "230092"。本次变更仅涉及办公地址名称和邮政编码，实际办公地址未发生变 化。 除上述变更外，公司注册地址、网址、投资者热线、传真、电子信箱等均 保持不变，具体为： | | 变更前 | 变更后 | | --- | --- | --- | | 注册地址 | 安徽省合肥市包河区马鞍山路76号 | 安徽省合肥市包河区马鞍山路76号 | | 办公地址 | 安徽省合肥市包河区成都路2528号 | 安徽省合肥市包河区贵州路491号 | | | 云谷金融城B01栋25-27层 | 皖能智能管控中心25-27层 | | ...

来给大家做交流首先请允许我介绍一下三位嘉宾今天我们这场交流是邀请到了缓能电力的领导证券事务代表林总和运营管理部主任张总在线来给大家做交流首先欢迎公司领导那么由于就是目前来看可能大家对于整个电力板块 比如说未来的一个经营情况,电力的供需,电价情况和电改的进一步进展都非常的关注我们也是很感谢公司领导抽时间出来跟咱们再做一个交流确实在我们的年度策略中间我们也对 电力的整个的容量的供需关系做了一个新的测算的确我们能够看到可能在绿电装机增加的过程中间顶峰出力的容量比如说尖峰发力的价值还是十分稀缺的所以从这个角度来讲我们还是非常关注优质的区域里面的火电资产 下面就是把宝贵的时间交给公司领导首先请公司领导要不就经营情况给我们做一个介绍然后我们开始做交流好了感谢袁总感谢各位在线的投资者各位老师各位领导我是运营管理部的张登志这里就是我代表公司把一些主要的经营情况向各位再做更新 就是前三季度这个情况可能各位也都都清楚了然后就我对四季度吧我们这块的一些主要的经营情况正好是也到12月中旬上旬了吧可能做一个集中的一个汇报吧首先就是电量电量这块我们四季度来看的话前两个月电量同比的话同比的话还是下降的这个下降因素也是因为今年我们 低曲的以 ...

证券代码：000543 证券简称：皖能电力 公告编号：2024-61 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届董 事会第四次会议于2024年11月14日下午在公司会议室以现场与通讯表决相结合 的方式召开。会议由公司董事长李明主持，本次会议应出席董事9人，实际出席 董事9人。公司监事会、部分高级管理人员以及其他相关人员列席会议。会议的 召集召开符合《公司法》和《公司章程》的规定，所作决议合法有效。本次会 议经记名投票表决，审议通过了如下议案： 审议通过《关于公司经营层成员2023年年薪考核结果的议案》 安徽省皖能股份有限公司 第十一届董事会第四次会议决议公告 安徽省皖能股份有限公司（以下简称"公司"或"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。 董事方世清为公司总经理，对该议案回避表决；董事李明、刘亚成、卢 浩、米成、陶国军、独立董事谢敬东、姚王信、孙永标同意该项议案。 表决结果为：赞成8票，反对0票，弃权0票。 安徽省皖能股份有限公司董事会 二〇二四年十一月十八日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in the third quarter was below expectations, with a net profit of 5.12 billion yuan, a year-on-year decline of 28.88% [3][4] - The company reported a revenue of 22.541 billion yuan for the first three quarters, a year-on-year increase of 11.52% [3] - The company is expected to face a tight electricity supply situation in Anhui province, with a projected power gap exceeding 20 million kilowatts by 2025 [4] - The company is strategically positioned to benefit from the tight supply and stable electricity prices in the region [4] Financial Performance Summary - For the first three quarters, the company achieved a net profit of 15.83 billion yuan, up 21.29% year-on-year, and a net profit after deducting non-recurring items of 15.66 billion yuan, up 25.07% [3] - The company’s total revenue for the third quarter was 8.54 billion yuan, reflecting a year-on-year growth of 7.07% [3] - The company’s total market capitalization is approximately 17.52 billion yuan, with a closing price of 7.73 yuan per share [2] Earnings Forecast and Valuation - The forecasted net profits for the company from 2024 to 2026 are 18.6 billion yuan, 23.8 billion yuan, and 25.2 billion yuan, respectively, with year-on-year growth rates of 30%, 29%, and 6% [5] - The current price-to-earnings (P/E) ratios for the years 2024 to 2026 are projected to be 9, 7, and 7 times, respectively [5] - The company is expected to maintain a stable growth trajectory with significant contributions from new coal-fired power plants and renewable energy projects [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in the third quarter was below expectations, with a net profit of 5.12 billion yuan, a year-on-year decline of 28.88% [3][4] - The company reported a revenue of 22.541 billion yuan for the first three quarters, a year-on-year increase of 11.52% [3] - The company is expected to face a tight electricity supply in Anhui province, with a projected power gap exceeding 20 million kilowatts by 2025 [4] - The company is strategically positioned with new power plants expected to contribute to revenue growth in the coming years [5] Financial Performance Summary - For the first three quarters, the company achieved a revenue of 225.41 billion yuan, with a net profit of 15.83 billion yuan, reflecting a year-on-year growth of 21.29% [3] - The third quarter alone saw a revenue of 85.4 billion yuan, with a net profit of 5.12 billion yuan, which was lower than the expected 5.5 billion yuan [3][4] - The company’s net profit forecast for 2024-2026 is 18.6 billion, 23.8 billion, and 25.2 billion yuan respectively, with year-on-year growth rates of 30%, 29%, and 6% [5][6] Market Performance - The company is expected to benefit from a tight electricity supply and stable electricity prices in Anhui, which should support its profitability [4] - The company has a total installed capacity of 12.28 million kilowatts, primarily from thermal power, with ongoing projects expected to enhance capacity further [5] - The company’s stock is currently trading at a PE ratio of 9 for 2024, indicating potential value for investors [5][6]