证券研究报告 公用事业|电力 证券分析师 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 研究支持 联系人 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 相关研究 请务必仔细阅读正文之后的免责声明 2024 年 05 月 05 日皖能电力 (000543.SZ) 投资要点： | --- | --- | --- | --- | --- | --- | |----------------------------|-----------------------------|-------------------------------|---------------------|--------|--------| | 盈利预测与估值 | 2022 2023 2024E 2025E 2026E | | | | | | 营业总收入（百万元人民币） | | 24276 27867 28507 30315 31487 | | | | | 同比增长率（%） | 15.4% | 14.8% | 2.3% | 6.3% | 3.9 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and valuation recovery [12][16]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 27.867 billion yuan, a year-on-year growth of 8.26%, and net profit attributable to shareholders of 1.43 billion yuan, up 186% [5]. - The first quarter of 2024 also showed strong performance, with revenue of 6.985 billion yuan, a 12.45% increase year-on-year, and net profit of 453 million yuan, reflecting a 188% growth [5]. - The company benefits from a decline in coal prices and the commissioning of new coal power units, which contributed to the substantial profit growth in 2023 and Q1 2024 [5]. - The company plans to distribute a cash dividend of 2.21 yuan per 10 shares, which represents 38.22% of the distributable profit for 2023, indicating a high dividend payout ratio compared to previous years [5]. Summary by Sections Market Performance - The closing price of the company's stock is 8.33 yuan, with a market capitalization of 18.883 billion yuan and a price-to-book ratio of 1.33 [3]. Financial Performance - The company achieved total revenue of 27.867 billion yuan in 2023, with a net profit of 1.43 billion yuan, and forecasts for 2024 and 2025 are 18.9 billion yuan and 23.5 billion yuan in net profit, respectively [13][14]. - The projected earnings per share for 2024, 2025, and 2026 are 0.63, 0.83, and 1.04 yuan, respectively [13]. Operational Highlights - The company has a total installed capacity of 11.38 million kilowatts, with 3.56 million kilowatts under construction, and plans to commission additional gas and coal power units in 2024 [5]. - The company is strategically positioned in Anhui province, where electricity supply is tight, allowing it to maintain resilient coal power pricing [5]. Future Outlook - The company is expected to benefit from ongoing coal power growth and the development of renewable energy projects, with a target of achieving 4 million kilowatts of renewable energy capacity by the end of the 14th Five-Year Plan [5].

装机&电量双升+煤价下降，业绩增长可期 wangzhiyao＠gjzq.com.cn 市价（人民币）：8.46 元 公司点评 | --- | --- | --- | |-------|------------------|------------| | | 评级 市价 目标价 | | | 买入 | 6.53 | 7.81～7.81 | | 买入 | 6.39 | N/A | | 买入 | 5.85 | N/A | | 买入 | 8.92 | N/A | 1.00 =买入； 1.01~2.0=增持 ； 2.01~3.0=中性 3.01~4.0=减持 电话：021-80234211 邮箱：researchsz@gjzq.com.cn 地址：北京市东城区建内大街 26 号 新闻大厦 8 层南侧 形式的复制、转发、转载、引用、修改、仿制、刊发，或以任何侵犯本公司版权的其他方式使用。经过书面授权的引用、刊发，需注明出处为"国金证券股份有限 公司"，且不得对本报告进行任何有悖原意的删节和修改。 皖能电力（000543.SZ） 量：1Q24 发电量增加来自用电需求稳健增加+有效发电装机同比增 1.《皖能电力 2023 年业 ...

证券研究报告 | 季报点评 皖能电力（000543.SZ） 事件：公司发布 2024 年一季度报告。报告期内，公司实现营业收入 69.85 亿元，同比增长 12.45%；归母净利润 4.53 亿元，同比增长 188.24%；基 本每股收益 0.2 元，同比增长 185.71%。业绩增长主要系电量上涨，煤价下 跌，整体符合预期。 投资收益同比提升，重视投资煤电一体化项目。公司 2024Q1 投资收益 3.1 亿元，同比提升 130.83%，主要系火电板块盈利能力整体提升，参股公司 利润增加。公司重视与具备煤炭资源优势公司合作，参股项目具备煤电一体 化优势，预计板集二期今年投产，将持续增厚公司利润。 -32% -16% 0% 16% 32% 48% 64% 80% 2023-05 2023-08 2023-12 2024-04 皖能电力 沪深300 请仔细阅读本报告末页声明 2023A 8024 1998 3641 168 629 697 892 52562 13188 24800 3571 11003 60586 14986 807 4462 9718 25218 24134 1085 40205 6533 2 ...

分析师 严家源 执业证书： S0100521100007 邮箱： yanjiayuan@mszq.com 研究助理 赵国利 执业证书： S0100122070006 邮箱： zhaoguoli@mszq.com 1.皖能电力（000543.SZ）2023 年年报点评： 煤价下降与新增装机演绎 24 年业绩弹性二重 奏-2024/04/16 2.皖能电力（000543.SZ）2023 业绩预告点 评：业绩符合预期，24 年迎机组投产大年-2 024/01/27 3.皖能电力（000543.SZ）2023 年三季报点 评：火力全开，"开源节流"业绩持续高增-2 023/10/27 4.长三角火电四小龙系列（三）：皖能电力（0 00543.SZ）首次覆盖报告：高纯度火电，控、 参并进-2023/09/22 [TABLE_FINANCE] 利润表（百万元） 2023A 2024E 2025E 2026E 主要财务指标 2023A 2024E 2025E 2026E 皖能电力（000543.SZ）2024 年一季报点评 [盈利预测与财务指标 Table_Forcast] ➢ 事件： 4 月 29 日，公司发布 2024 ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xingye Securities Core Points and Arguments - The content of the conference call is exclusively for the clients of Xingye Securities, and all rights are reserved by the company [1] - Any reproduction or distribution of the meeting content without permission is considered an infringement, and Xingye Securities reserves the right to pursue legal action [1] Other Important but Possibly Overlooked Content - The meeting emphasizes the necessity of obtaining approval from Xingye Securities before retaining any content from the call [1]

Financial Performance - The company's operating revenue for Q1 2024 was ¥6,985,247,161.67, representing a 12.45% increase from ¥5,806,365,093.39 in the same period last year[25] - Net profit attributable to shareholders of the listed company reached ¥452,572,336.21, a significant increase of 188.24% compared to ¥125,827,924.50 in Q1 2023[25] - Basic earnings per share increased to ¥0.20, up 185.71% from ¥0.06 in Q1 2023[25] - Diluted earnings per share also rose to ¥0.20, reflecting the same percentage increase as basic earnings per share[25] - The total profit for the period reached ¥762,425,974.14, a significant increase of 210.23% compared to ¥245,762,012.82 from the previous period[50] - The net profit for the period was ¥663,610,803.54, reflecting a 192.80% increase from ¥226,644,202.09 in the prior period[50] - The company reported a significant increase in operating profit to ¥767,281,730.81, up 217.97% from ¥241,305,989.39 in the previous period[50] Cash Flow and Assets - The net cash flow generated from operating activities was ¥1,176,248,496.92, up 68.31% from ¥588,047,436.50 in the previous year[25] - The company's net cash inflow from operating activities increased to ¥8,961,788,062.66, up from ¥6,684,942,057.29, representing a growth of approximately 34.06%[43] - Cash and cash equivalents increased by 43.89% to 2,874,490,651.70 RMB compared to the beginning of the period[34] - Cash and cash equivalents at the end of the period totaled ¥2,851,386,574.22, down from ¥3,270,866,251.35 at the end of the previous period[59] - The company's total assets increased to ¥61,823,242,526.52, up from ¥60,586,364,519.22, marking a growth of approximately 2.04%[40] - Total assets at the end of the reporting period were ¥61,823,242,526.52, a 2.04% increase from ¥60,586,364,519.22 at the end of the previous year[25] Liabilities and Equity - The total liabilities decreased slightly to ¥39,695,081,809.84 from ¥40,024,902,228.96, indicating a reduction of about 0.82%[40] - The total liabilities increased to ¥40,740,465,011.14 from ¥40,204,641,516.68, marking a rise of 1.33%[56] - Total equity attributable to shareholders of the parent company rose to ¥14,248,975,479.49, compared to ¥13,849,177,181.89, reflecting an increase of 2.88%[56] - Equity attributable to shareholders of the listed company was ¥14,248,975,479.49, up 2.89% from ¥13,849,177,181.89 at the end of the previous year[25] Research and Development - Research and development expenses decreased to ¥28,544,631.41 from ¥43,000,542.53 in the previous year[17] - Research and development expenses decreased by 33.62% to ¥28,544,631.41 from ¥43,000,542.53[50] Investment and Income - Investment income increased significantly to ¥309,889,804.09 from ¥134,248,110.86 in the same period last year[17] - Investment income surged by 130.83% to ¥309,889,804.09, compared to ¥134,248,110.86 in the previous period[50] Shareholder Information - The total number of common shareholders at the end of the reporting period is 41,403[28] - The proportion of shares held by Anhui Energy Group Co., Ltd. is 54.93%, totaling 1,245,208,342 shares[28] Other Financial Metrics - The weighted average return on net assets improved to 3.22%, an increase of 2.13 percentage points from 0.99% in the previous year[25] - The total amount of employee compensation payable increased by 59.80% to 135,208,659.30 RMB due to increased accruals[34] - The company paid ¥338,242,354.81 in cash to employees, an increase from ¥268,689,064.71 in the previous period[59] - The company's long-term borrowings and bonds payable rose to ¥25,326,854,081.91, an increase from ¥24,133,538,775.93, reflecting a growth of approximately 4.95%[40] Non-Operating Income and Expenses - The total revenue from other non-operating income and expenses is 5,591,930.81 RMB[26] - The government subsidies recognized in the current period amount to 260,000.00 RMB[26] - The total amount of non-current asset disposal loss is -650,187.92 RMB[26]

公司报告 | 年报点评报告 事件：公司发布 2023 年年报。2023 年公司实现营收 279 亿元，同比提高 8.26%；实现归母净利润 14.3 亿元，同比提高 186%。公司拟向全体股东按 每 10 股派现金 2.21 元（含税），合计派现金股利 5 亿元。 控股火电：盈利能力大幅改善，在建机组投产后有望助力业绩提升 新能源：十四五规划 400 万指标，主要分布于省内和新疆 参股：23 年投资收益约 14 亿元，显著增厚业绩 投资建议： 皖能电力（000543） 郭丽丽 分析师 SAC 执业证书编号：S1110520030001 guolili@tfzq.com 王钰舒 联系人 wangyushu@tfzq.com | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|----------- ...

Investment Rating - The report maintains a "Buy" rating for the company [12][14]. Core Insights - The company's revenue for 2023 reached 27.87 billion yuan, a year-on-year increase of 8.3%, while the net profit attributable to shareholders was 1.43 billion yuan, reflecting a significant year-on-year growth of 186.4% [1][19]. - The fourth quarter of 2023 saw a revenue of 7.66 billion yuan, up 19.4% year-on-year, and a net profit of 0.125 billion yuan, compared to a loss of 0.01 billion yuan in the same period last year [1][10]. - The company is expected to continue its growth trajectory with new power generation units coming online, including a 1.32GW unit in Xinjiang and another 1.32GW unit at the Zhongmei Banjidian Power Plant, which is anticipated to start operations in the second half of 2024 [13][14]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 32.47 billion yuan, 35.69 billion yuan, and 36.27 billion yuan, respectively, with year-on-year growth rates of 17%, 10%, and 2% [7][21]. - The net profit attributable to shareholders is projected to be 1.98 billion yuan, 2.38 billion yuan, and 2.55 billion yuan for the same years, with growth rates of 38%, 20%, and 7% respectively [7][21]. - The report indicates a corresponding price-to-earnings (P/E) ratio of 10, 8, and 8 times for the years 2024, 2025, and 2026 [7][21]. Performance Metrics - The company's average daily trading volume is reported at 298.78 million yuan, with a turnover rate of 1.47% over the past month [10]. - The company plans to distribute a cash dividend of 0.221 yuan per share, totaling 500 million yuan, which represents 38.2% of the distributable profits for 2023 [9].

皖能电力 240419_原文 2024年04月22日10:44 发言人 1 00:00 从去年我们这个覆盖开始，其实就一直是我们在火箭里面重点推荐的标的之一。其实我们看好 万能其中一个很重要的原因，或者说万能制公司，它在这个火箭公司里面相对来说比较有优势 的一点，就是它其实将来的资产规模的成长空间，其实，还是比较可观的。因为我们知道，其 实未来整个能源结构对于火电的定位，那包括，其实过去 5 到 8 年的时间，其实大家已经看到， 这是我们整个火电行业的投资规模的增速，包括火电发电装机的增速，其实是已经有明显的下 滑的。当然第 1 2021 年、22 年之后，但是因为缺电，我们短期，其实有一波火电的核准的建 设的高峰，但是这也是一个阶段性的事情。往中长期来看的话，就是我们火电的首先新增的这 个规模肯定会越来越少。然后中期来看的话，那整个火电发电装机的规模可能会保持在一个平 发言人101:22 发言人 1 02:20 正好公司，也是前两天刚发了二三年的年报，二三年从年报来看，就是表现还是比较好的，整 个全年 14 个 14 点单一的利润同比是百接近接近两个 200%的增长。二三年的业绩的增长，除了 一方面，有我刚 ...