Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is impacted by electricity consumption and coal inventory, but there is optimism for a recovery in electricity demand and coal price elasticity in Q2 [5] - The company reported a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [6] - The electricity price in Anhui province is expected to decline, which may affect revenue, but the company benefits from lower coal prices and new power generation units coming online [6] Financial Summary - Revenue projections for the company are as follows: 27,867 million yuan in 2023, 30,094 million yuan in 2024, and 30,516 million yuan in 2025E, with a growth rate of 8.26%, 7.99%, and 1.40% respectively [5] - Net profit attributable to shareholders is projected to be 1,430 million yuan in 2023, 2,064 million yuan in 2024, and 2,205 million yuan in 2025E, with growth rates of 186.37%, 44.36%, and 6.85% respectively [5] - The company’s earnings per share (EPS) are expected to be 0.63 yuan in 2023, 0.91 yuan in 2024, and 0.97 yuan in 2025E [5] Market Performance - The closing price of the company's stock is 7.53 yuan, with a market capitalization of approximately 17,069.48 million yuan [3] - The company's asset-liability ratio stands at 64.43%, and the net asset value per share is 7.12 yuan [3]

证券代码：000543 证券简称：皖能电力 公告编号：2025-27 安徽省皖能股份有限公司 关于控股子公司变更名称暨完成工商变更登记的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 一、基本情况 安徽省皖能股份有限公司（以下简称"公司"）的控股子公司阜阳华润电力有 限公司（以下简称"阜阳公司"），原控股股东为华润电力投资有限公司（以下简 称"华润电力"）。2018 年，公司通过增资扩股，成为阜阳公司的控股股东，持股 56.3636%。为规范管理，阜阳公司现更名为阜阳皖润电力有限公司。近期该子公司 已完成工商变更登记手续，并取得了由阜阳市市场监督管理局核发的新版《营业执 照》。具体变更事项如下： | 变更内容 | 变更前 | 变更后 | | --- | --- | --- | | 公司名称 | 阜阳华润电力有限公司 | 阜阳皖润电力有限公司 | 二、变更后工商注册登记信息 1.公司名称：阜阳皖润电力有限公司 2.统一社会信用代码：91341200717869870L 3.类型：有限责任公司（港澳台投资、非独资） 5.住所：安徽省阜阳市颍泉区 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-26 安徽省皖能股份有限公司 第十一届监事会第六次会议决议公告 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）及监事会全体 成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司第十一届监事会第六次会议于2025年5月8日下午在能源大厦三楼会议 室召开。会议由公司监事会主席高明先生主持，本次会议应出席监事3人，实际 出席监事3人（其中：委托出席的监事0人，以通讯表决方式出席会议的监事1 人，为陈道斌）。公司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： 关于审议《公司内部控制管理手册》的议案 表决结果为：赞成3票，反对0票，弃权0票。 安徽省皖能股份有限公司监事会 二〇二五年五月十二日 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-25 安徽省皖能股份有限公司 第十一届董事会第八次会议决议公告 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。 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 事会第八次会议于2025年5月8日下午在公司会议室以现场结合通讯的方式召 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 （其中：委托出席的董事0人，以通讯表决方式出席会议的董事3名，分别为谢 敬东、姚王信和孙永标）。公司监事、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》《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、关于审议《公司2024年度合规管理工作报告》的议案 表决结果为：赞成9票，反对0票，弃权0票。 二、关于审议《公司内部控制管理手册》的议案 表决结果为：赞成9票，反对0票，弃权0票。 安徽省皖能股份有限公司董事会 二〇二五年五月十二日 ...

公司发布2025 年一季度报告。公司一季度实现营业收入64.20 亿元，同比下降8.1%；实现归母净利润 4.44 亿元，同比下降1.98%；扣非归母净利润4.37 亿元，同比下降2.91%。整体业绩符合预期。 一季度需求偏松量价承压，成本下跌及装机增量对冲部分压力。电量方面，安徽省1-2 月累计用电量 560 亿千瓦时，同比下滑1.46%；1-2 月安徽省火电利用小时数平均累计753 小时，同比下滑144 小时； Q1 安徽省火电发电量718 亿千瓦时，同比下滑71 亿千瓦时。考虑到公司2024 年12 月新疆新投产132 万 千瓦机组，以及钱营孜二期新建100 万千瓦火电机组于2025 年3 月投产，装机增量或对冲部分安徽省内 电力需求下滑影响。 电价方面，根据南方能源观察信息，安徽2025 年度交易双边协商价412.97元/兆瓦时、集中竞价成交加 权均价408.80 元/兆瓦时、代理购电（工商业）挂牌交易成交加权均价412.74 元/兆瓦时，分别较2024 年 下降5.35%、6.32%、5.4%，电价下跌及电量承压或影响公司营收下滑。成本方面，今年Q1 北港5500k 市场煤均价733 元，同比去年Q ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown stable performance with a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [1] - The decline in electricity demand and prices has been partially offset by falling costs and new installed capacity, with the average coal price in Q1 2025 dropping to 733 yuan per ton, down 174 yuan year-on-year [2] - The company is expanding its installed capacity with new projects, including a 1.32 million kW unit in Xinjiang and a 1 million kW coal-fired unit that began operation in March 2025, which are expected to contribute to revenue growth [3] Financial Summary - Projected revenues for 2025-2027 are 29.06 billion yuan, 29.63 billion yuan, and 29.58 billion yuan, with year-on-year growth rates of -3.4%, 1.9%, and -0.2% respectively [3] - The net profit attributable to shareholders is expected to be 2.12 billion yuan, 2.35 billion yuan, and 2.41 billion yuan for the same period, with corresponding EPS of 0.94, 1.04, and 1.06 yuan per share [3] - The company’s P/E ratios for 2025-2027 are projected to be 7.9, 7.2, and 7.0 times [3] Market Context - The company is positioned as a leading power provider in Anhui Province, with ongoing expansion in both traditional and renewable energy sectors [3] - The average electricity price in Anhui for 2025 is projected to decline by approximately 5.35% to 412.97 yuan per MWh compared to 2024 [2]

Core Viewpoint - The company reported a solid performance in 2024 with a revenue increase and significant growth in net profit, while facing challenges in Q1 2025 due to declining revenue and electricity prices [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 30.094 billion yuan, a year-on-year increase of 7.99% [1] - The net profit attributable to shareholders reached 2.064 billion yuan, up 44.36% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 2.045 billion yuan, reflecting a 59.38% increase year-on-year [1] - For Q1 2025, the company reported operating revenue of 6.420 billion yuan, a decline of 8.10% year-on-year [1] - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses were 444 million yuan and 437 million yuan, respectively, showing decreases of 1.98% and 2.91% year-on-year [1] Project Development - The company has a robust pipeline of projects, with a total installed capacity of 17.36 million kilowatts as of the end of 2024, including 13.66 million kilowatts in operation and 2.1 million kilowatts under construction [1] - New projects such as the 300,000-kilowatt wind power project in Suzhou and the 800,000-kilowatt photovoltaic project in Xinjiang have commenced construction [1] - The company’s Longfeng gas power plant achieved dual operation, and the Jiangbu power plant participated in peak shaving for the first time, contributing to power supply stability [1] Electricity Generation and Pricing - In 2024, the company generated 60.15 billion kilowatt-hours of electricity, a year-on-year increase of 17.34%, with grid-connected electricity reaching 56.70 billion kilowatt-hours, up 17.59% year-on-year [1] - The average on-grid electricity price for 2024 was 0.4491 yuan per kilowatt-hour, a slight decrease of 1.43% year-on-year [2] - Despite the decline in electricity prices, the overall drop in coal prices helped reduce cost pressures, leading to a gross margin increase of over 6 percentage points to 13.90% [2] Future Outlook - The company anticipates challenges in Q1 2025 due to a decline in both volume and price, with local thermal power demand showing slight decreases [3] - The company expects new units to contribute positively to revenue in the future, particularly with the recent commissioning of the Qianyingzi Company’s second phase expansion project [3] - Profit forecasts for 2025-2027 indicate expected net profits of 2.539 billion, 2.732 billion, and 2.826 billion yuan, representing year-on-year growth of 23.02%, 7.63%, and 3.44% respectively [3]

业绩简评 2025年4月27日公司披露一季报，1025实现营收64.20亿元，同比-8.10%；实现归母净利润 4.44 亿元，同 比-1.98%。 经营分析 1025度电成本下行，而公司业绩仍录得负增长，主要受电价、电量承压以及期间费用提升的影响： 随着煤价中枢持续下行、新增机组陆续投产，公司业绩有望持续实现同比增长。我们预计公司25-27年 分别实现归母净利润21.9/23.2/23.9亿元，EPS分别为0.96/1.03/1.05元，公司股票现价对应PE估值分别为 8.05/7.57/7.37倍，维持"买入"评级。 ①电价：根据2025年安徽年度长协电量签约结果，省内发电企业电价较2024年下降略超0.02元/kwh， 1025安徽省代理购电价格同比下滑 6%，压低度电收入。但也需考虑到，1025 以来煤价持续下行，长 协、市场煤同比降幅已分别达到2.6%、17.5%，对应公司度电成本降幅约为7%。因此1025公司点火价差 预计小幅提升，部分缓解了公司利润端降幅（利润降幅小于营收降幅）。 风险提示 ②电量：公司省内控股2×45万千瓦气电机组、控股新疆英格玛电厂2×66万千瓦煤电机组分别于4M24、 11 ...

Core Viewpoint - The company reported a steady increase in revenue and net profit for 2024, with a significant rise in net profit in Q4 2024, while facing a decline in Q1 2025 revenue and net profit [1][4]. Financial Performance - In 2024, the company's operating revenue was 30.09 billion yuan, an increase of 8.0% year-on-year; net profit attributable to shareholders was 2.06 billion yuan, up 44.4% year-on-year [1]. - Q4 2024 revenue was 7.55 billion yuan, a decrease of 1.3% year-on-year; net profit was 481 million yuan, a significant increase of 285.7% year-on-year [1]. - In Q1 2025, revenue was 6.42 billion yuan, down 8.1% year-on-year and 15.01% quarter-on-quarter; net profit was 444 million yuan, a decrease of 1.98% year-on-year and 7.76% quarter-on-quarter [1]. Capacity and Production Growth - By the end of 2024, the company's controlled power generation capacity was 17.36 million kilowatts, with operational capacity at 13.66 million kilowatts, under construction at 2.1 million kilowatts, and approved but not yet built at 1.6 million kilowatts [2]. - The controlled power generation volume was 60.15 billion kilowatt-hours, an increase of 17.34% year-on-year [2]. - New operational units include two 660,000-kilowatt units in Xinjiang and a 1 million-kilowatt project expected to be operational in March 2025 [2]. Pricing and Cost Dynamics - The average on-grid electricity price for coal power in 2024 was 0.4491 yuan per kilowatt-hour, down 0.06 yuan due to a higher proportion of lower-priced electricity from Xinjiang [3]. - The coal price has remained weak, with a year-on-year decrease of 172 yuan per ton in Q1 2025, a drop of 19% [3]. - The company benefits from a long-term coal supply agreement, with approximately 75% of coal sourced through long-term contracts [3]. Future Outlook - The company is expected to see continued profitability due to the gradual commissioning of new units and low coal prices [4]. - Profit forecasts for the company are 2.16 billion yuan, 2.20 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 0.97, and 1.03 yuan [4].

2024 年度董事会工作报告 2024 年，公司董事会严格按照《中华人民共和国公司法》 《中华人民共和国证券法》《深圳证券交易所股票上市规则》 等法律法规、规范性文件及《公司章程》等有关规定，认真 履行股东大会赋予的职责，规范运作、科学决策，积极推动 公司各项业务发展，持续提升公司经营及治理水平。 报告期内，公司荣获第二十六届上市公司金牛奖"金信 披奖"、第十八届中国上市公司价值评选榜单中国上市公司 成长百强，沈春水同志荣获中国上市公司阳光董秘奖。 现就公司董事会 2024 年度主要工作情况汇报如下： 一、2024 年公司总体经营情况 报告期内，按照《公司法》和《公司章程》赋予的职责， 董事会充分发挥在公司治理体系中的作用，及时研究和决策 公司重大事项，确保规范运作和务实高效。公司全年共召开 8 次董事会，历次会议的召集召开、表决程序及决议内容等 均符合相关法律法规的要求，会议审议和听取了公司董事会 工作报告、财务预决算、利润分配、定期报告、修订章程等 议案。除因存在关联关系，部分关联董事回避表决有关事项 外，公司全体董事出席会议，对 2024 年度董事会审议的所 有事项均投赞成票，没有出现弃权或投反对票的情 ...