Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5] Core Views - The company achieved a revenue of 22.541 billion with a year-on-year growth of 11.52% for the first three quarters of 2024, and a net profit attributable to shareholders of 1.583 billion, up 21.29% year-on-year [3] - The third quarter saw a revenue of 8.540 billion, a year-on-year increase of 7.07%, but a net profit decline of 28.88% year-on-year, primarily due to non-operating factors [3] - The company expects a 10% growth in electricity generation for the entire year of 2024, supported by strong electricity demand in Anhui province [3] - New operational units are expected to contribute to revenue growth, with a projected increase in installed capacity in the coming years [3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 22.541 billion, a net profit of 1.583 billion, and a basic EPS of 0.6982, reflecting a year-on-year increase of 21.30% [3] - The third quarter's net profit was 0.512 billion, down 28.88% year-on-year, influenced by fixed asset impairment and increased tax expenses [3] Electricity Generation and Demand - The company anticipates a 10% increase in electricity generation for 2024, with strong demand evidenced by a 13.4% year-on-year growth in electricity consumption in Anhui province [3] - The company’s electricity generation in the third quarter was 59.9, 64.7, and 47 billion kWh, with an average grid connection rate of around 94% [3] Future Growth and Capacity Expansion - As of June 2024, the company’s total installed capacity exceeded 19 million kW, with significant contributions from new coal and renewable energy projects [3] - The company is set to benefit from new projects coming online, including coal and gas-fired power plants, which are expected to enhance profitability [3] Investment Projections - The report forecasts net profits of 1.801 billion, 2.098 billion, and 2.243 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.79, 0.93, and 0.99 [4][6] - The projected PE ratios for 2024, 2025, and 2026 are 10, 8, and 8 times respectively, indicating a favorable valuation outlook [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's fundamentals are stable, with short-term performance impacted by impairment losses. For the first three quarters of 2024, the company achieved revenue of 22.541 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 1.583 billion yuan, up 21.3% year-on-year. However, in Q3, revenue was 8.54 billion yuan, a year-on-year increase of 7.1%, while net profit dropped by 28.9% [3][4]. Summary by Sections Revenue and Profitability - The increase in revenue is primarily driven by higher electricity generation, with a 13.7% increase in electricity consumption in Anhui province during July-August 2024, outpacing the national average by 6.4 percentage points. The company has also added new capacity with the commissioning of coal and gas power plants [4]. Future Outlook - The company expects stable performance in its thermal power business, with anticipated increases in electricity demand in Anhui province and new projects expected to come online by the end of 2024. The company forecasts net profits of 1.92 billion yuan, 2.44 billion yuan, and 2.72 billion yuan for 2024-2026, with corresponding EPS of 0.85, 1.08, and 1.20 yuan, leading to PE ratios of 10.1, 8.0, and 7.2 times respectively [4]. Cost and Pricing Dynamics - The average market coal price has decreased by 10.1% year-on-year in the first three quarters of 2024, and it is expected to continue to decline. The company anticipates stable electricity prices due to a tight supply-demand balance in the region [4].

环境、社会及公司治理报告 2023 年度 年度专题 | 勇担能源保供重任，坚决打好能源保供攻坚战 | 13 | | --- | --- | | 深化皖疆合作，推动"能源丝路"建设 | 15 | ESG管理 | 利益相关方沟通 | 17 | | --- | --- | | 实质性议题分析 | 18 | | 回应联合国可持续发展目标（SDGs） | 19 | 安徽省合肥市包河区成都路2528号云谷金融城B01栋25-27层 电话：0551-62225811 传真：0551-62225800 党建引领，深化改革 01 03 05 目录 | 关于本报告 | 03 | | --- | --- | | 董事长致辞 | 05 | | 走进皖能电力 | 07 | | 公司简介 | 07 | | 产业布局 | 08 | | 经营指标 | 08 | | 发展历程 | 09 | | 聚焦2023 | 11 | 强化治理，筑牢根基 | 公司组织架构 | 27 | | --- | --- | | 三会运作情况 | 28 | | 投资者关系管理 | 29 | | 信息披露管理 | 29 | | 风险合规管理 | 30 | | 深化廉洁建 ...

安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届监事 会第三次会议于2024年10月24日下午在公司会议室召开。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。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： 审议通过公司《2024年第三季度报告》 公司2024年第三季度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的各项规定。公司2024年第三季度报告的内容和格式符合中 国证券监督管理委员会和深圳证券交易所的各项规定，所包含的信息能从各方 面真实反映出公司2024年第三季度的经营管理和财务状况等事项。公司2024年 第三季度报告所披露的信息真实、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和连带责任。 证券代码：000543 证券简称：皖能电力 公告编号：2024-58 安徽省皖能股份有限公司 第十一届监事会第三次会议决议公告 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）及 ...

证券代码：000543 证券简称：皖能电力 公告编号：2024-57 安徽省皖能股份有限公司 一、审议通过《2024年第三季度报告》 表决结果为：赞成9票，反对0票，弃权0票。 二、审议通过《2023年度ESG报告》 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 二〇二四年十月二十八日 第十一届董事会第三次会议决议公告 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 事会第三次会议于2024年10月24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： ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥8,539,519,035.31, an increase of 7.07% compared to the same period last year[2]. - Net profit attributable to shareholders decreased by 28.88% to ¥512,056,521.45, while net profit excluding non-recurring gains and losses fell by 29.41% to ¥506,862,404.88[2]. - The company's net profit for the year-to-date increased by 31% to ¥2,245,666,620.57, driven by higher power generation and lower coal prices[5]. - Total operating revenue for Q3 2024 reached ¥22,540,532,328.13, an increase of 11.5% compared to ¥20,211,342,703.42 in Q3 2023[13]. - Net profit attributable to shareholders of the parent company was ¥1,582,646,082.38, up from ¥1,304,808,804.59 in the same period last year, reflecting a growth of 21.3%[14]. - The company’s operating profit for the quarter was ¥2,629,078,875.90, compared to ¥1,826,958,712.47 in Q3 2023, an increase of 43.9%[14]. - Total comprehensive income attributable to the parent company reached ¥2,676,201,242.29, an increase from ¥1,906,425,297.07 in the previous year, representing a growth of approximately 40.3%[15]. - Basic and diluted earnings per share increased to ¥0.6982 from ¥0.5756, reflecting a rise of about 21.3%[15]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥65,991,198,021.40, reflecting an 8.92% increase from the end of the previous year[2]. - The total number of common shareholders at the end of the reporting period is 50,742, with the largest shareholder, Anhui Energy Group Co., Ltd., holding 54.93% of shares, totaling 1,245,208,342 shares[7]. - The company's total liabilities rose to ¥43,364,960,491.08, up from ¥40,204,641,516.68, indicating an increase of 5.4%[12]. - The total liabilities decreased by 62% in other current liabilities, primarily due to the repayment of short-term debts[5]. - The total current assets increased to ¥9,696,411,201.16 from ¥8,024,488,205.36, reflecting a growth of approximately 20.8%[10]. - Long-term equity investments increased to ¥13,582,043,747.29 from ¥13,188,143,097.43, showing a growth of about 3%[10]. Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥4,851,841,966.87, showing a significant increase of 113.42%[2]. - Cash flow from operating activities generated ¥27,275,037,475.61, compared to ¥22,702,985,508.18 in the previous period, marking an increase of approximately 20.3%[16]. - Net cash flow from operating activities improved significantly to ¥4,851,841,966.87, up from ¥2,273,405,335.41, indicating a growth of about 113.4%[16]. - The ending balance of cash and cash equivalents increased to ¥3,053,823,298.89 from ¥2,844,348,642.32, representing a growth of about 7.3%[17]. - The company reported a net increase in cash and cash equivalents of ¥1,088,720,391.21, compared to ¥594,240,886.28 in the previous period, reflecting an increase of approximately 83.4%[17]. Expenses and Investments - Research and development expenses for the quarter were ¥144,986,982.34, compared to ¥116,668,567.64 in Q3 2023, representing a 24.2% increase[13]. - The company reported a significant increase in cash and cash equivalents, with a total of ¥3,024,766,916.74 in accounts payable, up from ¥2,629,371,143.03, a rise of 15%[12]. - Deferred income tax assets decreased to ¥514,784,995.22 from ¥604,509,871.96, a decline of 14.8%[12]. - The company reported a 356% increase in income tax expenses to ¥359,514,840.05, attributed to the rise in total profit[5]. Operational Developments - The company has relocated its office to a new address in Hefei, which may enhance operational efficiency[9]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[9]. - The company maintains a stable financial position with a significant increase in both current and non-current assets, positioning itself for future growth opportunities[10]. - The company has seen a 44% increase in operating profit to ¥2,629,078,875.90, driven by increased power generation and improved profitability in the power generation sector[5]. - Inventory rose significantly to ¥1,209,845,624.08 from ¥696,599,383.12, marking an increase of about 73.5%[10]. - The company reported a slight increase in accounts receivable, rising to ¥3,513,708,887.49 from ¥3,505,393,961.30, which is a marginal increase of about 0.2%[10].

关于公司高级管理人员辞职的公告 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。 公司董事会于2024年10月23日收到公司副总经理王国庆先生的书面辞职报 告。王国庆先生因工作原因，申请辞去公司副总经理职务，辞职后将不再担任 公司任何职务。 王国庆先生在担任公司副总经理期间恪尽职守、勤勉尽责，公司及董事会 对王国庆先生在任职期间为公司所作出的贡献表示衷心感谢。 证券代码：000543 证券简称：皖能电力 公告编号：2024-56 安徽省皖能股份有限公司 安徽省皖能股份有限公司董事会 二〇二四年十月二十四日 特此公告。 ...

证券代码：000543 证券简称：皖能电力 公告编号：2024-55 安徽省皖能股份有限公司 关于公司高级管理人员辞职的公告 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。 潘先伟先生在担任公司副总经理期间恪尽职守、勤勉尽责，公司及董事会 对潘先伟先生在任职期间为公司所作出的贡献表示衷心感谢。 特此公告。 安徽省皖能股份有限公司董事会 二〇二四年十月十八日 公司董事会于2024年10月17日收到公司副总经理潘先伟先生的书面辞职报 告。潘先伟先生因到龄退休原因，申请辞去公司副总经理职务，辞职后将不再 担任公司任何职务。 ...

证券代码：000543 证券简称：皖能电力 编号：2024-17 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活动 | 新闻发布会 □ | 路演活动 | | 类别 | 现场参观 | | | | 其他 线上会议 | | | 参与单位名称及 | 1. 兴业证券 蔡屹、王禹萱，民生证券 辉，国盛能源 张津铭、高紫明，中金 风婷，华泰证券 李雅琳，海通证券 2. 西南证券 巢语欢； | 邓永康、黎静，东吴证券 唐亚 刘佳妮、刘砺寒 ...

股票代码：000543 股票简称：皖能电力 公告编号：2024-54 安徽省皖能股份有限公司 关于2021 年度第一期中期票据2024 年付息及回售部分兑付安排公告 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。 为保证公司 2021 年度第一期中期票据(债项简称：21 皖能股 MTN001，债券 代码：102102024.IB)付息及回售部分兑付工作的顺利进行，现将有关事宜公告 如下： 联系人：袁善超 | 发行人名称 | 安徽省皖能股份有限公司 | | --- | --- | | 债项名称 | 安徽省皖能股份有限公司2021年度第一期中 | | | 期票据 | | 债项简称 | 21 皖能股 MTN001 | | 债项代码 | 102102024.IB | | 发行金额 | 8.00 亿元 | | 起息日 | 2021 年 10 月 12 日 | | 发行期限 | 5（3+2）年 | | 债项余额 | 8.00 亿元 | | 最新评级情况（如有） | AAA（主体） | | 偿还类别 | 回售本金及利息兑付 ...