Summary of the Conference Call for WanNeng Electric Power Company Overview - WanNeng Electric Power has a total installed capacity of 17.36 million kilowatts, with 13.66 million kilowatts in operation and 2.1 million kilowatts under construction [2][5]. Key Points and Arguments 2024 Performance Expectations - The company expects a strong performance in 2024, with projected earnings between 2 billion to 2.2 billion yuan. The total power generation is anticipated to exceed 60 billion kilowatt-hours, representing a year-on-year growth of over 17% [3][8]. Renewable Energy Projects - The 800,000-kilowatt solar project in Xinjiang is expected to be connected to the grid by the end of June 2025, with full capacity expected by the third quarter. Additionally, a 300,000-kilowatt wind power project is projected to achieve full capacity by the end of 2025 [3][6]. - The company is also advancing 1.4 million kilowatts of pumped storage and 200,000 kilowatts of wind power projects that are currently in the approval process [3][6]. Clean Coal Power Initiatives - WanNeng is actively promoting the clean transformation of coal power, with a 300,000-kilowatt unit undergoing wide-load adjustment experiments, which have received national patents. The company plans to extend this technology to larger capacity units [3][7]. Market Dynamics and Pricing - The average benchmark electricity price for offshore wind power has dropped below 900 yuan per kilowatt-hour, while the price for units in Anhui has fallen below 1,000 yuan per kilowatt-hour [3]. - The current electricity market in Anhui has led to lower prices, with January 2025 spot prices dropping below long-term prices, indicating a slight increase in overall revenue compared to long-term prices, although excess returns have narrowed compared to 2024 [12]. Operational Challenges - Approximately 50% of the units were offline or operating at reduced capacity during the Spring Festival. The company anticipates a balanced maintenance schedule for the year, with major repairs planned for both the first and second halves of 2025 [13][14]. Future Development Plans - The company is focusing on technological innovation, including research in controllable nuclear fusion and hydrogen production from green electricity in Xinjiang, aiming for breakthroughs during the 14th Five-Year Plan period [7][8]. Additional Important Information - The company has made significant progress in its heating business, with heating volume and prices continuing to rise, surpassing the profitability of electricity on a per-unit basis [4]. - The pricing mechanism for the Xinjiang solar project is set at 0.262 yuan per kilowatt-hour, which is considered favorable and does not participate in market bidding [17]. - The average settlement price for concentrated solar projects in Xinjiang participating in the market is approximately 0.14 to 0.15 yuan per kilowatt-hour [18]. This summary encapsulates the key insights from the conference call, highlighting the company's performance expectations, renewable energy initiatives, market dynamics, and future development strategies.

Core Viewpoint - The company expects its power generation capacity to continue growing by 2025, driven by new production capacity coming online [1] Group 1: Company Performance - The company's coal-fired power units have achieved full profitability [1] - The total capacity of the company's coal-fired power units is 13.17 million kilowatts, including units under construction [1] Group 2: Future Projects - A major coal-fired power unit at the Yanjinzi Phase II is expected to be operational in the first half of this year [1] - Three coal-fired power projects, namely Guoan Phase II, Anqing Phase III, and Zhongmei Liu'an, are expected to be completed by 2026 [1] - The Chizhou Phase II project is anticipated to be operational by mid-2025 [1]

投资者关系活动 类别 特定对象调研 分析师会议 □媒体采访 □业绩说明会 新闻发布会 □路演活动 现场参观 其他 线上会议 参与单位名称及 人员姓名 1.鹏华基金 王禹萱； 2.华源证券 邓思平； 3.兴业证券 蔡屹；兴业证券 蔡屹；国盛证券 高紫明；国泰君安 孙 辉贤；海通证券 吴杰、闫石；西南电力 巢语欢；华源证券 邓思平； 中金 刘佳妮、刘砺寒；光大证券 宋黎超； 银河证券 陶贻功、梁 悠南；中信资管 袁智志；保银基金 余泽；光大保德信 岳子曈； 4.民生证券 黎静； 5.华福电力 闫燕燕； 6.国泰君安 孙辉贤。 地点 公司 上市公司接待人 员姓名 李天圣、张增智、董佳文 投资者关系活动 主要内容介绍 一、电价&电量 Q：安徽省电价情况？ A：电量电价较为平稳。 Q：安徽省供电的情况如何？ A：安徽省全社会装机容量达到 1.2 亿千瓦时，其中火电占比约 为 50%。 | Q：容量电价目前回收比例是 30%吗？会逐年提高吗？ | | | | --- | --- | --- | | A：安徽省 2025 年的比例约为 30%，即 100 元/千瓦，2026 | 年 | | | 50%左右，逐步到 100% ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 2 billion to 2.25 billion RMB in 2024, representing a year-on-year increase of 40% to 57% [7] - The increase in profit is primarily driven by a rise in electricity generation, a decrease in coal prices, and improved profitability of controlled power generation enterprises [7] - The company has accelerated the commissioning of high-quality thermal power units in Anhui and is strategically positioned in the "Xinjiang Electricity into Anhui" initiative [7] Financial Performance Summary - Total revenue for 2024 is projected to be around 28.32 billion RMB, with a slight year-on-year growth of 1.62% [1] - The net profit attributable to shareholders for 2024 is forecasted at 2.08 billion RMB, reflecting a significant year-on-year growth of 45.66% [1] - The earnings per share (EPS) for 2024 is estimated to be 0.92 RMB, with a price-to-earnings (P/E) ratio of 7.72 based on the latest diluted EPS [1][8] Operational Highlights - As of December 31, 2023, the company had a total installed capacity of 11.38 million kilowatts, which is expected to increase to 12.28 million kilowatts by June 30, 2024, following the commissioning of new gas peak-shaving projects [7] - The electricity demand in Anhui province has shown robust growth, with a cumulative electricity consumption of 327.85 billion kilowatt-hours in the first eleven months of 2024, up 12.8% year-on-year [7] - The company is leveraging its strategic advantages in Xinjiang, with ongoing projects expected to contribute significantly to future earnings [7]

Investment Rating - Buy (maintained) [5] Core Views - The company's 2024-2026 net profit attributable to the parent company is expected to be RMB 2,135/2,304/2,431 million, with year-on-year growth rates of 49%/8%/6% respectively [5] - The current stock price corresponds to a P/E ratio of 7/7/6 times for 2024-2026 [5] - The stock price has corrected by approximately 18% since December 18, 2024, due to lower-than-expected long-term contract electricity prices in Anhui Province [5] - Despite short-term impacts on asset returns, the company is expected to achieve growth in performance through volume compensation in the medium term [5] - The current valuation is at a historically low level, supporting the "Buy" rating [5] Financial Performance - The company's 2024 annual performance forecast predicts a net profit attributable to the parent company of RMB 2,000-2,250 million, a year-on-year increase of 39.91%-57.40% [7] - The non-GAAP net profit attributable to the parent company is expected to be RMB 1,977-2,227 million, a year-on-year increase of 54.09%-73.57% [7] - The fourth quarter of 2024 saw a net profit attributable to the parent company of RMB 417-667 million, significantly higher than the RMB 125 million in the same period of 2023 [7] - The fourth quarter's performance exceeded market expectations, partly due to a low base in 2023 and reduced pressure from asset impairment provisions [7] Operational Highlights - Anhui Province's electricity supply-demand situation remains tight, with a projected power shortage exceeding 20,000 MW in 2025 [7] - The launch of the electricity spot market in Anhui Province may provide excess returns, potentially becoming a catalyst for the company's performance and stock price in 2025 [7] - The company's new power plants, such as the Xinjiang Yingema Power Plant (2*660 MW), are expected to contribute to future growth [7] - Additional power plants, including Banji Phase II and others, are scheduled to be operational between 2025 and 2027, further boosting installed capacity [7] Financial Projections - Revenue for 2024-2026 is projected to be RMB 28,368/29,436/30,513 million, with year-on-year growth rates of 1.80%/3.77%/3.66% [6] - EPS for 2024-2026 is expected to be RMB 0.94/1.02/1.07 per share [6] - ROE for 2024-2026 is forecasted at 14.01%/13.77%/13.27% [6] - The company's P/E ratio for 2024-2026 is estimated at 7.27/6.74/6.39 times [6] Market Performance - The closing price on January 22, 2025, was RMB 6.85 [3] - The total market capitalization is RMB 15,528.01 million, with a circulating market capitalization of RMB 15,528.01 million [3] - The company's asset-liability ratio is 65.71%, and the net asset value per share is RMB 6.80 [3]

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 ...