Summary of the Conference Call Transcript Company Overview - **Company**: Wan Energy Power (皖能电力) - **Stock Code**: 000543.SZ Key Points Financial Performance - The company expects to achieve a net profit attributable to shareholders of 900 million to 1.1 billion yuan in the first half of 2024, representing a year-on-year growth of 54% to 88% due to increased power generation and decreased coal prices [1][1][1] - The expected net profit after deducting non-recurring items is projected to be between 888 million and 1.088 billion yuan, with a year-on-year increase of 66.4% to 103.86% [1][1][1] - Basic earnings per share are anticipated to be between 0.397 yuan and 0.4853 yuan, compared to 0.2580 yuan in the same period last year [1][1][1] Industry Dynamics - The company benefits from a strong demand for electricity in Anhui Province, with a power generation of 51.26 billion kWh in 2023, reflecting a growth rate of approximately 19% [1][1][1] - The average comprehensive coal consumption price in Q1 2024 is slightly above 1,000 yuan per ton, showing a downward trend month by month, with prices dropping below 1,000 yuan per ton in March [1][1][1] Project Developments - The company has ongoing projects, including a 2*45 MW natural gas peak-shaving project in Hefei, expected to be operational by the end of the year, and a 1 million kW coal power project [1][1][1] - Key renewable energy projects include a 300 MW wind power project and an 800 MW photovoltaic base project in Xinjiang, which are expected to contribute to future growth [1][1][1] Investment Rating - The company maintains a "Buy" rating with a target price of 11.5 yuan over the next six months, based on projected profit growth and operational improvements [1][1][1] Risks - **Electricity Price Risk**: There is a risk of electricity prices declining due to market supply and demand dynamics and potential reductions in coal prices [4][4][4] - **Coal Price Volatility**: The company faces risks from fluctuations in coal prices, which can impact fuel costs [4][4][4] - **Utilization Hours Risk**: Economic transitions and temperature fluctuations may lead to a decline in electricity demand, affecting the utilization hours of coal-fired power plants [4][4][4] Analyst Information - **Analysts**: Gao Xing and Luo Yanxi, with backgrounds in engineering and environmental studies, respectively [5][5][5] Conclusion - Wan Energy Power is positioned for significant profit growth in 2024, driven by increased power generation and favorable coal prices. However, the company must navigate potential risks related to electricity pricing and coal market volatility.

Company and Industry Overview * **Industry**: Power generation and distribution * **Company**: Anhui Electric Power Co., Ltd. (皖能电力) * **Focus**: Discussion on financial performance, operational updates, and future outlook for the company and the industry. Key Points Financial Performance * **Coal Consumption**: * **Q1**: 295 grams per kilowatt-hour (g/kWh) * **H1**: 298 g/kWh (excluding Xinjiang) * **Xinjiang**: Similar to Anhui, but slightly higher due to open-cycle units * **Profitability**: * **H1**: Profitability of 0.4 yuan per kilowatt-hour (kWh) (profit before tax) * **Provincial Base**: Profitability of 0.3-0.4 yuan/kWh * **Overall**: Profitability of 0.4 yuan/kWh * **Fixed Costs**: * Expected to remain relatively stable compared to last year * Increase in salary expenses due to retroactive payment in Q4 2023 * **Investment Income**: * Over 500 million yuan in H1, up 25% from the same period last year * Mainly from equity investments in power plants, including: * Anhui Provincial Power Grid Co., Ltd. (省管) * Pingshan Power Generation Co., Ltd. (平山) * Shanxi Road Guang Power Generation Co., Ltd. (山西路光) * HuaiBei Mining Group Co., Ltd. (淮北矿业) * Huaibei Power Generation Co., Ltd. (淮北发电) * **Taxation**: * Impact on overall performance expected to be minimal (less than 1/4) Operations and Projects * **Installed Capacity**: * Controlling installed capacity: 14.95 million kilowatts (MW) * Equity installed capacity: 20.49 million MW * **Construction Projects**: * Two gas-fired units in Anhui Province (completed in April 2024) * Three coal-fired units under construction: * Xinjiang Huaian Xihaisan Power Plant (2x660 MW) * Anhui Qianji Power Generation Co., Ltd. Phase II Project (1x1000 MW) * 300 MW wind power project in Anhui Province (construction progress dependent on grid transformation) * 800 MW photovoltaic project in Xinjiang (construction started, full capacity commissioning uncertain) * **Other Projects**: * Lixin Waste Incineration Power Plant Phase II (completed) * Lixin Coal-fired Power Plant Phase II (construction expected to complete in September 2024) * Huainan Power Generation Co., Ltd. Phase II Project (construction expected to complete in 2025) * Anhui Coal Group Co., Ltd. Phase II Project (construction expected to complete in 2025) * Anhui Energy Co., Ltd. Anqing Phase III Project (construction expected to complete in 2025) * Huainan Coal-fired Power Generation Co., Ltd. Phase II Project (construction expected to complete in 2025) Market Outlook * **Electricity Demand**: * Expected to grow at a high speed of over 10% in Anhui Province * Growth driven by economic development and industrial transfer * **Electricity Supply**: * Coal-fired power plants expected to remain profitable due to high utilization hours * Natural gas-fired power plants expected to face challenges due to high natural gas prices * **Electricity Prices**: * Expected to remain stable with slight downward trend * Government's focus on maintaining a balance between electricity prices and coal prices Other Important Points * **Spot Market**: * Pilot project conducted in May 2024, with expected results in September 2024 * Expected to have a positive impact on electricity prices * **Coal Supply**: * Anhui Electric Power Co., Ltd. is actively seeking coal supply from outside the province to mitigate the risk of supply shortages * **Stock Price**: * Expected to recover based on the company's strong financial performance and growth prospects

Summary of Conference Call Company or Industry Involved - The document pertains to Guosheng Securities and its research activities Core Points and Arguments - The statements made by Guosheng Securities' research personnel represent only the judgments of that day, and a full research report should be referenced for detailed insights [1] - Any recording, forwarding, or related interpretation of the content without prior written permission from Guosheng Securities is strictly prohibited [1] - Guosheng Securities reserves the right to pursue legal action against any violations of the aforementioned conditions [1] Other Important but Possibly Overlooked Content - The document emphasizes the importance of adhering to the guidelines set by Guosheng Securities regarding the use of their research materials [1]

安徽省皖能股份有限公司 证券代码：000543 证券简称：皖能电力 公告编号： 2024-39 2024年度第一期超短期融资券兑付完成的公告 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 全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈 述或者重大遗漏负连带责任。 安徽省皖能股份有限公司 二〇二四年七月十六日 2024 年 7 月 12 日，公司完成兑付本期超短期融资券本息共计人民币 1,011,574,863.39 元。 特此公告。 公司于 2024 年 1 月 15 日成功发行公司 2024 年度第一期超短期融资券， 发行总额为人民币 10 亿元，票面利率为 2.38%，期限为 178 天，兑付日期为 2024 年 7 月 12 日。 ...

主要依靠这个参股火电我们的投资数据主要也是集中在火电这块它的这个从几个方面来说吧一个就是说绝对值绝对值它的这个镀电利润总额的这个盈利能力肯定是要比我们强不少的但是那块他们的电量这块其实数据我们这个有的时候收集的还不是那么快的他应该财务数据先报过来所以这块可能也不太好去算另外就是看这个同比 从比例来看的话肯定都是个正的增长但是我们控股这块的增长幅度肯定是要高于他们参股这块的增长大概看一下我们主要依靠的就是升晚然后板级包括后面有平山和升能合作的升晚平山 山西路光还有我们和淮北矿业合作的这个幻城这几家公司的话今年整个上半年吧投资收益应该是超过了五个亿五个多亿吧然后去年同期大概在四个多亿也就是说增长了有25%左右然后另外就是这是一些权益法核算的投资收益我们还有一些 金融类的这些分红或者说其他权益工具的一些投资所以这块那边来看都是比较平稳的每年基本上都是在二季度有个进账数额也基本在一个亿左右吧二季度会有这个这个一个亿其他的可能也没有什么好象谢谢明白所以就是因为比如说像什么神网啊板级啊这个 平山是不是拿不到长线煤它不是有煤炭背景的它可能和我们是一样的就是长线煤的占比具体多少不太清楚但不可能做到像板级和省碗的那么高明白然后 ...

证券代码：000543 证券简称：皖能电力 公告编号：2024-38 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，对公告的虚假记 载、误导性陈述或者重大遗漏负连带责任。 | --- | --- | --- | --- | |-----------------|-------------|-----------------------------------|-------------------------| | 2、预计的业绩： | 亏损 | 扭亏为盈 同向上升 | 同向下降 | | 项 目 | | 本报告期 | 上年同期 | | 归属于上市公司 | 盈利：约 | 90,000 万元— 110,000 万元 | | | 股东的净利润 | | 比上年同期增长： 53.89%—88.09% | 盈利： 58,482.79 万元 | | 扣除非经常性损 | 盈利：约 元 | 88,844.37 万元— 108,844.37 万 | 盈利： 53,390.82 万元 | | 益后的净利润 | | 比上年同期增长： 66.40% — 103.86% | | | 基本每股收益 | 盈利：约 | 0.3970 ...

大家好,欢迎参加这场公演。我们在这里向2024年20周年机构军方总统峰会连线交流。目前的参会者均处于静音状态,正在求望的证人。证人求望了之后,就诚实地发言。 浙商证券研究所提醒您一本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致,这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则,未经合法授权,严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对浙商证券的理解和配合谢谢各位投资者大家下午好我是浙商公用的汪磊近期也是我们举办深圳中山股交流会的这个时间我们本次会议也是线上邀请了 万能电力的两位领导同班的吴总和运营管理部的张总对于万能来说大家也不陌生作为一个安徽的地方火箭农土近两年也是受益于整个省电用电量的一个攀升电价也是比较有看点所以在这样一个最近电改的一个大背景下大家还是比较关注整个 ...

Summary of Conference Call Company or Industry Involved - The conference call is related to a forum celebrating the 20th anniversary of an institutional summit [1] Core Points and Arguments - The participants are currently muted and awaiting the testimony of witnesses, indicating a formal and structured environment for the discussion [1] - The witnesses are expected to speak honestly after being called upon, suggesting a focus on transparency and integrity in the proceedings [1] Other Important but Possibly Overlooked Content - The context of the call suggests a significant event in the industry, marking two decades of institutional engagement, which may imply a review of past achievements and future directions [1]

Summary of Conference Call Company or Industry Involved - The conference call pertains to Debon Securities Research Institute Core Points and Arguments - The call serves clients of Debon Securities and does not constitute investment advice [1] - Participants are advised to make independent investment decisions and bear their own investment risks [1] - Debon Securities disclaims any responsibility for losses resulting from the use of the content [1] Other Important but Possibly Overlooked Content - The disclaimer emphasizes the importance of personal responsibility in investment decisions [1]

免责声明本次电话会议仅服务于德邦证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险德邦证券不对因使用本次内容所导致的任何损失承担任何责任 未经德邦证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎好的各位投资者朋友大家下午好我是德邦环保公务研究员郭雪 今天也跟大家汇报一下我们近期发的深度报告晚能电力我们是从去年开始跟踪调研的然后目前也是我们在火箭里面重点推荐的标的之一首先说一下我们看好晚能电力的四个比较重要的原因 那首先的话就是第一点我们觉得就是比较重要的一点就是公司呢跟同行业的火电公司相比那它的整个PE和EPS基本上是行业最低的那目前PE在10倍左右我们觉得就是可以赚一个这个至少它可以修复到就是火电的一个估值中枢可以赚一个估值的钱那第二点的话就是公司的这个装机的增长叠加盈利能力的不断提升我们觉得还可以赚一个就是业绩增长的钱 挽能应该是现在火箭公司里面成长性比较好的而且因为它即将在这个新疆还有刚辉这些坑口投产大量的这个高盈利的机组那么我们也算了一下未来的这几年三到 ...