国浩律师（合肥）事务所 关于安徽省皖能股份有限公司 2024 年第二次临时股东大会 法律意见书 地址：安徽省合肥市政务区怀宁路 200 号置地·栢悦中心 12 楼 电话：（0551）65633326 传真：（0551）65633323 国浩律师（合肥）事务所 关于安徽省皖能股份有限公司 2024 年第二次临时股东大会 法律意见书 [2024]国浩合肥（皖能电力）非诉字第 011 号 致：安徽省皖能股份有限公司 正文 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人 民共和国证券法》（下称"《证券法》"）、《上市公司股东大会规则》 《深圳证券交易所上市公司股东大会网络投票实施细则》和《安徽省皖能 股份有限公司章程》（下称"《公司章程》"）的有关规定，国浩律师（合 肥）事务所接受安徽省皖能股份有限公司（下称"公司"）的委托，指派 本所王飞、方俊华律师出席公司 2024 年第二次临时股东大会（下称"本次 股东大会"），并对本次股东大会相关事项进行见证，出具法律意见书。 本所同意将本法律意见书作为本次股东大会的公告文件，随公司其他 文件一并报送有关主管部门审查并予以公告。 本所根据《证券法》的要求，按照律 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a revenue of 14 billion yuan in the first half of 2024, representing a year-on-year growth of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, which is an increase of 83.06% year-on-year [1] - The strong performance is attributed to the decline in coal prices and robust electricity demand in Anhui province, with a significant increase in installed capacity and ongoing construction of renewable energy projects [1][2] - The company is expected to benefit from a tight power supply in the province, with projections indicating a power gap exceeding 20 million kilowatts by 2025 [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 7.016 billion yuan, a year-on-year increase of 16.46%, and a net profit of 618 million yuan, up 44.46% year-on-year [1] - The company’s operational capacity as of June 30, 2024, was 12.28 million kilowatts, with an increase of 900,000 kilowatts compared to the end of the previous year [1] Market Dynamics - The electricity demand in Anhui province grew by 13.3% in the first half of 2024, which is expected to drive the company's power generation significantly [1] - The company is strategically positioned to take advantage of the tight supply-demand balance in the electricity market, with expectations of additional revenue from the spot market [2] Future Projections - The company forecasts net profits of 1.886 billion yuan, 2.350 billion yuan, and 2.521 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10, 8, and 8 [2][4] - The company plans to complete an additional 4 million kilowatts of renewable energy capacity during the 14th Five-Year Plan period, although progress has been slower than anticipated [2]

安徽省皖能股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------| | | 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 类别 | 新闻发布会 | □ 路演活动 | | | 现场参观 | | | | 其他 线上会议 | | | | 1. 海通证券 吴杰 | | | 参与单位名称及 | 2. 兴业证券 王禹萱、朱理显，国寿养老 洋； 3. 德邦电力 刘正； 4. 国盛证券 高紫明； | 李哲佩、周晓文、高媛媛、汪 | | 人员姓名 | 5. 德邦环保公用 郭雪，长城财富 6. 浙商证券 汪磊， ...

股票代码：000543 股票简称：皖能电力 公告编号：2024-51 安徽省皖能股份有限公司 关于"质量回报双提升"行动方案的公告 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。 公司认真践行中央政治局会议提出的"要活跃资本市场、提振投资者信心" 及国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有 力有效措施，着力稳市场、稳信心"的指导思想，结合公司发展战略和经营情况， 不断提高核心竞争力和盈利能力，增强投资者信心，促进公司长远健康可持续发 展，现公司制定了"质量回报双提升"行动方案，具体如下： 一、聚焦能源主业，保障经营业绩稳健增长 秉承着"改革、发展、和谐、高效"的公司精神，皖能电力切实贯彻"四个 革命、一个合作"能源安全新战略，将继续聚焦能源主业，不断探索和实践，重 塑功能定位、坚持战略引领，全方位提升核心竞争力和价值创造力，推动经营业 绩稳健增长。 2023 年度，公司全年实现营业收入 278.67 亿元，实现归属于上市公司股东 的净利润 14.30 亿元，总资产 605.86 亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 14 billion yuan for the first half of 2024, representing a year-on-year growth of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, up 83.06% year-on-year [1][2]. - The profitability of the power generation business has improved, with a gross margin of 13.71%, an increase of 5.81 percentage points year-on-year [2]. - The company has ongoing projects in both thermal and renewable energy sectors, which are expected to contribute to future earnings growth [3]. Summary by Sections Financial Performance - The company achieved a revenue of 14 billion yuan in the first half of 2024, with a net profit of 1.071 billion yuan, marking significant growth compared to the previous year [1]. - The gross margin for the power generation business improved to 13.71%, reflecting better cost management and pricing stability [2]. Investment and Projects - The company has several ongoing projects, including a 2×45 MW natural gas peak-shaving project and multiple coal power projects, which are expected to be operational by the end of the year [3]. - In the renewable energy sector, the company is constructing solar and wind projects, contributing to its goal of 4 million kilowatts of renewable energy capacity by the end of the 14th Five-Year Plan [3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 2 billion, 2.3 billion, and 2.5 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.7, 8.3, and 7.7 times [3].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a revenue of 14.001 billion yuan for H1 2024, representing a year-on-year increase of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, up 83.06% year-on-year [2][6] - The electricity demand in Anhui province is strong, with a power consumption growth rate of 13.3% in H1 2024, surpassing the national average [6] - The company is expanding its installed capacity through new projects, which is expected to drive continuous performance improvement [6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 14.001 billion yuan, with a net profit of 1.071 billion yuan, showing significant growth compared to the previous year [2][6] - For Q2 2024, the revenue was 7.016 billion yuan, with a net profit of 618 million yuan, reflecting year-on-year increases of 16.46% and 44.46% respectively [2][6] Business Expansion - The company has seen a 25.7% year-on-year increase in revenue from its main electricity business, totaling 11.148 billion yuan in H1 2024, primarily due to new power generation units coming online [6] - New projects include the Jiangbu Power Plant (2×660MW) and gas-fired units (2×450MW) that were commissioned in H1 2024 [6] - The company is also investing in coal power joint ventures, with investment income from these partnerships reaching 581 million yuan in H1 2024, an increase of 1.4 million yuan year-on-year [6] Market Position and Outlook - The company benefits from a favorable location in Anhui, where the GDP growth rate was 5.3% in H1 2024, higher than the national average [6] - The company is positioned as a platform for power asset integration, with expectations for continued asset injections from its controlling shareholder, Waneng Group [6] - Revenue projections for 2024-2026 are 28.93 billion yuan, 32.918 billion yuan, and 33.074 billion yuan, with corresponding net profits of 1.986 billion yuan, 2.369 billion yuan, and 2.437 billion yuan, indicating strong growth potential [6][7]

F 证券研究报告 火电 皖能电力（000543.SZ） 增持-A(维持) 盈利增长显著，投产释放可期 | --- | --- | --- | |------------------------------------------------------------------------------------------|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in its 2024 semi-annual report, achieving revenue of 14.0 billion yuan, a year-on-year increase of 14.4%, and a net profit attributable to shareholders of 1.07 billion yuan, up 83.1% year-on-year [1] - The company's power generation volume reached 28.5 billion kWh, a significant increase of 34% year-on-year, driven by regional advantages and the commissioning of new units [1] - The low coal prices have enhanced the company's profitability, with a gross margin of 13.71% in the first half of 2024, an increase of 5.81 percentage points year-on-year [1] - The company is expected to see a peak in thermal power unit commissioning in the second half of the year, with significant new capacity coming online [1] - The company is projected to have net profits of 1.94 billion yuan, 2.30 billion yuan, and 2.49 billion yuan for 2024-2026, corresponding to PE ratios of 10.4, 8.8, and 8.1 times respectively [1] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 14.0 billion yuan, a 14.4% increase year-on-year, and a net profit of 1.07 billion yuan, an 83.1% increase year-on-year [1] - The investment income reached 690 million yuan, up 25.5% year-on-year [1] Power Generation - The company generated 28.5 billion kWh of electricity in the first half of 2024, a 34% increase year-on-year [1] - The commissioning of new power plants in Xinjiang and within the province is expected to drive further growth in power generation [1] Cost and Profitability - The company's gross margin for its power generation business was 13.71%, reflecting a significant improvement due to lower coal prices [1] - The average price of Qinhuangdao thermal coal was 914 yuan/ton and 858 yuan/ton in Q1 and Q2 of 2024, respectively, down 20.7% and 8.3% year-on-year [1] Future Outlook - The company has 2.32 million kW of thermal power capacity under construction, with new projects expected to come online by the end of 2024 [1] - The company is positioned as a leading thermal power enterprise in Anhui province, with high growth potential due to favorable coal prices and new capacity [1]

股票代码：000543 股票简称：皖能电力 公告编号：2024-50 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。 根据深圳证券交易所上市公司自律监管指南等有关规定，现补充披露公司 2024 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表，详见附件。 安徽省皖能股份有限公司董事会 2024年8月27日 安徽省皖能股份有限公司 2024 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：安徽省皖能股份有限公司 单位：万元 安徽省皖能股份有限公司 2024 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 附件： | 临涣中利发电有限公司 | 子公司 | 其他应收款 | 8,070.68 | 12,000.00 | 88.88 | 12,079.45 | 8,080.11 | 借款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 安徽钱营孜发电有限公司 | 子公司 | 其 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.04 CNY per share based on a 1.50x PB valuation for 2024 [4]. Core Views - The company achieved a net profit of 1.07 billion CNY in the first half of 2024, close to the upper limit of its previous profit forecast, with a year-on-year increase of 83.1% [2][10]. - Revenue for the first half of 2024 reached 14 billion CNY, reflecting a year-on-year growth of 14.4%, driven by improved operational performance and new power generation capacity coming online [2][10]. - The company is expected to benefit from stable profitability in thermal power generation and increased earnings potential from new installed capacity [2][22]. Summary by Sections 1. Performance Overview - In the first half of 2024, the company reported a revenue of 14 billion CNY, up 14.4% year-on-year, and a net profit of 1.07 billion CNY, up 83.1% year-on-year [2][10]. - The operating cash flow significantly improved, reaching 2.576 billion CNY, a 319% increase year-on-year, attributed to enhanced operational efficiency and revenue from newly commissioned power plants [2][17]. 2. Revenue and Profitability - The company's electricity revenue grew by 28% year-on-year, with a gross margin recovery to 13.7% [2][20]. - The gross profit from electricity operations was 1.528 billion CNY, reflecting a significant increase in profitability due to lower coal costs [20][26]. 3. Installed Capacity and Future Prospects - As of the first half of 2024, the company had 12.28 GW of installed capacity, with additional coal-fired power plants expected to come online by the end of 2024, potentially increasing equity capacity by 2.0 GW [2][22]. - The company aims to expand its renewable energy portfolio, targeting 4 GW of new energy capacity by the end of the 14th Five-Year Plan [2][29]. 4. Investment and Financial Metrics - The company forecasts net profits of 2.116 billion CNY, 2.432 billion CNY, and 2.750 billion CNY for 2024, 2025, and 2026, respectively, with corresponding PB ratios of 1.32, 1.20, and 1.09 [2][3]. - The return on equity (ROE) is projected to improve to 14.0% by 2024, reflecting the company's enhanced profitability and operational efficiency [3][20].