Financial Performance - The company's operating revenue for Q1 2024 was ¥6,985,247,161.67, representing a 12.45% increase from ¥5,806,365,093.39 in the same period last year[25] - Net profit attributable to shareholders of the listed company reached ¥452,572,336.21, a significant increase of 188.24% compared to ¥125,827,924.50 in Q1 2023[25] - Basic earnings per share increased to ¥0.20, up 185.71% from ¥0.06 in Q1 2023[25] - Diluted earnings per share also rose to ¥0.20, reflecting the same percentage increase as basic earnings per share[25] - The total profit for the period reached ¥762,425,974.14, a significant increase of 210.23% compared to ¥245,762,012.82 from the previous period[50] - The net profit for the period was ¥663,610,803.54, reflecting a 192.80% increase from ¥226,644,202.09 in the prior period[50] - The company reported a significant increase in operating profit to ¥767,281,730.81, up 217.97% from ¥241,305,989.39 in the previous period[50] Cash Flow and Assets - The net cash flow generated from operating activities was ¥1,176,248,496.92, up 68.31% from ¥588,047,436.50 in the previous year[25] - The company's net cash inflow from operating activities increased to ¥8,961,788,062.66, up from ¥6,684,942,057.29, representing a growth of approximately 34.06%[43] - Cash and cash equivalents increased by 43.89% to 2,874,490,651.70 RMB compared to the beginning of the period[34] - Cash and cash equivalents at the end of the period totaled ¥2,851,386,574.22, down from ¥3,270,866,251.35 at the end of the previous period[59] - The company's total assets increased to ¥61,823,242,526.52, up from ¥60,586,364,519.22, marking a growth of approximately 2.04%[40] - Total assets at the end of the reporting period were ¥61,823,242,526.52, a 2.04% increase from ¥60,586,364,519.22 at the end of the previous year[25] Liabilities and Equity - The total liabilities decreased slightly to ¥39,695,081,809.84 from ¥40,024,902,228.96, indicating a reduction of about 0.82%[40] - The total liabilities increased to ¥40,740,465,011.14 from ¥40,204,641,516.68, marking a rise of 1.33%[56] - Total equity attributable to shareholders of the parent company rose to ¥14,248,975,479.49, compared to ¥13,849,177,181.89, reflecting an increase of 2.88%[56] - Equity attributable to shareholders of the listed company was ¥14,248,975,479.49, up 2.89% from ¥13,849,177,181.89 at the end of the previous year[25] Research and Development - Research and development expenses decreased to ¥28,544,631.41 from ¥43,000,542.53 in the previous year[17] - Research and development expenses decreased by 33.62% to ¥28,544,631.41 from ¥43,000,542.53[50] Investment and Income - Investment income increased significantly to ¥309,889,804.09 from ¥134,248,110.86 in the same period last year[17] - Investment income surged by 130.83% to ¥309,889,804.09, compared to ¥134,248,110.86 in the previous period[50] Shareholder Information - The total number of common shareholders at the end of the reporting period is 41,403[28] - The proportion of shares held by Anhui Energy Group Co., Ltd. is 54.93%, totaling 1,245,208,342 shares[28] Other Financial Metrics - The weighted average return on net assets improved to 3.22%, an increase of 2.13 percentage points from 0.99% in the previous year[25] - The total amount of employee compensation payable increased by 59.80% to 135,208,659.30 RMB due to increased accruals[34] - The company paid ¥338,242,354.81 in cash to employees, an increase from ¥268,689,064.71 in the previous period[59] - The company's long-term borrowings and bonds payable rose to ¥25,326,854,081.91, an increase from ¥24,133,538,775.93, reflecting a growth of approximately 4.95%[40] Non-Operating Income and Expenses - The total revenue from other non-operating income and expenses is 5,591,930.81 RMB[26] - The government subsidies recognized in the current period amount to 260,000.00 RMB[26] - The total amount of non-current asset disposal loss is -650,187.92 RMB[26]

公司报告 | 年报点评报告 事件：公司发布 2023 年年报。2023 年公司实现营收 279 亿元，同比提高 8.26%；实现归母净利润 14.3 亿元，同比提高 186%。公司拟向全体股东按 每 10 股派现金 2.21 元（含税），合计派现金股利 5 亿元。 控股火电：盈利能力大幅改善，在建机组投产后有望助力业绩提升 新能源：十四五规划 400 万指标，主要分布于省内和新疆 参股：23 年投资收益约 14 亿元，显著增厚业绩 投资建议： 皖能电力（000543） 郭丽丽 分析师 SAC 执业证书编号：S1110520030001 guolili@tfzq.com 王钰舒 联系人 wangyushu@tfzq.com | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|----------- ...

Investment Rating - The report maintains a "Buy" rating for the company [12][14]. Core Insights - The company's revenue for 2023 reached 27.87 billion yuan, a year-on-year increase of 8.3%, while the net profit attributable to shareholders was 1.43 billion yuan, reflecting a significant year-on-year growth of 186.4% [1][19]. - The fourth quarter of 2023 saw a revenue of 7.66 billion yuan, up 19.4% year-on-year, and a net profit of 0.125 billion yuan, compared to a loss of 0.01 billion yuan in the same period last year [1][10]. - The company is expected to continue its growth trajectory with new power generation units coming online, including a 1.32GW unit in Xinjiang and another 1.32GW unit at the Zhongmei Banjidian Power Plant, which is anticipated to start operations in the second half of 2024 [13][14]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 32.47 billion yuan, 35.69 billion yuan, and 36.27 billion yuan, respectively, with year-on-year growth rates of 17%, 10%, and 2% [7][21]. - The net profit attributable to shareholders is projected to be 1.98 billion yuan, 2.38 billion yuan, and 2.55 billion yuan for the same years, with growth rates of 38%, 20%, and 7% respectively [7][21]. - The report indicates a corresponding price-to-earnings (P/E) ratio of 10, 8, and 8 times for the years 2024, 2025, and 2026 [7][21]. Performance Metrics - The company's average daily trading volume is reported at 298.78 million yuan, with a turnover rate of 1.47% over the past month [10]. - The company plans to distribute a cash dividend of 0.221 yuan per share, totaling 500 million yuan, which represents 38.2% of the distributable profits for 2023 [9].

皖能电力 240419_原文 2024年04月22日10:44 发言人 1 00:00 从去年我们这个覆盖开始，其实就一直是我们在火箭里面重点推荐的标的之一。其实我们看好 万能其中一个很重要的原因，或者说万能制公司，它在这个火箭公司里面相对来说比较有优势 的一点，就是它其实将来的资产规模的成长空间，其实，还是比较可观的。因为我们知道，其 实未来整个能源结构对于火电的定位，那包括，其实过去 5 到 8 年的时间，其实大家已经看到， 这是我们整个火电行业的投资规模的增速，包括火电发电装机的增速，其实是已经有明显的下 滑的。当然第 1 2021 年、22 年之后，但是因为缺电，我们短期，其实有一波火电的核准的建 设的高峰，但是这也是一个阶段性的事情。往中长期来看的话，就是我们火电的首先新增的这 个规模肯定会越来越少。然后中期来看的话，那整个火电发电装机的规模可能会保持在一个平 发言人101:22 发言人 1 02:20 正好公司，也是前两天刚发了二三年的年报，二三年从年报来看，就是表现还是比较好的，整 个全年 14 个 14 点单一的利润同比是百接近接近两个 200%的增长。二三年的业绩的增长，除了 一方面，有我刚 ...

上了一点时间跟大家汇报一下这个瓦能电力我们这边整体的一个报告的观点那么瓦能其实从去年我们覆盖开始其实就一直是我们在火焰里面重点推荐的标志之一其实我们看好瓦能 其中一个很重要的原因或者说呢 万能这公司呢他在这个火电公司里面相对来说这个比较有优势的一点就是他其实将来的这个资产规模的这个成长空间其实还是比较可观的因为我们知道其实未来这个整个能源结构对于火电的这个定位那包括 其实过去五到八年的时间其实大家已经看到我们整个火电行业的投资规模的增速包括火电发电装机的增速其实是已经有明显的下滑的当然2021年2022年之后因为缺电我们短期内其实有一波火电的核准的建设的高峰但是这也是一个阶段性的事情 往中长期来看的话我们火箭首先新增的规模肯定会越来越少然后中期来看的话整个火箭 发展装机的规模可能会保持在一个平稳的状态将来可能不大会有特别明显的增长了那么这个腕能它主要的优势就是说它虽然说现在我存量的装机可能就是在1100万千瓦左右但是其实我处在建设中的装机的规模还是比较大的有三四百万千瓦 那么所以说呢这个相较于我目前已经投入发电的这个资产规模来说那么我未来可能就是差不多还能有接近30%的一个这个增长的空间那么这样的一个 这个这 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company achieved a revenue of 27.867 billion yuan in 2023, representing a year-on-year growth of 8.26% [1] - The net profit attributable to shareholders was 1.429 billion yuan, with a significant year-on-year increase of 186.37% [1] - The company plans to distribute a cash dividend of 2.21 yuan per 10 shares, amounting to 501 million yuan, which accounts for 38.22% of the distributable profits at the end of 2023 [1] - The decline in coal prices has significantly improved the company's profitability, with gross and net profit margins of 6.87% and 6.28%, respectively, showing increases of 4.43 percentage points and 5.01 percentage points year-on-year [1] - The company has entered a new growth phase with the commissioning of power generation units in Xinjiang, which is expected to open new growth opportunities [1] Financial Summary - The company forecasts revenues of 29.754 billion yuan, 32.833 billion yuan, and 34.396 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 6.77%, 10.35%, and 4.76% [2] - The projected net profit for the same years is 1.909 billion yuan, 2.234 billion yuan, and 2.411 billion yuan, with growth rates of 33.56%, 17.02%, and 7.91% [2] - The company's PE ratios for 2024, 2025, and 2026 are expected to be 10.59, 9.05, and 8.39, respectively [2] - The company maintains a reasonable debt-to-asset ratio of 66.36%, with a slight increase of 3.13 percentage points year-on-year [1]

F 公司近一年市场表现 邮箱：liuguijun@sxzq.com 预计公司 2024-2026 年 EPS 分别为 0.85\0.94\1.03 元，对应公司 4 月 17 日收盘价 8.97 元，2024-2026 年动态 PE 分别为 10.6\9.5\8.7 倍。预计 2024 年动力煤价中枢下移，看好公司电力板块盈利能力继续提高，公司分红能力 仍有提升空间，具备一定的投资价值。首次覆盖，给予"增持-A"投资评级。 风险提示 事件描述 具备地域优势，利用小时数及发电量双增。2023 年安徽省地区生产总值 市场数据：2024 年 4 月 17 日 同比增长 5.8%，高于全国平均值；安徽省用电量增速 7.4%，快于全社会平 收盘价（元）： 8.97 均水平 6.7%；公司作为安徽省主力电厂，受益于地域优势，2023 年发电厂 年内最高/最低（元）： 9.08/5.22 平均利用小时数 4970 小时，同比提高 4 小时，比全国 6000 千瓦及以上电厂 流通A股/总股本（亿）： 22.67/22.67 发电设备累计平均利用 3592 小时高出 38.36%；比全国火电平均利用小时数 流通 A 股市值（亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.53 yuan based on a 13x PE valuation for 2024 [3][18]. Core Insights - The company achieved a significant increase in net profit attributable to shareholders, reaching 1.43 billion yuan in 2023, a year-on-year growth of 186.4% [2][19]. - The company is capitalizing on the "Xinjiang electricity into Anhui" opportunity, with the Jiangbu Power Plant's two 660 MW units commencing operation in September 2023, enhancing the quality of its thermal power assets [2]. - The average on-grid electricity price for the company's power business was 455.6 yuan/MWh in 2023, a slight decrease of 2.3% year-on-year, while coal prices have stabilized, leading to improved profitability in thermal power generation [2][19]. - The company is diversifying its energy portfolio by actively developing gas power, renewable energy, energy storage, and pumped storage projects, contributing to a more optimized power business structure [2][19]. - The company proposed a cash dividend of 2.21 yuan per 10 shares, representing a payout ratio of 35.05% of the net profit, an increase of 9.5 percentage points from the previous year [2]. Financial Summary - In 2023, the company reported total operating revenue of 27.87 billion yuan, an increase of 8.3% year-on-year [2][19]. - The gross profit margin for the power generation sector reached 7.69%, reflecting a year-on-year increase of 5.72 percentage points [2]. - The forecasted net profits for 2024, 2025, and 2026 are 1.83 billion yuan, 2.22 billion yuan, and 2.31 billion yuan, respectively, with corresponding earnings per share of 0.81 yuan, 0.98 yuan, and 1.02 yuan [3][19].

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company has shown significant improvement in performance, with a revenue of 27.867 billion yuan and a net profit of 1.430 billion yuan in 2023, reflecting a year-on-year increase of 186.4% [18][33]. - The company is expected to enhance its installed capacity by nearly 20% due to ongoing projects, which will further boost its performance [9][15]. - The report highlights the acceleration of asset integration in power generation and the focus on the integrated development of wind, solar, and thermal storage [18][62]. Summary by Sections 1. Annual Performance Growth - The company achieved a revenue of 27.867 billion yuan in 2023, with a year-on-year growth of 8.3%, and a net profit of 1.430 billion yuan, up 186.4% [33][18]. - Quarterly performance showed revenues of 5.806 billion, 6.430 billion, 7.975 billion, and 7.655 billion yuan for Q1 to Q4 respectively, with net profits of 1.26 billion, 4.59 billion, 7.20 billion, and 1.25 billion yuan [33]. 2. Power Revenue Growth - The company's power business revenue reached 20.417 billion yuan in 2023, marking a 15.3% increase year-on-year, driven by accelerated installed capacity and a 19.1% increase in electricity generation [59][60]. 3. Profit Improvement and Asset Integration - The company is expected to see continued profit improvement with the commissioning of new power generation units, enhancing operational flexibility [18][62]. - The report notes that the company completed the acquisition of 51% of the environmental power generation assets from its major shareholder, which will contribute to its growth strategy [18][62]. 4. Installed Capacity and Performance Elasticity - By the end of 2023, the company had a total installed capacity of 11.38 GW, with an additional 2.15 GW added during the year [18][68]. - The report forecasts net profits of 2.132 billion, 2.459 billion, and 2.788 billion yuan for 2024 to 2026, respectively, indicating strong future performance potential [68].

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董事会 关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号--主板上市公司规范运作》等要求，安徽省皖能股份有 限公司（以下简称"公司"）董事会，就公司在任独立董事 张云燕、谢敬东和姚王信的独立性情况进行评估并出具如下 专项意见： 经核查独立董事张云燕、谢敬东、姚王信的任职经历以 及签署的相关自查文件，上述人员未在公司担任除独立董事 以外的任何职务，也未在公司主要股东公司担任任何职务， 与公司以及主要股东之间不存在利害关系或其他可能妨碍 其进行独立客观判断的关系，因此，公司独立董事符合《上 市公司独立董事管理办法》《深圳证券交易所上市公司自律 监管指引第 1 号--主板上市公司规范运作》中对独立董事独 立性的相关要求。 2024 年 4 月 12 日 ...