Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [1][6] Core Views - The company's performance in 2024 met expectations, with significant growth in revenue and net profit driven by new power generation units coming online and favorable electricity pricing [1][3][6] - The overall performance is supported by a 7.99% year-on-year increase in operating revenue to CNY 30.094 billion and a 44.36% increase in net profit attributable to shareholders to CNY 2.064 billion [1][3] - The report highlights the strong contribution from new power generation units, particularly in Xinjiang, and the improvement in profitability from domestic power plants [3][4][6] Summary by Sections Performance Overview - In 2024, the company benefited from the operation of new power plants, leading to a 17.34% year-on-year increase in electricity generation to 601.5 billion kWh [3][4] - The average on-grid electricity price remained high at CNY 449.10 per MWh, with a slight decrease of 1.43% year-on-year [3][4] - The cost of electricity generation materials decreased by 9.13% year-on-year to CNY 257.22 per MWh, contributing to improved margins [3][4] Profit Contribution - The Xinjiang power plants significantly boosted profits, with the WanNeng Jiangbu Power Plant achieving a comprehensive income of CNY 0.552 billion, up 406.42% year-on-year [3][4] - Domestic power plants also showed improved profitability, with notable recoveries in the Hefei and Ma'anshan plants [3][4] Growth Potential - The company is expected to continue its growth trajectory with ongoing investments in new power generation capacity, including projects set to come online in 2025 and 2026 [4][6] - Despite a projected decrease in electricity prices, the company is anticipated to maintain high utilization rates due to a power supply shortage in Anhui [4][6] Financial Projections - The report adjusts the forecast for net profit attributable to shareholders for 2025-2027 to CNY 2.079 billion, CNY 2.282 billion, and CNY 2.319 billion, respectively [6] - Corresponding P/E ratios are projected at 8.46, 7.71, and 7.59 for the same years [6]

Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [1][6] Core Views - The company's performance in 2024 met expectations, with significant growth driven by new power generation units and stable electricity prices [1][3] - The overall revenue for 2024 reached 30.094 billion yuan, a year-on-year increase of 7.99%, while the net profit attributable to shareholders was 2.064 billion yuan, up 44.36% year-on-year [1][3] - The report highlights the continuous commissioning of new units, which supports future growth [1][3] Summary by Sections Performance Overview - In 2024, the company benefited from the commissioning of new power plants, leading to a 17.34% year-on-year increase in electricity generation, totaling 601.5 billion kWh [3][4] - The average on-grid electricity price was 449.10 yuan/MWh, showing a slight decrease of 1.43% year-on-year, while the cost of materials per kWh decreased by 9.13% to 257.22 yuan/MWh [3][4] Profit Contribution - The main profit growth driver was the full operation of the Xinjiang power plant, which contributed 552 million yuan in comprehensive income, a 406.42% increase year-on-year [3][4] - The report notes significant improvements in profits from domestic power plants, with several plants turning losses into profits [3][4] Growth Potential - The company is expected to see continued growth in installed capacity, with several projects set to be commissioned in 2025-2026 [4][6] - Despite a projected decrease in electricity prices, the company is anticipated to maintain high utilization hours due to a power supply shortage in Anhui [4][6] Financial Projections - The report adjusts the net profit forecasts for 2025-2027 to 2.079 billion, 2.282 billion, and 2.319 billion yuan, respectively, with corresponding P/E ratios of 8.46, 7.71, and 7.59 [6][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 30.094 billion RMB in 2024, representing a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 2.064 billion RMB, up 44.36% year-on-year [1] - The company plans a cash dividend of 0.319 RMB per share for 2024, which is a 44.3% increase compared to the previous year, resulting in a current dividend yield of 4.1% [1] - The company is expected to see continued growth in net profit, with projections of 2.425 billion RMB, 2.459 billion RMB, and 2.461 billion RMB for 2025, 2026, and 2027 respectively [4] Summary by Sections Revenue and Profit Growth - The company’s power generation volume increased by 17.3% year-on-year in 2024, driven by new capacity coming online and a robust demand for electricity in Anhui, which grew at 11.9%, exceeding the national average by 5.1 percentage points [2] - The company’s revenue from power generation also rose by 16.1% year-on-year [2] Cost and Profitability - The average market coal price decreased by 11.4% to 856 RMB per ton in 2024, improving the profitability of thermal power generation [3] - The company’s gross margin for its power generation business improved to 13.9%, an increase of 6.2 percentage points year-on-year [3] Investment and Future Prospects - The company’s investments in joint ventures contributed significantly to its profits, with investment income from associates and joint ventures reaching 1.22 billion RMB, accounting for 35.4% of total profit [3] - The company has ongoing projects that are expected to contribute to future earnings, including the second phase of the Qianyingzi project and several renewable energy projects [3] Financial Projections - The company is projected to have earnings per share (EPS) of 1.07 RMB, 1.09 RMB, and 1.09 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 7.25, 7.14, and 7.14 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 30.094 billion RMB in 2024, representing a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 2.064 billion RMB, up 44.36% year-on-year [1][4] - The company plans a cash dividend of 0.319 RMB per share for 2024, which is a 44.3% increase compared to the previous year, resulting in a current dividend yield of 4.1% [1] - The company is expected to continue its growth trajectory with projected net profits of 2.425 billion RMB, 2.459 billion RMB, and 2.461 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.07, 1.09, and 1.09 RMB [4] Summary by Sections Revenue and Profitability - In 2024, the company’s electricity generation increased by 17.3% year-on-year, driven by new capacity coming online and a robust demand growth in Anhui province, which saw an electricity consumption growth rate of 11.9%, exceeding the national average by 5.1 percentage points [2] - The average selling price of electricity was 0.449 RMB/kWh, slightly down by 1.4% but still maintaining a premium of approximately 16.8% over the benchmark price [2] Cost Structure and Coal Prices - The average market coal price decreased by 11.4% to 856 RMB/ton in 2024, while the long-term contract coal price also fell by 1.8% to 701 RMB/ton, leading to an improvement in the company's profitability [3] - The company’s power generation business gross margin improved to 13.9%, an increase of 6.2 percentage points year-on-year, due to a favorable coal cost structure where long-term contracts account for about 75% of coal usage [3] Investment and Future Outlook - The company’s investments in joint ventures and associates contributed significantly to profits, with investment income from these entities reaching 1.22 billion RMB in 2024, accounting for 35.4% of total profit [3] - The company is expected to see continued growth from new projects, including the commissioning of additional power generation units and the expansion of renewable energy projects [2][4]

证券代码：000543 证券简称：皖能电力 公告编号：2025-08 一、召开会议基本情况 1．股东大会届次：2024 年度股东大会。 安徽省皖能股份有限公司 关于召开 2024 年度股东大会的通知 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，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及连带责任。 安徽省皖能股份有限公司（以下简称"公司"或"皖能电力"）董事会决定 于 2025 年 5 月 22 日召开公司 2024 年度股东大会，现就会议有关事项公告如下： 2．股东大会的召集人：公司董事会。 3．经公司 2025 年 4 月 23 日召开的第十一届董事会第六次会议通过决议， 决定召开 2024 年度股东大会。公司董事会召集本次股东大会会议符合有关法律、 行政法规、部门规章、规范性文件和《公司章程》的相关规定。 4．会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 22 日 14:30； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 5 月 22 日 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-04 安徽省皖能股份有限公司 第十一届监事会第四次会议决议公告 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）及监事会全体 成员保证公告内容的真实、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及连带责任。 公司第十一届监事会第四次会议于2025年4月23日下午在能源大厦三楼会议 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： 该议案需提交公司2024年度股东大会审议。 表决结果为：赞成3票，反对0票，弃权0票。 三、审议通过《关于2024年末资产减值测试的议案》 为真实反映公司财务状况和资产价值，公司对2024年末各项资产进行了清 查，并进行分析和评估。经过资产减值测试，公司2024年度计提信用减值损失 142.43万元，资产减值损失12,043.45万元。 公司本次计提资产减值准备依据充分 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-03 安徽省皖能股份有限公司 第十一届董事会第六次会议决议公告 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 体成员保证公告内容的真实、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及连带责任。 公司第十一届董事会第六次会议于2025年4月23日下午在能源大厦会议室召 开。会议由公司董事长李明先生主持；本次会议应出席董事9人，实际出席董事 9人。公司监事、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： 一、审议通过《2024 年度董事会工作报告》 该议案需提交公司 2024 年度股东大会审议。 表决结果为：赞成 9 票，反对 0 票，弃权 0 票。 二、审议通过《2024 年度总经理业务报告》 表决结果为：赞成 9 票，反对 0 票，弃权 0 票。 三、审议通过《2024 年年度报告全文及其摘要》 该议案需提交公司 2024 年度股东大会审议。 五、审议通过《2025 ...

关于2024年度利润分配方案的公告 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的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、审议程序 安徽省皖能股份有限公司（以下简称"公司"）第十一届董事会第六次会 议审议通过了《2024年度利润分配预案》，该议案需提交公司2024年度股东大 会审议批准后方可实施。关于本次利润分配方案情况公告如下： 二、利润分配方案的基本情况 经容诚会计师事务所(特殊普通合伙)出具的容诚审字[2025]230Z1209号《 审 计 报 告 》 确 认 ， 2024 年 合 并 报 表 归 属 于 母 公 司 所 有 者 的 净利润为 2,063,582,145.23 元，母公司实现净利润1,566,957,987.11元，依据《公司法》 和《安徽省皖能股份有限公司章程》（以下简称《公司章程》）及中国证监会 有关规定，公司拟按照以下方案实施分配： 拟按母公司实现的净利润1,566,957,987.11元提取10%法定盈余公积金 156,695,798.71 元，以合并会计报表实现归属于母公司股东的净利润 2,063,582,14 ...

安徽省皖能股份有限公司 关于注册发行中期票据的公告 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，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及连带责任。 安徽省皖能股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第 十一届董事会第六次会议，会议审议通过了《关于注册发行中期票据的议案》， 为加强资金管理，拓宽融资渠道，降低资金成本，优化债务结构，防范财务风险， 同意公司在中国银行间市场交易商协会申请注册发行中期票据。现将相关情况公 告如下： 证券代码：000543 证券简称：皖能电力 公告编号：2025-14 一、注册方案 （三）发行利率 实际发行价格将根据发行时的市场情况来确定。 （四）募集资金用途 根据公司实际需求，包括但不限于补充流动资金、偿还存量债务、项目建设 等符合交易商协会要求的用途。 （五）决议有效期 授权事项在本次中期票据注册有效期内持续有效。 二、授权事项 （一）发行规模 本次拟注册发行中期票据额度不超过人民币 100 亿元，将根据市场环境和公 司实际资金需求在注册有效期内择 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-13 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，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及连带责任。 安徽省皖能股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第 十一届董事会第六次会议，会议审议通过了《关于拟注册发行公司债券的议案》， 为加强资金管理，拓宽融资渠道，降低资金成本，优化债务结构，防范财务风险， 同意公司向深圳证券交易所申请并经中国证券监督管理委员会同意注册后公开 发行公司债券。现将相关情况公告如下： 一、关于公司符合公开发行公司债券条件的说明 根据《中华人民共和国公司法》《中华人民共和国证券法》《公司债券发行 与交易管理办法》等有关法律法规和规范性文件的规定，公司董事会结合公司的 实际情况与上述有关法律法规和规范性文件的规定逐项对照，认为符合现行公司 债券发行政策和《公司债券发行与交易管理办法》规定的向专业投资者公开发行 公司债券的条件。 安徽省皖能股份有限公司 关于注册发行公司债券的公告 二、本次公司债券 ...