PE 10/9/8 倍,维持"买入"评级。 司项目投产进度不及预期;电价波动风险。 证券研究报告|公司研究|公司点评 力,提升公司综合实力;预计公司2024~2026年归母净利18.98/21.63/24.62亿元,对应 2024~2026年 股市有风险 请务必阅读正文之后的免责声明部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航产融大 厦中航证券有限公司 公司网址：www.avicsec.com 联系电话：010-59219558 传真：010-59562637 中航证券研究所发布 [证券研究报告] 资料来源：iFinD，中航证券研究所 证券研究报告 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------|-------|-------|-------|-------|-------------------------------|-------|-- ...

Investment Rating - The report initiates coverage on WanNeng Power (000543.SZ) with a "Buy" investment rating [12][70]. Core Views - WanNeng Power, as a leading coal power company in Anhui, is expected to see continuous expansion in installed capacity. With electricity prices remaining high and an increase in the proportion of long-term coal contracts alongside a decrease in pithead coal prices, the company's profitability is anticipated to improve steadily [12][70]. - Revenue projections for WanNeng Power from 2024 to 2026 are estimated at CNY 29.579 billion, CNY 31.400 billion, and CNY 31.613 billion, with growth rates of 6.1%, 6.2%, and 0.7% respectively. Net profit is expected to be CNY 2.025 billion, CNY 2.279 billion, and CNY 2.458 billion, with growth rates of 41.7%, 12.5%, and 7.8% respectively [12][70]. Summary by Sections Company Overview - WanNeng Power is recognized as a leading coal power company in Anhui, with a steady increase in installed capacity. As of the end of 2023, the company had a total installed capacity of 14.94 million kW, with a year-on-year increase of 2.9% [39][43]. Performance and Growth - The company's revenue grew from CNY 13.42 billion in 2018 to CNY 27.87 billion in 2023, with a compound annual growth rate (CAGR) of 15.7%. Net profit increased from CNY 560 million to CNY 1.43 billion during the same period, with a CAGR of 20.8% [39][44]. Price and Cost Dynamics - The report highlights that the electricity price in Anhui is expected to remain high due to strong demand and supply constraints. The average transaction price for direct electricity trading increased from CNY 346.8/MWh in 2020 to CNY 460.3/MWh in 2023 [40][50]. - The report anticipates a decrease in coal prices, benefiting the company's cost structure. The expected coal prices for 2024-2026 are CNY 983.2/ton, CNY 959.6/ton, and CNY 931.6/ton respectively [69][89]. Strategic Developments - WanNeng Power is transitioning towards becoming a comprehensive energy operator by acquiring high-quality assets and expanding its renewable energy portfolio. The company plans to add 4 million kW of renewable energy capacity during the 14th Five-Year Plan period [32][93]. - The company has successfully commenced construction on a 300,000 kW wind power project and secured construction indicators for an 800,000 kW photovoltaic project [32][93]. Financial Projections - The financial forecasts indicate that the company's operating cash flow will remain robust, with net profits projected to reach CNY 2.025 billion in 2024, CNY 2.279 billion in 2025, and CNY 2.458 billion in 2026 [70][73].

我们这个万能电力的和我们运营管理部的张总来共同跟大家做这个线上一级报的交流分享那个张总李总你好各位投资者好郭总好那个张总你好是这样的我们在会议开始的时候想那个请您先简单再介绍一下我们一级报的一个情况然后我们再展开这个问答互动好的好的 李总那我就先介绍一下各位投资者首先表示感谢来参加我们这一个交流会我是运营管理部的张生智在这里我主要把我们瓦能电力一季度的一些经营这块的一些情况向大家汇报交流一下首先就是我们瓦能电力的整体情况介绍一下我们瓦能电力是安徽市能源集团公司在 安徽省内的一个上市电力公司平台也是主平台这块基本上我们公司是整个集团公司的电力资产的应该有百分之基本上在我们公司体内我们公司的运营的控股的载意载件的装机容量是接近了1500万千瓦具体载运的 基础应该是超过了1110万千瓦大概还有300多万千瓦这个基础是在建成中这是整体一个情况按照一季度来看的话我们整个对我们因为我们是一个重火电资产的一个企业所以对我们比较重要的几个指标就是电量电价还有一个煤价这三个指标来看就是电量这块我们 整个一季度是实现一个较高比例的增长跟去年同期相比吧我们增幅是超过了35%大概有36.5的一个增速这个绝对量的话我们一季度发电量是超 ...

东吴证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家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未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资者大家下午好啊非常高兴我们今天能够邀请到我们外能电力的总办理主任和我们运营管理部的张总然后跟大家进行一个2023年年报以及2024年一季报的一个线上的业绩交流会 然后这个机会也比较难得然后我是东吴政权公共事业的分析师唐亚辉然后今天由我来主持这个电话会议首先我们请公司领导给我们回顾一下2023年的一个经营情况以及2024年一级报的一个情况好的首先感谢感谢各位的关注我是瓦伦电力运营管理部的张分智在这里向大家 就着我们公司2023年的一个情况包括今年一季度的情况向大家做一个交流汇报首先把我们公司的一个情况简单的介绍一下我们宛文电力是安徽省能源集团在省内主要运作的一个上市电力平台公司也是电力资产的一个主要平台 目前我们整个公司的控股在建在易的装机容量是接近1500万千瓦其中在易的机组应该是超过了1100万千瓦以上然后在建的机组 ...

F 火电 皖能电力（000543.SZ） 增持-A(维持) 盈利增长显著，投产持续释放 请务必阅读最后一页股票评级说明和免责声明 1 TIES CO., LTD. 超预期波动风险等。 资产负债表(百万元) 利润表(百万元) 会计年度 2022A 2023A 2024E 2025E 2026E 会计年度 2022A 2023A 2024E 2025E 2026E 流动资产 5666 8024 6584 8191 7349 营业收入 24276 27867 30447 32845 34948 现金 1582 1998 1675 1642 1747 营业成本 24058 25952 27628 29693 31577 应收票据及应收账款 2274 3641 2249 3911 2716 营业税金及附加 101 146 160 156 170 预付账款 568 629 679 732 770 营业费用 13 24 14 17 21 存货 720 697 812 809 915 管理费用 95 170 91 99 105 其他流动资产 521 1060 1170 1096 1200 研发费用 208 197 183 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to benefit from a significant decrease in coal prices and an increase in power generation, leading to a substantial growth in net profit for Q1 2024, which is projected to be CNY 453 million, representing a year-on-year increase of 188.24% [1] - The overall electricity consumption in 2024 is anticipated to exceed expectations due to the influence of AI and electric vehicles, with a projected contribution of 1-2% from AI computing power and 1% from electric vehicles to the total electricity demand [2] - The company has adjusted its net profit forecasts for 2024-2025, now estimating CNY 2.198 billion and CNY 2.374 billion respectively, with a projected net profit for 2026 of CNY 2.563 billion, reflecting year-on-year growth rates of 53.8%, 8.0%, and 8.0% [3] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved operating revenue of CNY 6.985 billion, a year-on-year increase of 12.45%, and a net profit attributable to the parent company of CNY 453 million, up 188.24% year-on-year [8] - The company’s total revenue for 2023 was CNY 27.867 billion, with a year-on-year growth of 8.26%, and a net profit of CNY 1.430 billion, reflecting a year-on-year increase of 186.37% [8] - The company’s earnings per share (EPS) for 2024 is projected to be CNY 0.97, with a price-to-earnings (P/E) ratio of 8.72 [8] Market and Industry Outlook - The company is expected to see improved dividend rates in the thermal power sector due to declining coal prices and reduced capital expenditures in the coal power industry [9] - The overall electricity consumption in 2024 is projected to reach 23,373 billion kWh, with a year-on-year growth of 9.8%, driven by increased demand from the thermal power sector [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and valuation recovery [8][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 27.87 billion RMB, a year-on-year growth of 8.26%, and net profit attributable to shareholders of 1.43 billion RMB, up 186% [8]. - The company benefits from a favorable coal price environment and growth in installed capacity, with a total installed capacity of 11.38 million kW and an additional 3.56 million kW under construction [8]. - The company plans to distribute a cash dividend of 2.21 RMB per share, which corresponds to a dividend yield of 2.6%, reflecting a strong commitment to returning value to shareholders [8]. - The electricity supply in Anhui province is expected to remain tight, with a projected power gap exceeding 20 million kW by 2025, which supports the company's pricing power [8]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 28.67 billion RMB in 2023 to 31.49 billion RMB in 2026, with corresponding net profits expected to rise from 1.43 billion RMB to 2.52 billion RMB during the same period [2][8]. - The report estimates the company's price-to-earnings (PE) ratios for 2024, 2025, and 2026 to be 10, 8, and 7, respectively, indicating a favorable valuation compared to its earnings growth [8]. - The company is expected to maintain a gross margin improvement, with projections of 11.37% in 2024 and 15.93% in 2026 [2]. Market Performance - The company's stock closed at 8.33 RMB, with a market capitalization of 18.88 billion RMB and a price-to-book (PB) ratio of 1.33 [6][8]. - The stock has shown a yearly price range of 9.16 RMB (high) to 5.34 RMB (low), indicating volatility but also potential for growth [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and valuation recovery [12][16]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 27.867 billion yuan, a year-on-year growth of 8.26%, and net profit attributable to shareholders of 1.43 billion yuan, up 186% [5]. - The first quarter of 2024 also showed strong performance, with revenue of 6.985 billion yuan, a 12.45% increase year-on-year, and net profit of 453 million yuan, reflecting a 188% growth [5]. - The company benefits from a decline in coal prices and the commissioning of new coal power units, which contributed to the substantial profit growth in 2023 and Q1 2024 [5]. - The company plans to distribute a cash dividend of 2.21 yuan per 10 shares, which represents 38.22% of the distributable profit for 2023, indicating a high dividend payout ratio compared to previous years [5]. Summary by Sections Market Performance - The closing price of the company's stock is 8.33 yuan, with a market capitalization of 18.883 billion yuan and a price-to-book ratio of 1.33 [3]. Financial Performance - The company achieved total revenue of 27.867 billion yuan in 2023, with a net profit of 1.43 billion yuan, and forecasts for 2024 and 2025 are 18.9 billion yuan and 23.5 billion yuan in net profit, respectively [13][14]. - The projected earnings per share for 2024, 2025, and 2026 are 0.63, 0.83, and 1.04 yuan, respectively [13]. Operational Highlights - The company has a total installed capacity of 11.38 million kilowatts, with 3.56 million kilowatts under construction, and plans to commission additional gas and coal power units in 2024 [5]. - The company is strategically positioned in Anhui province, where electricity supply is tight, allowing it to maintain resilient coal power pricing [5]. Future Outlook - The company is expected to benefit from ongoing coal power growth and the development of renewable energy projects, with a target of achieving 4 million kilowatts of renewable energy capacity by the end of the 14th Five-Year Plan [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.81 RMB [3][28]. Core Insights - The company's performance is expected to grow due to an increase in installed capacity and electricity generation, alongside a decrease in coal prices [22][29]. - In Q1 2024, the company achieved a revenue of 6.985 billion RMB, a year-on-year increase of 12.45%, and a net profit attributable to shareholders of 453 million RMB, up 188.24% year-on-year [22][29]. - The report highlights that the electricity demand in Anhui province has increased by 15.2% year-on-year, which is significantly higher than the national average, providing strong support for the company's coal-fired power generation [29]. - The company is expected to benefit from new power generation units coming online, including 900,000 kW of gas and coal power, which will further drive performance growth [29]. - The report anticipates that the company's net profit will reach 1.81 billion RMB in 2024, with earnings per share (EPS) of 0.80 RMB, and will continue to grow in subsequent years [29]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 6.985 billion RMB, a 12.45% increase year-on-year, and a net profit of 453 million RMB, reflecting a 188.24% increase year-on-year [22]. - The adjusted net profit attributable to shareholders was 450 million RMB, marking a 271.10% increase year-on-year [22]. Market Conditions - The average coal price has decreased by 11% compared to the beginning of 2024, with a year-on-year decline of 19% due to last year's high prices [29]. - The stable electricity selling price and reduced coal costs are expected to enhance the profitability of the company's coal-fired power operations [29]. Future Outlook - The company plans to expand its investment in clean energy projects and increase its share in coal-fired power plants, which will contribute to its overall growth [29]. - The report projects that the company will achieve net profits of 1.81 billion RMB, 2.29 billion RMB, and 2.55 billion RMB for the years 2024, 2025, and 2026, respectively [29].