证券研究报告 | 季报点评 皖能电力（000543.SZ） 事件：公司发布 2024 年一季度报告。报告期内，公司实现营业收入 69.85 亿元，同比增长 12.45%；归母净利润 4.53 亿元，同比增长 188.24%；基 本每股收益 0.2 元，同比增长 185.71%。业绩增长主要系电量上涨，煤价下 跌，整体符合预期。 投资收益同比提升，重视投资煤电一体化项目。公司 2024Q1 投资收益 3.1 亿元，同比提升 130.83%，主要系火电板块盈利能力整体提升，参股公司 利润增加。公司重视与具备煤炭资源优势公司合作，参股项目具备煤电一体 化优势，预计板集二期今年投产，将持续增厚公司利润。 -32% -16% 0% 16% 32% 48% 64% 80% 2023-05 2023-08 2023-12 2024-04 皖能电力 沪深300 请仔细阅读本报告末页声明 2023A 8024 1998 3641 168 629 697 892 52562 13188 24800 3571 11003 60586 14986 807 4462 9718 25218 24134 1085 40205 6533 2 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 9.49 CNY based on a PE of 13.0 times for 2024 [6][9]. Core Views - The company is expected to benefit from new power generation units coming online and a decline in coal prices, leading to improved performance in 2024 [4][6]. - The first quarter of 2024 showed significant growth in revenue and net profit, with revenue reaching 6.985 billion CNY, up 12.45% year-on-year, and net profit increasing by 188.24% to 453 million CNY [4][6]. - The overall gross margin improved by 4.8 percentage points to 10.9% due to lower fuel costs, with the average coal price dropping by 20.1% year-on-year [5][6]. Financial Performance Summary - For 2023, the company reported total revenue of 27.867 billion CNY, with a net profit of 1.430 billion CNY, reflecting a growth rate of 186.4% [7][11]. - The earnings per share (EPS) for 2024 is projected to be 0.73 CNY, with corresponding PE ratios of 11.7 for 2024, 11.1 for 2025, and 10.7 for 2026 [6][7]. - The company’s total assets are expected to grow from 60.586 billion CNY in 2023 to 65.521 billion CNY in 2024 [13]. Revenue and Profit Forecast - The company anticipates revenue growth rates of 8.3% for 2023, 7.9% for 2024, and 6.2% for 2025 [7][15]. - The net profit is expected to grow by 15.0% in 2024 and 5.2% in 2025, with a projected net profit of 1.644 billion CNY for 2024 [7][15]. Cost and Expense Management - The report highlights a decrease in research and development expenses by 0.14 billion CNY in Q1 2024, contributing to a lower overall expense growth rate [6]. - Financial expenses increased slightly by 0.24 billion CNY, but the overall expense ratio decreased to 4.0% [6].

Summary of Conference Call Company or Industry Involved - The conference call pertains to Xingye Securities Core Points and Arguments - The content of the conference call is exclusively for the clients of Xingye Securities, and all rights are reserved by the company [1] - Any reproduction or distribution of the meeting content without permission is considered an infringement, and Xingye Securities reserves the right to pursue legal action [1] Other Important but Possibly Overlooked Content - The meeting emphasizes the necessity of obtaining approval from Xingye Securities before retaining any content from the call [1]

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]

Investment Rating - The report initiates coverage with an "Accumulate-A" investment rating for the company, indicating a positive outlook on its stock performance [2][17]. Core Insights - The company is expected to see its earnings per share (EPS) increase to 0.85, 0.94, and 1.03 yuan for the years 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 10.6, 9.5, and 8.7 times [2][17]. - The report highlights the company's regional advantages, benefiting from increased operating hours and power generation, with a 2023 average utilization hour of 4,970 hours, which is 4 hours higher year-on-year [3][17]. - The company achieved a significant increase in net profit, reporting 1.43 billion yuan for 2023, a year-on-year growth of 186.37%, and a basic EPS of 0.63 yuan, also reflecting a 186.36% increase [17][19]. - The average electricity price for the company in 2023 was 0.4556 yuan per kilowatt-hour, which is 6.26% higher than the national average [3][17]. Financial Performance - The company reported total operating revenue of 27.87 billion yuan in 2023, representing an 8.26% year-on-year increase [17][19]. - The gross profit margin for the electricity business improved to 7.69%, up by 5.72 percentage points year-on-year [18][19]. - The average cost of electricity for the company decreased to 0.3908 yuan per kilowatt-hour, a reduction of 8.88% compared to the previous year [18][19]. Future Projections - The company anticipates continued growth in revenue, with projected operating revenues of 29.77 billion yuan, 31.63 billion yuan, and 34.63 billion yuan for 2024, 2025, and 2026, respectively [19][21]. - Net profit is expected to reach 1.92 billion yuan in 2024, with a year-on-year growth of 34.5% [19][21]. - The report indicates that the company's return on equity (ROE) is projected to improve to 10.4% in 2024, reflecting a positive trend in profitability [19][21].