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].

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]