Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 7.73 yuan [6] Core Views - The company's Q3 revenue reached 8.54 billion yuan, a year-on-year increase of 7.07%, while net profit attributable to the parent company was 512 million yuan, a year-on-year decrease of 28.88% [1] - The company's gross margin improved by 1.7 percentage points year-on-year in Q3, reaching 12.41%, driven by stable electricity prices and increased power generation [2] - The company's investment income in Q3 was approximately 278 million yuan, contributing positively to its performance [3] - The company has several under-construction projects, including a 1×1000 MW coal-fired power project and a 2×660 MW coal-fired power project in Xinjiang, expected to be operational by the end of the year [4] - The company has also started construction on new energy projects, including an 800 MW photovoltaic project in Xinjiang and a 300 MW wind power project in Anhui [4] Financial Performance - The company's revenue for the first three quarters of 2024 was 22.541 billion yuan, a year-on-year increase of 11.52%, with net profit attributable to the parent company reaching 1.583 billion yuan, up 21.29% year-on-year [1] - The company's EBITDA for 2024 is forecasted to be 6.027 billion yuan, with net profit attributable to the parent company expected to reach 1.863 billion yuan [5] - The company's EPS for 2024 is projected to be 0.82 yuan, with a P/E ratio of 9.41x [5] Industry and Market Position - The company operates in the utilities/power industry, with a focus on both thermal and new energy power generation [6] - The company's long-term coal contracts account for 70%-75% of its total coal usage, providing cost advantages [2] - The company has a significant presence in Anhui province, with investments in local thermal power companies and new energy projects [3][4] Future Outlook - The company's new energy projects are expected to contribute significantly to its future performance, with a total planned capacity of 4,000 MW, slightly favoring photovoltaic over wind power [4] - The company's profitability is expected to improve further with the completion of its under-construction projects, which are set to be operational by the end of 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company reported a revenue of 22.54 billion yuan for the first three quarters of 2024, a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 1.583 billion yuan, up 21.29% year-on-year. However, the third quarter saw a decline in net profit by 28.88% year-on-year due to multiple factors including reduced investment income and asset impairment provisions [1][2]. - The company has ongoing construction projects that are expected to enhance growth potential, with 2.32 million kilowatts of coal power under construction, aiming for grid connection by the end of 2024 [2]. - The company is projected to achieve revenues of 31.85 billion yuan, 34.99 billion yuan, and 37.96 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.863 billion yuan, 2.297 billion yuan, and 2.543 billion yuan [2][4]. Financial Summary - For 2024, the expected revenue is 31.85 billion yuan, with a year-on-year growth rate of 14.3%. The net profit is projected to be 1.863 billion yuan, reflecting a growth rate of 30.3% [4][12]. - The earnings per share (EPS) for 2024 is estimated at 0.82 yuan, with a price-to-earnings (P/E) ratio of 9.4 [4][11]. - The company’s financial metrics indicate a continuous improvement in profitability, with a return on equity (ROE) projected at 9.2% for 2024 [4][11].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5] Core Views - The company achieved a revenue of 22.541 billion with a year-on-year growth of 11.52% for the first three quarters of 2024, and a net profit attributable to shareholders of 1.583 billion, up 21.29% year-on-year [3] - The third quarter saw a revenue of 8.540 billion, a year-on-year increase of 7.07%, but a net profit decline of 28.88% year-on-year, primarily due to non-operating factors [3] - The company expects a 10% growth in electricity generation for the entire year of 2024, supported by strong electricity demand in Anhui province [3] - New operational units are expected to contribute to revenue growth, with a projected increase in installed capacity in the coming years [3] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 22.541 billion, a net profit of 1.583 billion, and a basic EPS of 0.6982, reflecting a year-on-year increase of 21.30% [3] - The third quarter's net profit was 0.512 billion, down 28.88% year-on-year, influenced by fixed asset impairment and increased tax expenses [3] Electricity Generation and Demand - The company anticipates a 10% increase in electricity generation for 2024, with strong demand evidenced by a 13.4% year-on-year growth in electricity consumption in Anhui province [3] - The company’s electricity generation in the third quarter was 59.9, 64.7, and 47 billion kWh, with an average grid connection rate of around 94% [3] Future Growth and Capacity Expansion - As of June 2024, the company’s total installed capacity exceeded 19 million kW, with significant contributions from new coal and renewable energy projects [3] - The company is set to benefit from new projects coming online, including coal and gas-fired power plants, which are expected to enhance profitability [3] Investment Projections - The report forecasts net profits of 1.801 billion, 2.098 billion, and 2.243 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.79, 0.93, and 0.99 [4][6] - The projected PE ratios for 2024, 2025, and 2026 are 10, 8, and 8 times respectively, indicating a favorable valuation outlook [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's fundamentals are stable, with short-term performance impacted by impairment losses. For the first three quarters of 2024, the company achieved revenue of 22.541 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 1.583 billion yuan, up 21.3% year-on-year. However, in Q3, revenue was 8.54 billion yuan, a year-on-year increase of 7.1%, while net profit dropped by 28.9% [3][4]. Summary by Sections Revenue and Profitability - The increase in revenue is primarily driven by higher electricity generation, with a 13.7% increase in electricity consumption in Anhui province during July-August 2024, outpacing the national average by 6.4 percentage points. The company has also added new capacity with the commissioning of coal and gas power plants [4]. Future Outlook - The company expects stable performance in its thermal power business, with anticipated increases in electricity demand in Anhui province and new projects expected to come online by the end of 2024. The company forecasts net profits of 1.92 billion yuan, 2.44 billion yuan, and 2.72 billion yuan for 2024-2026, with corresponding EPS of 0.85, 1.08, and 1.20 yuan, leading to PE ratios of 10.1, 8.0, and 7.2 times respectively [4]. Cost and Pricing Dynamics - The average market coal price has decreased by 10.1% year-on-year in the first three quarters of 2024, and it is expected to continue to decline. The company anticipates stable electricity prices due to a tight supply-demand balance in the region [4].

环境、社会及公司治理报告 2023 年度 年度专题 | 勇担能源保供重任，坚决打好能源保供攻坚战 | 13 | | --- | --- | | 深化皖疆合作，推动"能源丝路"建设 | 15 | ESG管理 | 利益相关方沟通 | 17 | | --- | --- | | 实质性议题分析 | 18 | | 回应联合国可持续发展目标（SDGs） | 19 | 安徽省合肥市包河区成都路2528号云谷金融城B01栋25-27层 电话：0551-62225811 传真：0551-62225800 党建引领，深化改革 01 03 05 目录 | 关于本报告 | 03 | | --- | --- | | 董事长致辞 | 05 | | 走进皖能电力 | 07 | | 公司简介 | 07 | | 产业布局 | 08 | | 经营指标 | 08 | | 发展历程 | 09 | | 聚焦2023 | 11 | 强化治理，筑牢根基 | 公司组织架构 | 27 | | --- | --- | | 三会运作情况 | 28 | | 投资者关系管理 | 29 | | 信息披露管理 | 29 | | 风险合规管理 | 30 | | 深化廉洁建 ...

证券代码：000543 证券简称：皖能电力 公告编号：2024-57 安徽省皖能股份有限公司 一、审议通过《2024年第三季度报告》 表决结果为：赞成9票，反对0票，弃权0票。 二、审议通过《2023年度ESG报告》 表决结果为：赞成9票，反对0票，弃权0票。 安徽省皖能股份有限公司董事会 二〇二四年十月二十八日 第十一届董事会第三次会议决议公告 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 体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或 重大遗漏。 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届董 事会第三次会议于2024年10月24日下午在公司会议室以现场与通讯表决相结合 的方式召开。会议由公司董事长李明主持；本次会议应出席董事9人，实际出席 董事9人。公司监事会、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： ...

安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届监事 会第三次会议于2024年10月24日下午在公司会议室召开。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： 审议通过公司《2024年第三季度报告》 公司2024年第三季度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的各项规定。公司2024年第三季度报告的内容和格式符合中 国证券监督管理委员会和深圳证券交易所的各项规定，所包含的信息能从各方 面真实反映出公司2024年第三季度的经营管理和财务状况等事项。公司2024年 第三季度报告所披露的信息真实、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和连带责任。 证券代码：000543 证券简称：皖能电力 公告编号：2024-58 安徽省皖能股份有限公司 第十一届监事会第三次会议决议公告 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）及 ...

安徽省皖能股份有限公司 2024 年第三季度报告 证券代码：000543 证券简称：皖能电力 公告编号：2024-59 安徽省皖能股份有限公司 2024 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 安徽省皖能股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|--------------------------|------ ...

关于公司高级管理人员辞职的公告 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 成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大 遗漏。 公司董事会于2024年10月23日收到公司副总经理王国庆先生的书面辞职报 告。王国庆先生因工作原因，申请辞去公司副总经理职务，辞职后将不再担任 公司任何职务。 王国庆先生在担任公司副总经理期间恪尽职守、勤勉尽责，公司及董事会 对王国庆先生在任职期间为公司所作出的贡献表示衷心感谢。 证券代码：000543 证券简称：皖能电力 公告编号：2024-56 安徽省皖能股份有限公司 安徽省皖能股份有限公司董事会 二〇二四年十月二十四日 特此公告。 ...

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