广东宝丽华新能源股份有限公司 2023 年年度权益分派实施公告 证券代码：000690 证券简称：宝新能源 公告编号：2024-025 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、股东大会审议通过利润分配方案等情况 1、公司 2024 年 4 月 29 日召开的 2023 年度股东大会审议通过的利润分配方 案为：以 2023 年末公司总股本 2,175,887,862 股为基数，向全体股东每 10 股派 发现金红利 3.00 元（含税），共计分配利润 652,766,358.60 元，剩余未分配利润 结转以后分配。本次不送红股也不进行资本公积金转增股本。 2、自分配方案披露至实施期间，公司股本总额未发生变化。公司本分配方 案，分配比例固定。 3、本次实施的分配方案与股东大会审议通过的分配方案是一致的。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2023 年年度权益分派方案为：以公司现有总股本 2,175,887,862 股为 基数，向全体股东每 10 股派 3.00 元人民币现金（含税；扣税后，通 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,126,571,393.91, a decrease of 1.89% compared to ¥2,167,469,118.09 in the same period last year[3] - Net profit attributable to shareholders increased significantly to ¥204,564,731.87, up 695.70% from ¥25,708,706.84 in the previous year[3] - The net profit after deducting non-recurring gains and losses reached ¥208,972,331.35, representing an increase of 897.22% compared to ¥20,955,456.63 last year[3] - Basic and diluted earnings per share were both ¥0.094, a substantial increase of 696.61% from ¥0.0118 in the previous year[3] - The company reported a total comprehensive income of CNY 213,644,660.21 for Q1 2024, compared to CNY 24,270,867.80 in the previous year[22] Cash Flow - The net cash flow from operating activities was ¥427,747,003.79, an increase of 89.74% from ¥225,437,279.33 in the same period last year[3] - Cash flow from operating activities for Q1 2024 was CNY 2,653,250,385.86, compared to CNY 2,702,524,422.81 in the same period last year[23] - The net cash flow from investing activities was -$294,957,210.00, an improvement from -$797,580,864.12, indicating a reduction in cash outflow by about 63.9%[25] - Cash paid to employees increased to $88,504,808.06 from $48,795,964.84, representing an increase of approximately 81.5%[25] - Cash paid for taxes rose to $191,838,718.10 from $86,549,216.78, an increase of about 121.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥21,061,542,677.22, reflecting a 1.22% increase from ¥20,807,058,698.46 at the end of the previous year[3] - The company's total liabilities amounted to CNY 8,725,481,268.93, slightly increasing from CNY 8,679,404,304.54 year-over-year[19] - The total equity attributable to shareholders of the parent company was CNY 12,342,038,074.96, an increase from CNY 12,127,654,393.92 in the previous year[19] - The company's inventory increased to CNY 378,763,713.31 from CNY 298,411,429.67, reflecting a significant growth of approximately 26.9%[17] - The company's fixed assets were valued at CNY 7,130,666,048.24, down from CNY 7,286,160,358.82, reflecting a decrease of approximately 2.14%[18] Investment and Shareholder Information - The company reported a significant increase in investment income, which reached ¥41,983,958.20, up 178.52% from ¥15,073,887.53 last year[5] - The total number of ordinary shareholders at the end of the reporting period was 97,275[11] - The number of shares held by the top 10 shareholders includes Guangdong Baoliwa Group Co., Ltd. with 385,845,258 shares, representing a substantial portion of the company's equity[14] - The company has a total of 32 participants in its seventh employee stock ownership plan, with some participants being related to the controlling shareholder, Guangdong Baoliwa Group Co., Ltd.[12] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3]

证券代码：000690 证券简称：宝新能源 公告编号：2024-014 广东宝丽华新能源股份有限公司 关于召开 2023 年度股东大会的提示性公告 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。 广东宝丽华新能源股份有限公司（以下简称"公司"）已于2024年4月9日在《证 券 时 报 》 《 中 国 证 券 报 》 《 证 券 日 报 》 《 经 济 参 考 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn/）披露了《广东宝丽华新能源股份有限公司关于召开2023 年度股东大会的通知》（公告编号：2024-012）。本次股东大会将采用现场表决与网 络投票表决相结合的方式，现将有关事项再次提示如下： 一、召开会议的基本情况 1、股东大会届次：2023年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：公司第九届董事会第十三次会议、第九届监事会第 十三次会议审议通过了关于召开2023年度股东大会的相关议案。本次股东大会会议召 开符合有关法律、行政法规、部门规章、规范性文件和公司《章程》的规定。 4、会议召开日 ...

丨证券研究报告丨 公司研究丨点评报告丨宝新能源（000690.SZ） [Table_Title] 火电释放充分向上弹性，高额分红彰显投资价值 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 在电量同比增长拉动下，公司 2023 年实现营业收入 102.75 亿元，同比增长 9.13% 。 2023 年 | | | 煤价实现同比显著回落，公司营业成本为 88.82 亿元，同比降低 0.26% 。减利因素方面，公司 | | | 2023 年投资收益为 1.52 亿元，同比减少 37.88% 。但整体来看，在火电主业的优异表现下，公 | | | 司全年实现归母净利润 8.89 亿元，同比增长 385.17% 。根据公司利润分配方案，公司拟向全 | | | 体股东每 10 股派发现金红利 3 元（含税），分红率高达 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE of 12.4/10.9/8.6 times for the years 2024-2026 [2]. Core Views - The company is experiencing a recovery in thermal power profitability, supported by a high dividend payout ratio [3]. - The average on-grid electricity price for the company's thermal power units is expected to face downward pressure, with a forecasted average price of 0.55/0.54/0.54 yuan per kilowatt-hour for 2024-2026 [4][14]. - The company’s total electricity generation increased by 11.6% year-on-year, with a total generation of 207 billion kilowatt-hours in 2023 [10]. Financial Performance - The company achieved a revenue of 10.3 billion yuan in 2023, representing a year-on-year growth of 9.1%, and a net profit attributable to shareholders of 890 million yuan, up 385% year-on-year [24]. - The company plans a cash dividend of 0.30 yuan per share, with a payout ratio of approximately 73.5% [24]. - The forecasted net profit for 2024-2026 is 910 million yuan, 1.03 billion yuan, and 1.31 billion yuan respectively, with growth rates of 2.51%, 13.45%, and 26.90% [11]. Business Segments - The thermal power segment is expected to see a revenue growth of 8.2% in 2023, but a decline of 2.0% in 2024, followed by a recovery of 19.5% in 2025 [29]. - The wind power segment is projected to have a revenue decline of 2.3% in 2023, with a slight recovery in subsequent years [29]. - Other business revenues are expected to grow by 42.0% in 2023, stabilizing at 5.0% growth for the following years [28][29]. Market Conditions - The average coal price is currently low, with a forecasted price of 820 yuan per ton, down 11.4% from the beginning of the year [4]. - The annual trading average electricity price in Guangdong for 2024 is expected to decline by 15.9% year-on-year [4].

Financial Performance - Total operating revenue for 2023 reached RMB 10,274,802,080.05, an increase of 9.1% compared to RMB 9,415,000,196.83 in 2022[20]. - Net profit attributable to the parent company increased to RMB 4,695,304,032.18, up from RMB 3,913,118,868.82 in the previous year, reflecting a growth of approximately 19.9%[18]. - The company reported a significant increase in sales expenses, which rose by 63.64% to ¥8.20 million, primarily due to increased electricity trading fees[32]. - The company reported a net profit of ¥941,624,221.36, a significant rise from ¥16,959,766.69, indicating strong financial performance[40]. - The total comprehensive income for the period reached ¥903,637,253.48, significantly up from ¥180,941,160.03 in the previous year, indicating strong growth[40]. Assets and Liabilities - As of December 31, 2023, the total assets of Baoneng New Energy Company amounted to RMB 20,807,058,698.46, an increase from RMB 20,096,411,699.97 on January 1, 2023, reflecting a growth of approximately 3.53%[9]. - Total liabilities amounted to RMB 9,650,574,394.16, compared to RMB 8,765,813,650.37 at the beginning of the year, indicating an increase of about 10.09%[11]. - The company's total equity as of December 31, 2023, was RMB 11,156,484,304.30, up from RMB 11,330,598,049.60, indicating a decrease of approximately 1.54%[11]. - The company's total assets at the end of the reporting period are significantly supported by fixed assets valued at RMB 6,754,880,610.50[68]. - The total liabilities and equity combined reached RMB 11,416,894,830.49, up from RMB 10,522,901,602.62, indicating overall growth in the company's financial position[18]. Cash Flow - Cash and cash equivalents decreased to RMB 4,728,136,712.57 from RMB 5,933,777,501.55, representing a decline of approximately 20.29%[9]. - The cash inflow from operating activities increased by 8.31% to ¥11.65 billion in 2023, while the net cash flow from operating activities surged by 67.81% to ¥2.01 billion[34]. - The net cash flow from financing activities showed a negative figure of ¥1,208,278,929.39, compared to a positive cash flow of ¥203,988,428.86 in the prior year, reflecting a shift in financing strategy[43]. - The total cash and cash equivalents at the end of the period decreased to ¥4,700,176,067.75 from ¥5,902,051,507.93, marking a decline of approximately 20.3%[43]. - The company reported a significant increase in cash inflow from investment activities, with ¥1,038,321,005.67 received, compared to only ¥89,197,085.45 in the previous year[45]. Investments and Growth - The company plans to expand its core energy power business, focusing on the operation management of the Meixian Heshuyuan Power Plant (1470MW) and the new construction of the Guangdong Lufeng Jiahuwan Power Plant (2×1000MW)[107]. - The total planned investment for the Guangdong Lufeng Jiahuwan Power Plant 3 and 4 unit expansion project (2×1000MW) is CNY 7,806,560,000, with 33.18% of the project completed as of the reporting period[110]. - The company is focusing on the green and low-carbon transition in the power industry, which is expected to continue driving growth[77]. - The company has made significant investments in new technologies and products, although specific figures were not disclosed in the provided content[123]. - The company is focused on expanding its market presence and exploring potential mergers and acquisitions to drive growth[129]. Governance and Management - The company has established a governance structure with the shareholders' meeting as the highest authority, the board of directors as the decision-making body, and the supervisory board for oversight, ensuring clear responsibilities and effective decision-making[116]. - The company is committed to maintaining independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring operational autonomy[118]. - The company has implemented a comprehensive financial reporting system based on the control principle, including all subsidiaries in the consolidated financial statements[126]. - The company has engaged professional consulting firms to refine its management systems and processes, enhancing governance standards[116]. - The company’s management team, including the general manager and deputy general manager, has not held positions in the controlling shareholder's unit[141]. Market and Strategic Outlook - The company expects a 6% increase in total electricity consumption in 2024, reaching approximately 9.8 trillion kilowatt-hours[104]. - Non-fossil energy generation capacity surpassed fossil fuel capacity for the first time in 2023, with a projected increase in renewable energy generation capacity in 2024[104]. - The company recognizes risks related to management pressure from rapid development and high volatility in coal prices, implementing strategies for cost control and flexible procurement[111]. - The company aims to ensure compliance with relevant regulations and improve the quality of its operations, aligning with national policies on corporate governance[116]. - The company is committed to high-quality development goals, focusing on energy security and enhancing technological innovation capabilities[108].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.22 RMB based on a 12X PE for 2025 [3]. Core Insights - In 2023, the company achieved a revenue of 10.27 billion RMB, representing a year-on-year growth of 9.1%, and a net profit attributable to shareholders of 889 million RMB, a significant increase of 385.2% year-on-year [2]. - The company plans to distribute a cash dividend of 0.30 RMB per share for 2023, with a payout ratio of approximately 73.5%, reflecting a strong commitment to shareholder returns [2]. - The company’s power generation increased by 11.6% in 2023, driven by a robust demand for electricity in Guangdong province, which saw an overall increase of 8.0% in electricity consumption [2]. - The average on-grid electricity price for the company’s thermal power generation was 0.57 RMB per kilowatt-hour, a slight decrease compared to the previous year, indicating potential pricing pressures in the future [2]. Summary by Sections Financial Performance - Revenue for 2023 was 10.27 billion RMB, with a growth rate of 9.1% compared to 2022 [9]. - Net profit for 2023 was 889 million RMB, with a growth rate of 385.1% [9]. - The diluted earnings per share (EPS) for 2023 was 0.408 RMB, with projections of 0.433 RMB for 2024 and 0.518 RMB for 2025 [9]. Operational Analysis - The company’s thermal power generation increased by 11.62% in 2023, slightly above the provincial average [2]. - The utilization hours for thermal power reached 5,955 hours, an increase of 620 hours year-on-year [2]. - The company is expected to benefit from the commissioning of additional units at the Luhua Lake Power Plant, which will enhance its overall generation capacity [3]. Market Outlook - The average trading price for electricity in Guangdong is projected to decline to approximately 0.466 RMB per kilowatt-hour in 2024, a decrease of 16.0% year-on-year, indicating ongoing pricing challenges for the company [2]. - The report forecasts net profits of 940 million RMB, 1.13 billion RMB, and 1.42 billion RMB for 2024, 2025, and 2026, respectively, suggesting a positive growth trajectory [3].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company reported a revenue of 10.275 billion yuan in 2023, a year-on-year increase of 9.13%, and a net profit attributable to shareholders of 889 million yuan, a significant increase of 385.17% year-on-year [1]. - The decline in coal prices has positively impacted the company's performance, with the gross profit margin for its electricity business rising to 13.56%, an increase of 8.14 percentage points year-on-year [2]. - The company is expected to benefit from high electricity demand growth in 2024, with a forecasted increase in electricity consumption in Guangdong province of 14.7% in the first two months of 2024 [3]. - The company plans to commission new power units in late 2024 to early 2025, which will contribute to its performance in 2025 [4]. - The dividend proposal for 2023 is set at 0.3 yuan per share, significantly higher than 0.03 yuan per share in 2022, resulting in a dividend yield of 5.5% [4]. Financial Forecasts - The company is projected to achieve revenues of 8.648 billion yuan, 13.247 billion yuan, and 13.379 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -15.83%, 53.18%, and 0.99% [5]. - The net profit attributable to shareholders is expected to be 909 million yuan, 1.222 billion yuan, and 1.381 billion yuan for the same years, with growth rates of 2.29%, 34.41%, and 13.07% [5]. - The report estimates an EPS of 0.42 yuan, 0.56 yuan, and 0.63 yuan for 2024, 2025, and 2026, respectively, with a three-year CAGR of 15.81% [5].

广东宝丽华新能源股份有限公司独立董事 2023 年度述职报告 （刘大成先生） 各位股东及股东委托代表： 作为广东宝丽华新能源股份有限公司(以下简称"公司")独立董事，2023 年本人严格按 照《公司法》《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规及公司《章程》《独立董事制度》的有关规定，独 立、忠实、勤勉履行独立董事职责，积极出席股东大会、董事会和董事会各专门委员会会议， 认真审议各项议案，对公司的生产经营和业务发展提出合理建议，在董事会中发挥"参与决策、 监督制衡、专业咨询"作用，注重维护公司整体利益及中小股东合法权益。现将 2023 年度履 职情况报告如下： 一、个人基本情况 （一）工作履历、专业背景及兼职情况 刘大成，男，1968 年出生。工学博士，博士生导师。一直在清华大学任教，曾任清华大 学精密仪器与机械学系系党委委员、清华清仪公司董事总经理、工业工程系党委副书记，清华 大学工程管理硕士教育中心执行主任，清华大学互联网产业研究院副院长，德国亚琛工业大学 访问教授；现任清华大学工业工程系博士生导师；中国产业发展研究院常务副院长；美国北卡 ...

1、广东宝丽华新能源股份有限公司（以下简称"公司"）第九届监事会第十 三次会议通知于 2024 年 3月 28 日分别以专人、传真或电话等方式送达全体监事。 证券代码：000690 证券简称：宝新能源 公告编号：2024-005 广 东 宝 丽 华 新 能 源 股 份 有 限 公 司 第九届监事会第十三次会议决议公告 本公司及监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、监事会会议召开情况 2、本次会议于 2024 年 4 月 8 日上午 11：00 在公司会议厅现场召开。 3、会议应出席监事 3 名，实际出席监事 3 名。 4、会议由监事会主席胡迪远先生主持召开。 5、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司《章程》的规定。 二、监事会会议审议情况 本次会议全体监事以签字表决的方式逐项通过如下议案： （一）公司 2023 年度监事会工作报告 "2023 年度，公司监事会全体监事本着向股东大会负责、向全体股东负责 的态度，自觉遵守国家法律、法规和公司《章程》的规定，勤勉尽责，开拓进取， 充分发挥了监事会在公司中应有的作用。 一、报告期会 ...