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].

公 司 报 告│ 公 司 年 报 点 评 宝新能源(000690) 分红提升回报股东，煤价中枢下行提振业绩 事件： 公司发布《2023 年年度报告》，2023 实现营收 102.75 亿元，同比+9.13%， 实现归母净利润 8.89 亿元，同比+385.17%，2023Q4 实现营收 25.75 亿元， 同比+4.48%，实现归母净利润 2.43 亿元，同比扭亏为盈，业绩符合预期。 ➢ 成本改善促进业绩修复，用电需求提振上网电量 受益煤价下行，2023 年广州港 Q5500 印尼煤/山西优混分别同比降低 20.7%/25.5%，促进火电业绩修复，2023 年公司电力业务实现毛利率 13.56%，同比提升 8.14pct。 2023 年广东全社会用电量增长 8%，公司电厂均在广东省内，公司火电业务 实现上网电量 195.6 亿千瓦时，同比增长 11.47%，实现机组利用小时数 5955 小时，同比增长 620 小时。 ➢ 展望 2024，用电量高增叠加煤价中枢下行 依据南方电网数据，2024 年 1-2 月广东全社会用电量增速为 14.7%，超全 国平均，其中制造业用电量增速为 16.3%，高用电量增长保障本 ...

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].

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].

关于第九届监事会第十三次会议审议相关事项的审核意见 广东宝丽华新能源股份有限公司监事会 一、关于 2023 年年度报告的审核意见 根据中国证监会、深交所关于上市公司定期报告披露的相关规定，公司监事 会对公司 2023 年年度报告进行了认真审核，现发表审核意见如下： 经审核，监事会认为董事会编制和审议广东宝丽华新能源股份有限公司 2023 年年度报告的程序符合法律、行政法规及中国证监会的规定，报告内容真 实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈 述或者重大遗漏。 二、关于 2023 年度内部控制评价报告的审核意见 三、关于计提资产减值准备的审核意见 经审议，监事会认为：按照《企业会计准则》、深交所《上市公司自律监管 指南第 1 号——业务办理》等相关规定及公司的会计政策，公司本次计提资产减 值准备符合公司资产实际情况和相关政策规定，可以使公司关于资产价值的会计 信息更加真实可靠；董事会对该事项的决策程序合法合规。同意公司本次计提资 产减值准备。 监事： 胡迪远、王华清、杨敬 广东宝丽华新能源股份有限公司 监 事 会 2024 年 4 月 8 日 根据《企业内部控制基本规范》《企业内 ...

前言 大道至简，实干为要。2023 年是全面贯彻党的二十大精神的开局之年，是我国踏上全 面建设中国特色社会主义现代化国家新征程、向第二个百年奋斗目标进军的重要一年。面对 新时代新征程的新机遇、新挑战，在以习近平同志为核心的党中央坚强领导下，公司奋力拼 搏、勇担使命，坚决贯彻落实党中央、国务院决策部署，秉承"善待资本，珍惜资源，敬畏 事业，回报社会"的社会责任观，遵循公司格言文化所倡导的生活工作方式，用汗水浇灌收 获，以实干笃定前行，在追求经济效益的同时，注重维护股东与债权人利益，全面保护债权 人和职工的合法权益，诚信对待供应商与客户，全力减少能源消耗与污染物排放，积极从事 捐资助学等公益事业，坚持把社会责任理念纳入公司治理、融入发展战略，坚持把履行企业 社会责任落实到日常经营管理的各个环节。 证券代码：000690 证券简称：宝新能源 公告编号：2024-007 广东宝丽华新能源股份有限公司 2023 年度社会责任报告 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。 本报告旨在反映广东宝丽华新能源股份有限公司（以下简称"公司"、"宝新能源"） 2023 年度社 ...

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 ...

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 ...