龙源电力集团股份有限公司 关于完成 2024 年度第四期中期票据发行的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"公司"）于 2024 年 6 月 6 日召开 的 2023 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以统一注册或分品种注册的形式在中国银行间市场交易商协会注册、发行 不超过人民币 800 亿元（含 800 亿元）的债务融资工具的相关事宜，类型包括但 不限于超短期融资券、短期融资券、中期票据（含中长期含权票据）、永续票据、 定向债务融资工具、资产支持票据、项目收益票据、权益出资型票据等在内的债 务融资工具；并同意董事会转授权公司经理层处理上述相关事宜。 公司已于 2024 年 9 月 20 日发行 2024 年度第四期中期票据，所募集资金将 主要用于补充营运资金或偿还公司及子公司有息债务。相关发行情况如下： | 中期票据全称 | 龙源电力集团股份有限公司 年度第四期中期票据（品种 | | | | 2024 ...

| 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2024 | | 年度第十六期超短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 上海浦东发展银行股份有限公司 | | | | | | | | 超短期融资券简称 | 24 龙源电力 SCP016 | | 期限 | 180 天 | | | | | 超短期融资券代码 | 012483069 | | 发行日 | 2024 年 | 9 | 月 12 | 日 | | 起息日 | 年 月 日 2024 13 | 9 | 兑付日 | 年 2025 | 3 | 月 12 | 日 | | 计划发行总额 | 亿元人民币 20 | | 实际发行总额 | 20 | 亿元人民币 | | | | 发行价格 | 元/张 100 | | 票面利率 | 2.04% | | | | 1 本 期 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 （ http://www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （http://www.s ...

Group 1: Operational Performance - The company added a total of 2,286.73 MW of new energy capacity in the first half of 2024, including 1,691.73 MW from solar projects [2] - As of June 30, 2024, the total controllable installed capacity reached 37,880.40 MW, representing a year-on-year increase of 7.72% [2] - The wind power controllable installed capacity was 28,349.39 MW, with a year-on-year increase of 126.04% [2] Group 2: Project Development - The company is focusing on large-scale projects to drive significant development and innovation, particularly in the "Shagehuang" wind-solar base project and offshore wind power initiatives [2] - There is an emphasis on project mergers and acquisitions, targeting projects with complete procedures, high quality, large scale, and good owner credit [2] - The company aims to implement "large instead of small" projects and promote the "Muguang Yufeng" initiative in conjunction with rural revitalization [2] Group 3: Financial Overview - The report does not provide specific details on the company's funding costs for the first half of 2024 [4]

业务板块及地区分布 2024 年 8 月 发电量 （兆瓦时） 2023 年 8 月 发电量 （兆瓦时） 8 月同比 变化率 （%） 2024 年 累计发电量 （兆瓦时） 2023 年 累计发电量 （兆瓦时） 年累计发 电量 同比变化 率 （%） 风电业务 3,157,872 3,151,578 0.20 39,192,896 41,043,874 -4.51 其中：黑龙江 166,885 162,318 2.81 1,861,775 2,019,405 -7.81 吉林 82,028 90,637 -9.50 1,358,748 1,319,514 2.97 辽宁 99,262 162,186 -38.80 2,206,799 2,410,050 -8.43 内蒙古 280,795 297,295 -5.55 4,129,080 4,706,788 -12.27 江苏陆上 102,363 115,193 -11.14 1,556,005 1,641,115 -5.19 江苏海上 278,859 279,399 -0.19 3,863,399 3,680,011 4.98 浙江 13,654 22,088 -3 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company's net profit attributable to shareholders for the first half of 2024 was 3.827 billion yuan, a year-on-year decrease of 22.86%. The decline in profit was primarily due to weak wind conditions affecting electricity generation, leading to a 9.93% year-on-year decrease in revenue for the second quarter [4][5]. - Despite the short-term performance pressure, the report suggests that this should not be extrapolated linearly. The high base effect from last year's record wind utilization hours is expected to weaken, and there is optimism for marginal recovery in wind conditions and growth from capacity expansion [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 18.883 billion yuan, a decrease of 4.94% year-on-year. The installed capacity increased by 2.2867 million kilowatts, with wind power contributing 595,000 kilowatts and solar power 1.6917 million kilowatts. The total installed capacity reached 37.88 million kilowatts, a year-on-year increase of 19.79% [4][5]. - Wind power generation was 31.585 billion kilowatt-hours, down 4.60% year-on-year, while solar power generation increased by 122.87% to 3.589 billion kilowatt-hours due to the expansion in installed capacity [4][5]. Market Conditions - The average selling price of electricity was 423 yuan per megawatt-hour, a decrease of 7.44% year-on-year. The selling price for wind power was 441 yuan per megawatt-hour, down 5.97%, and for solar power, it was 283 yuan per megawatt-hour, down 9.87% [4][5]. Future Outlook - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 0.93, 1.05, and 1.17 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17.43, 15.37, and 13.78 [5].

[Table_MainInfo] 公司研究/公用事业 证券研究报告 龙源电力（001289）公司半年报点评 2024 年 09 月 09 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|--------------| | 股票数据 | | | 09 [ Table_StockInfo 月 06 日收盘价（元） ] | 14.37 | | 52 周股价波动（元） | 14.37-20.74 | | 总股本 / 流通 A 股（百万股） | 8360/133 | | 总市值 / 流通市值（百万元） | 120131/49594 | | 相关研究 | | | [Table_ReportInfo] 《风电运营资深龙头，"以大代小"先行者》 | | | 2024.04.28 | | 市场表现 [Table_QuoteInfo] 龙源电力 海通综指 -24.25% -15.25% -6.25% 2.75% 11.75% 20.75% | --- | - ...

[Table_MainInfo] 公司研究/公用事业 证券研究报告 龙源电力（001289）公司半年报点评 Jie Wu j.wu@htisec.com Yifan Fu yf.fu@htisec.com Haofei Chen haofei.chen@htisec.com [Table_InvestInfo]风电业绩承压，资产整合推进 [Table_Summary] 投资要点： 公司 发 布 24 年 半年报： 24H1 实 现营收 /归母净 利 189/38.3 亿元， YOY-4.9%/-22.9%。Q2 实现营收/归母净利 90/14.3 亿元，YOY-10%/-45.4%。 资源扰动，风电量价承压。测算公司 24H1 度电净利 0.098 元，同比-0.031 元。 （1）电价：24H1 风电平均电价 0.441 元/度，同比-0.028 元/度；光伏平均电 价 0.283 元/度，同比-0.031 元/度，主要仍系市场电比例、平价项目增加所致； 火电电价（位于江苏）0.415 元/度，同比持平。（2）利用小时：测算公司 24H1 度电折旧 0.133 元，同比+0.006 元，主要系风资源影响，2 ...

证券研究报告 | 公司点评 龙源电力(001289.SZ) 2024 年 09 月 01 日 买入（维持） 所属行业：公用事业/电力 当前价格(元)：15.18 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 龙源电力 沪深300 建设 | --- | --- | --- | --- | |--------------|---------|---------|-------| | -26% 2023-09 | 2024-01 | 2024-05 | | | | | | | | | | | | | | | | | 沪深 300对比 1M 2M 3M 绝对涨幅(%) -11.65 -10.83 -16.72 相对涨幅(%) -8.14 -6.78 -9.50 资料来源：德邦研究所，聚源数据 相关研究 1.《国常会核准 11 台核电机组，行业 保持高景气》，2024.8.20 2.《国家层面首次对全面绿色转型进 行系统部署，打造更有全球竞争力的 现代化经济体系》，2024.8.12 3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 | | | 截 至6月30日 | 月 止6個 | | --- | --- | --- | --- | | | | 2024年 | 2023年 | | | | | （經重述*） | | | 附 註 | 人民幣千元 | 人民幣千元 | | 收 入 | 4 | 18,883,467 | 19,860,414 | | 其他收入淨額 | 5 | 624,659 | 664,938 | | 經營開支 | | | | | 折舊和攤銷 | | (5,588,297) | (5,291,379) | | 煤炭消耗 | | (1,619,618) | (1,726,852) | | 煤炭銷售成本 | | (1,509,942) | (1,468,421) | | 員工成本 | | (2,357,904) | (2,182,457) | | 材料成本 | | ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching RMB 10.5 billion, representing a year-on-year growth of 15%[12]. - The company's operating revenue for the reporting period was approximately ¥18.88 billion, a decrease of 4.94% compared to the same period last year[13]. - The net profit attributable to shareholders was approximately ¥3.83 billion, reflecting a decline of 22.86% year-over-year[13]. - The net profit after deducting non-recurring gains and losses was approximately ¥3.75 billion, down 23.48% from the previous year[13]. - The basic and diluted earnings per share were both ¥0.4536, representing a decline of 21.83% year-over-year[13]. - The total profit for the first half of 2024 was CNY 5,505,918,091.18, a decrease of 19.25% from CNY 6,818,506,987.75 in the first half of 2023[139]. - The total comprehensive income for the first half of 2024 was CNY 4,481,621,022.44, down from CNY 5,657,467,970.67 in the first half of 2023[139]. Operational Efficiency - The installed capacity of the company reached 20,000 MW, with a utilization rate of 95%, indicating efficient operation and high demand for electricity generation[12]. - The average utilization hours for the reporting period were recorded at 1,200 hours, reflecting stable operational performance[12]. - The company has implemented new strategies to enhance operational efficiency, including the adoption of advanced management practices and technology integration[12]. - The average utilization hours for wind power in the first half of 2024 were 1,170 hours, a decrease of 101 hours compared to the same period in 2023, primarily due to a decline in wind resource levels[25]. - The average utilization hours for wind power in regions like Guangdong reached 1,448 hours with a capacity factor of 33%, showing a 9.95% increase compared to the previous year[30]. Investment and Development - The company plans to expand its market presence by increasing its renewable energy projects, targeting a 25% increase in wind power capacity by the end of 2025[12]. - The company has invested RMB 500 million in research and development for new energy technologies, focusing on improving efficiency and reducing costs[12]. - In the first half of 2024, the company added 47 new projects with a total installed capacity of 2,286.73 MW, including 7 wind power projects (595.00 MW) and 40 solar projects (1,691.73 MW)[25]. - The company signed new development agreements totaling 7.59 GW in the first half of 2024, including 3.955 GW of wind power and 3.635 GW of solar power, located in resource-rich areas[31]. - The company achieved a 51.87% increase in development indicators, totaling 6.09 GW, compared to the previous year, with 2.81 GW from wind power and 3.28 GW from solar power[31]. Financial Strategy - The company will not distribute cash dividends or issue bonus shares for the reporting period, focusing on reinvestment for growth[3]. - The company aims to optimize financing structures and reduce funding costs through various financial strategies and green financing initiatives[37]. - The company successfully issued 12 short-term financing bonds and secured over RMB 8 billion in green loans, maintaining a competitive funding cost[37]. - The company aims to enhance green electricity trading and improve marginal revenue through innovative marketing strategies and better communication with trading centers[44]. Environmental Commitment - The company emphasizes its commitment to environmental, social, and governance (ESG) standards, aiming for a 30% reduction in carbon emissions by 2025[12]. - The company has published independent ESG reports for two consecutive years and was included in the "Fortune" China ESG Influence List[78]. - The company’s thermal power plants maintained emissions concentrations for smoke, sulfur dioxide, and nitrogen oxides below 3, 15, and 25 mg/m³ respectively, contributing to improved local air quality[89]. - The company has implemented a waste-free enterprise initiative, focusing on waste reduction, resource utilization, and comprehensive utilization of ash and gypsum[86]. Market Trends and Challenges - The national electricity consumption in the first half of 2024 was 4,657.5 billion kWh, a year-on-year increase of 8.1%[22]. - The company is adapting to the increasing marketization of the new energy sector, which has led to a decline in trading prices for renewable energy[67]. - The average on-grid electricity price for all power generation businesses in the first half of 2024 was RMB 423 per MWh, a decrease of RMB 34 per MWh compared to RMB 457 per MWh in the same period of 2023[36]. Corporate Governance - The company has not faced any administrative penalties related to environmental issues during the reporting period[88]. - The company reported no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[93]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[93]. - The company did not experience any major litigation or arbitration matters during the reporting period[94]. Future Outlook - The company plans to accelerate development by obtaining offshore project indicators and optimizing project designs in hydrogen and carbon neutrality[41]. - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[151]. - The company plans to increase the cash dividend payout ratio from 20% to 30%, distributing a dividend of 0.2225 CNY per share (pre-tax) for the 2023 fiscal year[78].