Group 1 - Longyuan Power's stock closed down 3.33% on April 2 [1] - Longyuan Power Group Co., Ltd. was established in 1993 and is based in Beijing, primarily engaged in electricity and heat production and supply [1] - The company has a registered capital of 83,819.63164 million RMB [1] Group 2 - Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among Longyuan Power's top ten shareholders, having increased its holdings in the last quarter of the previous year [1] - Year-to-date return for the fund is -1.01%, ranking 2586 out of 3442 in its category [1][2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue for 2024 is projected to be CNY 37.07 billion, a decrease of 2.58% year-on-year, while the net profit attributable to shareholders is expected to be CNY 6.345 billion, an increase of 0.66% [5][8]. - The company benefits from a 3.76% year-on-year increase in renewable energy generation due to continuous expansion in installed capacity, despite a decrease in average on-grid prices for solar power [2][11]. - The company has reported a significant reduction in operating costs, down 19.02% year-on-year, which has positively impacted the gross margin, increasing it by 1.19 percentage points to 37.55% [11]. Summary by Sections Revenue and Profitability - In 2024, the company's renewable energy revenue is expected to reach CNY 31.37 billion, reflecting a 6.89% increase year-on-year, while total revenue is projected to decline due to the divestment of thermal power assets [2][11]. - The company recorded an investment income of CNY 912 million, an increase of CNY 892 million year-on-year, contributing to stable performance [11]. Installed Capacity and Generation - The company added 2.6544 million kW of wind power and 4.8263 million kW of solar power in 2024, with total installed capacity reaching 41.1432 million kW by year-end [11]. - Despite a decrease in wind utilization hours by 156 hours year-on-year, the total renewable energy generation reached 68.383 billion kWh, with solar generation increasing by 72.73% [11]. Cost Management - The company’s operating costs for 2024 are expected to be CNY 23.149 billion, significantly lower than the revenue decline, leading to improved profitability metrics [11]. - The company has made provisions for asset impairment totaling CNY 1.109 billion, which has limited overall profit growth but is less than in the previous year [11]. Future Outlook - The company plans to develop 14.72 GW of new projects in 2024, with a steady expansion of installed capacity expected to support continued growth [11]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at CNY 0.88, CNY 0.96, and CNY 1.07, respectively, with corresponding price-to-earnings (PE) ratios of 17.87, 16.35, and 14.62 [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][23] Core Views - The company experienced a slight increase in net profit despite a decrease in revenue, attributed to the disposal of thermal power assets and an increase in investment income [1][7] - The company is expanding its renewable energy capacity, with significant growth in both wind and solar power installations, which is expected to drive future performance [2][18] - The company has announced an increase in its dividend payout ratio, committing to distribute at least 30% of its net profit to shareholders from 2025 to 2027 [3][19] Financial Performance Summary - In 2024, the company reported revenue of 370.70 billion yuan, a decrease of 2.58% year-on-year, while net profit was 63.45 billion yuan, an increase of 0.66% [1][7] - The company’s operating income is projected to slightly recover in 2025, with estimates of 372.85 billion yuan, followed by further growth in subsequent years [4][21] - The company’s net profit is expected to grow to 71.4 billion yuan in 2025, reflecting a year-on-year increase of 12.5% [3][19] Renewable Energy Capacity Expansion - The company added 7.48 million kilowatts of renewable energy capacity in 2024, with wind power accounting for 2.65 million kilowatts and solar power for 4.83 million kilowatts [2][18] - As of 2024, the total controllable installed capacity reached 41.14 million kilowatts, with plans to further increase this capacity by 5.5 million kilowatts in 2025 [2][18] Dividend Policy - The company plans to distribute a dividend of 0.2278 yuan per share in 2024, with a total cash dividend amounting to 19.04 billion yuan, maintaining a payout ratio of 30% [3][19]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Insights - The report highlights that the wind power sector's performance is under pressure due to unfavorable wind conditions, while electricity prices have increased year-on-year [4][7]. - The company's revenue for 2024 is projected to be 37,070 million yuan, reflecting a year-on-year decrease of 2.6%, while net profit is expected to be 6,345 million yuan, showing a slight increase of 0.7% [5][10]. - The report anticipates a recovery in performance from 2025 onwards, with projected net profits of 6,813 million yuan in 2025, 7,308 million yuan in 2026, and 7,855 million yuan in 2027, indicating a growth trend [5][10]. Financial Performance and Forecast - The company's operating revenue is forecasted to decline slightly in 2024 to 37,070 million yuan, followed by a gradual increase to 41,009 million yuan by 2027 [5][10]. - The net profit margin is expected to remain stable, with a net profit margin of 17.1% in 2024, increasing to 19.2% by 2027 [10]. - The report projects earnings per share (EPS) to be 0.76 yuan in 2024, increasing to 0.94 yuan by 2027, reflecting a positive growth trajectory [5][10]. Market Comparison and Valuation - The report compares the company's valuation with peers, suggesting a price-to-earnings (PE) ratio of 20-22 times for 2025, which translates to a reasonable value range of 16.4 to 18.04 yuan per share [7][10]. - The average PE ratio for comparable companies in 2025 is estimated at 13 times, indicating that the company is positioned for a premium valuation due to its leadership in green energy and expectations of asset injections [8][10].

Core Viewpoint - Longyuan Power (001289) has experienced a slight decline in stock price, closing at 15.7 yuan, down 0.95% from the previous week, with a total market capitalization of 131.249 billion yuan, ranking 5th in the power sector and 97th among all A-shares [1] Company Announcements - Longyuan Power has completed the issuance of its fourth phase of medium-term notes for 2025, with a total issuance amount of 1.2 billion yuan, down from the planned 1.8 billion yuan [1] - The medium-term notes, named 25 Longyuan Power MTN004, have a two-year term, with an issuance date of March 25, 2025, and an interest start date of March 26, 2025, maturing on March 26, 2027 [1] - The notes were issued at a price of 100 yuan per note, with a coupon rate of 1.90%, and the main underwriter was Industrial Bank Co., Ltd., with several joint lead underwriters [1]

Group 1 - The company reported a revenue of RMB 37.07 billion for the year ending December 31, 2024, a decrease of 2.6% year-on-year [1] - Shareholder profit reached RMB 6.425 billion, reflecting a slight increase of 0.2% year-on-year, with earnings per share at RMB 0.763 [1] - The company proposed a final dividend of RMB 0.2278 per share [1] Group 2 - In 2024, the company added a new installed capacity of 7,480.66 MW in renewable energy, including 2,654.38 MW from wind power and 4,826.28 MW from solar power [2] - The company reduced its thermal power installed capacity by 1,875.00 MW and solar power capacity by 56.13 MW due to the exclusion of certain subsidiaries from the consolidated financial statements [2] - As of December 31, 2024, the total installed capacity reached 41,143.20 MW, comprising 30,408.77 MW from wind power, 10,698.33 MW from solar power, and 36.10 MW from other renewable sources [2]

一、监事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五届监事会 2025 年第 1 次会议（以下简称"本次会议"）通知和材料已于 2025 年 3 月 14 日以电子邮 件等方式发出。本次会议于 2025 年 3 月 28 日在北京以现场方式召开，会议应到 监事 3 人，实到 3 人。本次会议由公司监事会主席刘晋冀先生主持，公司高管人 员列席会议，符合《中华人民共和国公司法》《龙源电力集团股份有限公司章程》 （以下简称"《公司章程》"）《龙源电力集团股份有限公司监事会议事规则》 等有关规定。 证券代码：001289 证券简称：龙源电力 公告编号：2025-013 龙源电力集团股份有限公司 第五届监事会 2025 年第 1 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、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 二、监事会会议审议情况 本次会议经审议，形成决议如下： 1.审议通过《关于龙源电力集团股份有限公司 2024 年度报告、报告摘要及 业绩公告的议案》。 监事会同意公司编制的 2024 年度报告、报告摘要及业绩公告。监事会认为 公司 2024 年度报告、报告摘要 ...

龙源电力集团股份有限公司 第五届董事会 2025 年第 1 次 独立董事专门会议决议 一、会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五 届董事会 2025 年第 1 次独立董事专门会议（以下简称"会 议"或"本次会议"）于 2025 年 3 月 21 日在北京召开。会 议应出席独立董事为 3 人，实际出席 3 人，会议由魏明德先 生主持，会议的召集和召开符合《龙源电力集团股份有限公 司章程》（以下简称"《公司章程》"）及《独立董事工作 制度》的有关规定。 二、会议审议情况 会议审议了 9 项议案。经表决，形成如下决议： 1. 审议通过《关于龙源电力集团股份有限公司 2024 年度关联交易情况的议案》 会议认为公司 2024 年度日常关联交易在公司日常业务 中进行；按照一般商业条款进行，如可供比较的交易不足以 判断该等交易的条款是否为一般商业条款时，则对公司而言， 该等交易的条款不逊于独立第三方可取得或提供的条款；是 根据有关交易的协议条款进行，而交易条款公平合理，并符 合公司股东的整体利益。同意将此议案提交董事会审议。 表决情况：有权表决票 3 票，同意 3 票、反对 0 票、弃 权 0 票 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-012 龙源电力集团股份有限公司 第五届董事会 2025 年第 1 次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、董事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五届董事会 2025 年 第 1 次会议（以下简称"本次会议"）已于 2025 年 3 月 14 日以电子邮件等方 式通知全体董事。本次会议于 2025 年 3 月 28 日在北京以现场方式召开，会议 应出席董事 9 人，实际出席 9 人。本次会议由公司董事长宫宇飞先生主持，公 司监事、高管人员列席会议，本次会议的召开符合《中华人民共和国公司法》 （以下简称"《公司法》"）《龙源电力集团股份有限公司章程》（以下简称 "《公司章程》"）《龙源电力集团股份有限公司董事会议事规则》的规定。 二、董事会会议审议情况 本次会议经审议，形成决议如下： 具体报告内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）上的 《2024 年年度报告》《H 股-2024 年度业绩公告》和在《中国证券报》 ...

龙源电力集团股份有限公司 关于公司2024年度利润分配方案的公告 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。 一、审议程序 1．2025年3月28日，龙源电力集团股份有限公司（以下简称"公司"）召开 第五届董事会2025年第1次会议，以9票同意、0票反对、0票弃权的表决结果审 议通过了《关于公司2024年度利润分配方案的议案》。 2．本次利润分配方案尚需提交股东大会审议。 二、利润分配方案的基本情况 根据公司按国际财务报告准则编制的合并财务报表，2024年度归属公司股 东净利润为人民币 6,378,691,728.45 元，母公司可供分配利润为人民币 23,872,880,939.27元；根据公司按中国会计准则编制的合并财务报表，2024年度 归属公司所有者净利润为人民币6,345,287,410.55元，母公司可供分配利润为人 民币26,421,653,923.70元。公司以归属公司股东净利润人民币6,345,287,410.55元 的30%确定公司2024年度未分配利润，以截至本公告披露之日公司总股本 8,359,816,164股（其中A股股份 5,0 ...