Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in Q3 exceeded expectations, driven by improved electricity generation due to favorable wind conditions, with a significant recovery anticipated for the full year if the trend continues [1][3] - The company has successfully divested from thermal power assets, with investment income for the first three quarters reaching 674 million, a year-on-year increase of 6316.47%, primarily from the disposal of equity in Jiangyin Sulong Thermal Power [3] - The company is positioned as a leader in the green energy sector, with a strong focus on wind and solar power, and is expected to benefit from the injection of additional renewable energy assets from its controlling shareholder [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 26.35 billion, a year-on-year decline of 6.39%, and a net profit attributable to shareholders of 5.475 billion, down 10.61% [1] - In Q3 alone, revenue was 7.467 billion, a decrease of 9.87%, while net profit attributable to shareholders increased by 41.58% to 1.648 billion [1] - The company's electricity generation in Q3 increased by 6.39% year-on-year, showing a significant recovery compared to Q2 [1] Market Position and Future Outlook - The company has a dominant position in wind power, with a total installed capacity of 28.38 GW in wind energy and 7.97 GW in other renewable sources as of September 2024 [3] - The controlling shareholder has approximately 40 GW of unlisted renewable energy assets, which are expected to be injected into the company, enhancing its market position [3] - The company is projected to achieve net profits of 5.934 billion, 6.853 billion, and 7.310 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9, 8, and 7 [3][5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][17][20] Core Views - The company's operating revenue decreased by 6.39% year-on-year to 26.35 billion yuan in the first three quarters of 2024, while net profit attributable to shareholders increased by 41.58% to 1.648 billion yuan in Q3 2024, primarily due to significant growth in investment income [1][7] - The company plans to acquire renewable energy assets from the State Energy Group, which will enhance its renewable energy capacity [3][15] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 26.35 billion yuan, a decrease of 6.39%, and a net profit of 5.475 billion yuan, down 10.61% [1][7] - In Q3 2024, the company reported operating revenue of 7.467 billion yuan, a decline of 9.87%, while net profit rose by 41.58% to 1.648 billion yuan, driven by a 6316.47% increase in investment income [1][7] Power Generation - The total power generation for the first three quarters of 2024 was 56.847 billion kWh, an increase of 2.42%, with wind power generation at 43.862 billion kWh, down 1.82% [2][11] - In Q3 2024, the company generated 16.765 billion kWh of electricity, up 6.39%, with wind power generation increasing by 6.16% [2][11] Investment and Growth - The company intends to acquire equity stakes in eight renewable energy companies from the State Energy Group, with an estimated transaction value of 1.686 billion yuan [3][15] - The total installed capacity of the acquired companies is 2.0329 million kW, including 1.4169 million kW in operation and 586,000 kW under construction [3][15] Profitability and Valuation - The company maintains profit forecasts for 2024-2026, expecting net profits of 6.741 billion yuan, 7.557 billion yuan, and 8.389 billion yuan, representing year-on-year growth of 7.9%, 12.1%, and 11.0% respectively [17][18] - The current stock price corresponds to a PE ratio of 22.9, 20.4, and 18.4 for the years 2024, 2025, and 2026 [17][18]

Investment Rating - The investment rating for the company is "Cautious Recommendation" [2][4]. Core Views - The company reported a significant growth in Q3 2024, with a year-on-year increase in net profit by 41.58% to 1.648 billion yuan, despite a decline in revenue for the first three quarters [1]. - The company is expanding its renewable energy assets through the acquisition of additional projects and the divestment of thermal power assets, which is expected to enhance its performance [1][2]. - The forecasted net profits for the years 2024, 2025, and 2026 are 6.391 billion yuan, 6.935 billion yuan, and 7.781 billion yuan respectively, with corresponding EPS of 0.76, 0.83, and 0.93 yuan [2][5]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 7.467 billion yuan, a decrease of 9.87% year-on-year, while the net profit for the same period was 1.648 billion yuan, marking a 41.58% increase [1]. - The total power generation for the first three quarters was 56.847 billion kWh, a year-on-year increase of 2.42%, with wind power generation at 43.862 billion kWh, down 1.82% [1]. - The average utilization hours for wind power decreased by 108 hours year-on-year to 1,607 hours, primarily due to poor wind resources in the first half of the year [1]. Asset and Capacity Expansion - As of Q3 2024, the company has a total installed capacity of 37.0 GW, with wind power accounting for 28.4 GW and solar power for 7.97 GW [1]. - The company signed new development agreements for 7.59 GW of projects in the first half of 2024, with a year-on-year increase of 51.87% [1]. - The company plans to acquire stakes in eight renewable energy companies from the State Energy Group, with an estimated transaction price of 1.69 billion yuan, further expanding its renewable energy portfolio [1].

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 19.60 yuan, up from 17.46 yuan, based on a 20x PE valuation for 2025 [2][5]. Core Insights - The company's performance in Q3 2024 exceeded expectations, with revenue of 74.7 billion yuan, a year-on-year increase of 9.9%, and a net profit of 16.5 billion yuan, up 41.6% year-on-year. The growth is attributed to increased investment income and reduced minority shareholder losses [2][4]. - The company has significant potential for installed capacity growth, with plans to acquire stakes in eight renewable energy companies, adding a total of 2.0 GW of capacity, representing a 5.5% growth opportunity [2][4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 263.5 billion yuan, a decrease of 6.4% year-on-year, and a net profit of 54.7 billion yuan, down 10.6% year-on-year. However, Q3 alone showed a positive trend with a net profit increase of 18.7% [2][3]. - The projected earnings per share (EPS) for 2024 is 0.83 yuan, with upward revisions for 2025 and 2026 to 0.98 yuan and 1.09 yuan, respectively [2][3]. - The company's total installed capacity reached 37.0 GW by the end of Q3 2024, with renewable energy capacity accounting for 98.2% of the total, reflecting a year-on-year increase of 3.9 percentage points [2][4].

证券代码：001289 证券简称：龙源电力 公告编号：2024-077 龙源电力集团股份有限公司 第五届董事会 2024 年第 10 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 2024 年 第 10 次会议（以下简称"本次会议"）已于 2024 年 10 月 15 日以电子邮件等 方式通知全体董事。本次会议于 2024 年 10 月 30 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。本次会议由董事长宫宇飞先生主持，公 司监事、高管人员列席。本次会议的召开符合《中华人民共和国公司法》《龙 源电力集团股份有限公司章程》《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： 表决结果：9 票同意、0 票反对、0 票弃权。 具体内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）和在《中 国证券报》《证券时报》《证券日报》《上海证券报》上披露的《龙源电力集 团股份有限公 ...

证券代码：001289 证券简称：龙源电力 公告编号：2024-080 龙源电力集团股份有限公司 关于股东增持公司股份持股达到 5%以上的提示性公告 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。 特别提示： 1. 本次权益变动属于股东增持，未触及要约收购； 2. 本次权益变动不会导致公司控股股东及实际控制人发生变化。 2024 年 10 月 30 日，龙源电力集团股份有限公司（以下简称"公司"）收到 股东瑞众人寿保险有限责任公司（以下简称"瑞众人寿"）出具的《简式权益变 动报告书》，告知其通过港股通二级市场买入本公司 H 股股票已达到公司总股本 的 5%。具体增持情况如下： 一、本次增持情况 1．增持人：瑞众人寿保险有限责任公司 1 注："持股比例"按公司目前总股本 8,359,816,164 股计算得出。 二、其他相关说明 1．本次瑞众人寿增持行为不涉及公司控股股东、实际控制人变更，不会对 上市公司的人员、资产、财务、业务、机构等方面的独立性产生影响，也不存在 损害上市公司及其他股东利益的情形。 2．本次增持后，瑞众人寿持有本公司股份 417,991,00 ...

龙源电力集团股份有限公司 简式权益变动报告书 上市公司名称：龙源电力集团股份有限公司 股票上市地点：深圳证券交易所、香港联合交易所有限公司 股票简称：龙源电力 股票代码：001289.SZ、00916.HK 信息披露义务人：瑞众人寿保险有限责任公司 住所：北京市丰台区凤凰嘴街 2 号院 2 号楼 101、201、301、501、1201、1501、 1601、1701、1801、1901、2001、2101 通讯地址：北京市丰台区凤凰嘴街 2 号院 2 号楼 股份变动性质：股份增加 签署日期：二〇二四年十月三十日 1 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办法》、 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规 定及相关的法律、法规和规范性文件编写本报告书。 | | 信息披露义务人声明 | 2 | | --- | --- | --- | | | 目录 | 3 | | 第一节 | 释义 | 4 | | 第二节 | 信息披露义务人介绍 | 5 | | 第三节 | 权益变 ...

为优化境外融资期限结构，压降资金链成本风险，充分发挥公司全资子公司 雄亚投资有限公司（以下简称"雄亚公司"）作为公司境外唯一投融资平台作用， 雄亚公司拟开展中长期债务融资，募集资金将用于置换雄亚公司存量带息负债。 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。 10月30日，公司董事会审议通过了《关于龙源电力集团股份有限公司为全资子 公司中长期债务融资提供担保的议案》，同意公司于2024-2025年向雄亚投资提供 融资金额不超过60亿元（含60亿元）等值人民币和融资期限不超过5年的中长期 一、担保情况概述 证券代码：001289 证券简称：龙源电力 公告编号：2024-079 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》和《关于龙源电力集团股份有限公司在 境外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：公司或相 关子公司（包括境外子公司）以一次性或分期的形式通过中国证监会、交易所、 国家发改委、中国保险资产 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥7,466,991,164.99, a decrease of 9.87% compared to the same period last year[2] - Net profit attributable to shareholders was ¥1,647,528,480.81, representing a significant increase of 41.58% year-over-year[2] - The net profit excluding non-recurring gains and losses was ¥1,364,432,303.83, which is an increase of 16.00% compared to the previous year[2] - Basic earnings per share for Q3 2024 was ¥0.1957, up 45.94% from the same period last year[2] - The company's total operating revenue for the current period is CNY 26,350,264,346.95, a decrease of 6.36% from CNY 28,150,208,082.59 in the previous period[26] - The net profit for the current period is CNY 6,149,387,746.44, down 13.00% from CNY 7,058,358,194.50 in the previous period[27] - The company's operating profit for the current period is CNY 7,465,786,605.94, a decrease of 10.39% from CNY 8,329,694,673.99 in the previous period[27] - The total profit for the current period is CNY 7,576,762,880.15, down 9.59% from CNY 8,381,179,966.56 in the previous period[27] - The basic earnings per share for the current period is CNY 0.6490, compared to CNY 0.7143 in the previous period[27] - The diluted earnings per share for the third quarter were 0.6490, compared to 0.7143 in the previous period[28] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥9,759,653,524.12, showing a substantial increase of 62.01%[2] - Cash inflow from operating activities totaled ¥27,019,245,019.03, an increase from ¥25,971,187,531.31 in the prior year[28] - Net cash flow from operating activities reached ¥9,759,653,524.12, up from ¥6,024,191,313.28 year-over-year[28] - Cash outflow from investment activities was ¥16,536,547,545.32, slightly down from ¥16,849,556,984.67 in the previous year[29] - Net cash flow from financing activities was ¥4,343,030,879.76, a significant improvement from a net outflow of -¥368,534,670.01 in the same period last year[29] - The company received cash from investment recovery amounting to ¥1,042,604,829.70, a significant increase from ¥42,000,000.00 in the previous year[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥240,354,335,108.90, reflecting a 4.51% increase from the previous year[2] - Total assets increased to CNY 240.35 billion, up from CNY 229.99 billion year-over-year, representing a growth of approximately 4.4%[24] - Current assets totaled CNY 49.01 billion, an increase from CNY 45.76 billion, reflecting a growth of about 4.9%[24] - Non-current assets rose to CNY 191.34 billion, compared to CNY 184.23 billion, marking an increase of approximately 3.0%[24] - Total liabilities increased to CNY 156.07 billion, up from CNY 147.46 billion, indicating a growth of around 5.5%[24] - The total current liabilities decreased to CNY 71.07 billion from CNY 72.17 billion, reflecting a reduction of about 1.5%[24] Investments and Expenses - Research and development expenses increased by 34.76% year-on-year, attributed to the increase in R&D projects and personnel during the reporting period[10] - Research and development expenses increased to CNY 105,423,410.32, up 34.77% from CNY 78,230,184.95 in the previous period[26] - The company's financial expenses for the current period are CNY 2,491,271,586.30, slightly down from CNY 2,501,336,536.43 in the previous period[26] - The tax expenses for the current period are CNY 1,427,375,133.71, an increase from CNY 1,322,821,772.06 in the previous period[27] - The company's investment income for the current period is CNY 674,419,399.77, significantly up from CNY 10,510,752.36 in the previous period[26] - Investment income surged by 6,316.47% year-on-year, mainly due to the disposal of subsidiary Jiangyin Sulong Thermal Power Co., Ltd. and increased investment income from joint ventures and associates[10] Operational Metrics - The company experienced a 58.12% decrease in trading financial assets, primarily due to the exclusion of a subsidiary from the consolidation scope[7] - The group completed the transfer of equity in Jiangyin Sulong Thermal Power Co., Ltd., and will no longer account for its power generation from September 2024[22] - The total power generation for the group was 56,846,592 MWh, representing a year-on-year growth of 2.42%[19] - Wind power generation was 43,861,535 MWh, a decrease of 1.82% from 44,673,091 MWh in the previous year[20] - The generation from other renewable energy sources increased by 82.76% to 5,822,066 MWh, with solar power contributing 5,817,665 MWh, up 82.88% year-on-year[20] Capacity and Utilization - As of September 30, 2024, the total installed capacity of the group reached 37,010.40 MW, an increase of 12.80% compared to 32,809.50 MW in the same period last year[18] - The wind power installed capacity increased to 28,380.64 MW, up 6.01% from 26,771.69 MW year-on-year[18] - The installed capacity of other renewable energy sources surged by 91.45% to 7,969.76 MW from 4,162.81 MW year-on-year[18] - The thermal power installed capacity decreased significantly by 64.80% to 660.00 MW from 1,875.00 MW in the previous year[18] - The average utilization hours for wind power decreased to 1,607 hours, down 108 hours compared to the same period last year[19]

Revenue and Profit - The group's revenue for the nine months ended September 30, 2024, was RMB 26.35 billion, a decrease of 6.37% compared to the same period last year[2]. - The net profit attributable to equity holders of the company was RMB 5.67 billion, representing a decline of 11.38% year-on-year[2][5]. - The group’s operating profit before tax was RMB 7.77 billion, down from RMB 8.67 billion in the previous year[5]. Installed Capacity - The total installed capacity of the group as of September 30, 2024, was 37,010.40 MW, with wind power capacity at 28,380.64 MW[3][8]. - The total installed capacity as of September 30, 2024, reached 37,010.40 GW, an increase of 12.80% compared to 32,809.50 GW in 2023[9]. - The group’s total installed capacity for photovoltaic projects included 567.70 MW from acquired projects[3]. - The installed capacity for other renewable energy sources increased significantly by 91.45%, from 4,162.81 GW in 2023 to 7,969.76 GW in 2024[9]. - The installed capacity in Guangxi province increased by 7.54%, from 991.35 GW in 2023 to 1,066.10 GW in 2024[9]. Power Generation - The group completed a total electricity generation of 56,846,592 MWh, an increase of 2.42% year-on-year, with renewable energy generation rising by 82.76%[4]. - The total power generation for the nine months ending September 30, 2024, was 56,846,592 MWh, reflecting a 2.42% increase from 55,504,550 MWh in 2023[11]. - The wind power generation decreased by 1.82%, from 44,673,091 MWh in 2023 to 43,861,535 MWh in 2024[10]. - The thermal power generation decreased by 6.32%, from 7,645,833 MWh in 2023 to 7,162,990 MWh in 2024[11]. - The power generation in Guizhou province saw a significant increase of 18.19%, from 1,224,043 MWh in 2023 to 1,446,750 MWh in 2024[10]. - The company reported a decrease in power generation in several regions, including Inner Mongolia (-12.13%) and Hebei (-15.05%) compared to the previous year[10]. Wind and Photovoltaic Segments - The wind power segment generated revenue of RMB 19.12 billion, down 8.35% year-on-year, while the photovoltaic segment saw revenue growth of 65.51% to RMB 1.57 billion[2][6]. - The average utilization hours for wind power decreased by 108 hours to 1,607 hours, primarily due to lower wind speeds[4]. Equity Transfer and Future Outlook - The group signed a share transfer agreement for the sale of 27% equity in Jiangyin Sulong Thermal Power Co., Ltd. for RMB 1.32 billion, which was included in other income[7]. - The company completed the equity transfer of Jiangyin Sulong, and its power generation will no longer be included from September 2024[12]. - Future outlook includes continued focus on expanding renewable energy capacity and improving operational efficiency[11].