中国国际金融股份有限公司 关于龙源电力集团股份有限公司 2024 年现场检查报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：龙源电力 | | | | --- | --- | --- | --- | | 保荐代表人姓名：李中生 联系电话：010-65051166 | | | | | 保荐代表人姓名：程然 联系电话：010-65051166 | | | | | 现场检查人员姓名：李中生、程然 | | | | | 现场检查对应期间：2024 年 1 月-2024 年 12 月 | | | | | 现场检查时间：2024 年 11 月 7 日、2025 年 3 月 28 日 | | | | | 一、现场检查事项 | | 现场检查意见 | | | （一）公司治理 | 是 | 否 | 不适 用 | | 现场检查手段：查阅公司章程、公司治理的相关规章制度、三会会议资料及信息 | | | | | 披露文件 | | | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | | | 2.公司章程和三会规则是否得到有效执行 | √ | | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议 ...

及重大资产出售及支付现金购买资产暨关联交易持续督导 中信证券股份有限公司关于 龙源电力集团股份有限公司 换股吸收合并 内蒙古平庄能源股份有限公司 保荐总结报告书 | 公司名称 | 龙源电力集团股份有限公司 | | --- | --- | | 证券代码 | 001289.SZ | | 总股本 | 股 8,359,816,164 | | 注册地址 | 北京市西城区阜成门北大街 层 室 6 号（c 幢）20 2006 | | 办公地址 | 北京市西城区阜成门北大街 层 室 6 号（c 幢）20 2006 | | 法定代表人 | 宫宇飞 | | 经营范围 | 许可项目：发电业务、输电业务、供（配）电业务；代理记账。（依 | | | 法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 | | | 营项目以相关部门批准文件或许可证件为准）一般项目：电气设备 | | | 修理；技术服务、技术开发、技术咨询、技术交流、技术转让、技 | | | 术推广；环保咨询服务；风力发电技术服务；太阳能发电技术服务； | | | 节能管理服务；储能技术服务；新兴能源技术研发；货物进出口； | | | 租赁服务（不含许可类租赁服务） ...

中信证券股份有限公司 关于龙源电力集团股份有限公司 2024年度持续督导报告书 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：龙源电力 | | --- | --- | | 保荐代表人姓名：李宁 | 联系电话：010-60836989 | | 保荐代表人姓名：康昊昱 | 联系电话：010-60838376 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制 | | | 度） | | | （2）公司是否有效执行相关规章制度 | 是，根据2024年度内部控制评价报告、2024年度 | | | 内部控制审计报告，发行人有效执行了相关规章 | | | 制度 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 ...

董事會會議召開日期 龍 源 電 力 集 團 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 四 月 二 十 八 日（星 期 一）舉 行 董 事 會 會 議，以 審 議 及 批 准（其 中 包 括）本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 三 月 三 十 一 日 止 三 個 月 的 季 度 業 績 及 發 佈 該 業 績 公 告。 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。 承董事會命 龍源電力集團股份有限公司 宮宇飛 董事長 中 國 北 京，二 零 二 五 年 四 月 十 四 日 於 本 公 告 日 期，本 公 司 的 執 行 董 事 為 宮 宇 飛 先 生 和 王 利 強 先 生；非 執 行 董 事 為 王 雪 蓮 女 士、陳 傑 女 士、張 彤 先 生 和 王 永 先 生；及 獨 立 非 ...

4月14日，龙源电力今日收盘17.08元，上涨2.03%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到22.50倍，总市值1427.86亿元。 从行业市盈率排名来看，公司所处的电力行业行业市盈率平均19.54倍，行业中值18.00倍，龙源电力排 名第52位。 最新一期业绩显示，2024年年报，公司实现营业收入370.70亿元，同比-2.58%；净利润63.45亿元，同比 0.66%，销售毛利率37.55%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)52龙源电力22.5022.501.951427.86亿行业平均 19.5420.892.16386.74亿行业中值18.0018.421.53138.72亿1华电辽能-873.051.759.3437.55亿2西昌电 力-614.92-98.083.6043.75亿3绿能慧充-520.26321.5610.5355.99亿4深南电A-376.051149.353.3847.80亿5豫 能控股-49.64-49.641.9460.27亿6梅雁吉祥-45.78-55.462.4655.62亿7韶能股份-44.82-22.661.3560. ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating wind turbine project and the termination of a major solar component procurement by China Power Construction [6][7]. - The Australian government's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive installation growth [7]. Summary by Sections Wind Power - The commencement of the 16MW floating wind turbine project by Three Gorges marks a significant milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. - Key companies to watch include Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market shows upward momentum [7][16]. Solar Power - China Power Construction's termination of a 51GW solar component procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar equipment index decreased by 9.56%, with the current PE_TTM valuation around 29.99 times [4]. - Companies of interest include Longi Green Energy and Tongwei Co., as the solar sector faces potential short-term demand weakness post-May 31 [7][16]. Energy Storage & Hydrogen - The Australian Labor Party's proposed AUD 2.3 billion subsidy for home energy storage systems aims to lower costs by 30%, potentially facilitating the installation of over 1 million new batteries by 2030 [7]. - The energy storage index dropped by 9.04%, with a current PE_TTM of 23.9 times, indicating a strong growth outlook for the sector [4]. - Key players in the energy storage market include Sungrow Power Supply and Shuneng Electric, while the hydrogen sector sees interest in companies like Huagong Huaneng and Yihua Tong [7][16].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Asia utilities and energy sector**, highlighting the resilience of companies in this space against US tariffs, particularly in Hong Kong and Mainland China [2][19]. Core Insights - **Hong Kong Utilities**: Companies like CLP (2 HK, Buy) and CKI (1038 HK, Buy) are expected to maintain strong cash flows and shareholder returns due to their regulated business nature and predictable cash flows, despite macroeconomic uncertainties [3][13]. - **Mainland China Utilities**: Gas utilities are noted for their resilience, with companies like China Gas (384 HK, Hold) and BEH (392 HK, Buy) showing less exposure to industrial demand. The impact of US tariffs is minimal, with crude oil and LNG imports from the US accounting for only 2% and 5% of total imports, respectively [4][19]. - **ASEAN and India Utilities**: SCI (SCI SP, Buy) and NTPC (NTPC IN, Hold) are highlighted for their defensive characteristics against trade policies and macroeconomic risks [5][29]. Investment Recommendations - **Preferred Stocks**: The report lists six preferred stocks rated as Buy: CLP, CKI, Yangtze, Longyuan, SCI, and Hanwha Solutions, with no changes to target prices [11]. - **Valuation Metrics**: The report provides detailed valuation metrics for various companies, including target prices and expected upside percentages. For instance, CLP has a target price of HKD78.00, implying a 22.3% upside [35]. Risks and Challenges - **Oil and Gas Sector**: The report notes that the bearish expectations on oil prices could negatively impact earnings for companies like CNOOC (883 HK, Buy) and PetroChina (857 HK, Buy) [30]. - **Trade Policy Impacts**: The solar supply chain is under pressure due to US tariffs, particularly affecting Chinese manufacturers, while Korean suppliers like Hanwha are expected to outperform [6][31]. Additional Insights - **Cash Flow Resilience**: Gas utilities are highlighted for their strong cash flows and ability to maintain dividends, with BEH and CGH noted for their dividend policies [22][23]. - **Market Dynamics**: The report emphasizes that Hong Kong utilities have shown consistent outperformance against market risks, supported by favorable correlations with equity risk premiums and UST yields [3][13]. Conclusion - The Asia utilities and energy sector is positioned defensively against trade risks, with specific companies demonstrating strong fundamentals and cash flow resilience. Investment opportunities are identified in both Hong Kong and Mainland China utilities, as well as in select ASEAN and Indian companies.

Core Viewpoint - The company is actively adapting to the evolving energy landscape in China, focusing on flexibility and low-carbon transformation of coal power plants, while also expanding its energy-saving and new energy technologies to drive future growth [4][6][7][8]. Company Overview - The company has maintained its accounting firm as Zhongxinghua Accounting Firm (Special General Partnership) for the reporting period, receiving a standard unqualified audit opinion [2]. - The company has proposed a cash dividend of 1.00 yuan per 10 shares to all shareholders, with no stock dividends [3]. Industry Context - As of the end of 2024, China's total installed power generation capacity is projected to reach 3.35 billion kilowatts, with non-fossil energy surpassing coal power for the first time [4]. - By the end of 2025, coal power's share of total installed capacity is expected to drop to one-third, while solar and wind power will exceed coal capacity [4]. Business Performance - The company achieved a revenue of 1.276 billion yuan, a year-on-year increase of 13.06%, while total profit decreased by 31.33% to 79.77 million yuan [8]. - The energy-saving segment saw a revenue increase of 65.18%, driven by the company's focus on coal power flexibility and new energy storage technologies [8]. - The environmental protection segment's revenue decreased by 57.02%, attributed to fewer upgrade projects as most coal power plants completed their ultra-low emission modifications [9]. - The new energy segment's revenue decreased by 45.84%, with biomass coupling technology still in the early demonstration phase [10]. Technological Advancements - The company is promoting deep flexibility transformation technologies for coal power plants, including plasma ignition and digital boiler technologies, to enhance efficiency and adaptability [6]. - The company has made significant progress in low-carbon transformation technologies, achieving stable operation of ammonia co-firing in coal-fired boilers, recognized as a top innovation in the energy sector [7].

证券代码：001289 证券简称：龙源电力 公告编号：2025-027 龙源电力集团股份有限公司 关于公司股价异动的公告 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、股票交易异常波动情况 龙源电力集团股份有限公司（以下简称"公司"或"龙源电力"）A 股股票 （证券名称：龙源电力，证券代码：001289）收盘价格连续三个交易日（2025 年 4 月 3 日、4 月 7 日、4 月 8 日）涨幅偏离值累计达到 20.56%。根据《深圳证 券交易所交易规则》的相关规定，公司股票交易属于异常波动的情况。 二、公司关注并核实情况 三、是否存在应披露而未披露信息的说明 公司董事会确认，除在指定媒体已公开披露的信息外，目前没有其他任何根 据《深圳证券交易所股票上市规则》等有关规定应予以披露而未披露的事项或与 该事项有关的筹划、商谈、意向、协议等；董事会也未获悉公司有根据《深圳证 券交易所股票上市规则》等有关规定应予以披露而未被披露的、对公司股票及其 衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更正、 补充之处。 针对公司股票价格异常波动情况，公司 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-026 龙源电力集团股份有限公司 2025年3月发电量数据公告 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"本公司"）2025 年 3 月按合并报 表口径完成发电量 7,567,474 兆瓦时，较 2024 年同期同比下降 2.46%，主要原因 为，公司自 2024 年 10 月起不再拥有火电控股装机，本月未产生火电发电量。本 月风电发电量同比增长 7.57%，光伏发电量同比增长 45.63%。 注：1.自 2024 年 10 月起，本公司按合并报表口径不再拥有火电控股装机。 2. 本公告中提供的数字经过整数调整，因此若总计数字与所列各项之和出现尾数差异，皆 因整数调整所致。 以上发电量数据来自本公司内部统计。数据在月度之间可能存在较大差异， 其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。数据 可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖或使用以 上信息可能造成投资风险。 2 龙源电力集团股份有限公司 董 事 会 202 ...