Investment Rating - The report assigns a "Cautious Recommendation" rating to the company, with a current price of 15.82 yuan and projected PE ratios of 22, 15, and 13 for the years 2024, 2025, and 2026 respectively [4][6]. Core Views - The company's Q3 hydropower generation experienced significant fluctuations, but improved rainfall expectations in October may lead to a recovery in generation output. The company is also advancing its solar projects, although it faces considerable operational pressures [3][4]. - For the first three quarters of 2024, the company reported a revenue of 1.466 billion yuan, a year-on-year decrease of 5.58%, and a net profit attributable to shareholders of 265 million yuan, down 3.88% year-on-year. Q3 alone saw a revenue of 593 million yuan, down 35.88%, and a net profit of 132 million yuan, down 45.87% [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company generated a total hydropower output of 1.885 billion kWh, a decrease of 39.72% year-on-year. The overall hydropower generation for the first three quarters was 4.665 billion kWh, down 5.33% year-on-year [3]. - The company's solar power generation for the first three quarters was 615 million kWh, a decline of 6.42% year-on-year, with Q3 generation at 242 million kWh, down 4.6% year-on-year [3]. Capital Investment and Dividends - The capital expenditure budget for 2024 is set at 213 million yuan, a decrease of 62.63% year-on-year, which is expected to enhance cash flow for debt repayment or dividends. The interim dividend payout ratio has increased to 32.10%, up from 30.68% in 2023, reflecting the company's confidence in future growth [3][4]. Profit Forecast - The projected net profits for the years 2024, 2025, and 2026 are 304 million yuan, 443 million yuan, and 539 million yuan respectively, with corresponding EPS of 0.71 yuan, 1.04 yuan, and 1.26 yuan [4][5].

Financial Performance - Operating revenue for Q3 2024 was CNY 593,181,907.72, a decrease of 35.88% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 132,124,908.17, down 45.87% year-on-year[2] - Basic earnings per share for Q3 2024 was CNY 0.3090, reflecting a decline of 45.88% compared to the previous year[2] - Total operating revenue for Q3 2024 was CNY 1,465,729,934.08, a decrease of 5.58% from CNY 1,552,312,119.68 in the same period last year[12] - Net profit for Q3 2024 was CNY 445,587,487.82, a decline of 4.15% compared to CNY 464,867,828.25 in Q3 2023[13] - The total comprehensive income for the period was CNY 446,731,831.55, compared to CNY 465,826,042.22 in the previous period, reflecting a decrease of approximately 4.3%[14] - The company reported basic and diluted earnings per share of CNY 0.6206, down from CNY 0.6457 in the previous period, reflecting a decrease of approximately 3.2%[14] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 15,611,082,517.24, a decrease of 2.43% from the end of the previous year[2] - Current liabilities increased significantly to CNY 3,167,183,581.50, up 19.83% from CNY 2,643,532,572.02 in the previous year[11] - Long-term liabilities decreased to CNY 5,589,161,395.08 from CNY 6,724,997,405.52, a reduction of 16.88%[11] - The total liabilities of the company amounted to CNY 8,756,344,976.58, down from CNY 9,368,529,977.54, reflecting a decrease of 6.52%[11] - The company's equity attributable to shareholders increased to CNY 3,967,843,531.49, up 3.95% from CNY 3,816,644,166.37[11] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 1,142,892,912.46, down 30.18% year-on-year[2] - The cash inflow from operating activities totaled CNY 1,702,775,219.19, compared to CNY 2,116,035,264.19 in the prior period, representing a decrease of approximately 19.5%[15] - The cash outflow from operating activities amounted to CNY 559,882,306.73, an increase from CNY 479,198,091.02 in the previous period, which is an increase of about 16.8%[16] - The cash flow from investing activities showed a net outflow of CNY 86,494,262.09, compared to a net outflow of CNY 129,937,903.79 in the previous period, indicating an improvement of about 33.5%[16] - The cash inflow from financing activities was CNY 1,360,000,020.00, significantly higher than CNY 686,821,644.16 in the previous period, marking an increase of approximately 97.9%[16] - The company’s cash outflow for financing activities totaled CNY 2,392,384,336.10, compared to CNY 1,617,493,316.24 in the previous period, indicating an increase of about 47.8%[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,147[7] - The largest shareholder, China Huadian Group Co., Ltd., holds 15.89% of shares, totaling 67,952,510 shares[7] - The second-largest shareholder, Guizhou Wujiang Hydropower Development Co., Ltd., holds 12.40% of shares, totaling 53,014,550 shares[7] - The company does not have any preferred shareholders or significant changes in the top ten shareholders due to margin trading[9] - The company is unaware of any relationships or agreements among the remaining shareholders beyond the controlling shareholder[7] Operational Metrics - The company reported a total of 21,578.18 million kWh generated from the Puding Hydropower Station year-to-date[5] - Accounts receivable increased by 80.06% to CNY 168,656,557.29 due to increased settlement volume[5] - Accounts receivable increased to 168,656,557.29 RMB from 93,665,618.60 RMB at the beginning of the period, indicating a significant rise[9] - Inventory at the end of the reporting period is 4,261,479.90 RMB, up from 1,823,263.42 RMB at the beginning of the period[9] - The company has seen a notable increase in prepayments, rising to 7,579,412.10 RMB from 1,516,153.61 RMB[9] Tax and Financial Expenses - The company received tax refunds of CNY 52,995,114.20, a significant increase of 3378.99% compared to the previous period[5] - The company paid CNY 287,620,321.39 in taxes during the period, compared to CNY 230,287,349.60 in the previous period, which is an increase of approximately 24.9%[16] - The company reported a financial expense of CNY 207,575,475.35, slightly down from CNY 251,016,421.02 in the same quarter last year[13] Research and Development - Research and development expenses for the period were CNY 67,938,234.04, compared to CNY 63,432,885.18 in the previous year, indicating a year-on-year increase[12]

证券代码：002039 证券简称：黔源电力 公告编号：2024-050 贵州黔源电力股份有限公司 关于对贵州北源电力股份有限公司同比例增资暨关联交易的公告 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。 贵州黔源电力股份有限公司（以下简称公司）于 2024 年 10 月 25 日召开了 第十届董事会第十八次会议，以 6 票同意、0 票反对、0 票弃权审议通过了《关 于对贵州北源电力股份有限公司同比例增资暨关联交易的议案》，根据《深圳证 券交易所股票上市规则》等有关规定，公司关联董事罗涛先生、彭松涛先生、冯 荣先生、赵刚先生、汤世飞先生回避表决。现将有关情况公告如下： 一、关联交易概述 1.交易内容 公司控股子公司贵州北源电力股份有限公司（以下简称北源公司）成立于 2003 年 8 月 8 日，注册资本为 29,025 万元人民币,其中公司持股 58.66％、贵州 乌江水电开发有限责任公司（以下简称乌江公司）持股 41.34％。 根据北源公司的实际情况，公司与乌江公司对北源公司同比例增资合计 8,470 万元，其中公司对北源公司增资 4,968.50 万元，乌江 ...

证券代码：002039 证券简称：黔源电力 公告编号：2024-051 贵州黔源电力股份有限公司 关于公司控股子公司贵州北盘江电力股份有限公司因公开招标形成 关联交易的公告 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。 贵州黔源电力股份有限公司（以下简称公司）于 2024 年 10 月 25 日召开了 第十届董事会第十八次会议，以 6 票同意、0 票反对、0 票弃权审议通过了《关 于公司控股子公司贵州北盘江电力股份有限公司因公开招标形成关联交易的议 案》，根据《深圳证券交易所股票上市规则》等有关规定，公司关联董事罗涛先 生、彭松涛先生、冯荣先生、赵刚先生、汤世飞先生回避表决。现将有关情况公 告如下： 一、关联交易概述 1.交易内容 《贵州北盘江电力股份有限公司"新能源智慧生产管理平台差异化推广应用" 项目机房配套设备设施采购》项目采用公开招标方式进行采购，公司在履行相关 程序后，确定国电南京自动化股份有限公司（以下简称国电南自）为中标单位， 国电南京自动化股份有限公司为公司控股股东中国华电集团有限公司（以下简称 中国华电）控股子公司，根据《深圳证券交易所股票 ...

证券代码：002039 证券简称：黔源电力 公告编号：2024-048 贵州黔源电力股份有限公司 第十届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 贵州黔源电力股份有限公司（以下简称公司）第十届董事会第十八次会议于 2024 年 10 月 25 日在公司 2301 会议室以现场结合通讯（视频）的方式召开，本 次会议通知于 2024 年 10 月 14 日以书面形式送达各位董事，应出席董事 11 名， 实际出席董事 11 名（其中董事彭松涛先生、赵刚先生、黄成节先生、苏春辉女 士、独立董事祝韻女士、李晓冬先生、王冠先生以通讯（视频）表决方式进行了 表决）。本公司监事及高管列席了本次会议。 本次会议由董事长罗涛先生主持。会议召集、召开程序符合《公司法》和《公 司章程》的有关规定。 二、董事会会议审议情况 会议以记名投票方式审议并通过了以下报告和议案： （一）以 11 票同意、0 票反对、0 票弃权通过了《2024 年第三季度报告》。 （请详见 2024 年 10 月 26 日刊登于巨潮资讯网上的《贵州黔源电力 ...

贵州黔源电力股份有限公司（以下简称"公司"）A 股股票连续三个交 易日内（2024 年 9 月 27 日、2024 年 9 月 30 日、2024 年 10 月 8 日）日收 盘价格涨跌幅累计偏离-20.93%，根据《深圳证券交易所交易规则》的有关 规定，属于股票交易异常波动情况。 证券代码：002039 证券简称：黔源电力 公告编号：2024-047 贵州黔源电力股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动情况介绍 4.截至目前，公司、控股股东和实际控制人不存在关于公司的应披露而 未披露的重大事项，或处于筹划阶段的重大事项。 5.公司控股股东、实际控制人在股票交易异常波动期间不存在买卖公司 股票的情形。 三、是否存在应披露而未披露信息的说明 公司董事会确认，除上述事项外公司目前没有任何根据《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披露的、对公司股票及其 ...

证券代码：002039 证券简称：黔源电力 公告编号：2024-046 贵州黔源电力股份有限公司 2.自分配方案披露至实施期间，公司总股本未发生变化。 3.本次实施的利润分配方案与股东大会审议通过的分配方案及其调整原则 一致。 4.本次实施权益分派距离股东大会审议通过时间未超过两个月。 二、权益分派方案 本公司2024年半年度权益分派方案为：以公司现有总股本427,558,126股为 基数，向全体股东每10股派1.000000元人民币现金（含税；扣税后，通过深股通 持有股份的香港市场投资者、QFII、RQFII以及持有首发前限售股的个人和证券 投资基金每10股派0.900000元；持有首发后限售股、股权激励限售股及无限售流 通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个 人转让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股权 激励限售股及无限售流通股的证券投资基金所涉红利税，对香港投资者持有基金 份额部分按10%征收，对内地投资者持有基金份额部分实行差别化税率征收）。 2024 年半年度权益分派实施公告 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 ...

全国优秀律师事务所 北京市炜衡（贵阳）律师事务所 关于贵州黔源电力股份有限公司 2024 年第二次临时股东大会 法律意见书 致：贵州黔源电力股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东大会规则》及《贵 州黔源电力股份有限公司章程》（以下简称"《公司章程》"） 的规定，北京市炜衡（贵阳）律师事务所（以下简称"本所"） 接受贵州黔源电力股份有限公司（以下简称"贵公司"）的委 托，指派刘慧颖、王琼（以下简称"本所律师"）出席贵公司 于 2024年9月13日召开的2024年第二次临时股东大会（以下简 称"本次股东大会"），对本次股东大会召开的合法性进行见 证，并出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集和召 开的程序、表决程序及出席本次会议现场会议的人员资格、召 集人的资格是否符合有关法律和公司章程的规定以及本次股东 大会审议的议案表决结果是否有效发表意见，并不对本次股东 大会所审议的议案内容以及议案所表述的事实或数据的真实性、 准确性、合法性发表意见。本所律师假定贵公司提交给本所律 地址：贵州省贵阳市观山湖区龙海路 101 号 ...

证券代码：002039 证券简称：黔源电力 公告编号：2024-045 贵州黔源电力股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1.会议召集人：公司董事会。 2.会议方式：本次股东大会采取现场投票与网络投票相结合的方式。公司通 过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络形式的投票 平台，公司股东可以在上述网络投票时间内通过深圳证券交易所的交易系统或互 联网投票系统行使表决权。 3.会议时间： 现场会议时间：2024年9月13日（星期五）15:30； 网络投票时间为：2024 年 9 月 13 日。其中通过深圳证券交易所系统进行网 络投票的具体时间为: 2024 年 9 月 13 日 9:15—9:25,9:30—11:30 和 13:00— 15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2024 年 9 月 13 日 9:15 至下午 15:00 期 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company's hydropower generation continues to recover, and with the operation of new energy projects, the forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is projected to be 502 million, 590 million, and 651 million yuan respectively, with corresponding EPS of 1.17, 1.38, and 1.52 yuan [3][4]. - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 873 million yuan, a year-on-year increase of 39.12%, and net profit attributable to shareholders of 133 million yuan, a year-on-year increase of 316.76% [2][3]. - The average on-grid electricity price for hydropower was 0.2718 yuan/kWh, slightly down by 0.56% year-on-year, while the average on-grid price for photovoltaic power was 0.3295 yuan/kWh, down by 3.8% year-on-year [2]. Financial Performance - In the first half of 2024, the company achieved a total power generation of 3.152 billion kWh, an increase of 43.1% year-on-year, driven primarily by the recovery in hydropower generation [2]. - The company's capital investment budget for 2024 is set at 213 million yuan, a decrease of 62.63% year-on-year, which is expected to enhance cash flow for debt repayment or dividends [2][3]. - The company's debt-to-asset ratio improved to 58.32%, down by 3.43 percentage points year-on-year, indicating a continued effort to reduce leverage [2][3].