Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) with a target price of 16.52 CNY, unchanged from the previous rating [13][14]. Core Insights - The company's performance is expected to continue growing due to a significant increase in new energy electricity generation, leading to explosive growth in earnings. The annual performance is anticipated to sustain high growth [13][14]. - In Q1 2024, the company reported operating revenue of 9.7 billion CNY, a year-on-year increase of 49.6%, and a net profit attributable to shareholders of 360 million CNY, up 101% year-on-year, aligning with prior performance forecasts [13][14]. - The new energy segment's net profit attributable to shareholders reached 320 million CNY in Q1 2024, with electricity sales volume increasing by 133% year-on-year to 1.39 billion kWh [13][14]. Summary by Sections Financial Performance - The company expects a significant increase in operating revenue from 2,904 million CNY in 2023A to 4,058 million CNY in 2024E, reflecting a growth rate of 39.7% [14]. - Net profit attributable to shareholders is projected to rise from 482 million CNY in 2023A to 1,003 million CNY in 2024E, indicating a growth rate of 108% [14]. - Earnings per share (EPS) is forecasted to increase from 0.52 CNY in 2023A to 1.09 CNY in 2024E [14]. Operational Highlights - The company has a robust pipeline of wind power projects, with the first phase of the Jinzhong Wind Farm adding 5.6 million kW of capacity in Q1 2024 [13][14]. - The natural gas segment reported a net profit of -24 million CNY in Q1 2024, primarily due to increased costs after the completion of branch pipelines [13][14]. Market Position - The company is positioned as a dual-business entity in salt and natural gas, with a strong focus on expanding its downstream market [14]. - The stock has shown a price range of 8.49 to 12.65 CNY over the past 52 weeks, with a current market capitalization of 11,288 million CNY [5][14].

证券代码：002053 证券简称：云南能投 公告编号：2024-041 云南能源投资股份有限公司 关于向参股公司所提供的委托贷款逾期的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、委托贷款逾期情况 为维护公司的合法权益，公司将继续采取各种措施积极追偿，包括但不限于向法院申请天勐 公司破产清算等。有关该事项进展，公司将按规定及时履行信息披露义务，敬请广大投资者注意 投资风险。 特此公告。 云南能源投资股份有限公司董事会 2024年4月27日 经2013年11月19日召开的公司董事会2013年第七次临时会议审议通过，2013年11月26日，公 司与参股公司勐腊天勐对外经济贸易有限责任公司（以下简称"天勐公司"）及交通银行股份有限 公司云南省分行签署了《委托贷款合同》，为缓解天勐公司的资金压力，支持其经营业务的拓 展，促进其更好发展，在天勐公司按期归还公司前期委托贷款、天勐公司控股股东勐腊县磨歇盐 业有限责任公司按股权比例以同等条件向天勐公司提供借款人民币153万元的前提下，公司向天 勐公司提供委托贷款人民币147万元。委托贷款的期限自2013年11 ...

证券代码：002053 证券简称：云南能投 公告编号：2024-038 （三）会议以 9 票同意，0 票反对，0 票弃权，通过了《关于投资建设公司办公楼屋顶分 云南能源投资股份有限公司董事会 2024年第三次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 云南能源投资股份有限公司（以下简称"公司"）董事会 2024 年第三次临时会议于 2024 年 4 月 17 日以书面及邮件形式通知全体董事，于 2024 年 4 月 24 日上午 10:00 时在公司四楼 会议室以现场结合通讯方式召开。会议应出席董事 9 人，实出席董事 9 人。公司董事长周满 富、董事杨建军、张万聪、滕卫恒、张燕及独立董事纳超洪、罗美娟、段万春现场出席，董 事刘希芬因工作原因以通讯方式参加本次会议。会议由公司董事长周满富先生主持，公司全 体监事及高级管理人员列席本次会议。本次会议出席人数、召开程序、议事内容均符合《公 司法》和《公司章程》的规定。 二、董事会会议审议情况 （一）会议以 9 票同意，0 票反对，0 票弃权，通过了《公司 2024 年第 ...

云南能源投资股份有限公司 投资管理制度 第一章 总 则 第一条 为加强云南能源投资股份有限公司（以下简称"公司"）整体战略管控能力， 贯彻价值思维理念，提高投资决策的质量和效率，建立科学高效投资管理机制，实现公 司战略目标，促进公司可持续、科学发展，根据国家相关法律、法规和云南省国有资产 监督管理委员会（简称"国资委"）投资监督管理相关规定，结合公司章程及有关制度， 特制定本制度。 第二条 公司指云南能源投资股份有限公司，所属公司是指公司实际控制的所属全 资或控股公司。上级主管单位是指有关权力机构或对云南能源投资股份有限公司行使主 要经营管理权的单位。 第三条 本制度适用于公司及公司实际控制的所属各级全资或控股公司、分公司、 生产单位。公司参股企业可以参照本制度执行。 第四条 本制度中所称投资是公司或所属公司为获得未来收益，以现有资金或有价 资本投入，形成资产或权益的经济行为，投资主要包括建设类固定资产投资、股权投资、 无形资产投资、外购资产投资、按照行业主管部门要求限期整改的安全及环保资本性支 出以及其他符合资本化条件的机械设备等的更新、维护投资。 （一）建设类固定资产投资：指直接投资于产业项目以形成经营资 ...

证券代码：002053 证券简称：云南能投 公告编号：2024-040 云南能源投资股份有限公司监事会 2024年第三次临时会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 云南能源投资股份有限公司（以下简称"公司"）监事会2024年第三次临时会议于2024 年4月17日以书面及邮件形式通知全体监事，于2024年4月24日下午14:00时在公司四楼会议 室召开。会议应出席监事五人，实出席监事五人。会议由监事会主席王青燕女士主持，符 合《公司法》和《公司章程》的规定，会议召开合法有效。 二、监事会会议审议情况 （一）会议以5票同意，0票反对，0票弃权，通过了《公司2024年第一季度报告》。 经审核，监事会认为董事会编制和审核《公司2024年第一季度报告》的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不 存在任何虚假记载、误导性陈述或者重大遗漏。 （二）会议以5票同意，0票反对，0票弃权，通过了《关于对投资建设公司办公楼屋 顶分布式光伏项目的决策程序进行审核监督的议案》。 经审核，监事会认为公司此次投资建 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 974,669,481.64, representing a 44.83% increase compared to CNY 651,585,025.31 in the same period last year[5]. - Net profit attributable to shareholders reached CNY 356,687,076.07, a significant increase of 94.82% from CNY 177,649,636.95 year-on-year[5]. - The net cash flow from operating activities was CNY 308,757,529.46, marking a substantial growth of 211.07% compared to CNY 91,085,634.58 in the previous year[5]. - The company reported a total profit of CNY 38,361,150.00, an increase of 86.64% from the previous year[10]. - Operating revenue for Q1 2024 reached CNY 974,669,481.64, an increase of 44.83% compared to CNY 672,996,370.82 in the previous period, primarily due to expanded installed capacity and increased electricity sales[14]. - Operating costs increased by 36.36% to CNY 444,552,330.84 from CNY 326,014,131.41, mainly due to higher gas sales costs and increased depreciation at the Tongquan Wind Farm[14]. - The company reported a significant reduction in short-term borrowings, which decreased to ¥366,737,133.47 from ¥420,836,809.41, a decline of 12.9%[30]. - In Q1 2024, the company reported a net profit of CNY 353,400,059.10, a significant increase of 96.3% compared to CNY 179,957,569.28 in Q1 2023[33]. - The operating profit for Q1 2024 was CNY 380,975,986.18, up 85.5% from CNY 205,532,356.09 in the same period last year[33]. - The total revenue from sales of goods and services reached CNY 757,949,188.15, an increase of 69.8% compared to CNY 446,462,462.59 in Q1 2023[35]. - The basic and diluted earnings per share for Q1 2024 were both CNY 0.3874, compared to CNY 0.1988 in Q1 2023, marking an increase of 94.9%[34]. - The total comprehensive income attributable to the parent company was CNY 356,687,076.07, up from CNY 183,085,764.30 in the same quarter last year[34]. Asset and Liability Management - The company's total assets at the end of the reporting period were CNY 17,976,519,019.92, reflecting a 2.23% increase from CNY 17,583,529,184.02 at the end of the previous year[5]. - Total liabilities include contract liabilities of CNY 98,050,068.71, down 39.99% from CNY 163,381,666.11, primarily due to revenue recognition from advance payments[14]. - The company's cash and cash equivalents stood at ¥2,442,319,761.28, showing a decrease of 0.01% from ¥2,442,598,824.69[30]. - Current assets totaled ¥4,495,137,227.47, an increase of 3.2% from ¥4,353,498,733.42 at the beginning of the period[30]. - Non-current assets rose to ¥13,481,381,792.45, up from ¥13,230,030,450.60, indicating a growth of 1.9%[30]. - Total liabilities increased slightly to ¥9,620,721,730.06 from ¥9,586,364,160.71, reflecting a marginal growth of 0.4%[31]. - The inventory balance was ¥94,381,333.68, a slight increase from ¥93,368,098.44, indicating a growth of 1.1%[30]. Operational Highlights - The sales volume of salt and nitrate products was 381,600 tons, a 1.83% increase year-on-year, while natural gas sales volume surged by 104.92% to 75,653,400 cubic meters[9]. - New energy generation reached 1.44 billion kWh, a 132.96% increase compared to the same period last year, with electricity sales also increasing by 132.81% to 1.39 billion kWh[9]. - The salt segment generated revenue of CNY 28,998,780.00, while the new energy segment contributed CNY 44,052,470.00 in revenue[11]. - The company is actively expanding its wind power projects, with the first wind turbine of the Jinzhong Wind Farm Phase I connected to the grid in November 2023, adding 56,250 kW of capacity[12]. - The company plans to continue developing its natural gas market, focusing on balancing upstream and downstream operations to enhance asset efficiency[11]. Investment and Financing Activities - Investment income decreased by 34.43% to CNY 4,526,912.73 from CNY 6,904,443.18, attributed to adjustments in investment structure[14]. - The company’s net cash flow from investing activities improved by 73.05%, reducing outflows to CNY -435,889,475.11 from CNY -1,617,139,200.84, mainly due to no new financial product purchases[14]. - The net cash flow from financing activities decreased by 66.79% to CNY 128,901,689.67, primarily due to reduced borrowings for fixed assets[14]. - The company has ongoing investments in construction projects, with the balance for construction in progress at ¥5,411,336,575.13, up from ¥4,979,112,732.94, reflecting an increase of 8.7%[30]. Shareholder and Corporate Governance - The company has 28,480 common shareholders as of the reporting period, with the largest shareholder, Yunnan Energy Investment Group Co., Ltd., holding 32.01% of shares[15]. - The company’s controlling shareholder, Yunnan Energy Investment Group, increased its stake by 3,088,176 shares, representing 0.3354% of the total share capital, with an investment of RMB 27,014,103[23]. - The company signed a management agreement with Yunnan Energy Investment Group to manage its wholly-owned subsidiary, Yunnan Rongyao New Energy Co., enhancing operational efficiency and strategic restructuring[22]. - The company disclosed that 68,488,071 shares will be released for trading on March 21, 2024, following the lifting of restrictions on non-publicly issued shares[24]. Challenges and Future Plans - The company confirmed the overdue status of entrusted loans to Tianmeng Company, which is unable to repay due to its long-term production halt in Laos, leading to ongoing discussions about debt-to-equity swaps and asset restructuring[20]. - The company is in discussions regarding the bankruptcy liquidation of Tianmeng Company to protect its legal rights and interests[20]. - The company plans to continue increasing its shareholding in the next six months, with a total investment of no less than RMB 100 million[23]. - The company has successfully completed the acquisition of Shixin Company, which is part of its strategy to expand its renewable energy portfolio[26]. - The company is actively pursuing various projects in the renewable energy sector, with a total rated capacity of 1,054.01 MW across multiple photovoltaic projects currently in different stages of development[26][27]. - The company is conducting preliminary preparations for several photovoltaic projects, indicating ongoing market expansion efforts[27].

Summary of Conference Call Transcript Company or Industry Involved - The discussion revolves around a company involved in the renewable energy sector Core Points and Arguments - The company has identified a small business segment that can serve as a foundation for future growth, particularly under the leadership of the previous chairman [1] - The new additions to the business are entirely derived from the renewable energy sector, indicating a strategic focus on this area [1] - The company has adjusted its valuation upwards for the next twenty years, reflecting confidence in its growth prospects [1] Other Important but Possibly Overlooked Content - The emphasis on renewable energy suggests a broader industry trend towards sustainability and green initiatives, which may impact future investment opportunities [1]

北京德恒（昆明）律师事务所 关于云南能源投资股份有限公司 2023 年年度股东大会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650032 北京德恒（昆明）律师事务所 关于云南能源投资股份有限公司 2023 年年度股东大会的 法 律 意 见 云南能源投资股份有限公司： 北京德恒（昆明）律师事务所（下称"本所"）作为贵公司的常年法律顾问， 本次指派杨杰群律师、杨敏律师出席贵公司 2023 年年度股东大会（以下简称"本 次股东大会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精神， 对贵公司提供的与本次股东大会有关的文件资料进行了审查，现根据《公司法》 《证券法》《上市公司股东大会规则》及贵公司《章程》的规定，就贵公司本次 股东大会的相关事项出具如下法律意见： 一、关于本次股东大会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司董事会已于 2024 年 3 月 26 日召开了会议，作出了关于召开 ...

证券代码：002053 证券简称：云南能投 公告编号：2024-037 云南能源投资股份有限公司 2023年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开的日期、时间： 现场会议时间为：2024年4月18日下午2:00至4:00。 网络投票时间为：2024年4月18日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年4月18日的交易 时间，即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开始投 票的时间为2024年4月18日上午9:15，结束时间为2024年4月18日下午3:00。 2.现场会议地点：昆明市春城路276号公司四楼会议室。 3.会议的召开方式：本次股东大会以现场表决与网络投票相结合的方式召开。 出席本次股东大会现场会议的股东及股东代表共4人，代表有表决权的股份数为 1 608,101,594股 ...

| 保荐机构名称：中国国际金融股份有限公司 | 被保荐公司简称：云南能投 | | --- | --- | | 保荐代表人姓名：何宇佳 | 联系电话：010-65051166 | | 保荐代表人姓名：周鹏 | 联系电话：010-65051166 | 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、募集资金管理制度内控制度、内 | 是 | | 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 | | 3.募集资金监督情况 | | | | 根据三方监管协议，保荐机构 | | （1）查询公司募集资金专户次数 | 每月均获得银行抄送的对账 | | | 单，及时了解募集资金专户情 | | | 况 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | ...