1.内蒙古电投能源股份有限公司（以下简称"公司"）于 2025 年 3 月 19 和 3 月 21 日以电子邮件等形式发出关于召开公司 2025 年 第一次临时监事会会议的通知及其补充通知。 2.会议于 2025 年 3 月 25 日以视频方式召开。 3.监事会会议应出席监事6人，实际出席会议并表决监事5人（以 通讯表决方式出席会议监事 5 人，分别为关越、王国安、唐守国、冯 树清、应建勋），缺席会议监事 1 人，史红薇监事因公务原因不能出 席会议。 4.会议主持人：公司监事会主席关越先生。 列席人员：公司部分高级管理人员、董事会秘书及议案相关部门 负责人。 5.本次会议的召开符合法律、行政法规、部门规章和公司章程等 规定。 证券代码：002128 证券简称：电投能源 公告编号：2025008 内蒙古电投能源股份有限公司 2025年第一次临时监事会决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，不 存在虚假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 （二）关于审议通过国家电投集团财务有限公司提供委托贷款暨 关联交易的议案； 内容详见同日刊登在《中国证券报》《上海证券报》《证券时报》 ...

证券代码：002128 证券简称：电投能源 公告编号：2025004 内蒙古电投能源股份有限公司 2025年第二次临时董事会决议公告 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。 4.会议主持人：公司董事长、党委书记王伟光先生。 列席人员：公司部分监事会成员和高级管理人员、董事会秘书及 议案相关部门负责人。 5.本次会议的召开符合法律、行政法规、部门规章和公司章程等 规定。 二、董事会会议审议情况 1 一、董事会会议召开情况 1.内蒙古电投能源股份有限公司（以下简称"公司"）于 2025 年 3 月 19 和 3 月 21 日以电子邮件等形式发出关于召开公司 2025 年 第二次临时董事会会议的通知及其补充通知。 2.会议于 2025 年 3 月 25 日以现场与视频相结合的方式召开。现 场会议地点为呼和浩特市。 3.董事会会议应出席董事 11 人，实际出席会议并表决董事 11 人 （其中：委托出席董事 1 人数，张昊董事因公务原因不能亲自出席会 议，委托王伟光董事长代为出席会议并行使表决权；以通讯表决方式 出席会议董事 7 人，分别为胡春艳、应宇翔、李宏飞 ...

内蒙古电投能源股份有限公司 关于职工代表监事辞职的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 内蒙古电投能源股份有限公司（以下简称"公司"）监事会于 2025 年 3 月 24 日收到公司职工代表监事史红薇女士提交的书面辞职 报告。 因工作变动原因，公司职工代表监事史红薇女士辞去职工代表监 事职务，辞职后在电投能源工作，担任电投能源计划与财务部主任， 担任电投能源控股子公司内蒙古霍煤鸿骏铝电有限责任公司董事。其 不持有本公司股份，也不存在股份锁定承诺。《公司章程》约定监事 会由七名监事组成，监事会职工代表的比例不低于 1/3。史红薇女士 辞职后，公司职工代表监事人数低于 1/3，史红薇女士辞职在职工代 表监事填补空缺后生效。公司将尽快完成职工代表监事补选工作。 监事会对史红薇女士自任职以来对监事会做出的贡献致以诚挚 的感谢！ 特此公告。 内蒙古电投能源股份有限公司监事会 证券代码：002128 证券简称：电投能源 公告编号：2025003 2025 年 3 月 24 日 1 ...

Investment Rating - The report maintains a "Buy" rating for Hesai Technology, indicating strong growth potential in the lidar market and expected revenue increases for 2025-2027 [8][12][32]. Core Insights - Hesai Technology reported a net revenue of RMB 2.077 billion (approximately USD 285 million) for 2024, marking a year-on-year growth of 10.7% and achieving a non-GAAP net profit of RMB 13.7 million, reversing a loss from the previous year [3][4]. - The company experienced a significant increase in gross margin, reaching 42.6% in 2024, up from 35.2% in 2023, primarily due to cost optimization and increased sales volume [4][5]. - Hesai's Q4 2024 performance was particularly strong, with net income of RMB 720 million (approximately USD 98.6 million), a year-on-year increase of 28.3%, and a non-GAAP net profit of RMB 170 million [4][5]. - The company anticipates a revenue of RMB 3-3.5 billion (approximately USD 411-480 million) for 2025, representing a growth of 44%-69% compared to 2024 [6][8]. Summary by Sections Hesai Technology - Hesai Technology is positioned as a leading player in the autonomous driving and advanced driver-assistance systems (ADAS) lidar market, with a projected shipment of 1.5 million units in 2025 [8]. - The company has secured exclusive design contracts with top European OEMs, indicating strong demand for its lidar products [6][7]. - Hesai's new product line, including the JT series of 3D lidar for robotics, is expected to enhance its market presence and revenue streams [7]. Ideal Automotive - Ideal Automotive is transitioning from an electric vehicle manufacturer to an artificial intelligence company, with plans to leverage AI in its product offerings [9][10]. - The company is expected to achieve significant revenue growth, with projected net profits of RMB 13.35 billion and RMB 19.18 billion for 2025 and 2026, respectively [11]. Energy and Aluminum Sector - The report highlights the robust performance of Electric Power Energy and Shenhua Co., with both companies benefiting from rising aluminum prices and stable coal operations [12][13]. - Electric Power Energy is noted for its strong cash flow and stable profit margins, while Shenhua Co. is expected to see enhanced earnings due to its high aluminum production capacity [14][15]. Chemical Industry - Baofeng Energy reported a revenue of RMB 32.983 billion (approximately USD 4.5 billion) for 2024, driven by increased production and sales of polyethylene and polypropylene [24][26]. - The company is expanding its coal-to-olefins project in Xinjiang, which is expected to significantly boost its production capacity and market competitiveness [30][31]. Defense and Alloy Market - The report indicates that increased defense spending in China is likely to drive demand for chromium salts and high-temperature alloys, benefiting companies in the materials sector [38][39].

证券研究报告 煤炭 | 煤炭开采 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 13 日 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 03 | 月 | 日 | 12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 18.89 | | | | 一 年 内 / 低 | 最 | 高 | 最 | | | | | | | | （元） | | | | | | | 23.86/15.08 | | | | 总市值（百万元） | | | | | | | 42,343.32 | | | | 流通市值（百万元） | | | | | | | 42,343.32 | | | | 总股本（百万股） | | | | | | | 2,241.57 | | | | 资产负债率（%） ...

Investment Rating - The report gives an initial investment rating of "Buy" for the company, highlighting it as a benchmark for energy transition and a non-cyclical growth stock under a central enterprise [5][17][20]. Core Viewpoints - The company has established the world's first integrated "coal-green electricity-aluminum" industrial park model, characterized by low costs, stable profits from long-term contracts, and a template for promoting circular economy and green transition [6][22]. - The company has achieved a compound annual growth rate (CAGR) of 26% in pre-tax profits from 2014 to 2023, with seven profit increases in the past nine years, positioning itself as an outlier in the cyclical industry [6][22]. - The company aims to become a hundred billion profit enterprise with over a hundred billion in operating cash flow by 2030, under the guidance of the "Balanced Growth Strategy" [6][22]. Summary by Sections Market Performance - The closing price as of March 12, 2025, is 18.89 yuan, with a market capitalization of approximately 42.34 billion yuan [3]. Financial Analysis - From 2014 to 2023, the company's revenue and profit CAGR were 17% and 26%, respectively, with cumulative cash dividends of 7.2 billion yuan [14]. - The company has maintained an average return on equity (ROE) of 14% and a debt ratio averaging 35%, projected to be below 30% by 2024 [14]. Business Model - The company operates a unique integrated business model in Inner Mongolia, leveraging abundant wind, solar, and coal resources, and has established a stable ecosystem with an 85% long-term contract ratio for coal sales [7][35]. - The company’s coal business has an average gross margin of 50%, with a projected profit contribution of around 4 billion yuan in 2024 [35]. Growth Strategy - The company is focused on high-quality development, with new projects expected to maintain high ROE levels, particularly in the renewable energy sector [8][50]. - The company has a robust pipeline of renewable energy projects, with a target of reaching 33 GW of installed capacity by 2030 [56]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 5.36 billion, 6.10 billion, and 7.11 billion yuan, respectively, with corresponding earnings per share (EPS) of 2.39, 2.72, and 3.17 yuan [17][20].

证券代码：002128 证券简称：电投能源 公告编号：2025002 内蒙古电投能源股份有限公司 2025年第一次临时董事会决议公告 2.会议于 2025 年 1 月 17 日以通讯方式召开。 3.公司应出席董事11名，实际11名董事出席会议并表决（其中： 以通讯方式出席会议董事 11 人）。通讯方式出席会议董事分别为王 伟光、田钧、张昊、于海涛、胡春艳、应宇翔、李宏飞、韩放、陈天 翔、陶杨、李明。 4.会议召集人：公司董事长、党委书记王伟光先生。 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 1.内蒙古电投能源股份有限公司（以下简称"公司"）于 2025 年 1 月 13 日以电子邮件等形式发出关于召开公司 2025 年第一次临时 董事会会议的通知。 5.本次会议的召开符合法律、行政法规、部门规章和公司章程等 规定。 二、董事会会议审议情况 （一）审议《关于聘任公司副总经理的议案》； 董事会决定聘任胡震先生任公司副总经理，任期自董事会审议聘 任通过之日起至第八届董事会任期届满时止（简历附后）。 该议案经提名委员会审议通过。 1 表决 ...

致：内蒙古电投能源股份有限公司 受内蒙古电投能源股份有限公司（以下简称"公司"）聘请，北京市通商律师 事务所指派律师（以下简称"本所律师"）出席了公司 2025 年度第一次临时股东 大会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简 称"《公司法》"）《上市公司股东大会规则》《深圳证券交易所上市公司股东大 会网络投票实施细则》（以下简称"《网络投票实施细则》"）等法律法规、规章、 规范性文件及《内蒙古电投能源股份有限公司章程》（以下简称"《公司章程》"）、 《股东大会议事规则》的规定，对公司本次股东大会召集及召开程序、出席会议 的人员资格、召集人资格、提案审议情况、股东大会的表决方式、表决程序和表 决结果等重要事项的合法性进行了审核和见证，出具本法律意见书。 对本法律意见书的出具，本所律师特作出如下声明： 为出具本法律意见书，本所律师审查了公司章程以及公司本次股东大会的有 关文件和材料，并假设：（1）公司已提供了本所律师认为作为出具本法律意见 书所必需的材料；（2）公司所提供的原始材料、副本、复印件等材料均符合真 实、准确、完整的要求；及（3）公司提供的有关副本、复印件等材料与原始材 料 ...

证券代码：002128 证券简称：电投能源 公告编号：2025001 内蒙古电投能源股份有限公司 2025年第一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。 现场会议召开时间：2025 年 1 月 9 日（周四）14:00 互联网投票系统投票时间：2025 年 1 月 9 日（周四）9:15—15:00 交易系统投票时间：2025 年 1 月 9 日（周四）9:15—9:25,9:30 —11:30 和 13:00—15:00 2.地点:内蒙古自治区通辽市经济技术开发区清沟大街 1 号内蒙古电 投能源股份有限公司办公楼。 3.会议召开方式:现场表决与网络投票相结合的方式 4.会议召集人:公司董事会 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 1.召开时间 特别提示： 1.本次股东大会无否决议案的情形。 5.主持人:董事胡春艳（经半数以上董事推荐） 6.出席情况： 通过现场和网络投票的股东 181 人，代表股份 1,427,558,342 1 股，占公司有表决权股份总数的 63.6855％。 其中：通过 ...

Project Overview - The company has initiated the first phase of a 550,000 kW integrated wind and solar project in Keshiketeng Banner, which is expected to be constructed by its subsidiary, Inner Mongolia Electric Power Investment New Energy Ecological Construction Co., Ltd [3][7] - The project includes 200,000 kW of wind power and 350,000 kW of solar power, along with a supporting 82.5 MW/165 MWh lithium iron phosphate energy storage system [8][32] Economic Evaluation - The project has a payback period of 13.39 years and an internal rate of return on equity of 8.26%, which meets industry standards [4][55] - The total dynamic investment for the project is approximately 226,332.78 million yuan, with a static investment of 223,131.22 million yuan [33][105] Strategic Alignment - The project aligns with national strategic policies aimed at accelerating the development of a new energy system and advancing key ecological projects in the "Three Norths" region [11][114] - It is significant for combating desertification in the Khorchin Sandy Land and severing the sand source affecting Beijing and Tianjin [11][114] Financial Impact - The project is projected to generate a total profit of approximately 119,097.76 million yuan during its operational phase, with a net present value of 4,776.62 million yuan after tax [55][110] - The project is expected to maintain positive cash flow throughout its operational period, indicating a low financial risk and strong debt repayment capability [55][110] Risk Management - The company plans to address potential risks such as power limitation rates and declining electricity prices by actively monitoring market policies and preparing for participation in electricity spot market trading [21][80] - Measures will be taken to ensure synchronized construction of the source and grid to mitigate risks associated with asynchronous development [80][125]