Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 26.50 CNY, reflecting a 10x PE for 2025 [4][6]. Core Views - The company has shown significant growth in Q3 2024, with a revenue increase of 10.54% year-on-year and a net profit increase of 22.73% [3]. - The coal business is expected to maintain stable profitability due to steady coal prices and strong downstream demand [3]. - The electrolytic aluminum segment is anticipated to benefit from cost advantages and a potential price increase in Q4 [4]. - The company's renewable energy projects are progressing well, with plans for significant capacity additions in the coming years [4]. Financial Summary - Total revenue is projected to grow from 26,846 million CNY in 2023 to 36,470 million CNY by 2026, with year-on-year growth rates of 0.2%, 9.7%, 12.5%, and 10.1% respectively [2][8]. - Net profit attributable to the parent company is expected to rise from 4,560 million CNY in 2023 to 6,387 million CNY in 2026, with growth rates of 14.4%, 25.1%, 4.1%, and 7.6% [2][8]. - Earnings per share (EPS) is forecasted to increase from 2.03 CNY in 2023 to 2.85 CNY in 2026 [2][8]. - The company’s price-to-earnings (PE) ratio is projected to be 11 in 2023 and decrease to 8 by 2026 [2][8].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][15]. Core Views - The company reported a revenue of 21.81 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 10.54%. The net profit attributable to shareholders reached 4.40 billion yuan, up 22.73% year-on-year [1]. - The recovery in the electrolytic aluminum sector and rapid expansion of the new energy installation scale are key drivers for the company's performance [4]. - The company has a strong outlook for continued growth in both the electrolytic aluminum and new energy sectors, supported by favorable market conditions and strategic expansions [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 21.81 billion yuan, with a net profit of 4.40 billion yuan, reflecting a year-on-year growth of 10.54% and 22.73% respectively [1]. - The coal power segment saw a revenue of 849 million yuan in the first half of 2024, down 15.98% year-on-year, while the gross profit margin decreased to 32.73% [2]. - The electrolytic aluminum segment generated a revenue of 7.73 billion yuan in the first half of 2024, up 11.33% year-on-year, with a gross profit of 1.92 billion yuan, marking a significant increase of 64.52% [3]. Sector Performance - The new energy segment's installed capacity reached 4.78 million kilowatts by the end of the first half of 2024, a year-on-year increase of 53.20%. The segment's revenue was 826 million yuan, up 62.28% year-on-year [4]. - The average domestic aluminum price for the first three quarters of 2024 was 19,715 yuan per ton, an increase of 5.93% year-on-year, contributing to the recovery of the electrolytic aluminum sector [3]. Profit Forecast and Valuation - The profit forecast has been adjusted to reflect the increase in aluminum prices and the rapid expansion of the new energy segment. The expected net profits for 2024-2026 are 5.58 billion, 5.83 billion, and 6.45 billion yuan respectively, with year-on-year growth rates of 22.33%, 4.61%, and 10.51% [4]. - The corresponding price-to-earnings ratios are projected to be 8.70, 8.31, and 7.52 times for the respective years [4].

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company benefits from a "coal-electricity-aluminum" integrated industrial model, which enhances its resource and cost advantages, providing strong resilience against risks and promising sustainable development [3][8] - The company has a significant growth potential in the green energy sector, with plans to increase its renewable energy capacity to over 7 GW by the end of the 14th Five-Year Plan [7][9] - The aluminum production segment is expected to contribute to profit elasticity, with a projected increase in capacity by 35,000 tons by the end of 2025, representing a 40% growth from the current capacity [8][9] Summary by Sections Company Overview - The company, formerly known as Huolinhe Mining Bureau, was established in December 2001 and has been transitioning towards renewable energy since 2014 [9] - It is the only platform for coal, thermal power, and aluminum resource integration in the Inner Mongolia region under the State Power Investment Corporation [10] Coal Segment - The company is a leading producer of lignite in Eastern Mongolia, with an annual coal production capacity of 48 million tons and a stable profit margin due to high long-term contract sales [7][23] - The coal sales price has shown a steady increase, with a high proportion of long-term contracts (approximately 85%) mitigating market volatility [29] Power Segment - The company has a total installed power capacity of 7.5 GW, with a significant portion coming from coal-fired power plants that utilize self-produced coal, ensuring stable performance [7][14] - The renewable energy segment is rapidly growing, with plans to expand installed capacity significantly in the coming years [7][9] Aluminum Segment - The company has an aluminum production capacity of 860,000 tons, benefiting from low electricity costs due to self-owned power plants, which enhances profitability [8][14] - The aluminum market is expected to see demand growth driven by the electric vehicle sector, providing further opportunities for profit [8][9] Financial Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 5.741 billion, 6.087 billion, and 6.605 billion yuan respectively, with corresponding EPS of 2.56, 2.72, and 2.95 yuan [3][4] - The company maintains a strong financial position with a stable gross margin and effective cost control, leading to a favorable outlook for profitability [19][21]

Investment Rating - The report maintains a "Buy" rating for the company [2][6][9] Core Insights - The company reported significant profit growth in Q3 2024, with revenue reaching 76.83 billion yuan, a year-on-year increase of 17.81% and a quarter-on-quarter increase of 13.28% [3] - The net profit attributable to shareholders for Q3 2024 was 14.55 billion yuan, reflecting a year-on-year increase of 45.26% and a quarter-on-quarter increase of 45.55% [3] - The company’s overall revenue for the first three quarters of 2024 was 218.1 billion yuan, up 10.54% year-on-year, with a net profit of 44.00 billion yuan, up 22.73% year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 286.4 billion yuan, 297.7 billion yuan, and 358.4 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 7%, 4%, and 20% [6][7] - The forecasted net profit attributable to shareholders for the same years is 54.9 billion yuan, 58.4 billion yuan, and 67.3 billion yuan, with growth rates of 20%, 6%, and 15% respectively [6][7] Business Segments Performance - The coal business is expected to maintain stable profitability, with a high proportion of long-term contracts reducing market volatility impact [4] - The aluminum segment is benefiting from rising aluminum prices, contributing positively to the company's performance [3][4] - The power generation business is anticipated to recover, with industrial power generation increasing by 8.9% year-on-year in September 2024 [3][4] Market Performance - The company's stock has outperformed the CSI 300 index, with a 12-month return of 55.1% compared to the index's 12.9% [3] - The current stock price is 20.29 yuan, with a 52-week price range of 13.19 to 23.86 yuan [4]

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 25.70, up from the previous target of 18.78 [5][10]. Core Insights - The company's Q3 performance showed significant year-on-year and quarter-on-quarter growth, primarily driven by increased coal production and sales. However, profitability in the electrolytic aluminum business is expected to decline [3][10]. - The company is positioned as a pioneer in coal enterprise transformation, with green electricity business expected to become a new growth point for performance [3][10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.81 billion, a 10.54% increase year-on-year, and a net profit attributable to shareholders of 4.40 billion, up 22.73% [10]. - In Q3 alone, revenue reached 7.683 billion, representing a year-on-year increase of 17.81% and a quarter-on-quarter increase of 13.28%. The net profit for Q3 was 1.455 billion, up 45.26% year-on-year and 45.55% quarter-on-quarter [10]. Production and Sales - The increase in revenue is attributed to higher coal production and sales, with over 90% of coal sold under long-term contracts, leading to stable coal prices. The company reported a coal production capacity of 48 million tons for H1 2024, an increase of 2 million tons year-on-year [10]. - Q3 operating costs were 5.091 billion, up 11.72% year-on-year and 8.69% quarter-on-quarter, indicating that the cost increase was less than revenue growth, primarily due to increased production and sales [10]. Business Segments - The electrolytic aluminum business is expected to see a decline in profitability, with Q3 earnings from this segment estimated at 134 million, down 1.20 billion from Q2. The average aluminum price decreased by 975 yuan/ton, while the cost of alumina increased by 277 yuan/ton [10]. - The company has invested in renewable energy, with 4.78 GW of installed capacity and significant growth in electricity generation and sales, which are expected to contribute to future performance [10]. Financial Projections - The report raises the earnings per share (EPS) forecast for 2024 and 2025 to 2.57 and 2.65 yuan, respectively, with a new EPS estimate for 2026 at 2.72 yuan. The dividend payout ratio is projected at 33%, resulting in a dividend yield of 4.2% [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant quarter-on-quarter increase in Q3 performance, with a focus on dividend enhancement and green energy transformation [1] - For the first three quarters of 2024, the company achieved operating revenue of 21.81 billion yuan, a year-on-year increase of 10.54%, and a net profit attributable to shareholders of 4.40 billion yuan, up 22.73% year-on-year [1] - The company is expected to achieve its annual coal production and sales target of 48 million tons, with an upward revision of profit forecasts for 2024-2026 [1] Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 7.68 billion yuan, a quarter-on-quarter increase of 13.28%, and a net profit attributable to shareholders of 1.46 billion yuan, up 45.55% quarter-on-quarter [1] - The company’s net profit forecasts for 2024-2026 are revised to 6.11 billion, 6.34 billion, and 6.85 billion yuan respectively, with year-on-year growth rates of 33.9%, 3.8%, and 8.0% [1][2] Business Segments - The coal business is expected to show significant improvement, with the company being a leading producer of lignite in the Inner Mongolia and Northeast regions [1] - The company plans to increase its renewable energy capacity, targeting an installed capacity of approximately 1 million kilowatts by the end of the 14th Five-Year Plan [1] - The electrolytic aluminum business is facing pressure from declining aluminum prices and rising raw material costs, which may narrow profitability in Q3 [1] Dividend and Growth Potential - The company has announced its first interim dividend, proposing a cash distribution of 0.5 yuan per 10 shares, with a dividend payout ratio of 3.81% [1] - The dividend payout ratio for 2023 was 33.43%, indicating potential for future increases in dividend levels [1]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported significant year-on-year and quarter-on-quarter growth in earnings for Q3 2024, with a notable increase in revenue and net profit, indicating strong performance in the renewable energy sector [1][2]. - The company is actively expanding its renewable energy projects, with plans for substantial increases in wind and solar power capacity in the coming years, which is expected to drive future growth [2][3]. - The projected net profits for 2024-2026 are estimated at 54.69 billion, 58.99 billion, and 62.07 billion respectively, with corresponding EPS of 2.44, 2.63, and 2.77 yuan per share [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 218.10 billion yuan, a year-on-year increase of 10.54%, and a net profit of 44.00 billion yuan, up 22.73% year-on-year [1]. - In Q3 2024, the company reported revenue of 76.83 billion yuan, a 17.81% increase year-on-year and a 13.28% increase quarter-on-quarter, with a net profit of 14.55 billion yuan, reflecting a 45.26% year-on-year growth [1]. Project Developments - The company plans to invest in a new 10MW wind power project in Dongsheng District, with a total investment of 37.99 million yuan, which is below the industry standard cost [2]. - The company has a wind power installed capacity of approximately 3.4 million kilowatts and a solar power capacity of about 1.05 million kilowatts, with plans to add around 700,000 kilowatts in 2024 and 2 million kilowatts in 2025 [2]. Earnings Forecast - The forecast for the company's net profit for 2024-2026 is 54.69 billion, 58.99 billion, and 62.07 billion yuan, with corresponding EPS of 2.44, 2.63, and 2.77 yuan per share, indicating a positive growth trajectory [3][5].

1 《规章制度管理规定》（修订）新旧条款对照表 | 序 号 | 修订前条款 | 修订后 | 说明 | | --- | --- | --- | --- | | | | 第二条 公司章程是公司组织与行为的基本准则。 | | | 1 | 无 | 公司章程制修订依据法律法规、章程规定及集团公司管 | 明确章程定位。 | | | | 理要求履行相应决策程序。 | | | | 第三条 本办法所称规章制度（以下简称"制度"） 是指依据国家法律法规、党内法规和公司章程，结合公 | 第三条 规章制度（以下简称"制度"），是指公司 本部及各单位依据国家法律法规、党内法规、上级规定、 | | | | 司实际，由公司制定并发布的对公司和所属单位及职工 | 监管要求，以及公司章程，结合企业战略和管理实际， | | | | 行为具有普遍约束力的规范性文件。 | 在职权范围内依据规范程序制定印发的，对本单位及下 | | | | | 属单位在适用范围内，具有普遍约束力、有效期内适用、 | | | 2 | | 权责对应的规定（规则）、办法、实施细则等文件。 | 明确制度解释和范围。 | | | | "指导意见""通知""方案""大纲"等规范性 ...

电投能源：第三季度净利润14.55亿元 同比增长45.26% 财联社10月23日电，电投能源发布2024年第三季 度报告，公司前三季度实现营业收入218.1亿元，同比增长10.54%；归属于上市公司股东的净利润44亿 元，同比增长22.73%。 其中，第三季度实现净利润14.55亿元，同比增长45.26%。 查看公告原文 ...

证券代码：002128 证券简称：电投能源 公告编号：2024077 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、召开会议基本情况 （一）股东大会届次：2024年第六次临时股东大会 1.股东大会召集人：内蒙古电投能源股份有限公司（以下简称" 公司"）2024年第十次临时董事会决定召开公司2024年第六次临时股 东大会。 2.本次股东大会的召开符合法律法规、深圳证券交易所业务规则 和公司章程等规定。 （二）会议时间 1.现场会议召开时间：2024年11月12日（周二）14:00 2.互联网投票系统投票时间：2024年11月12日（周二）9:15— 15:00 3.交易系统投票时间：2024年11月12日（周二）9:15—9:25,9:30 —11:30和13:00—15:00 （三）会议召开方式：现场表决与网络投票相结合 （四）股权登记日：2024年11月5日（周二） （五）出（列）席会议对象： （1）在股权登记日持有公司股份的普通股股东或其代理人； —4— 于股权登记日下午收市时在结算公司登记在册的公司全体普通股 股东均有权出席股东大会，并可以以书面形 ...