Financial Performance - The company's operating revenue for Q1 2025 was ¥7,537,446,747.69, an increase of 2.63% compared to ¥7,344,608,736.13 in the same period last year[5]. - Net profit attributable to shareholders decreased by 19.82% to ¥1,559,048,223.47 from ¥1,944,336,625.71 year-on-year[5]. - The company's basic earnings per share decreased by 19.54% to ¥0.7 from ¥0.87 in the same period last year[5]. - Net profit for the current period was ¥1,744,974,620.10, a decrease of 19.6% from ¥2,171,436,588.06 in the previous period[21]. - Earnings per share (EPS) for the current period was ¥0.7, down from ¥0.87 in the previous period[22]. Cash Flow - The net cash flow from operating activities increased by 31.06% to ¥1,766,277,975.31 compared to ¥1,347,713,938.90 in the previous year[5]. - Cash inflow from operating activities was ¥6,865,012,871.89, an increase from ¥5,972,569,226.90 in the previous period[23]. - Cash outflow from operating activities totaled CNY 5,098,734,896.58, up from CNY 4,624,855,288.00, indicating a rise of 10.1%[24]. - The net cash flow from investing activities was -CNY 1,169,629,954.56, worsening from -CNY 414,879,282.00 in the prior period[24]. - Cash inflow from financing activities was CNY 457,184,282.24, down 43.3% from CNY 806,284,850.97[24]. - The net cash flow from financing activities was CNY 44,445,537.20, a significant decrease of 89.0% compared to CNY 406,601,311.67[24]. - The ending balance of cash and cash equivalents was CNY 3,584,916,452.11, an increase from CNY 2,986,949,522.72[24]. - The total cash and cash equivalents increased by CNY 641,085,872.96, compared to an increase of CNY 1,339,521,634.91 in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥53,358,790,394.72, reflecting a 3.34% increase from ¥51,634,287,255.08 at the end of the previous year[5]. - Total current assets increased to CNY 11,027,811,253.99 from CNY 9,178,236,251.39, representing a growth of approximately 20.2%[17]. - Total liabilities increased to CNY 30,000,000,000, reflecting a strategic move to leverage for expansion[16]. - Total liabilities decreased to ¥12,881,038,994.77 from ¥13,062,231,427.57 in the previous period[18]. - Total equity increased to ¥40,477,751,399.95 from ¥38,572,055,827.51 in the previous period[18]. Research and Development - The company's R&D expenses for the period were ¥80,417.79, a significant decrease of 97.84% year-on-year, primarily due to reduced data collection R&D for photovoltaic power stations[10]. - Research and development expenses were ¥80,417.79, significantly lower than ¥3,720,114.70 in the previous period[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,366[14]. - The largest shareholder, China Power Investment Inner Mongolia Energy Group, holds 55.77% of shares, totaling 1,250,022,721 shares[14]. Operating Costs and Income - Total operating costs increased to ¥5,509,540,785.69, up 14.7% from ¥4,802,403,347.66 in the previous period[21]. - Other operating income for the period amounted to ¥4,451,766.87, an increase of 152.67% year-on-year, mainly due to electricity compensation[12].

Core Viewpoint - The recent financial report of Electric Power Investment Energy (002128) shows a positive growth in revenue and net profit for 2024, although the quarterly net profit for Q4 has declined compared to the previous year [1][2]. Financial Performance - The total operating revenue for 2024 reached 29.859 billion yuan, an increase of 11.23% year-on-year [4]. - The net profit attributable to shareholders was 5.342 billion yuan, reflecting a year-on-year growth of 17.15% [4]. - In Q4, the operating revenue was 8.05 billion yuan, up 13.13% year-on-year, while the net profit decreased by 3.37% to 942 million yuan [1]. Profitability Metrics - The gross profit margin improved to 34.05%, a year-on-year increase of 7.07% [4]. - The net profit margin also increased to 19.66%, up 5.14% from the previous year [4]. - The company reported a return on invested capital (ROIC) of 13.62%, indicating strong capital returns [4]. Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 1.269 billion yuan, representing 4.25% of revenue, which is a 4.71% increase year-on-year [4]. - The company’s cash flow per share was 3.55 yuan, up 15.71% year-on-year [4]. Analyst Expectations - Analysts had previously estimated the net profit for 2024 to be around 5.578 billion yuan, indicating that the actual results fell short of expectations [2][5]. - The average earnings per share forecast for 2025 is projected at 2.61 yuan [5]. Shareholder Information - The largest fund holding Electric Power Investment Energy is the E Fund Resource Industry Mixed Fund, which holds 4.477 million shares [6].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 25 年 月 日 电投能源（002128.SZ） 电解铝贡献弹性，煤电托底，未来可期 公司发布 2024 年年度。2024 公司实现年营业收入 298.59 亿元，同比增 长 11.23%；归母净利润 53.42 亿元，同比增长 17.15%；24Q4 实现营业 收入 80.5 亿元，同比增长 13.13%，环比增长 4.78%；归母净利润 9.42 亿元，同比减少 3.37%，环比下降 35.28%。公司业绩同比增长主要系煤 炭、电解铝量价齐升。 煤炭业务量价齐升，成本控制能力凸显。 ➢ 公司核定产能 4,800 万吨/年，经过多年耕耘，已成为东北地区褐煤 销售龙头企业，公司 2025 年煤炭长协价与 2024 持平，有助于提 升公司 2025 年煤炭业务利润韧性；2025 年公司煤炭产/销量计划 为 4800/4824 万吨。 电解铝业务赋能弹性，成长可期。 绿电业务增量显著。 ➢ 2024 年公司发电量 1155445 万千瓦时，同比+32.8%，其中煤电发 电量 552784 万千瓦时，同比-1.4%，新能源发电量 602660 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a revenue of 29.859 billion yuan in 2024, representing a year-on-year growth of 11.23%, and a net profit of 5.342 billion yuan, reflecting a year-on-year increase of 17.15% [1] - The growth in performance is primarily driven by the increase in both volume and price of coal and electrolytic aluminum [1] - The company has established itself as a leading brown coal seller in Northeast China, with a planned coal production and sales target of 48 million tons for 2025 [3] - The electrolytic aluminum business is anticipated to provide significant growth potential, with a production target of 90,000 tons for 2025 [8] Financial Performance - In Q4 2024, the company achieved a revenue of 8.05 billion yuan, a year-on-year increase of 13.13%, but a net profit of 942 million yuan, which is a decrease of 3.37% year-on-year [1] - The company produced 48 million tons of raw coal in 2024, a year-on-year increase of 3.1%, and sold 47.76 million tons, a year-on-year increase of 2.8% [8] - The average selling price of coal in 2024 was 222 yuan per ton, up 8.6% year-on-year, while the cost was 90 yuan per ton, down 8% year-on-year [8] - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares, totaling 1.79 billion yuan, which represents 35.67% of the net profit attributable to shareholders [10] Business Segments - The company's power generation volume in 2024 is expected to reach 1,155,445 million kWh, a year-on-year increase of 32.8%, with significant contributions from renewable energy sources [4] - The company has a strong focus on green electricity, with plans to increase the proportion of green electricity in its aluminum production to 79% after the completion of a new project [8] - The coal business is expected to maintain stable profits, while the aluminum segment is projected to benefit from a significant drop in alumina prices, enhancing cost efficiency [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance has improved due to increased coal, electricity, and aluminum production, with a focus on the growth potential in coal and aluminum sectors as well as the transition to green energy [3][4] - The company achieved a revenue of 29.86 billion yuan in 2024, representing a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 5.34 billion yuan, up 17.2% year-on-year [3][4] - The report anticipates a steady growth in net profit for 2025-2027, with projections of 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, indicating year-on-year growth rates of 8.4%, 6.5%, and 5.4% [3][4] Financial Performance Summary - In 2024, the company produced 47.996 million tons of raw coal, a 3.1% increase year-on-year, with a coal price of 221.6 yuan per ton, up 8.6% year-on-year [4] - The aluminum production reached 900,000 tons in 2024, with a selling price of 17,653.8 yuan per ton, reflecting a 6.2% increase year-on-year [4] - The company's electricity generation from coal was 5.53 billion kWh, a decrease of 1.4% year-on-year, while renewable energy generation surged by 94.7% to 6.03 billion kWh [4] Dividend and Growth Potential - The company plans to increase its coal production capacity and has ongoing projects in aluminum production, which are expected to contribute positively to its earnings [5] - The total cash dividend for 2024 is projected at 1.905 billion yuan, with a dividend payout ratio of 35.67%, indicating a year-on-year increase [5] - The report emphasizes the company's commitment to enhancing its dividend policy in line with market expectations and its growth trajectory [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance has improved due to increased coal, electricity, and aluminum production, with a focus on the growth potential in coal and aluminum as well as the transition to green energy [3][4] - The company achieved a revenue of 29.86 billion yuan in 2024, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 5.34 billion yuan, up 17.2% year-on-year [3][4] - The report anticipates a steady growth in net profit for 2025-2027, with projections of 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, reflecting year-on-year growth rates of 8.4%, 6.5%, and 5.4% [3][4] Financial Performance Summary - In 2024, the company produced 47.996 million tons of raw coal, a 3.1% increase year-on-year, with a coal price of 221.6 yuan per ton, up 8.6% year-on-year [4] - The company’s aluminum production reached 900,000 tons in 2024, with a selling price of 17,653.8 yuan per ton, reflecting a 6.2% increase year-on-year [4] - The report indicates that the company's cash dividend for 2024 is 1.905 billion yuan, with a dividend payout ratio of 35.67%, an increase of 2.24 percentage points year-on-year [5] Future Outlook - The company is expected to see an increase in coal production capacity, with ongoing projects that will enhance its aluminum production capabilities [5] - The renewable energy segment is projected to grow significantly, with an installed capacity of approximately 5.0076 million kilowatts by the end of 2024, including 4.0504 million kilowatts from wind power and 957,200 kilowatts from solar power [5] - The report emphasizes the potential for continued growth in the company's core businesses while actively pursuing opportunities in the renewable energy sector [3][5]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 29.859 billion yuan in 2024, representing a year-on-year growth of 11.2%, and a net profit attributable to shareholders of 5.342 billion yuan, up 17.1% year-on-year [1]. - The company plans to distribute a dividend of 0.8 yuan per share for 2024, resulting in a dividend payout ratio of 35.67% and a dividend yield of 4.6% based on the closing price on April 24, 2025 [2]. - The coal business saw an increase in both volume and price, with a gross margin improvement of 3.7 percentage points to 58.2% [2]. - The power segment benefited from the growth of renewable energy, with total electricity sales increasing by 32.8% year-on-year, although the gross margin decreased by 2.7 percentage points to 31.9% [3]. - The electrolytic aluminum segment experienced a rise in prices, leading to a gross margin increase of 2.2 percentage points to 17.7% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 8.05 billion yuan, with a quarter-on-quarter increase of 13.1%, but a net profit decline of 3.4% [1]. - The company’s coal production reached 47.996 million tons, a 3.1% increase year-on-year, with a sales volume of 47.759 million tons, up 2.8% [2]. - The company’s electricity sales from coal decreased slightly, while renewable energy sales surged by 94.7% year-on-year [3]. - The projected net profits for 2025-2027 are 5.841 billion yuan, 6.216 billion yuan, and 6.703 billion yuan, respectively, with corresponding EPS of 2.61 yuan, 2.77 yuan, and 2.99 yuan [4][5]. Valuation Metrics - The price-to-earnings (PE) ratio is projected to be 7 for 2025, 7 for 2026, and 6 for 2027 [5]. - The price-to-book (PB) ratio is expected to decline from 1.2 in 2024 to 0.9 by 2027 [5].

➢ 煤炭量价同增，毛利率同比抬升。2024 年，公司实现原煤产量 4799.60 万 吨，同比+3.1%；原煤销量 4775.97 万吨，同比+2.8%；吨煤收入 213.5 元/吨， 同比+8.8%；吨煤成本 89.3 元/吨，同比持平；煤炭业务毛利率同比+3.7pct 至 58.2%。 ➢ 电力受益新能源放量产销双升，毛利率同比下滑。2024 年，公司完成发售 电量 115.54/109.92 亿千瓦时，同比+32.8%/+34.6%；电力业务毛利率同比- 2.7pct 至 31.9%。其中：1）煤电：2024 年，公司煤电发售电量 55.28/50.34 亿 千瓦时，同比-1.4%/-1.5%；度电收入 0.3439 元/千瓦时，同比-2.6%；度电成 本 0.2732 元/千瓦时，同比+2.1%；度电毛利 0.0707 元/千瓦时，同比-17.5%； 煤电业务毛利率同比下降 3.7pct 至 20.6%。2）新能源：2024 年，公司新能源 (含光伏、风电)发售电量 60.27/59.58 亿千瓦时，同比+94.7%/+95.0%；度电收 入 0.2737 元/千瓦时，同比-13.0%；度电成本 0. ...

二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—10 页 三、执业资质证书……………………………………………… 第 11—14 页 非经营性资金占用及其他关联资金往来情况的 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 专项审计说明 天健审〔2025〕1-770 号 内蒙古电投能源股份有限公司全体股东： 我们接受委托，审计了内蒙古电投能源股份有限公司（以下简称电投能源公 司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的电投能源公司管理层编制的 2024 年度《非经营性资金占用及其他关 联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供电投能源公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为电投能源公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解电投能源公司 2024 年度非经营性资金占用 ...

国家电投集团财务有限公司 风险评估专项说明审核报告 2024 年度 信会师报字[2025]第 ZG23276 号 目录 | | | 风险评估专项说明 第 1 -6 页 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANT 关于国家电投集团财务有限公司 2024年12月31日风险评估专项说明审核报告 信会师报字[2025]第 ZG23276 号 内蒙古电投能源股份有限公司: 我们接受委托,审核了国家电投集团财务有限公司(以下简称"财务公 司")截至 2024年12月31日与财务报表相关的风险管理设计的合理性与 执行的有效性作出的评价与认定。建立健全并合理设计风险管理体系并保 持其有效性、风险管理政策与程序的真实性和完整性是财务公司管理当局 的责任。我们的责任是对财务公司与财务报表有关的风险管理执行情况发 表意见。 我们在审核过程中,实施了包括了解、测试和评价财务公司与财务报 表编制有关的风险管理设计的合理性和执行情况,以及我们认为必要的其 他程序。我们相信,我们的审核为发表意见提供了合理的基础。 风险管理具有固有限制,存在由于错误或舞 ...