[Table_Main] 证券研究报告 | 公司点评 电投能源(002128.SZ) 2024年04月29日 电投能源（002128.SZ）：业绩稳 买入（维持） 所属行业：煤炭/煤炭开采 健逆势增长，关注未来成长性 当前价格(元)：20.76 证券分析师 投资要点 翟堃 资格编号：s0120523050002 事件：公司发布2023年报。2023年公司实现营业收入268.5亿元，同比+0.20%；  邮箱：zhaikun＠tebon.com.cn 归母净利润 45.6 亿元，同比+14.39%；扣非后归母净利润 43.38 亿元，同比 薛磊 +12.27%。单季度来看，23Q4实现营业收入71.2亿元，同比+2.75%，环比+9.11%； 资格编号：S0120524020001 归母净利润9.75亿，同比+34.18%，环比-2.71%；扣非后归母净利润8.53亿元， 邮箱：xuelei＠tebon.com.cn 同比+26.57%，环比-10.93%。2024年一季度，公司实现营业收入73.4亿元，同 研究助理 比+7.32%；归母净利润19.4亿元，同比+20.21%；扣非后归母净利润19.1亿元， ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a revenue of 7.345 billion yuan in Q1 2024, representing a year-on-year growth of 7.32%. The net profit attributable to shareholders was 1.944 billion yuan, up 20.21% year-on-year [2]. - The company has a high proportion of long-term coal sales contracts, accounting for 85%, which stabilizes its performance. The current coal production capacity is 48 million tons, with plans for further capacity expansion [2]. - The company is actively expanding its renewable energy business, with a total installed capacity of 4.552 million kilowatts in operation. This segment is expected to become a significant profit growth driver [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 73.45 billion yuan, a 7.32% increase year-on-year. The net profit attributable to shareholders was 19.44 billion yuan, reflecting a 20.21% increase year-on-year. The basic earnings per share (EPS) was 0.87 yuan, up 7.41% [2]. - The company expects to sell 48 million tons of raw coal, generate 12.33 billion kilowatt-hours of electricity, and sell 880,000 tons of electrolytic aluminum in 2024, all showing year-on-year growth [3]. Capacity and Projects - The company is progressing with the Zaha Naoer aluminum alloy project, with an expected electrolytic aluminum production capacity of 1.21 million tons by 2025 [2]. - The company has completed the necessary procedures for land use certificates for the Baiyin Hwa mines, which have a combined capacity of 35 million tons, indicating significant potential for capacity expansion [2]. Renewable Energy Initiatives - The company has been expanding its renewable energy generation business, with projects in regions like Tongliao and Xilingol. The total installed capacity of renewable energy projects is currently 4.552 million kilowatts [2]. - The company is also advancing the construction of a 445,000-kilowatt wind power project in Tuquan County, which is expected to significantly increase its renewable energy capacity during the 14th Five-Year Plan period [2].

关于独立董事辞职的公告 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。 证券代码：002128 证券简称：电投能源 公告编号：2024027 内蒙古电投能源股份有限公司 因其辞职后，电投能源董事会无会计专业的独立董事，因此独立 董事夏鹏先生在辞职后将继续履行职责至电投能源选举产生新的会 计专业独立董事时止。辞职报告应当在独立董事填补因其辞职产生的 空缺后方能生效。夏鹏先生不持有本公司股份，也不存在股份锁定承 诺。 公司对夏鹏先生担任独立董事期间为公司做出的贡献表示衷心 的感谢！ 内蒙古电投能源股份有限公司董事会 2024 年 4 月 26 日 1 内蒙古电投能源股份有限公司（以下简称"公司"）董事会于 2024 年 4 月 26 日收到公司独立董事夏鹏先生提交的书面辞职报告。 独立董事夏鹏先生在公司董事会连续任职独立董事时间即将满 六年，根据《上市公司独立董事管理办法》等有关规定，特申请辞去 电投能源独立董事及董事会审计委员会主任委员、薪酬与考核委员会 委员职务，辞职后不在电投能源担任任何职务。 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥7,344,608,736.13, an increase of 7.32% compared to ¥6,843,970,382.32 in the same period last year[3] - Net profit attributable to shareholders for Q1 2024 was ¥1,944,336,625.71, representing a year-on-year increase of 20.21% from ¥1,617,411,584.81[3] - Total operating revenue for the current period reached ¥7,344,608,736.13, an increase of 7.3% compared to ¥6,843,970,382.32 in the previous period[15] - Net profit for the current period was ¥2,171,436,588.06, representing a 25.0% increase from ¥1,739,296,671.39 in the same period last year[16] - The total profit for the current period was ¥2,558,579,158.01, up from ¥2,048,870,268.21, reflecting a growth of 24.8%[16] Cash Flow - The net cash flow from operating activities was ¥1,347,713,938.90, showing a slight decrease of 0.29% compared to the previous year[3] - Net cash flow from operating activities for Q1 2024 was approximately CNY 1.35 billion, slightly down from CNY 1.35 billion in the previous year[19] - Net cash flow from investing activities was negative CNY 414.88 million, compared to negative CNY 1.18 billion in the same period last year[19] - Cash inflow from financing activities totaled CNY 806.28 million, down from CNY 5.33 billion in Q1 2023[19] - Net cash flow from financing activities was CNY 406.60 million, a significant decrease from CNY 4.12 billion in the previous year[19] - The ending balance of cash and cash equivalents was CNY 2.99 billion, down from CNY 6.08 billion at the end of Q1 2023[19] - The company reported a net increase in cash and cash equivalents of CNY 1.34 billion for the quarter, compared to CNY 4.29 billion in the previous year[19] - Cash inflow from the disposal of fixed assets and other long-term assets was CNY 1.57 million[19] - Cash outflow for the acquisition of fixed assets and other long-term assets was CNY 416.92 million, significantly lower than CNY 1.18 billion in the same quarter last year[19] - The company did not report any cash received from investment income during the quarter[19] Assets and Liabilities - The company's total assets at the end of Q1 2024 reached ¥51,853,739,096.23, up 6.91% from ¥48,501,175,130.73 at the end of the previous year[3] - As of March 31, 2024, the total assets of Inner Mongolia Electric Power Investment Energy Co., Ltd. reached CNY 51.85 billion, an increase from CNY 48.50 billion at the beginning of the year, reflecting a growth of approximately 4.85%[12] - The company's total liabilities increased to CNY 15.19 billion from CNY 14.20 billion, reflecting a growth of approximately 6.9%[14] - The company's total current assets amounted to CNY 10.46 billion, compared to CNY 7.14 billion at the beginning of the year, marking an increase of about 46.5%[13] - The company’s total current liabilities increased to CNY 6.69 billion from CNY 5.82 billion, representing a growth of about 14.9%[14] Shareholder Information - The company reported a total of 31,751 common shareholders at the end of the reporting period[8] - The total equity attributable to shareholders at the end of Q1 2024 was ¥33,010,042,398.13, up 6.87% from ¥30,887,497,802.07 at the end of the previous year[3] - The equity attributable to shareholders of the parent company rose to CNY 33.01 billion, up from CNY 30.89 billion, indicating an increase of about 6.9%[14] Research and Development - Research and development expenses for the period amounted to ¥3,720,114.70, an increase of 91.53% year-on-year, primarily due to increased R&D in photovoltaic data collection[6] - Research and development expenses surged to ¥3,720,114.70, a significant increase of 91.1% from ¥1,942,330.82 in the previous period[15] Earnings and Costs - Basic earnings per share rose to ¥0.87, up from ¥0.81, reflecting a growth of 7.4%[17] - Total operating costs amounted to ¥4,802,403,347.66, slightly up from ¥4,801,347,191.71, indicating a marginal increase of 0.02%[15] - The company’s tax expenses increased to ¥387,142,569.95 from ¥309,573,596.82, representing a rise of 25.1%[16] Other Financial Metrics - The weighted average return on equity was 6.09%, a slight decrease of 0.04% compared to the previous year[3] - The balance of cash and cash equivalents at the end of the period was ¥3,032,886,611.07, reflecting a significant increase of 79.10% from the beginning of the period[5] - Accounts receivable at the end of the period totaled ¥3,335,513,884.43, which is a 76.63% increase compared to the beginning of the period, mainly due to increased coal receivables[5] - The company reported a significant increase in other income, which rose to ¥31,674,307.79 from ¥2,719,368.83, marking a growth of 1,063.5%[16] - The company’s inventory decreased to CNY 1.37 billion from CNY 1.45 billion, reflecting a decline of approximately 5.9%[12] - The total non-current assets slightly increased to CNY 41.40 billion from CNY 41.36 billion, showing a marginal growth of about 0.1%[13] - The company reported a significant increase in short-term borrowings, which rose to CNY 521.35 million from CNY 271.17 million, a growth of approximately 92.2%[13]

证券代码：002128 证券简称：电投能源 公告编号：2024028 内蒙古电投能源股份有限公司 关于召开2023年年度业绩说明会的通知 三、出席公司年度业绩说明会人员 公司董事长、党委书记王伟光先生；总会计师王振林先生；董事 会秘书杨德国先生；独立董事陈天翔先生；保荐代表人钟山先生。 四、投资者问题征集及方式 为充分尊重投资者、提升交流效率，现就公司本次年度业绩说明 1 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。 内蒙古电投能源股份有限公司(以下简称"公司")于2024年4月 26日在巨潮资讯网站(http://www.cninfo.com.cn)上披露了《2023 年年度报告》。为便于广大投资者更深入地了解公司情况，公司将以 网络远程方式召开2023年年度业绩说明会与投资者进行交流和沟通， 现将有关事项公告如下： 一、说明会时间 2024年5月8日（周三）15:00-16:30 二、说明会选定网站名称及网址 登 录 深 圳 证 券 交 易 所 " 互 动 易 " 平 台 （http://irm.cninfo.com.cn）， 进入"云访谈"栏目参与本次 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2023 was boosted by rising coal and aluminum prices, with a focus on the growth potential in coal, aluminum, and electricity sectors [2] - The company reported a revenue of 26.846 billion yuan in 2023, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 4.560 billion yuan, up 14.4% year-on-year [2] - The company is expected to benefit from the rebound in coal and aluminum prices, with profit forecasts for 2024-2026 set at 5.034 billion, 5.321 billion, and 5.957 billion yuan respectively, reflecting year-on-year growth rates of 10.4%, 5.7%, and 11.9% [2] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 7.115 billion yuan, a quarter-on-quarter increase of 9.1%, but a net profit of 975 million yuan, down 2.7% quarter-on-quarter [2] - The coal production for 2023 was 46.5474 million tons, a year-on-year increase of 1.19%, with a coal price of 204 yuan per ton, up 6.6% year-on-year [2] - The aluminum production was 875,100 tons, with a price decline leading to a decrease in profitability [2] Business Outlook - The company is actively expanding its renewable energy business, with an expected increase in installed capacity to over 10 million kilowatts by the end of the 14th Five-Year Plan [2] - The dividend payout ratio for 2023 was 37.35%, an increase of 9.24 percentage points from 2022, indicating a potential for continued dividend growth [2] Valuation Metrics - The current stock price is 19.38 yuan, with a market capitalization of 43.442 billion yuan [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.25, 2.37, and 2.66 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8.6, 8.2, and 7.3 [6]

证券研究报告 | 年报点评报告 2024年04月26日 电投能源（002128.SZ） 主营业务量价齐升，“煤+电+铝”布局未来可期 公司发布2023年业绩公告。2023年公司实现，营业收入268.46亿元， 买入（维持） 同比增长0.2%；归母净利润45.6亿元，同比增长14.39%。2024年计 股票信息 划利润总额 64.87 亿元。2024 年计划归属于母公司所有者的净利润 49.2亿元。 行业 煤炭开采 前次评级 买入 煤炭业务量价齐升。2023年公司生产原煤4655万吨，同比+1.19%，原 4月25日收盘价(元) 18.95 煤销量4647万吨，同比+1.04%。利价来看，公司吨煤综合售价196元/ 总市值(百万元) 42,477.82 吨，同比+2.51%；吨煤成本 91 元/吨，同比-0.97%。2024 年计划原煤 总股本(百万股) 2,241.57 生产4800万吨、计划原煤销售4800万吨。 其中自由流通股(%) 94.29 30日日均成交量(百万股) 14.80 电解铝业务韧性凸显。2023年公司生产电解铝87.51万吨，同比+1.34%， 股价走势 电解铝销量 87.68 万吨，同 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 26.846 billion yuan in 2023, a year-on-year increase of 0.20%, and a net profit attributable to shareholders of 4.560 billion yuan, up 14.37% year-on-year [2]. - The company plans to distribute a cash dividend of 0.68 yuan per share, resulting in a dividend payout ratio of 33.43% and a dividend yield of 3.6% based on the closing price on April 25, 2024 [2]. - Coal production and sales remained stable, with a comprehensive coal price increase of 7.37% to 196.22 yuan per ton, leading to a gross margin of 54.48%, an increase of 4.78 percentage points year-on-year [2]. - The company is expanding its renewable energy business, with significant projects in wind and solar power expected to contribute to future profit growth [2]. - The report forecasts net profits of 4.914 billion yuan, 5.349 billion yuan, and 5.709 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.19 yuan, 2.39 yuan, and 2.55 yuan [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.115 billion yuan, a year-on-year increase of 2.75%, and a net profit of 975 million yuan, up 34.18% year-on-year [2]. - The company’s coal production reached 46.547 million tons, a 1.04% increase, while the average cost per ton decreased by 2.84% to 89.32 yuan [2]. - The electricity generation volume was 8.700 billion kWh, with a gross margin of 34.68%, down 1.59 percentage points year-on-year [2]. Future Outlook - The company plans to sell 48 million tons of raw coal and generate 123.3 billion kWh of electricity in 2024, both showing year-on-year growth [2]. - The projected revenue growth rates for 2024 to 2026 are 4.35%, 3.86%, and 3.43%, respectively [3]. - The company is expected to enhance its renewable energy capacity significantly during the "14th Five-Year Plan" period, which will support profit growth [2].

目 录 一、涉及财务公司关联交易的存款、贷款等 金融业务的专项说明…………………………………………………第 1—2 页 金融业务情况汇总表……………………………………………………第 3 页 三、执业资质证书………………………………………………… 第 4—7 页 关于内蒙古电投能源股份有限公司 涉及财务公司关联交易的存款、贷款等 二、2023 年度涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 天健审〔2024〕1-366 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）2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表， 2023 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 核了后附的电投能源公司管理层编制的《2023 年度涉及财务公司关联交易的存 款、贷款等金融业务情况汇总表》（以下简称金融业务情况汇总表）。 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。 ...

证券代码：002128 证券简称：电投能源 公告编号：2024015 内蒙古电投能源股份有限公司 关于办理国内保理业务的公告 本公司及董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。 为了缓解公司的资金压力，保证公司正常生产经营，促进公司发 展，公司拟办理国内保理业务，保理业务包括有追索权和无追索权两 种模式，保理融资款用于公司日常生产经营支出。 一、保理业务主要内容 1.保理融资金额：我公司作为销货方将向购货方销售商品所产生 的应收账款转让给银行或保理公司，与银行或保理公司办理国内保理 业务，预计此项保理融资年内累计发生额不超过15亿元人民币。 2.保理期限：每笔业务融资期限不超过12个月。 3.保理融资利息：参照市场利率标准与银行或保理公司协商确定。 4.保理业务目的：为了缓解公司的资金压力，保证公司正常生产 经营，促进公司发展，保理融资款用于公司日常生产经营支出。 二、主要责任 1.对办理有追索权保理业务的应收账款，公司应继续履行购销或 服务合同项下的其他所有义务。 2.公司对有追索权保理业务融资对应的应收账款承担偿还责任， 银行或保理公司若在约定期限内不能足额收 ...