中信证券股份有限公司 关于内蒙古电投能源股份有限公司通过国家电投集团财务有限公司 为子公司提供委托贷款暨关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为内蒙古 电投能源股份有限公司（以下简称"电投能源"或"公司"）2022 年度非公开 发行股票项目的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所股票上市规则（2023 年修订）》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规定，就通过国家电投集团财务有限公司（以下简 称"财务公司"）为子公司提供委托贷款暨关联交易的事项进行了专项核查，并 发表如下意见： 一、关联交易概述 国家电力投资集团有限公司（以下简称"国家电投"）为公司实际控制人， 财务公司为国家电投控制的公司，符合《深圳证券交易所股票上市规则》6.3.3 条规定的关联关系情形，故构成公司的关联方。公司通过财务公司为子公司提供 委托贷款构成关联交易。 二、关联方基本情况 （一）国家电投集团财务有限公司 1、基本情况 1 | 关联方名称 国家电投集团财务有限公司 ...

证券代码：002128 证券简称：电投能源 公告编号：2024086 内蒙古电投能源股份有限公司 一是减少了关联交易。成立分公司后，电投能源及所属单位的总 包配送业务将通过新成立的分公司开展，减少了电投能源同实际控制 人所属单位之间的关联交易。 关于吸收合并鼎信招投标公司并成立电投能源物资装备分 公司公告 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。 内蒙古电投能源股份有限公司（简称"电投能源"或"公司"） 2024 年第十一次临时董事会审议通过了《关于吸收合并鼎信招投标 公司并成立电投能源物资装备分公司的议案》。根据公司相关制度， 本议案需提交股东大会审议。现将相关事项公告如下： 一、概述 通辽市蒙东能源鼎信招投标有限责任公司（以下简称"鼎信公司"） 原主要业务是负责公司及相关单位的招投标代理业务，目前根据业务 变化情况，鼎信公司不再开展招投标代理业务。因此，拟由电投能源 吸收合并鼎信公司，并以鼎信公司现有资产和人员为基础，成立电投 能源的物资装备分公司，即鼎信公司实现了"子改分"。电投能源及 所属单位的总包配送业务将通过新成立的物资装备分公司开展，有利 ...

证券代码：002128 证券简称：电投能源 公告编号：2024084 内蒙古电投能源股份有限公司 关于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。 重要内容提示： 1.为满足全资子公司达拉特旗那仁太新能源有限公司的资金需 要，内蒙古电投能源股份有限公司（以下简称"电投能源公司"）、 扎鲁特旗扎哈淖尔煤业有限公司（以下简称"扎哈淖尔煤业公司"）、 通辽霍林河坑口发电有限责任公司（以下简称"坑口发电公司"）拟 通过国家电投集团财务有限公司（以下简称"财务公司"）向达拉特 旗那仁太新能源有限公司提供委托贷款。 委托人电投能源公司、扎哈淖尔煤业公司、坑口发电公司拟通过 财务公司向被资助对象达拉特旗那仁太新能源有限公司提供委托贷 款，逐笔分次提供累计不超过 5 亿元（上限）委托贷款，该资金为自 有资金。 贷款利率：达拉特旗那仁太新能源有限公司借款利率将参考同期 全国银行间同业拆借中心发布的贷款市场报价利率，实际执行利率以 委托人与借款人协商一致结果为准。 2.提供财务资助基本情况 委托人电投能源公司、扎哈淖尔煤 ...

Investment Rating - The report assigns an "Outperform" rating for the company [4][7]. Core Views - The company is a comprehensive energy enterprise focusing on the synergistic development of coal, electricity, and aluminum, benefiting from rising coal and aluminum prices as well as increasing renewable energy installations [1][24]. - The company has shown significant revenue growth and improved performance, with a projected net profit of 5.67 billion yuan for 2024, reflecting a 24.3% increase year-on-year [2][24]. Summary by Relevant Sections Company Overview - Established in 2001 and listed in 2007, the company has rapidly entered the thermal power and electrolytic aluminum industries through acquisitions in 2014 and 2019 [1][17]. - As of September 30, 2024, the controlling shareholder holds 55.77% of the shares, with the actual controller being the State Power Investment Corporation [1][17]. Financial Performance - In 2023, the company achieved a revenue of 26.85 billion yuan, a slight increase of 0.2% year-on-year, and a net profit of 4.56 billion yuan, up 14.4% year-on-year [2][24]. - The revenue composition for 2023 was 53% from electrolytic aluminum, 34% from coal, 7% from coal power, and 4% from renewable energy [1][24]. Coal Business - The company operates large open-pit coal mines with a certified production capacity of 48 million tons per year, benefiting from low extraction costs and stable pricing due to long-term contracts [1][44]. - In 2023, coal production was 46.55 million tons, with sales of 46.47 million tons, maintaining a production-sales ratio of approximately 100% [44][49]. Electrolytic Aluminum Business - The company has a current electrolytic aluminum production capacity of 860,000 tons per year, with a projected increase to 1.21 million tons by the end of 2025 [1][54]. - The average electricity cost for electrolytic aluminum production has been maintained at 0.27-0.28 yuan per kWh, significantly lower than the industry average [1][54]. Thermal Power Business - The company owns two large pithead thermal power units with a capacity of 2×600 MW, ensuring stable profitability due to advantageous geographical location and low transportation costs [1][24]. Renewable Energy Business - The company has rapidly increased its renewable energy capacity from 1.56 million kW in 2021 to 4.55 million kW in 2023, with plans to exceed 7 million kW by 2025 [1][24]. - The gross profit margin for renewable energy generation was approximately 54% in 2023, significantly higher than the company's average of 32% [1][24]. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 5.7 billion, 6.05 billion, and 6.67 billion yuan, respectively, with corresponding P/E ratios of 8.4, 7.8, and 7.1 [2][24]. - The estimated stock price range is between 23.00 and 24.30 yuan, indicating a potential upside of 11% to 17% compared to the closing price on November 19 [4][24].

证券代码：002128 证券简称：电投能源 公告编号：2024079 内蒙古电投能源股份有限公司 2024年第六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。 特别提示： 1.本次股东大会无否决议案的情形。本次股东大会决议构成对 2023年第三次临时股东大会审议通过的《关于赤峰市赤热新能源有限 责任公司增加注册资本及投资建设赤峰市阿鲁科尔沁旗40MW户用分 布式光伏项目的议案 》的变更。 2.内蒙古电投能源股份有限公司（以下简称"公司"）定于2024 年11月12日召开2024年第六次临时股东大会，有关公告详见2024年10 月24日刊登在《中国证券报》《证券时报》《上海证券报》和巨潮资 讯网站（http://www.cninfo.com.cn）上的《2024年第六次临时股东 大会通知》。 本次股东大会采取现场表决与网络表决相结合的方式，会议召开 情况如下： 一、会议召开和出席情况 现场会议召开时间：2024 年 11 月 12 日（周二）14:00 互联网投票系统投票时间：2024 年 11 月 12 日（周二）9:15— 1 15: ...

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 11 月 12 日收到公司总会计师王振林先生提交的书面辞职报 告。 证券代码：002128 证券简称：电投能源 公告编号：2024078 内蒙古电投能源股份有限公司 关于总会计师辞职的公告 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。 1 因工作变动原因，公司总会计师王振林先生辞去总会计师职务， 辞职后不在公司工作，不担任公司任何职务，其不持有公司股份，也 不存在股份锁定承诺。辞职报告送达董事会时生效，其辞职不会影响 公司相关工作的正常开展。 公司对王振林先生自任职以来对公司做出的贡献致以诚挚的感 谢！ 内蒙古电投能源股份有限公司董事会 2024 年 11 月 12 日 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于内蒙古电投能源股份有限公司 2024 年度第六次临时股东大会的法律意见书 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 2024 年度第六次临时股 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 股东大会网络投标实施细则》（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》（ ...

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]