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 ...

证券代码：002128 证券简称：电投能源 公告编号：2024072 内蒙古电投能源股份有限公司 2024年第十次临时董事会决议公告 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。 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 2024 年 10 月 16 日以电子邮件形式发出关于召开公司 2024 年第十次临时 董事会会议的通知。 2.会议于 2024 年 10 月 23 日以现场+视频方式召开。现场会议地 点为通辽市。 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： 以现场方式出席会议董事 1 人、通讯表决方式出席会议董事 8 人、委 托方式出席会议董事 2 人。通讯表决方式出席会议董事分别为田钧、 于海涛、胡春艳、应宇翔、李宏飞、韩放、陈天翔、李明。王伟光董 事长因公务原因未能亲自出席董事会,以书面形式委托张昊董事代为 出席会议并行使表决权；陶杨独立董事因公务原因未能亲自出席董事 会,以书面形式委托陈天翔独立董事代为出席会议并行使表决权）。 4.会议主持人：公司董事、总经理张昊先生（半数以上董事推举）。 列 ...

证券代码：002128 证券简称：电投能源 公告编号：2024074 内蒙古电投能源股份有限公司 关于全产业协同调度指挥平台项目投资立项公告 2.公司 2024 年第十次临时董事会审议通过了《关于公司全产业 协同调度指挥平台项目投资立项的议案》。 3.该投资事宜不构成关联交易，不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 二、项目基本情况 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 年第十次临时董事会审议通过了《关于公司全产业协同调度指 挥平台项目投资立项的议案》。现将相关事项公告如下： 一、概述 1.围绕"数字国家电投"和建设世界一流企业的发展目标，结合 公司科技数字化管理实际，电投能源拟通过建设公司全产业协同调度 指挥平台，打造集煤电铝新路港生产经营为一体的统一智慧大平台， 通过产业管理数据和综合管理数据标准化接入和全量汇聚，支撑产业 监视、协同调度、辅助决策、经营分析等各类应用服务需求，实现公 司产业协同调度与数字化转型深度融合。项目总概算 12,700 万元。 1. ...

关于鄂尔多斯市电投绿风新能源有限公司投资建设东胜区 新能源内陆港分散式风电二期10MW风电项目公告 证券代码：002128 证券简称：电投能源 公告编号：2024075 内蒙古电投能源股份有限公司 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 年第十次临时董事会审议通过了《关于鄂尔多斯市电投绿风新 能源有限公司投资建设东胜区新能源内陆港分散式风电二期 10MW 风 电项目的议案》。现将相关事项公告如下： 一、概述 1.东胜区新能源内陆港分散式风电二期 10MW 风电项目已于 2023 年 5 月立项，拟由鄂尔多斯市电投绿风新能源有限公司投资建设东胜 区新能源内陆港分散式风电二期 10MW 风电项目。 2.公司 2024 年第十次临时董事会审议通过了《关于鄂尔多斯市 电投绿风新能源有限公司投资建设东胜区新能源内陆港分散式风电 二期 10MW 风电项目的议案》。 3.该投资事宜不构成关联交易，不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 二、项目基本情况 1.规划情况 2023 ...