证券代码：002608 证券简称：江苏国信 公告编号：2024-023 江苏国信股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 江苏国信股份有限公司（以下简称"公司"或"本公司"）第六届董 事会第十六次会议通知于 2024 年 5 月 20 日，以书面、通讯方式发给 公司董事，会议于 2024 年 5 月 31 日以通讯方式召开。本次会议应出 席董事七名，实际出席董事七名。公司监事、高级管理人员列席了会 议。本次会议的召开符合《公司法》和《公司章程》的规定。本次会 议由董事长徐文进先生召集，与会董事经过认真审议，做出如下决议： 一、审议通过《关于收购国电投滨海持有的国信滨海港部分股权 的议案》 为顺利推进国信滨海港 2×1000MW 高效清洁燃煤发电项目，公 司拟以 0 元收购国电投协鑫滨海发电有限公司（下称"国电投滨海"） 持有的江苏国信滨海港发电有限公司（下称"国信滨海港"）29%股 权，并承接该部分股权对应的 69,600 万元出资义务和权益，补足该 部分出资。收购完成后，公司将持有国信滨海港 80%的股权 ...

证券代码：002608 证券简称：江苏国信 公告编号：2024-022 江苏国信股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 2、本次股东大会以现场书面表决与网络投票相结合的方式召开。 一、 会议召开情况 1. 会议召开时间： （1）现场会议时间：2024年5月8日（星期三）下午14:30开始。 现场会议召开地点：南京国信大酒店三楼神州厅。 （2）网络投票时间：2024年5月8日。其中，通过深圳证券交易 所交易系统进行网络投票的具体时间为2024年5月8日的交易时间，即 9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投 票的具体时间为2024年5月8日09:15至15:00期间的任意时间。 2. 会议召集人：公司董事会 3. 会议召开方式：现场书面表决与网络投票相结合的方式 4. 会议主持人：董事长徐文进先生 特别提示： 1、本次股东大会无增加、变更、否决议案的情况。 5. 本次股东大会的召集、召开与表决程序符合《公司法》等法律、 法规和《公司章程》的规定。 二、 会议 ...

dentons.cn 北 京 大 成 （ 南 京 ） 律 师 事 务 所 关 于 江 苏 国 信 股 份 有 限 公 司 20 23 年 度 股 东 大 会 的 法 律 意 见 书 南京市鼓楼区集慧路 18 号联创大厦 A 座 7-11 层（210036） 18 Jihui Road, 7-11/F of Building A, Lianchuang Mansion, Gulou District,Nanjing,China,210036 Tel: +86-25-8375 5101 Fax: +86-25-8375 5005 dentons.cn 北京大成（南京）律师事务所 关于江苏国信股份有限公司 2023 年度股东大会的法律意见书 致：江苏国信股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司 法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他有关规范性文件的要求， 北京大成（南京）律师事务所（以下简称"本所"）接受江苏国信股份有限公司（以下简 称"公司"）的委托，指派 ...

2 业绩简评 2024年 4 月26 日公司披露一季报，1Q24实现营收90.8 亿元，同比 +25.6%（调整后）；归母净利润 7.8 亿元，同比+202.9%（调整后）； 扣非归母净利润7.9 亿元，同比+208.3%（调整后）。 经营分析 1Q24江苏用电量增、价稳驱动公司火电业绩增长，新机组24 年放量 可期。1Q24江苏省用电量同比增长11.6%、较我国全社会用电增速高 1.8pct；电力供需紧平衡下省内电力月度交易竞价 1Q24 维持在较基 准价上浮12%-14%的水平，综合考虑电量电价和容量电价后预计江苏 煤电总上网电价同比企稳微增。公司在运煤电机组约70%分布于江苏， 且省外山西煤电机组发电量也有约90%送往江苏，因而江苏省内用电 需求增长为公司火电业务量、价维稳提供保障。此外，公司 9M23 控 股射阳港100 万千瓦煤电项目投产放量进一步放大了1Q24 的业绩增 长，预计 24 年底滨海港电厂2×100 万千瓦机组投产后将进一步释放 业绩增长动力。 人民币(元) 成交金额(百万元) 煤价 1Q24 下行+去年同期高基数，成本回落使火电盈利能力持续提 9.00 500 450 升。截至 1Q ...

江苏国信（002608.SZ）2024 年一季报点评 火力全开、主业向好，投资收益正常波动 2024 年 04 月 27 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：4 月 26 日，公司发布 2024 年一季度报告，报告期内实现营业总收 入 90.81 亿元，同比增长 25.56%（经重述）；归母净利润 7.79 亿元，同比增长 202.87%（经重述）；扣非归母净利润 7.95 亿元，同比增长 208.29%（经重述）。 ➢ 火力全开，营收高增：2024 年江苏年度交易加权均价 0.4529 元/千瓦时（不 含容量补偿电价），同比下降 1.37 分/千瓦时，降幅 2.9%；一季度省内月度集 中竞价电价均值 0.4433 元/千瓦时（不含容量补偿电价），同比下降 2.55 分/千 瓦时，降幅 5.4%；一季度省内煤电容量电费折合度电价均值 1.82 分/千瓦时， 综合考虑，电价端总体微降但仍可控，因此营收高增或主要因电量高增。2023 年 9 月，公司射阳港电厂 100 万千瓦二次再热超超临界燃煤发电机组正式投产运 营，公司在江苏煤电装机达到 888.50 万千瓦；2024Q1 江苏全 ...

具体内容可见公司于同日刊登在《中国证券报》《上海证券报》 《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上的《2024 年第一季度报告》。 1 证券代码：002608 证券简称：江苏国信 公告编号：2024-019 江苏国信股份有限公司 第六届监事会第十次会议决议公告 | 本公司及监事会全体成员保证信息披露内容的真实、准确和完 | | --- | | 整，没有虚假记载、误导性陈述或重大遗漏。 | 江苏国信股份有限公司（以下简称"公司"或"本公司"）第六 届监事会第十次会议通知于 2024 年 4 月 12 日，以书面、通讯方式发 给公司监事，会议于 2024 年 4 月 25 日以通讯方式召开。本次会议应 出席监事五名，实际出席监事五名。公司高级管理人员列席了会议。 本次会议的召开符合《公司法》和《公司章程》的规定。本次会议由 监事会主席章明先生主持，与会监事经过认真审议，做出如下决议： 审议通过《关于<2024 年第一季度报告>的议案》 经认真审核，监事会认为公司《2024 年第一季度报告》的编制 和审核程序符合法律、行政法规和中国证监会的规定，报告内容真实、 准确、完整地反映 ...

证券代码：002608 证券简称：江苏国信 公告编号：2024-018 江苏国信股份有限公司 第六届董事会第十五次会议决议公告 | 本公司及董事会全体成员保证信息披露内容的真实、准确和完 | | --- | | 整，没有虚假记载、误导性陈述或重大遗漏。 | 具体内容可见公司于同日刊登在《中国证券报》《上海证券报》 《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上的《2024 1 年第一季度报告》。 表决结果：7 票赞成，0 票反对，0 票弃权。 二、审议通过《关于合资成立江苏省国信集团研究院有限公司的 议案》 董事会经研究审议，同意公司与江苏省国信集团有限公司、江苏 省新能源开发股份有限公司合资成立江苏省国信集团研究院有限公 司（简称"国信研究院"）。国信研究院注册资本 8,000 万元，其中， 我公司出资 1,600 万元，占注册资本的 20%。 具体内容可见公司于同日刊登在《中国证券报》《上海证券报》 《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上的《关于 对外投资成立合资公司（国信研究院）暨关联交易的公告》。 江苏国信股份有限公司（以下简称" ...

Financial Performance - Total operating revenue for Q1 2024 reached ¥9,080,758,301.23, an increase of 25.56% compared to the same period last year[4] - Net profit attributable to shareholders was ¥778,631,371.55, representing a significant increase of 202.87% year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was ¥794,861,212.90, up 208.29% from the previous year[4] - Basic earnings per share for Q1 2024 was ¥0.2061, a 203.09% increase compared to ¥0.0676 in the same quarter last year[4] - Net profit for Q1 2024 was ¥1,094,071,112.04, compared to ¥403,178,625.66 in Q1 2023, representing a 171.5% increase[14] - Operating profit for Q1 2024 was ¥1,270,984,876.88, a substantial increase from ¥491,383,307.30 in Q1 2023, reflecting improved operational efficiency[14] - The total comprehensive income for Q1 2024 was ¥1,094,071,112.04, significantly higher than ¥403,178,625.66 in Q1 2023, indicating strong overall financial performance[14] Cash Flow - The net cash flow from operating activities decreased by 80.12% to ¥98,664,586.63, primarily due to the repayment of borrowed funds by a subsidiary[7] - The total cash inflow from operating activities for Q1 2024 was CNY 10,616,654,832.32, an increase of 12.1% compared to CNY 9,468,093,610.44 in Q1 2023[15] - The net cash flow from operating activities was CNY 98,664,586.63, a significant decrease of 80.2% from CNY 496,403,333.91 in the previous year[15] - Cash inflow from investment activities totaled CNY 7,178,178,523.26, up 5.6% from CNY 6,798,230,584.75 in Q1 2023[15] - The net cash flow from investment activities was CNY 755,733,512.80, a recovery from a negative cash flow of CNY -413,466,060.61 in the same period last year[15] - Cash inflow from financing activities was CNY 3,951,799,053.79, down 57.0% from CNY 9,205,553,109.87 in Q1 2023[16] - The net cash flow from financing activities was CNY -787,158,981.85, compared to a positive cash flow of CNY 2,392,601,275.26 in the previous year[16] - The ending balance of cash and cash equivalents was CNY 9,911,700,453.75, slightly up from CNY 9,895,388,805.68 at the end of Q1 2023[16] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥88,116,498,154.17, a decrease of 0.85% from the end of the previous year[4] - The total assets and equity amounted to ¥88,116,498,154.17 and ¥40,653,788,893.76 respectively, showing a slight decrease in total liabilities and equity compared to the previous period[12] - The company's current assets totaled ¥28.40 billion, down from ¥29.91 billion, indicating a decrease of about 5.03%[10] - The long-term equity investments increased to ¥18.26 billion from ¥17.77 billion, representing a growth of approximately 2.76%[10] - The total liabilities decreased to ¥47.46 billion from ¥49.43 billion, showing a reduction of about 4.00%[11] - The company's cash and cash equivalents stood at ¥10.13 billion, up from ¥10.04 billion, marking an increase of approximately 0.89%[10] - The accounts receivable slightly increased to ¥3.74 billion from ¥3.73 billion, reflecting a marginal growth of about 0.02%[10] - The inventory decreased to ¥1.27 billion from ¥1.53 billion, indicating a decline of approximately 17.19%[10] - The company's short-term borrowings decreased to ¥4.28 billion from ¥4.85 billion, a reduction of about 11.63%[11] - The total owner's equity remained stable at ¥3.78 billion, unchanged from the previous period[11] - The company's other non-current assets increased to ¥186.39 million from ¥155.07 million, reflecting a growth of approximately 20.19%[11] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,896[8] - Jiangsu Guoxin Group Co., Ltd. holds 73.82% of the shares, making it the largest shareholder[8] Government Subsidies - The company received government subsidies amounting to ¥4,065,835.25 during the reporting period[5] Tax and Expenses - Tax expenses for Q1 2024 were ¥171,660,739.30, compared to ¥86,757,900.73 in Q1 2023, reflecting an increase in tax obligations due to higher profits[14] - The company reported a total operating cost of ¥8,319,092,227.09, which is a 13.6% increase from ¥7,322,529,057.16 in the same period last year[13] - Interest income decreased to ¥2,422,487.88 from ¥3,079,569.92, indicating a decline in interest-earning assets[13] - The company’s investment income was ¥490,554,757.62, down from ¥552,204,296.72, suggesting a reduction in returns from investments[14] Audit Information - The company did not undergo an audit for the Q1 2024 report[17]

Investment Rating - The report maintains a "Buy" rating for the company, with a projected increase in earnings per share (EPS) for the years 2024 to 2026 [3][4][9]. Core Views - The company reported a significant increase in net profit for 2023, achieving a net profit of 1.87 billion yuan, a year-on-year increase of 3014.4% [3]. - The financial segment of the company showed robust growth, with revenue from financial operations reaching 3 billion yuan, up 21.3% year-on-year, contributing significantly to overall profits [3]. - The company is expected to continue benefiting from a downward trend in coal prices, which will help in cost control and improve profit margins in the coal power business [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 34.57 billion yuan, a year-on-year increase of 6.4% [3]. - The total power generation reached 70.65 billion kWh, an increase of 6.3% year-on-year, driven by increased electricity demand in Jiangsu [3]. - The average on-grid electricity price was 0.473 yuan/kWh, up 2.6% year-on-year, providing strong support for revenue [3]. Coal Power Business - The company’s coal power output in Jiangsu was 42.18 billion kWh, a year-on-year increase of 5.3% [3]. - The average coal price decreased by 24% year-on-year to 966 yuan/ton, which positively impacted the company's cost structure [3]. - The company’s gross margin for the power business improved to 11.0%, an increase of 11.8 percentage points year-on-year [3]. Financial Segment - The financial segment's total profit reached 2.71 billion yuan, accounting for 76.1% of the company's total profit, with a contribution rate of 50% [3]. - The subsidiary Jiangsu Trust focused on asset management and quickly developed various financial products, enhancing overall profitability [3]. Future Outlook - The company is projected to achieve net profits of 3.12 billion yuan, 3.51 billion yuan, and 3.74 billion yuan for the years 2024, 2025, and 2026 respectively [3]. - The expected EPS for the same years is 0.83 yuan, 0.93 yuan, and 0.99 yuan, indicating a positive growth trajectory [3].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 8.76 CNY based on a PE of 12.0 times [4][11]. Core Views - The company reported a significant increase in net profit for 2023, achieving 1.87 billion CNY, a year-on-year growth of 3014.44% [1]. - The financial segment has provided a stable performance cushion, with revenues of 3.004 billion CNY, up 21.3% year-on-year [1]. - The company expects a substantial increase in net profit for Q1 2024, projected at 779 million CNY, a year-on-year increase of 202.9% [2]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 34.572 billion CNY, a year-on-year increase of 6.38% [1]. - The company’s total power generation reached 706.54 billion kWh, up 6.3% year-on-year, with significant contributions from coal-fired power plants in Jiangsu and Shanxi [1]. - The financial segment's investment income was a key contributor, with net investment income increasing by 47.2% to 2.107 billion CNY [1]. Profitability Forecast - The company adjusted its earnings per share (EPS) forecast for 2024 and 2025 to 0.73 CNY and 0.89 CNY, respectively, with a new 2026 EPS forecast of 1.01 CNY [2]. - The report indicates that the coal price is in a downward trend, which is expected to positively impact the company's performance in the upcoming quarters [2]. Market Position - The company’s coal procurement structure optimization and the rapid decline in coal prices are expected to enhance its coal-fired power performance [2]. - The report highlights that the Shanxi power plants have a significant cost advantage due to lower fuel costs, contributing to improved profitability [1].