Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company's performance in the thermal power sector has improved due to increased electricity generation and stable pricing, leading to a significant rise in profits [3][4]. - The company reported a total revenue of 27.98 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 11.87%, and a net profit attributable to shareholders of 2.92 billion yuan, up 48.47% year-on-year [3][4]. - The company benefits from a strong demand for electricity in Jiangsu province, with a 12.4% year-on-year increase in electricity consumption in Q3 2024, which is higher than the national average [4]. - The company has six coal-fired power units under construction, which are expected to contribute to future earnings growth [4]. - Investment income has increased significantly due to the company's increased stake in Jiangsu Bank, with a year-on-year growth of 72.5% in Q3 2024 [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 10.21 billion yuan, a year-on-year increase of 5.32%, and a net profit of 970 million yuan, up 14.4% year-on-year [3][4]. - The company expects net profits of 3.01 billion yuan, 3.41 billion yuan, and 3.57 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.80, 0.90, and 0.95 yuan [4]. Operational Highlights - The company has a strong operational presence in Jiangsu, with approximately 70% of its coal-fired power generation units located there, benefiting from the province's electricity demand [4]. - The company has initiated a new energy project in Lianyungang, indicating a strategic move towards diversifying its energy portfolio [4]. Future Outlook - The company anticipates stable growth in its thermal power business due to a decline in coal prices and the gradual commissioning of new power units during the 14th Five-Year Plan period [4].

Financial Performance - Total revenue for Q3 2024 reached ¥10,207,342,302.52, an increase of 5.32% compared to ¥9,691,418,056.93 in the same period last year[2] - Net profit attributable to shareholders was ¥968,174,531.96, reflecting a 14.40% increase from ¥846,334,732.66 year-on-year[2] - Net profit excluding non-recurring gains and losses was ¥985,499,311.06, up 13.06% from ¥871,652,129.79 in the previous year[2] - Basic earnings per share for Q3 2024 were ¥0.2563, up 14.42% from ¥0.2240 in the same period last year[2] - Net profit for the period was ¥3,878,365,864.05, representing a significant increase of 37.9% from ¥2,811,357,507.00 in the same period last year[14] - The net profit attributable to the parent company's shareholders for Q3 2024 was CNY 2,920,614,699.26, an increase of 48.5% compared to CNY 1,967,113,884.20 in the same period last year[15] - The total comprehensive income for Q3 2024 reached CNY 4,666,390,937.78, up 59.0% from CNY 2,931,382,530.74 in Q3 2023[15] - The basic and diluted earnings per share for Q3 2024 were both CNY 0.7730, compared to CNY 0.5207 in the previous year, reflecting a growth of 48.5%[15] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥3,727,413,475.50, a significant increase of 76.77% compared to ¥2,108,614,356.35 last year[6] - Cash flow from operating activities generated a net inflow of CNY 3,727,413,475.50, significantly higher than CNY 2,108,614,356.35 in Q3 2023, marking an increase of 76.8%[16] - Cash inflow from investment activities totaled CNY 14,799,561,119.29, a decrease of 30.4% from CNY 21,203,000,540.88 in the same quarter last year[16] - The net cash outflow from financing activities was CNY 2,133,968,710.66, compared to a net inflow of CNY 2,742,663,191.89 in Q3 2023[17] - The total cash and cash equivalents at the end of Q3 2024 amounted to CNY 9,891,301,011.71, a decrease from CNY 10,317,200,030.78 at the end of Q3 2023[17] - The company reported a total operating cash inflow of CNY 34,717,537,818.23, compared to CNY 31,556,045,287.32 in the previous year, indicating a growth of 6.9%[16] - The cash paid for purchasing goods and services was CNY 24,178,282,778.75, an increase from CNY 23,347,470,671.89 in Q3 2023[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥91,016,189,447.57, representing a 2.41% increase from the beginning of the year[2] - The company's total current assets amount to 26,439,665,770.76 RMB, a decrease from 29,910,702,453.75 RMB at the beginning of the period[11] - The total non-current assets increased to 64,576,523,676.81 RMB from 58,961,649,120.93 RMB[11] - The total liabilities decreased to ¥46,894,907,135.23 from ¥49,429,963,644.71, a reduction of approximately 5.1%[12] - The company's total equity increased to ¥44,121,282,312.34, up from ¥39,442,387,929.97, marking a growth of 11.5%[12] - The total assets of the company reached ¥91,016,189,447.57, compared to ¥88,872,351,574.68, an increase of 2.6%[12] Investments and Expenses - The company's construction in progress increased by 88.97% to ¥9,291,776,664.33, primarily due to investments in new power generation units[5] - Non-operating income surged to ¥287,682,032.28, a 2595.64% increase attributed to equity increases in joint ventures[6] - The company reported a 46.75% rise in income tax expenses, totaling ¥636,301,086.90, due to profitability adjustments in the power sector[6] - Research and development expenses rose to ¥1,231,144.46, compared to ¥542,638.43, indicating a 127.5% increase year-over-year[14] - Financial expenses decreased to ¥656,387,716.37 from ¥733,423,746.82, a decline of 10.5%[14] - Investment income for the period was ¥1,894,788,024.41, up from ¥1,682,697,183.14, reflecting a growth of 12.6%[14] - The company reported a significant increase in other income, totaling ¥18,624,404.47, down from ¥107,943,223.40, indicating a decrease of 82.8%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,708[7] - Jiangsu Guoxin Group Co., Ltd. holds 73.82% of shares, totaling 2,789,094,871 shares[8] - The company has no changes in the participation of major shareholders in margin financing and securities lending business[8]

Group 1: Company Performance and Market Opportunities - Jiangsu Guoxin's electricity supply from outside the province reached 73.352 billion kWh in the first half of 2024, accounting for 18.9% of the total electricity consumption in Jiangsu, with a year-on-year growth of 10.9% [3] - The construction of a unified national electricity market system presents opportunities for traditional power companies, including an expanded market space for thermal power companies and enhanced resource optimization [3][4] - The company is currently building six 1 million kW units, leading in the province, with projects expected to be operational between late 2024 and mid-2025 [4][5] Group 2: Challenges and Strategic Responses - Traditional power companies face challenges in adapting to market changes, requiring increased market sensitivity and flexible pricing strategies [3] - There is a need for technological innovation and transformation to integrate with renewable energy developments, aiming to reduce carbon emissions and improve energy efficiency [3][5] - Jiangsu Guoxin is committed to deep energy-saving transformations and has achieved ultra-low emissions across its thermal power plants, aligning with stricter environmental standards [5] Group 3: Investment and Dividend Policies - Jiangsu Guoxin emphasizes stable and continuous dividend policies, having distributed a total of 1.511 billion yuan in dividends from 2020 to 2023 [4] - The company is focused on enhancing shareholder returns while ensuring normal operations and long-term development [4] Group 4: Renewable Energy Initiatives - The company is increasing its investment in green energy, with ongoing projects such as a 70 MW photovoltaic project in Shanxi and various distributed photovoltaic projects in Jiangsu [5] - Jiangsu Guoxin holds a 2.17% stake in Jiangsu New Energy, participating in suitable renewable energy projects without direct competition [5]

江苏国信股份有限公司 证券代码：002608 证券简称：江苏国信 公告编号：2024-044 华侨城资本计划自本公告披露之日起15 个交易日后的3个月内， 通过侨新一号资管计划以集中竞价方式减持本公司股份不超过 28,571,400 股（占本公司总股本比例 0.76%）。 第 1 页 共 3 页 一、华侨城资本和侨新一号资管计划的基本情况 （一）减持主体名称：华润元大基金－深圳华侨城产业投资有限 公司－华润元大基金侨新一号单一资产管理计划 关于持股 5%以上股东减持股份的预披露公告 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。 特别提示： 持有江苏国信股份有限公司（以下简称"本公司"）28,571,400 股（占本公司总股本 0.76%）的华润元大基金－深圳华侨城产业投资 有限公司－华润元大基金侨新一号单一资产管理计划（以下简称"侨 新一号资管计划"）为持有本公司 391,376,106 股（占本公司总股本 10.36%）的大股东深圳华侨城资本投资管理有限公司（以下简称"华 侨城资本"）设立的单一资产管理计划，华侨城资本对侨新一号资管 计划作并表处理。为严格 ...

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