中信建投证券股份有限公司 关于南方电网综合能源股份有限公司 2023 年度保荐工作报告 | 保荐机构名称：中信建投证券股份有限公司 | 被保荐公司简称：南网能源 | | --- | --- | | 保荐代表人姓名：李庆利 | 联系电话：020 38381070 | | 保荐代表人姓名：温家明 | 联系电话：020 38381070 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情 | | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用。公司已于 2022 年 12 月 | | | 将节余募集资金永久 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 4.82 CNY and a reasonable value of 5.35 CNY [2]. Core Views - The company reported a revenue of 2.99 billion CNY in 2023, with an adjusted year-on-year growth of 3.5%. The net profit attributable to shareholders was 310 million CNY, reflecting a significant adjusted year-on-year decline of 43.9% [1][6]. - The biomass projects are expected to continue impacting the company's operations negatively due to insufficient subsidies, high fuel prices, and maintenance shutdowns in the fourth quarter. The comprehensive resource utilization segment's revenue decreased by 39.6% [1][6]. - The distributed photovoltaic, decentralized wind power, and energy-saving businesses are anticipated to accelerate in development, with planned fixed asset investments of approximately 8 billion CNY in 2024, a significant increase from 3 billion CNY in 2023 [1][6]. - The profit forecast has been adjusted downward for 2024-2026, with net profit estimates of 490 million CNY, 810 million CNY, and 950 million CNY, representing year-on-year growth rates of 57%, 67%, and 17% respectively [1][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.99 billion CNY, with a year-on-year growth rate of 3.5%. The net profit attributable to shareholders was 310 million CNY, down 43.9% year-on-year [1][5][19]. - The revenue from the comprehensive resource utilization segment fell by 39.6% due to challenges in biomass projects, leading to losses of 280 million CNY and 70 million CNY from specific subsidiaries [1][6][19]. Business Development - The company plans to focus on distributed photovoltaic and decentralized wind power projects, with a projected installed capacity of 800,000 kW in 2024 and a total investment of 8 billion CNY [1][6]. - The energy-saving services, particularly in industrial and building sectors, showed steady growth, with revenues of 1.47 billion CNY and 910 million CNY, respectively, marking year-on-year increases of 23% and 18.3% [1][6]. Profit Forecast - The adjusted net profit forecasts for 2024, 2025, and 2026 are 490 million CNY, 810 million CNY, and 950 million CNY, with corresponding EPS of 0.13 CNY, 0.21 CNY, and 0.25 CNY per share [1][5][16]. - The company aims to exit the loss-making biomass segment by 2024, which is expected to improve profitability in subsequent years [1][6][20].

证券研究报告 | 2024年04月03日 南网能源（003035.SZ） 买入 生物质业务有望退出，分布式光伏业务快速发展 核心观点 公司研究·财报点评 营业收入小幅增长，归母净利润同比大幅下降。2023年，公司实现营业收入 公用事业·电力 29.88亿元（+3.46%），归母净利润3.11亿元（-43.90%），扣非归母净利 证券分析师：黄秀杰 证券分析师：郑汉林 润3.06亿元（-41.12%）。其中，第四季度单季营收7.92亿元（+4.89%）， 021-61761029 0755-81982169 huangxiujie@guosen.com.cn zhenghanlin@guosen.com.cn 归母净利润-0.36亿元，四季度公司业绩亏损的原因在于：1）公司生物质项 S0980521060002 S0980522090003 目机组大多停产检修，导致该板块业务亏损较大；2）公司对可再生能源补 证券分析师：李依琳 联系人：崔佳诚 贴等应收款项依据其信用风险特征计提坏账准备，对部分商誉计提减值准 010-88005029 021-60375416 liyilin1@guosen.com.cn cui ...

2024年3月31日 公司研究 分布式光伏运营规模快速增长，2024 年固定资产投资计划 80 亿元 ——南网能源（003035.SZ）2023 年年报点评 要点 增持（维持） 当 前价：5.02元 事件：公司发布2023年年报，2023年实现营业收入29.88亿元，同比增长3.46%， 实现归母净利润 3.11亿元，同比减少 43.85%；2023Q4实现营业收入 7.92亿 元，同比增长4.89%，实现归母净利润-0.36亿元，同比减少121.59%，环比减 作者 少121.05%。拟每10股派现金红利0.091元（含税）。 分析师：殷中枢 执业证书编号：S0930518040004 两大节能主业保持稳健增长，生物质业务承压拖累公司经营业绩。 010-58452071 yinzs@ebscn.com 2023 年公司两大核心主业工业节能和建筑节能均实现较好增长。工业节能业务 2023年实现营业收入14.70亿元，同比增长 23.01%，毛利率下降2.02个pct 分析师：郝骞 至 54.49%，其中分布式光伏节能服务实现营业收入 11.88 亿元，同比增长 执业证书编号：S0930520050001 02 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.988 billion yuan in 2023, a year-on-year increase of 3.46%, but the net profit attributable to shareholders decreased by 43.90% to 310.74 million yuan [3] - The biomass power generation business has significantly dragged down the company's performance, leading to a strategic consideration to exit this segment due to issues such as equipment maintenance, subsidy delays, and high fuel prices [3] - The company's main businesses in industrial energy conservation and building energy conservation continue to grow steadily, with revenues of 1.470 billion yuan and 905 million yuan, reflecting year-on-year growth of 23.01% and 18.25% respectively [3] - The company is seizing opportunities in distributed energy development and plans to aggressively enter the distributed wind power sector in 2024, supported by favorable policies for rural distributed renewable energy development [3] Financial Forecast and Valuation - The profit forecast for 2024-2025 has been adjusted downwards to 4.52 billion yuan and 6.02 billion yuan due to significant losses in the biomass segment and potential project exits [4] - The expected net profit for 2026 is projected to be 718.12 million yuan, with year-on-year growth rates of 45.31%, 33.23%, and 19.37% for the years 2024, 2025, and 2026 respectively [4] - The company’s P/E ratios for the years 2024, 2025, and 2026 are estimated to be 42, 32, and 26 respectively, indicating a favorable long-term outlook due to stable growth in its core businesses [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company reported a revenue of 2.99 billion RMB in 2023, a year-on-year increase of 3.5%, but the net profit attributable to shareholders dropped to 310 million RMB, a decline of 43.9%, primarily due to losses in the biomass power generation business [2][3]. - The company plans to gradually exit the biomass power generation business, which has been a significant drag on performance [3]. - The photovoltaic business showed growth, with a total installed capacity of 51.7 GW added in 2023, including 50.6 GW from distributed commercial photovoltaic systems, leading to a revenue increase of 20.7% in this segment [3]. Summary by Sections Performance Overview - In 2023, the company achieved a revenue of 2.99 billion RMB, up 3.5% year-on-year, while the net profit attributable to shareholders fell to 310 million RMB, down 43.9% [2][7]. - The decline in profit was mainly attributed to the underperformance of the biomass power generation business [2]. Business Analysis - The biomass power generation segment faced significant challenges, including production halts for maintenance, subsidy delays, and high fuel prices, leading to a revenue drop of 39.6% in the comprehensive resource utilization business [3]. - The photovoltaic segment saw a rise in average electricity prices to 0.76 RMB/kWh, an increase of 0.05 RMB, driven by a decrease in component costs and effective project selection [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 610 million RMB, 810 million RMB, and 1 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.16, 0.21, and 0.26 RMB [4][7]. - The projected P/E ratios for these years are 31x, 24x, and 19x, respectively [4].

Financial Performance - In 2023, the company achieved revenue of 1.47 billion CNY from industrial energy conservation and 905 million CNY from building energy conservation, representing year-on-year growth of 23.01% and 18.25% respectively[7]. - The company's operating revenue for 2023 was ¥2,988,025,522.36, representing a 3.46% increase compared to ¥2,888,106,355.55 in 2022[36]. - The net profit attributable to shareholders for 2023 was ¥310,738,435.85, a decrease of 43.90% from ¥553,450,477.98 in 2022[36]. - The net cash flow from operating activities for 2023 was ¥1,029,991,186.62, down 15.36% from ¥1,216,863,089.22 in 2022[36]. - The total assets at the end of 2023 were ¥18,382,912,070.83, an increase of 19.62% from ¥15,367,036,144.07 at the end of 2022[36]. - The net assets attributable to shareholders at the end of 2023 were ¥6,739,438,229.29, up 4.28% from ¥6,462,900,796.33 at the end of 2022[36]. - The basic earnings per share for 2023 was ¥0.08, a decrease of 46.67% from ¥0.15 in 2022[36]. - The weighted average return on equity for 2023 was 4.72%, down 4.20 percentage points from 8.91% in 2022[36]. - The company reported total operating revenue of 2.988 billion yuan and a net profit attributable to shareholders of 310.74 million yuan for the reporting period[96]. - Energy-saving services accounted for 86.75% of total revenue, amounting to approximately ¥2.59 billion, which is a 17.94% increase compared to ¥2.20 billion in 2022[135]. Business Strategy and Focus - The company aims to exit non-advantageous sectors, including biomass power generation, to concentrate on its core competencies in energy conservation and distributed photovoltaic sectors[10]. - The company plans to invest approximately 8 billion CNY in fixed assets in 2024, focusing on distributed photovoltaic, decentralized wind power, and energy-saving businesses[16]. - The company is committed to advancing strategic emerging industries, including smart energy systems and near-zero carbon parks, as part of its development strategy[188]. - The company aims to enhance its digital capabilities and transition towards load aggregation, supporting its core competitiveness[70]. - The company is actively exploring new business models and services, including carbon asset management and integrated energy solutions[190]. - The company plans to establish a big data repository for energy-saving projects to enhance its service offerings[190]. - The company is focused on improving its governance structure to ensure seamless integration between its headquarters and subsidiaries[190]. Market and Industry Trends - The company recognizes the importance of distributed renewable energy in supporting the construction of new power systems[15]. - The development of distributed renewable energy is seen as a key direction for ensuring energy supply and improving energy efficiency in China[57]. - The Chinese government has emphasized the importance of energy-saving and environmental protection industries as strategic emerging industries, which are crucial for economic growth and environmental problem-solving[53]. - The total output value of China's energy-saving service industry from 2017 to 2022 shows a growth from 4,148 million yuan in 2017 to 6,929 million yuan in 2022, indicating a significant upward trend[54]. - The number of companies engaged in energy-saving services in China reached 11,835 by the end of 2022, with a year-on-year growth rate of 35.6%[63]. Operational Efficiency and Digital Transformation - The company is committed to digitalization and load aggregation, leveraging existing business platforms to enhance data utilization and integrate "Internet+" strategies[11]. - The company aims to enhance its operational efficiency through digital transformation, reducing operational costs and improving management effectiveness[127]. - The company is accelerating digital transformation by integrating existing systems and achieving data interconnectivity across business segments[194]. - The company initiated the "Qicheng" comprehensive energy digital management platform development, enhancing its digital capabilities[118]. Challenges and Risks - The company acknowledges the challenges posed by external factors, including high inflation and competition, which have affected its performance[9]. - The company is currently in a bottleneck and transformation period, emphasizing the need for shareholder confidence and support[17]. - The company is addressing risks associated with the contract energy management model by optimizing investment strategies and improving risk management capabilities[198]. - The company faces increasing market competition in the energy-saving service industry, prompting a focus on optimizing energy-saving business layouts and enhancing project management capabilities[197]. Future Outlook - The company is optimistic about its long-term development in promoting green and low-carbon transitions in the economy and society[15]. - The company reported a revenue target of 3.708 billion yuan and a profit target of 630 million yuan for 2024, indicating a focus on high-quality development amidst market uncertainties[189]. - The company plans to continue expanding its energy-saving services and improve operational efficiency in response to market demands[148]. - The company aims to enhance project management capabilities and improve investment project evaluations, focusing on digital management and equipment lifecycle management[193].

| | | | 1.关于《南方电网综合能源股份有限公司2023年第一季 度报告》的议案 | | | --- | --- | --- | --- | --- | | | 2023年4月 | 南网能源公司二届 | 2. 关于南方电网综合能源股份有限公司会计政策变更 | 审议 | | 3 | 21日 | 五次监事会会议 | 的议案 | 通过 | | | | | 3. 关于南方电网综合能源（广州）有限公司部分固定 | | | | | | 资产折旧年限变更的议案 | | | 4 | 2023年8月 | 南网能源公司二届 | 1.关于《南方电网综合能源股份有限公司2023年半年度 报告》全文及摘要的议案 | 审议 | | | 25日 | 六次监事会 | 2.关于修订《南方电网综合能源股份有限公司监事会议 | 通过 | | | | | 事规则》的议案 | | | 5 | 2023年10 | 南网能源公司二届 | 关于《南方电网综合能源股份有限公司2023年第三季度 | 审议 | | | 月27日 | 七次监事会 | 报告》的议案 | 通过 | （二）参加及列席会议情况 2023 年，监事会依法向股东大会报告工作，组织监事列 ...

南方电网综合能源股份有限公司 2023 年度，本人根据《公司章程》《独立董事工作细则》等相关规定就公司相关 事项发表了以下独立意见及事前认可意见： | 会议日期 | 会议名称 | 事项内容 | 意见 类型 | | --- | --- | --- | --- | | 2023-2-27 | 二届四次 董事会 | 关于聘任南方电网综合能源股份有限公司副总经理的议案 | 同意 | | | | 关于聘任南方电网综合能源股份有限公司董事会秘书的议案 | 同意 | | 2023-3-27 | 二届五次 | 关于聘任南方电网综合能源股份有限公司总法律顾问的议案 | 同意 | | | 董事会 | 关于南方电网综合能源股份有限公司总经理代行总会计师职责的 | 同意 | | | | 议案 | | | | 二届六次 | 关于南方电网综合能源股份有限公司 2022 年度利润分配预案的议 案 关于南方电网综合能源股份有限公司董事 2022 年度薪酬分配方案 关于南方电网综合能源股份有限公司 2022 年度募集资金存放与使 关于南方电网综合能源股份有限公司 2022 年度计提资产减值准备 | 同意 | | | | | 同意 | | | ...

证券代码：003035 证券简称：南网能源 公告编号：2024-009 南方电网综合能源股份有限公司 关于二届八次监事会会议决议的公告 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。 一、监事会会议召开情况 南方电网综合能源股份有限公司（以下简称"公司"）二届八次监事会会议 于 2024 年 3 月 18 日以电子邮件等形式发出会议通知，于 2024 年 3 月 28 日（星 期四）下午在广州市天河区华穗路 6 号楼会议室以现场+视频的方式召开。 会议应出席监事 5 名，实际出席监事 5 名。公司监事会主席孙世奇先生主持 本次会议，公司董事会秘书张恒阁先生列席了会议。本次会议参与表决人数及召 集程序符合《中华人民共和国公司法》和《南方电网综合能源股份有限公司章程》 等有关规定。 二、监事会会议审议情况 （一）审议通过《关于<南方电网综合能源股份有限公司 2023 年年度报告> 全文及摘要的议案》 具体内容详见公司 2024 年 3 月 30 日在指定信息披露媒体《证券时报》《中 国证券报》《上海证券报》《证券日报》和巨潮资讯网（http://www.cninf ...