证券代码：600886 证券简称：国投电力 公告编号：2024-056 召开的日期时间：2024 年 10 月 29 日 14 点 00 分 召开地点：北京市西城区西直门南小街 147 号楼 207 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 国投电力控股股份有限公司 关于召开 2024 年第六次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第六次临时股东大会 股东大会召开日期：2024年10月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自 2024 年 10 月 29 日至 2024 年 10 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的 ...

北京市天元律师事务所 关于国投电力控股股份有限公司 2024 年第五次临时股东大会的法律意见 京天股字(2024)第 552 号 致:国投电力控股股份有限公司 国投电力控股股份有限公司(以下简称"公司")2024年第五次临时股东大会 (以下简称"本次股东大会")采取现场投票与网络投票相结合的方式,现场会议于 2024 年 10 月 9 日在北京市西城区西直门南小街 147 号楼 207 会议室召开。北京市 天元律师事务所(以下简称"本所")接受公司聘任,指派本所律师参加本次股东大 会现场会议,并根据《中华人民共和国公司法》、《中华人民共和国证券法》(以下 简称"《证券法》")、《上市公司股东大会规则》(以下简称"《股东大会规则》"）以 及《国投电力控股股份有限公司章程》(以下简称"《公司章程》")等有关规定,就 本次股东大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议表 决程序及表决结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《国投电力控股股份有限公司第十二届董 事会第三十三次会议决议》、《国投电力控股股份有限公司关于召开 2024 年第五次 临时股东大会的通知》(以下简称"《召 ...

证券代码：600886 证券简称：国投电力 公告编号：2024-052 国投电力控股股份有限公司 2024 年第五次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 849 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,991,731,475 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 80.3808 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，由公司董事长郭绪元先生主持。会议采用现场 投票和网络投票相结合的表决方式。本次会议的召集、召开、表决符合《公司法》 和《公司章程》的有关规定。 (一) 股东大会召开的时间：2024 年 10 月 09 日 (二) 股东大会召开的地点：北京市西城区西直门南小街 147 号楼 207 会议室 (三) 出席 ...

国投电力控股股份有限公司（以下简称"公司"）向特定对象全国社会保障 基金理事会发行 A 股股票事项已经公司于 2024 年 9 月 17 日召开的第十二届董 事会第三十三次会议审议通过，并已在上海证券交易所网站公告。 股票代码：600886 股票简称：国投电力 编号：2024-051 国投电力控股股份有限公司 关于向特定对象全国社会保障基金理事会发行A股股票 事项获得国家开发投资集团有限公司批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告。 国投电力控股股份有限公司董事会 2024年10月8日 近日，公司收到控股股东国家开发投资集团有限公司（以下简称"国投集团"） 《关于国投电力控股股份有限公司向特定对象发行 A 股股份有关事项的批复》 （国投资本运营〔2024〕342 号），国投集团原则同意公司向特定对象发行股份 的总体方案。 公司将于 2024 年 10 月 9 日召开 2024 年第五次临时股东大会审议本次向特 定对象全国社会保障基金理事会发行 A 股股票的有关事项。公司将根据该事项 的进展，及时履行 ...

E券 CGS 公司深度报告 · 公用事业行业 坐拥雅砻江优质资源,水风光协同助力成长 核心观点 ● ● 背靠国投集团,水电贡献核心利润。公司是国投集团电力业务的唯一上市平 台,拥有多元化的发电资产组合。截至23年末,公司发电装机容量达到4085.66 万千瓦,其中,水火风光分别为 2128、1254.08、318.25、385.33 万千瓦。 得益于较好的盈利水平,23年水电业务收入贡献度 45%,但毛利贡献度达到 75%, 为公司核心利润来源。 水电:坐拥雅砻江优质资源,奠定公司基本盘。公司水电资产主要布局雅砻 江流域,23年末装机 1920万千瓦,占水电总装机的90%。雅砻江盈利能力处 于可比公司前列,20-23年度电净利润 0.081-0.101元/千瓦时,同期长江电力、 华能水电、大渡河分别为0.087-0.106、0.052-0.077、0.036-0.044元/千瓦时。 拆分雅砻江度电净利润的驱动因素,我们认为主要来自两方面:1)外送消纳 带来的高电价,23年为 0.274元/千瓦时(不含税),高于可比公司的 0.023-0.060 元/千瓦时;2)较强的调节能力和相对较小的来水波动性带来的 高利 ...

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [2][19]. Core Views - The company has benefited from abundant water supply for hydropower generation and a decrease in fuel costs, leading to a steady growth in performance [2][6]. - The company plans to introduce social security funds through a private placement to support the construction of hydropower projects, which will enhance long-term development [4]. - The company has increased its cash dividend payout ratio to 55%, reflecting a commitment to shareholder returns [5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 27.102 billion yuan, a year-on-year increase of 2.79%, and a net profit attributable to shareholders of 3.744 billion yuan, up 12.19% year-on-year [2]. - The company’s hydropower generation capacity ranks third among listed companies, with a total installed capacity of 21.3045 million kilowatts [2]. Future Outlook - The company forecasts net profits of 7.712 billion yuan, 8.368 billion yuan, and 9.153 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.03 yuan, 1.12 yuan, and 1.23 yuan [6]. - The company is focusing on expanding its clean energy business and optimizing its thermal power operations, while also venturing into overseas markets and energy storage [6]. Research and Development - The company has significantly increased its R&D expenditure, with a year-on-year increase of 152% in 2023, and has authorized 70 new patents since the beginning of 2024 [3]. - The company is exploring new energy topics such as green hydrogen, solar desertification, offshore wind power, and marine ranching [3]. Capital Management - The company plans to raise up to 7 billion yuan through a private placement to fund the construction of the Mengdigou and Kala hydropower stations, which will improve cash flow and reduce financial costs [4]. - The company has successfully reduced its financial expenses by 14.59% year-on-year in 2023 and by 9.08% in the first half of 2024 [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [8]. Core Views - The company is projected to achieve operating revenues of 623.93 billion, 667.37 billion, and 695.96 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 77.40 billion, 87.56 billion, and 94.08 billion CNY, reflecting year-on-year growth rates of 15.4%, 13.1%, and 7.4% [1][2]. - The introduction of 7 billion CNY from social security funds is expected to enhance the dividend payout ratio to 55%, indicating a commitment to shareholder returns [2]. - The company plans to invest 34.65 billion CNY in clean energy projects, which will alleviate financial pressure and improve its debt ratio, reducing the debt ratio from 63.82% to 62.29% post-fundraising [2][3]. Financial Summary - For the fiscal year 2022, the company reported operating income of 50,489 million CNY, which is expected to grow to 56,712 million CNY in 2023, and further to 62,393 million CNY in 2024, with a year-on-year growth rate of 15.4% [2][4]. - The net profit attributable to the parent company was 4,081 million CNY in 2022, projected to rise to 6,705 million CNY in 2023 and 7,740 million CNY in 2024, with growth rates of 66.2% and 15.4%, respectively [2][4]. - The company's return on equity (ROE) is expected to improve from 8.2% in 2022 to 12.9% in 2024, indicating enhanced profitability [4]. Project Development - The funds raised will be allocated to the construction of the Mengdigou/Kala hydropower stations, which are expected to generate an average annual power output of 10.4 billion kWh and 4.524 billion kWh, respectively [2][3]. - The financial internal rate of return for the projects is estimated at 8%, with a payback period of approximately 20.4 years for Mengdigou and 19.06 years for Kala, suggesting a favorable economic outlook for these investments [2].

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company plans to issue 550 million A-shares at a price of 12.72 yuan per share to the National Social Security Fund, aiming to raise up to 7 billion yuan for clean energy projects [4] - The company commits to distributing at least 55% of its distributable profits as cash dividends annually from 2024 to 2026, an increase from the previous commitment of 50% [4] - The introduction of the social security fund as a strategic investor is expected to enhance the company's capital structure and support its clean energy development [4] - The company is advancing its hydropower and thermal power projects, including the Mengdigou and Kala hydropower stations, while also focusing on improving the efficiency of existing units [4] - The projected net profits for 2024-2026 are 8.038 billion, 8.759 billion, and 9.323 billion yuan, respectively, with corresponding PE ratios of 14, 13, and 12 [5] Financial Data Summary - As of June 30, 2024, the company's net asset per share is 7.17 yuan, and the debt-to-asset ratio is 63.82% [1] - The total share capital is 7,454 million shares, with 6,966 million shares being tradable A-shares [1] - The company's revenue for 2024 is projected to be 59.737 billion yuan, with a year-on-year growth rate of 5.3% [6] - The net profit for 2024 is estimated at 8.038 billion yuan, reflecting a year-on-year growth of 19.9% [6] - The company aims for a dividend yield of approximately 3.6% based on the latest closing price of 15.41 yuan per share [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [8][9]. Core Views - The company plans to issue 550 million A-shares at a price of 12.72 RMB per share, aiming to raise up to 7 billion RMB for the construction of the Karla and Mendigou hydropower projects in the Yalong River basin [1][2]. - The total share capital will increase by approximately 7.4%, which is expected to reduce the company's debt-to-asset ratio by about 1.5 percentage points, from 63.8% to 62.3% [2]. - The internal rate of return for the capital of the two hydropower projects is projected to reach 8%, indicating strong profitability potential [2]. - The company has committed to a dividend payout ratio of no less than 55% from 2024 to 2026, which is an increase from the previous commitment of 50% [2]. Financial Projections - The company is expected to achieve net profits attributable to shareholders of 7.71 billion RMB, 8.36 billion RMB, and 9.14 billion RMB for the years 2024, 2025, and 2026, respectively [2][5]. - The projected P/E ratios for the company are 15x, 14x, and 13x for the years 2024, 2025, and 2026, respectively [2][5]. - Revenue is forecasted to grow from 56.71 billion RMB in 2023 to 63.39 billion RMB in 2026, with a compound annual growth rate of approximately 9.79% [5][6]. Business Development - The company is focusing on expanding its clean energy business, with significant investments in hydropower projects that are expected to enhance its operational capacity and financial performance [2][5]. - The Karla and Mendigou hydropower stations are expected to operate in conjunction with the Longtou Reservoir, optimizing peak regulation and maximizing the benefits of cascade compensation in the river basin [2].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 17.81 [1][6]. Core Views - The introduction of strategic investment from the National Social Security Fund (NSSF) is expected to enhance the company's long-term investment value, with a commitment to increase the dividend payout ratio to 55% for the years 2024-2026, up from 50% [1][3]. - The company plans to raise up to RMB 7 billion through stock issuance, with the NSSF becoming the third-largest shareholder, holding 6.88% of the company post-issuance [1][3]. - The projected net profit for the company is estimated at RMB 79 billion, RMB 90 billion, and RMB 97 billion for the years 2024, 2025, and 2026 respectively [1]. Financial Summary - The company's revenue is projected to grow from RMB 50.49 billion in 2022 to RMB 67.13 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 6.5% [4][12]. - The net profit attributable to the parent company is expected to increase significantly from RMB 4.08 billion in 2022 to RMB 9.67 billion in 2026, indicating a strong growth trajectory [4][12]. - The earnings per share (EPS) is forecasted to rise from RMB 0.55 in 2022 to RMB 1.30 in 2026, showcasing improved profitability [4][12]. Project Investment - The company plans to allocate RMB 70 billion for investment, with RMB 45 billion and RMB 25 billion designated for the construction of the Mengdigou and Karala hydropower stations, respectively [2]. - The expected average annual power generation for these projects is projected to reach 104.05 billion kWh and 45.238 billion kWh, with internal rates of return on capital of 8% [2].