证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 作者 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately CNY 200 million to CNY 225 million for the fiscal year 2024, representing a year-on-year growth of 39.91% to 57.40%[5] - The net profit after deducting non-recurring gains and losses is estimated to be between CNY 197.72 million and CNY 222.72 million, reflecting a growth of 54.09% to 73.57% compared to the previous year[3] - The basic earnings per share are projected to be approximately CNY 0.9926 to CNY 0.8823, up from CNY 0.6306 in the previous year[3] Factors Influencing Profitability - The increase in profit is primarily attributed to a rise in electricity generation and a decrease in coal prices, enhancing the profitability of the company's controlled power generation enterprises[5] Audit and Reporting - The performance forecast has not been audited by an accounting firm, and the company has communicated with its auditors regarding significant matters related to the forecast[4] - Detailed financial data for the fiscal year 2024 will be disclosed in the annual report, and investors are advised to make cautious decisions[7]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥8,539,519,035.31, an increase of 7.07% compared to the same period last year[2]. - Net profit attributable to shareholders decreased by 28.88% to ¥512,056,521.45, while net profit excluding non-recurring gains and losses fell by 29.41% to ¥506,862,404.88[2]. - The company's net profit for the year-to-date increased by 31% to ¥2,245,666,620.57, driven by higher power generation and lower coal prices[5]. - Total operating revenue for Q3 2024 reached ¥22,540,532,328.13, an increase of 11.5% compared to ¥20,211,342,703.42 in Q3 2023[13]. - Net profit attributable to shareholders of the parent company was ¥1,582,646,082.38, up from ¥1,304,808,804.59 in the same period last year, reflecting a growth of 21.3%[14]. - The company’s operating profit for the quarter was ¥2,629,078,875.90, compared to ¥1,826,958,712.47 in Q3 2023, an increase of 43.9%[14]. - Total comprehensive income attributable to the parent company reached ¥2,676,201,242.29, an increase from ¥1,906,425,297.07 in the previous year, representing a growth of approximately 40.3%[15]. - Basic and diluted earnings per share increased to ¥0.6982 from ¥0.5756, reflecting a rise of about 21.3%[15]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥65,991,198,021.40, reflecting an 8.92% increase from the end of the previous year[2]. - The total number of common shareholders at the end of the reporting period is 50,742, with the largest shareholder, Anhui Energy Group Co., Ltd., holding 54.93% of shares, totaling 1,245,208,342 shares[7]. - The company's total liabilities rose to ¥43,364,960,491.08, up from ¥40,204,641,516.68, indicating an increase of 5.4%[12]. - The total liabilities decreased by 62% in other current liabilities, primarily due to the repayment of short-term debts[5]. - The total current assets increased to ¥9,696,411,201.16 from ¥8,024,488,205.36, reflecting a growth of approximately 20.8%[10]. - Long-term equity investments increased to ¥13,582,043,747.29 from ¥13,188,143,097.43, showing a growth of about 3%[10]. Cash Flow - The company's cash flow from operating activities for the year-to-date reached ¥4,851,841,966.87, showing a significant increase of 113.42%[2]. - Cash flow from operating activities generated ¥27,275,037,475.61, compared to ¥22,702,985,508.18 in the previous period, marking an increase of approximately 20.3%[16]. - Net cash flow from operating activities improved significantly to ¥4,851,841,966.87, up from ¥2,273,405,335.41, indicating a growth of about 113.4%[16]. - The ending balance of cash and cash equivalents increased to ¥3,053,823,298.89 from ¥2,844,348,642.32, representing a growth of about 7.3%[17]. - The company reported a net increase in cash and cash equivalents of ¥1,088,720,391.21, compared to ¥594,240,886.28 in the previous period, reflecting an increase of approximately 83.4%[17]. Expenses and Investments - Research and development expenses for the quarter were ¥144,986,982.34, compared to ¥116,668,567.64 in Q3 2023, representing a 24.2% increase[13]. - The company reported a significant increase in cash and cash equivalents, with a total of ¥3,024,766,916.74 in accounts payable, up from ¥2,629,371,143.03, a rise of 15%[12]. - Deferred income tax assets decreased to ¥514,784,995.22 from ¥604,509,871.96, a decline of 14.8%[12]. - The company reported a 356% increase in income tax expenses to ¥359,514,840.05, attributed to the rise in total profit[5]. Operational Developments - The company has relocated its office to a new address in Hefei, which may enhance operational efficiency[9]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[9]. - The company maintains a stable financial position with a significant increase in both current and non-current assets, positioning itself for future growth opportunities[10]. - The company has seen a 44% increase in operating profit to ¥2,629,078,875.90, driven by increased power generation and improved profitability in the power generation sector[5]. - Inventory rose significantly to ¥1,209,845,624.08 from ¥696,599,383.12, marking an increase of about 73.5%[10]. - The company reported a slight increase in accounts receivable, rising to ¥3,513,708,887.49 from ¥3,505,393,961.30, which is a marginal increase of about 0.2%[10].

安徽省皖能股份有限公司 2024 年半年度报告全文 证券代码：000543 证券简称：皖能电力 公告编号：2024-43 安徽省皖能股份有限公司 2024 年半年度报告 1 安徽省皖能股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人李明、主管会计工作负责人方世清及会计机构负责人（会计主 管人员）沈春水声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司已在本报告中详细描述可能存在的相关风险，敬请查阅管理层讨论与 分析中面临的风险和应对措施等内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 安徽省皖能股份有限公司 2024 年半年度报告全文 目录 | --- | --- | --- | |--------|------------------------|-------------------------------------------------- ...

安徽省皖能股份有限公司 证券代码：000543 证券简称：皖能电力 公告编号： 2024-39 2024年度第一期超短期融资券兑付完成的公告 安徽省皖能股份有限公司（以下简称"公司"或"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，对公告的虚假记载、误导性陈 述或者重大遗漏负连带责任。 安徽省皖能股份有限公司 二〇二四年七月十六日 2024 年 7 月 12 日，公司完成兑付本期超短期融资券本息共计人民币 1,011,574,863.39 元。 特此公告。 公司于 2024 年 1 月 15 日成功发行公司 2024 年度第一期超短期融资券， 发行总额为人民币 10 亿元，票面利率为 2.38%，期限为 178 天，兑付日期为 2024 年 7 月 12 日。 ...

证券代码：000543 证券简称：皖能电力 公告编号：2024-38 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，对公告的虚假记 载、误导性陈述或者重大遗漏负连带责任。 | --- | --- | --- | --- | |-----------------|-------------|-----------------------------------|-------------------------| | 2、预计的业绩： | 亏损 | 扭亏为盈 同向上升 | 同向下降 | | 项 目 | | 本报告期 | 上年同期 | | 归属于上市公司 | 盈利：约 | 90,000 万元— 110,000 万元 | | | 股东的净利润 | | 比上年同期增长： 53.89%—88.09% | 盈利： 58,482.79 万元 | | 扣除非经常性损 | 盈利：约 元 | 88,844.37 万元— 108,844.37 万 | 盈利： 53,390.82 万元 | | 益后的净利润 | | 比上年同期增长： 66.40% — 103.86% | | | 基本每股收益 | 盈利：约 | 0.3970 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥6,985,247,161.67, representing a 12.45% increase from ¥5,806,365,093.39 in the same period last year[25] - Net profit attributable to shareholders of the listed company reached ¥452,572,336.21, a significant increase of 188.24% compared to ¥125,827,924.50 in Q1 2023[25] - Basic earnings per share increased to ¥0.20, up 185.71% from ¥0.06 in Q1 2023[25] - Diluted earnings per share also rose to ¥0.20, reflecting the same percentage increase as basic earnings per share[25] - The total profit for the period reached ¥762,425,974.14, a significant increase of 210.23% compared to ¥245,762,012.82 from the previous period[50] - The net profit for the period was ¥663,610,803.54, reflecting a 192.80% increase from ¥226,644,202.09 in the prior period[50] - The company reported a significant increase in operating profit to ¥767,281,730.81, up 217.97% from ¥241,305,989.39 in the previous period[50] Cash Flow and Assets - The net cash flow generated from operating activities was ¥1,176,248,496.92, up 68.31% from ¥588,047,436.50 in the previous year[25] - The company's net cash inflow from operating activities increased to ¥8,961,788,062.66, up from ¥6,684,942,057.29, representing a growth of approximately 34.06%[43] - Cash and cash equivalents increased by 43.89% to 2,874,490,651.70 RMB compared to the beginning of the period[34] - Cash and cash equivalents at the end of the period totaled ¥2,851,386,574.22, down from ¥3,270,866,251.35 at the end of the previous period[59] - The company's total assets increased to ¥61,823,242,526.52, up from ¥60,586,364,519.22, marking a growth of approximately 2.04%[40] - Total assets at the end of the reporting period were ¥61,823,242,526.52, a 2.04% increase from ¥60,586,364,519.22 at the end of the previous year[25] Liabilities and Equity - The total liabilities decreased slightly to ¥39,695,081,809.84 from ¥40,024,902,228.96, indicating a reduction of about 0.82%[40] - The total liabilities increased to ¥40,740,465,011.14 from ¥40,204,641,516.68, marking a rise of 1.33%[56] - Total equity attributable to shareholders of the parent company rose to ¥14,248,975,479.49, compared to ¥13,849,177,181.89, reflecting an increase of 2.88%[56] - Equity attributable to shareholders of the listed company was ¥14,248,975,479.49, up 2.89% from ¥13,849,177,181.89 at the end of the previous year[25] Research and Development - Research and development expenses decreased to ¥28,544,631.41 from ¥43,000,542.53 in the previous year[17] - Research and development expenses decreased by 33.62% to ¥28,544,631.41 from ¥43,000,542.53[50] Investment and Income - Investment income increased significantly to ¥309,889,804.09 from ¥134,248,110.86 in the same period last year[17] - Investment income surged by 130.83% to ¥309,889,804.09, compared to ¥134,248,110.86 in the previous period[50] Shareholder Information - The total number of common shareholders at the end of the reporting period is 41,403[28] - The proportion of shares held by Anhui Energy Group Co., Ltd. is 54.93%, totaling 1,245,208,342 shares[28] Other Financial Metrics - The weighted average return on net assets improved to 3.22%, an increase of 2.13 percentage points from 0.99% in the previous year[25] - The total amount of employee compensation payable increased by 59.80% to 135,208,659.30 RMB due to increased accruals[34] - The company paid ¥338,242,354.81 in cash to employees, an increase from ¥268,689,064.71 in the previous period[59] - The company's long-term borrowings and bonds payable rose to ¥25,326,854,081.91, an increase from ¥24,133,538,775.93, reflecting a growth of approximately 4.95%[40] Non-Operating Income and Expenses - The total revenue from other non-operating income and expenses is 5,591,930.81 RMB[26] - The government subsidies recognized in the current period amount to 260,000.00 RMB[26] - The total amount of non-current asset disposal loss is -650,187.92 RMB[26]

2023 年度独立董事述职报告 各位董事、监事： 作为安徽省皖能股份有限公司的独立董事，2023 年我们严 格按照《公司法》《关于在上市公司建立独立董事的指导意见》 《公司章程》《深圳证券交易所股票上市规则》及有关法律、法 规、规章的规定，勤勉尽职、认真、负责地行使公司所赋予的 权利，出席了 2023 年的相关会议，对董事会的相关议案发表了 独立意见，维护了公司和股东的合法权益。 三、独立董事年度履职重点关注事项的情况 2023 年，我们对公司各重大事项进行充分调查，积极收集 资料，深入分析各重大事项的必要性、可行性和潜在风险，谨 慎地发表独立意见，具体如下： （一）关联交易情况 一、出席董事会、股东大会情况 2023 年度，公司共召开董事会 12 次、股东大会 4 次、审计 委员会 2 次，会议召开符合法定程序，重大经营决策事项和其 他重大事项决策程序合规。张云燕、谢敬东、姚王信作为公司 独立董事，亲自出席了公司董事会、股东大会全部会议，并对 审议的各项议案投了赞成票。具体出席会议的情况如下： | 独立董事姓名 | 本年应参加董事 会、股东会会议 | 担任期间 | 亲自 | 委托 出席 | 缺席 | | - ...

Financial Performance - The company's operating revenue for 2023 reached ¥27,866,767,100, an increase of 8.26% compared to ¥24,275,609,300 in 2022[18]. - Net profit attributable to shareholders was ¥1,429,509,728, representing a significant increase of 186.37% from ¥425,137,702 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was ¥1,283,172,702, up 220.43% from ¥401,558,063 in 2022[18]. - The company's total assets at the end of 2023 were ¥60,586,364,500, an increase of 8.74% from ¥55,719,178,000 at the end of 2022[18]. - The weighted average return on net assets increased to 10.38%, up 6.87 percentage points from 3.39% in 2022[18]. - The company reported a total profit of 1.829 billion yuan, reflecting a significant year-on-year growth of 549.62%[48]. - The company's basic earnings per share increased to ¥0.63, a rise of 186.36% from ¥0.19 in 2022[18]. - Total revenue for 2023 reached approximately ¥27.87 billion, an increase of 8.26% compared to ¥25.74 billion in 2022[60]. - The power generation sector contributed ¥20.42 billion, accounting for 73.27% of total revenue, with a year-on-year growth of 15.27%[60]. - The company reported a significant increase in revenue, achieving a total of 10 billion CNY for the fiscal year, representing a 15% year-over-year growth[135]. Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥1,695,722,030, a decrease of 53.21% compared to ¥3,624,436,060 in 2022[18]. - Operating cash inflow totaled ¥31,146,179,593.38 in 2023, an increase of 8.46% from ¥28,717,298,287.60 in 2022[74]. - Investment cash inflow increased by 31.92% to ¥1,119,733,932.99, driven by repayments from related parties, while investment cash outflow rose by 33.19% to ¥7,895,057,212.81[75]. - Financing cash inflow grew by 28.63% to ¥17,676,808,823.93, mainly due to increased borrowings, resulting in a net cash flow from financing activities of ¥4,697,791,987.40, up 131.64%[75]. - The total investment amount for the reporting period reached ¥2,938,205,713.95, representing a significant increase of 965.70% compared to the previous year's investment of ¥275,705,700.00[84]. Operational Efficiency and Capacity - The company's total installed capacity reached 14,940 MW, an increase from 14,520 MW in the previous year, with new installed capacity of 2,150 MW added during the reporting period[37]. - The company's power generation volume was 51.26 billion kWh, up from 43.10 billion kWh year-on-year, reflecting a significant growth in operational efficiency[37]. - The average on-grid electricity price decreased to CNY 45,560 per million kWh from CNY 46,650 per million kWh, indicating a slight decline in revenue per unit sold[37]. - The company's sales of external power amounted to 5.91 billion kWh, representing 10.9% of total sales, indicating a diversification in revenue sources[37]. - The company’s coal-fired units with a capacity of 600 MW and above account for 79% of its operational coal power generation, showcasing its focus on high-efficiency, low-emission technology[39]. Strategic Acquisitions and Partnerships - In 2023, the company completed the acquisition of 51% of Anhui Environmental Protection Co., which impacted the financial data adjustments for the first and second quarters[23]. - The company is actively pursuing strategic acquisitions and partnerships to enhance its asset portfolio and operational capabilities, supported by its major shareholder[42]. - The company completed several acquisitions, including a 51% stake in Anhui Wan Energy Environmental Protection Co., expanding its operational scope[65]. - The company acquired shares in five pumped storage companies, enhancing its renewable energy business layout[54]. - The company is exploring potential mergers and acquisitions to enhance its market position, with a budget of 2 billion CNY allocated for this purpose[110]. Research and Development - The company successfully implemented ammonia co-firing technology in coal-fired power plants, achieving a co-firing ratio of 10% to 35%[57]. - R&D investment amounted to ¥196,666,001.55 in 2023, a decrease of 24.16% compared to ¥259,316,963.74 in 2022, with R&D expenditure accounting for 0.71% of operating revenue, down from 1.01%[72]. - The number of R&D personnel increased to 1,099 in 2023, representing a 10.67% increase from 993 in 2022, with the proportion of R&D staff rising to 22.17% from 19.23%[72]. - The company completed significant R&D projects, including the successful installation of a carbon emission monitoring system and the completion of ammonia co-firing experiments, which are expected to enhance core competitiveness and support the company's transformation[71]. - The company has allocated 200 million CNY for research and development in renewable energy technologies over the next two years[111]. Environmental and Safety Compliance - The company adheres to multiple environmental protection laws and standards, ensuring compliance in its operations[171]. - The total emissions of major pollutants were reported at 549 tons, with specific emissions for dust and nitrogen oxides detailed[173]. - The company has implemented measures to monitor and control emissions, ensuring they meet regulatory standards[173]. - In 2023, the company invested CNY 135 million in environmental governance and protection, and paid CNY 9.14 million in environmental protection tax[176]. - The average concentration of particulate matter emissions was 3.94 mg/m³, which is better than the ultra-low emission standard of 10 mg/m³[180]. Management and Governance - The company held its annual shareholder meeting on May 25, 2023, with a participation rate of 68.57%[122]. - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations[119]. - The company has established an independent financial management system, ensuring no interference from the controlling shareholder in financial decisions[120]. - The company has a robust internal control system to ensure compliance with legal and regulatory requirements[118]. - The company reported a significant management change with the resignation of Vice General Manager and Board Secretary Hou Haiyan on January 13, 2023, due to work adjustments[126]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12%[110]. - The company plans to enhance operational management in 2024 with multiple projects, including Changfeng Gas Power and Xinjiang Yingma Coal Power, which will require comprehensive planning and training[99]. - The company aims to strengthen safety management systems and enhance training for operational staff to improve overall business capabilities[101]. - The company is committed to sustainable growth and innovation in the energy sector[110]. - The company plans to leverage digitalization and information technology to improve operational efficiency and management capabilities[108].

关于董事会、监事会延期换届的提示性公告 安徽省皖能股份有限公司（以下简称"公司"或" 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，对公告的虚假记载、误导性陈述或者重 大遗漏负连带责任。 公司第十届董事会、监事会将于 2024 年 4 月 14 日任期届满。鉴于公司新一 届董事会董事候选人、监事会监事候选人的提名工作仍在积极筹备中，为了保证 公司董事会、监事会相关工作的连续性及稳定性，董事会、监事会的换届选举工 作将延期举行，董事会各专门委员会及高级管理人员的任期亦相应顺延。 在新一届董事会、监事会换届选举工作完成之前，公司第十届董事会、监事 会全体成员、董事会各专门委员会委员及高级管理人员将依照相关法律法规、规 章制度及《公司章程》等规定，继续履行相应义务和职责。 证券代码：000543 证券简称：皖能电力 公告编号：2024-09 安徽省皖能股份有限公司 安徽省皖能股份有限公司董事会 2024 年 4 月 12 日 公司董事会、监事会延期换届不会影响公司的正常运营和规范运作。公司将 尽快完成董事会、监事会换届选举工作，并及时履行信息披露义务。 特此公告。 ...