各位嘉宾大家好今天欢迎来到新疆绿色能源的投资交流会那么首先我来介绍一下公司参会的嘉宾首先第一位是公司副总裁董事会秘书班泽峰第二位是公司资本运营与投资者关系部主任张芳芳非常欢迎大家今天一起来进行交流那么首先由我代表公司为各位投资者介绍一下公司2024年一季度的整体经营业绩情况 首先呢2024年公司一季度实现了控股发电量41.17亿千瓦时同比增长了0.27%那么其中风电的发电量是40.78亿千瓦时同比增长0.36% 第一季度公司新能源板块的平均电价为四毛三较上年同期的四毛四下降了一分钱公司的上网电量为40.22亿千瓦时其中市场化交易电量是14.35亿千瓦时占当期上网电量的35.67%较上年同期增加了3.59个百分点 那么对于TNT我来说截至到2024年的3月31日公司共完成了总的出售气量是22.3亿立方米同比增加了33.86%其中代出气量是2.43亿立方米同比增加130%售气量是19.87亿方同比增加39.35% 那么售期量其中包括了批发售期量为9.66亿方同比增加10.58%零售期量是6.38亿方增加20.12%LNG售期量是3.63亿方那么因为这个LNG项目的投产跟去年同比增加了可以说是有显著的增加 那么针对 ...

更新报告 买入 天然气售气量高增长，全年盈利持续改善 新天绿色能源（0956.HK） 2024-05-22 星期三 投资要点 目标价： 4.52 港元 ➢ 2024Q1盈利为人民币8.32亿元，同比下降0.89%： 现 价： 3.66港元 公司2024Q1实现收入79.07亿元人民币，同比增长20.55%；归属股东 预计升幅: 23% 净利润8.32亿元人民币，同比下降0.89%；基本每股收益0.2元，同比 持平；加权平均净资产收益率3.82%，同比下降0.2个百分点。 重要数据 ➢ 2024Q1天然气总售气量增长33.86%，预期后续盈利持续改善： 日期 2024-05-21 一季度，公司天然气总输气量为 22.3 亿立方米，同比增长 33.86%；售 收盘价（港元） 3.66 气量19.87亿立方米，同比增长39.93%，其中零售气量6.38亿立方米， 流通股本（百万股） 1,839 同比增长20.12%；批发气量9.66亿方，同比增长10.58%；LNG售气量 流通市值（百万港元） 6,878 3.63 亿立，同比增长+46589.68%，主要受益唐山 LNG 投产带来爆发式 总股本（百万股） 4,20 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 公用事业 | 公司研究 风况不佳略有拖累 天然气产业链价值加速 2024年4月26日 释放 买入 新天绿色能源(00956.HK) 维持评级 新天绿色能源发布2024年第一季度报告。公司实现营业收入79.07亿元，同比增长20.55%； 归属于母公司股东的净利润人民币8.32亿元，同比下降0.89%，低于我们的预期。公司基本每 市场数据：2024年4月25日 股收益0.20元，与同期持平。加权平均净资产收益率3.82%，同比下降0.2个百分点。 收盘价（港币） 3.22 交易电量占比继续提升，平均上网电价小幅下滑。2024年1-3月，公司完成发电量41.17亿度， 恒生中国企业指数 6120.37 上网电量 40.22亿度，分别同比提升 0.27%及 0.16%。一季度公司完成市场化交易电量 14.34 52周最高/最低价 (港币) 3.43/2.51 亿度，占比35.67%，同比增加3.59个百分点。根据全国新能源消纳监测预警中心，2月河北省 H股市值（亿港币） 134.82 ...

参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要泄露散布转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家下午好我是声望公用事业分析师王璐今天我们非常荣幸的邀请到星天绿色能源A加H公司的副总裁兼总秘班泽峰班总以及总会计师刘涛刘总两位领导来和我们各位投资者举办本次2024年公司一季度的业绩说明会那么接下来我们把时间交给上市公司的两位领导好 好各位同学大家好我是青天绿色能源公司的副总裁董立帆则峰那么和我一起开会的还有我们的总会议室刘涛刘总那么首先我们先把我们公司的一季度的一些主要的经营数据跟各位同事进行一个分享女士们先生们大家好感谢大家出席青天绿色能源2024年一季度的业绩发布电话会议 那么在正式会议的开始之前首先呢请大家注意一下免责声明那我们首先来回顾一下公司2024年一季度整体的业务发展情况 2024年一季度公司实现了控股发电量是41.17亿千瓦时同比增长了0.27%其中锋利发电的发电量为40.78亿千瓦时同比增长了0.36%图中是公司各省份划分风电控股发 ...

请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资者大家下午好我是声望公用事业分析师王璐今天我们非常荣幸的邀请到星天绿色能源A加H公司的副总裁兼总秘班泽峰班总以及总会计师刘涛刘总两位领导来和我们各位投资者举办本次2024年公司一季度的业绩说明会那么接下来我们把时间交给上市公司的两位领导好 好 各位投资者大家好我是青天绿色能源公司的副总裁董秘邦泽峰那么和我一起参会的还有我们的总裁室刘涛 刘总那么首先我们先把我们公司的一季度的一些主要的经营数据跟各位投资者进行一个分享女士们先生们大家好感谢大家出席青天绿色能源2024年一季度的业绩发布电话会议 那么在正式会议的开始之前首先呢请大家注意一下免责声明那我们首先来回顾一下公司2024年一季度整体的业务发展情况 2024年一季度公司实现了控股发电量是41.17亿千瓦时同比增长了0.27%其中风力发电的发电量为40.78亿千瓦时同比增长了0.36%图中是公司各省份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 2024年第一季度報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）第13.09條和第13.10B條及 《證券及期貨條例》（香港法例第571章）第XIVA部刊發。 茲載列新天綠色能源股份有限公司（「本公司」）及其附屬公司截至2024年3月31日止三個月的2024年第 一季度報告（「季度報告」），其所載財務報告乃根據中國會計準則編製，且未經審計。季度報告以中 文編製，並翻譯為英文。如中英文版本有任何不一致，以中文版本為準。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2024年4月25日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士、秦剛先生及王 ...

新天绿色能源股份有限公司 China Suntien Green Energy Corporation Limited * (於中華人民共和國註冊成立之股份有限公司) 股份代號：00956 HK 600956 SH 7 stades 年 *僅供識別 重要提示 一、 本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實性、準確 性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責 任。 二、 公司全體董事出席董事會會議。 三、 安永華明會計師事務所（特殊普通合夥）為本公司出具了標準無保留意見的審計報告。 四、 公司負責人曹欣、主管會計工作負責人范維紅及會計機構負責人（會計主管人員）楊佔清 聲明：保證年度報告中財務報告的真實、準確、完整。 五、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 2023年，本公司經審計的合併報表歸屬於母公司股東的淨利潤為人民幣2,207,473,530.19元，未分配利潤為人民幣 8,960,553,185.93元。公司擬以批准2023年年度利潤分配預案的董事會召開日公司已發行總股數4,187,093,073股為基數，按 每10股派發 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 4.00, reflecting a potential upside of 35.2% based on a 6.0x P/E ratio for 2024 [4][14]. Core Insights - The company's FY23 performance met expectations, with total revenue increasing by 9.3% year-on-year to RMB 20.28 billion. However, net profit slightly declined by 3.7% to RMB 2.21 billion. The dividend payout ratio was raised from 36.4% to 42.0% [2][4]. - The company experienced a decline in net profit margin for its renewable energy segment, dropping from 33.6% to 29.1%, while the natural gas segment saw a slight increase in net profit margin to 6.7% [2][8]. - The company plans to accelerate wind power capacity growth, targeting an addition of 800-1,000 MW in FY24, following a 2.4% increase in cumulative wind power capacity to 5,812 MW in FY23 [3][4]. Financial Performance Summary - FY23 total revenue reached RMB 20.28 billion, with renewable energy revenue down 1.6% to RMB 6.24 billion and natural gas revenue up 15.0% to RMB 14.03 billion [2][8]. - The company’s total installed wind power capacity increased to 5,812 MW, with wind generation slightly up by 0.4% to 14,081 GWh [3][9]. - The natural gas sales volume grew by 15.9% to 4.50 billion cubic meters, with projections for FY24 and FY25 indicating further growth of 7.1% and 7.0%, respectively [4][9]. Earnings Forecast Adjustments - The report has slightly lowered the net profit forecasts for FY24 and FY25 by 7.1% and 8.0%, respectively, with new projections of RMB 2.88 billion for FY24 and RMB 3.50 billion for FY25 [10][11]. - The earnings per share (EPS) forecast for FY24 is adjusted to RMB 0.69, reflecting a decrease of 10.1% from previous estimates [10][11]. Shareholder Information - The company has a market capitalization of approximately HKD 25.75 billion, with a current share price of HKD 2.96 [5][14]. - Major shareholder is Hebei Construction Investment, holding 49.17% of the shares [5].

Investment Rating - The report maintains a "Buy" rating for Suntien Green Energy [3] Core Views - Suntien Green Energy reported a revenue of 20.282 billion RMB for 2023, a year-on-year increase of 9.27%, and a net profit attributable to shareholders of 2.207 billion RMB, a decrease of 3.71% [3] - The company plans to distribute a dividend of 0.214 RMB per share, resulting in a dividend yield of 7.99% based on the closing price on March 26 [3] - The report highlights the company's integrated advantages in the natural gas industry and the expansion of its sales network, with total gas transmission volume reaching 5.114 billion cubic meters, a year-on-year increase of 13.63% [3] - The report anticipates accelerated growth in installed capacity and power generation due to new wind power projects included in government development plans [3] Financial Summary - Revenue for 2022 was 18.561 billion RMB, with a projected increase to 25.567 billion RMB in 2024, reflecting a growth rate of 26.1% [4][6] - Net profit for 2022 was 2.293 billion RMB, with a forecasted increase to 2.616 billion RMB in 2024, indicating an 18.5% growth rate [4][6] - Earnings per share (EPS) is projected to be 0.62 RMB in 2024, increasing to 0.83 RMB by 2026 [4][6] - The report notes a decrease in gross profit margin to 59.45%, down 2.02 percentage points year-on-year, due to rising costs in the wind and solar power segments [3]

Financial Performance - The operating revenue for the year ended December 31, 2023, was RMB 20.282 billion, an increase of 9.27% compared to 2022[2]. - The profit before tax was RMB 3.368 billion, reflecting a growth of 2.22% year-on-year[2]. - The net profit attributable to shareholders was RMB 2.207 billion, a decrease of 3.71% from the previous year[2]. - Earnings per share were RMB 0.51, down 3.77% compared to 2022[2]. - The total profit for the group reached RMB 3.368 billion, an increase of 2.22% year-on-year, while net profit was RMB 2.734 billion, a decrease of 2.96%[21]. - Operating revenue for the group was RMB 20.282 billion, representing a year-on-year increase of 9.27%, with the natural gas segment contributing RMB 14.027 billion, up 14.96%[21]. - The wind and solar segment's revenue was RMB 6.244 billion, down 1.61%, accounting for 30.78% of total revenue, primarily due to a decrease in available hours for wind power generation[21]. - The company reported a significant increase in financing activities, with net cash flow from financing activities at RMB -23.10 billion, a substantial decrease from RMB -1.76 billion in the previous year[50]. - The company reported a decrease of 4.31% in net profit compared to the previous year, primarily due to a reduction in net profit[117]. - The total comprehensive income for 2023 was approximately RMB 2.73 billion, a decrease from RMB 2.82 billion in 2022, reflecting a decline of about 3.2%[126]. Revenue and Sales - The total gas sales volume for the reporting period was 5.114 billion cubic meters, an increase of 13.63% year-on-year[8]. - The retail gas sales volume reached 2 billion cubic meters, up 8.78% from the previous year[8]. - The LNG sales volume surged by 9,585.78% to 0.456 billion cubic meters, primarily due to the commissioning of the Tangshan LNG project[8]. - The company's natural gas sales revenue reached RMB 13.79 billion, with a year-on-year increase of 16.33%[51]. - The revenue from natural gas sales primarily comes from pipeline transportation and city gas distribution, with stable unit profit margins[41]. Assets and Liabilities - The total consolidated assets amounted to RMB 79.017 billion as of December 31, 2023[3]. - The group’s total borrowings amounted to RMB 37.913 billion, an increase of RMB 0.71 billion from the end of 2022, with short-term borrowings at RMB 7.219 billion[29]. - The asset-liability ratio was 66.16%, a decrease of 1.31 percentage points from 67.47% at the end of 2022, due to stable total liabilities and growth in net assets[30]. - The total liabilities as of December 31, 2023, were RMB 52,275,823,528.51, slightly up from RMB 52,231,291,874.48 in 2022[124]. - The total shareholders' equity as of December 31, 2023, was RMB 26,740,769,568.24, an increase from RMB 25,181,257,060.18 in 2022, representing a growth of 6.19%[124]. Investments and Expenditures - Capital expenditures for the period were RMB 6.147 billion, a decrease of 15.11% from RMB 7.241 billion in the previous year[27]. - The company has allocated RMB 148.55 million for new investments in 2023, compared to RMB 80.38 million in 2022, indicating a significant increase in investment activity[128]. - The company plans to enhance its offshore wind power projects, leveraging the Tangshan Leting Bodhi Island offshore wind project to explore new opportunities in offshore wind development[75]. Research and Development - The company has been awarded 59 invention patents and 403 utility model patents, reflecting its commitment to innovation and technology development[20]. - Research and development expenses for 2023 were RMB 371.59 million, a decrease from RMB 427.16 million in 2022, reflecting a strategic focus on cost management[193]. - The total R&D investment accounted for 1.88% of operating revenue, with capitalized R&D expenses making up 2.37%[58]. Market and Competition - The company is actively pursuing the development of smart gas transmission and distribution technologies, contributing to the digital transformation of the natural gas industry[20]. - The company is focusing on expanding its market presence in untapped provinces while maintaining its competitive edge in Hebei province[45]. - Market expansion difficulties are expected to increase as upstream suppliers extend their reach into downstream markets, intensifying competition[91]. Environmental and Social Responsibility - The company has received multiple ESG awards, highlighting its commitment to sustainable development and environmental management[46]. - The company generated 14.254 billion kWh of green electricity in 2023, avoiding CO2 emissions of approximately 11.7453 million tons[110]. - The company has avoided SO2 emissions of approximately 1,439.65 tons and NOx emissions of about 2,166.61 tons through its green energy initiatives[110]. Cash Flow and Financial Management - The net cash flow from operating activities decreased by 34.99% to RMB 7.46 billion, down from RMB 11.43 billion in the previous year[49]. - The company’s cash and cash equivalents decreased to RMB 3,420,053,078.91 from RMB 7,326,059,327.77, a decline of 53.3%[123]. - The company is closely monitoring interest rate changes as it requires substantial capital expenditure for wind power and natural gas projects, which could impact funding costs[94]. Risks and Challenges - The company faces risks related to wind resource uncertainty and potential electricity output limitations due to lagging grid construction, which may affect project development[85][86]. - There is a risk of declining pipeline transportation and city gas charges as the government continues to reform natural gas pricing, which may impact revenue[90]. - Natural gas consumption is under pressure due to external demand decline and geopolitical instability, affecting market demand[93].