证券代码：600023 证券简称：浙能电力 公告编号：2024-053 浙江浙能电力股份有限公司 关于受让中核浙能股权暨关联交易的公告 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。 重要内容提示： 公司于 2024 年 12 月 20 日以通讯方式召开第五届董事会第六次会议，审议 通过《关于受让中核浙能股权的议案》。会议应出席董事 9 名，实际出席董事 9 名，其中关联董事虞国平、胡敏、陈剑飞回避表决。本议案经非关联董事一致审 议通过。现将有关事项公告如下： 一、关联交易概述 中核浙能为投资、建设、运营管理浙江金七门核电站的项目公司，由中国核 能电力股份有限公司（以下简称"中国核电"）、浙能集团、宁波海洋发展集团 有限公司、宁波象能新能源有限公司、民生人寿保险股份有限公司按照 51%、24%、 13%、10%、2%的比例共同出资。 浙江浙能电力股份有限公司（以下简称"公司"）拟受让浙江省能源集 团有限公司（以下简称"浙能集团"）持有的中核浙能能源有限公司（以 下简称"中核浙能"）24%股权，参股投资建设浙江金七门核电站。 本 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-052 浙江浙能电力股份有限公司 关于召开 2024 年第四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 年第四次临时股东大会 召开的日期时间：2024 年 12 月 31 日 14 点 30 分 召开地点：浙江省杭州市西湖区曙光路 122 号浙江世贸君澜大饭店嘉年厅 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年12月31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 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 31 日 至 2024 年 12 月 31 日 采用上海证券交易所网络投票系统，通过交易系统投 ...

重要内容提示： 一、日常关联交易基本情况 证券代码：600023 证券简称：浙能电力 公告编号：2024-051 浙江浙能电力股份有限公司日常关联交易公告 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。 本次关联交易经独立董事专门会议 2024 年第六次会议审议通过，会议认为： 该日常关联交易属于公司正常经营活动，满足公司日常生产经营的实际需要；定 价原则公平合理，没有损害公司及中小股东的利益。全体独立董事一致同意该关 联交易事项并同意将事项提交公司第五届董事会第五次会议审议。 本议案尚需提交股东大会审议，关联股东将在股东大会上对该议案回避表决。 本日常关联交易事项需提交股东大会审议。 本日常关联交易不会对关联人形成较大的依赖。 二、关联方介绍 | 单位 | 关联关系 | 2023 | 年经营情况（亿元） | | | --- | --- | --- | --- | --- | | | | 总资产 | 净资产 | 营业收入 | | 浙江省能源集团有限公司 | 控股股东 | 3322.35 | 1549.70 | 1700.10 ...

（三）本次会议应出席董事 9 人，实际出席会议董事 9 人。 （四）公司监事、高级管理人员列席本次会议。 证券代码：600023 证券简称：浙能电力 公告编号：2024-050 浙江浙能电力股份有限公司 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 （一）浙江浙能电力股份有限公司（以下简称"公司"）第五届董事会第五 次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的有 关规定，会议合法有效。 （二）本次会议于 2024 年 12 月 13 日以通讯方式召开。 二、董事会会议审议情况 1 本议案需提交公司股东大会审议。 2、关于召开 2024 年第四次临时股东大会的议案 同意召开公司 2024 年第四次临时股东大会，关于会议召开的时间、地点、 议程等具体事宜详见《关于召开 2024 年第四次临时股东大会的通知》（2024-052）。 表决情况：9 票同意，0 票反对，0 票弃权 会议审议通过以下议案： 1、关于日常关联交易的议案 本议案内容涉及关联交易事 ...

Investment Rating - The report initiates coverage with a "Hold" rating for Zhejiang Energy Power [3]. Core Views - Zhejiang Energy Power is positioned as a leading provincial power company with strong performance prospects, transitioning towards a dual business model of thermal power and new energy manufacturing [1][2]. - The company has shown a significant recovery in thermal power profitability, supported by a decrease in coal prices and a stable electricity price environment, which enhances its earnings outlook [1][2]. - The company is actively investing in nuclear power and solar energy, aiming to strengthen its dual business strategy and capitalize on the growing demand for renewable energy [2][3]. Summary by Sections 1. Strong Performance and Future Prospects - Zhejiang Energy Power is the largest local power generation company in China, primarily engaged in thermal power generation, with a total installed capacity of approximately 35.17 GW as of the end of 2023 [1][19]. - The company has successfully transitioned towards a dual business model by acquiring a 9.7% stake in Zhonglai, entering the high-end equipment manufacturing sector for new energy [1][15]. - The company has a solid historical dividend payout record, with a projected high dividend payout ratio in the future based on improved earnings [1][32]. 2. Recovery in Thermal Power Profitability - The company manages approximately 30.88 GW of coal-fired power and 4.03 GW of gas-fired power, with expectations for new units to be operational in 2024 [1][38]. - The electricity demand in Zhejiang is expected to remain tight, ensuring high utilization hours for the company's power generation units [1][49]. - The company anticipates a continued improvement in profitability due to the recovery of coal prices and the implementation of capacity pricing starting in 2024 [1][2]. 3. Investment in Nuclear Power and Solar Energy - The report highlights the low proportion of nuclear power in China's energy mix, with expectations for significant growth in nuclear capacity by 2035 [2]. - The company is strategically investing in nuclear projects and has entered the solar energy sector through its stake in Zhonglai, aiming for a balanced growth strategy [2][3]. - The company is focused on leveraging its thermal power and new energy resources to develop complementary projects, enhancing its overall growth potential [2][3]. 4. Earnings Forecast and Investment Recommendations - The forecast for the company's revenue from 2024 to 2026 is projected to be 941.15 billion, 970.79 billion, and 1,007.07 billion yuan, respectively, with corresponding net profits of 77.69 billion, 84.22 billion, and 90.85 billion yuan [3][4]. - The report emphasizes the potential for continued earnings growth driven by new capacity coming online and favorable market conditions [3][4].

浙江浙能电力股份有限公司 关于参与中核汇能有限公司增资暨关联交易的公告 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。 重要内容提示： 公司于 2024 年 11 月 15 日以通讯方式召开第五届董事会第四次会议，审议 通过《关于参与中核汇能增资的议案》。会议应出席董事 9 名，实际出席董事 9 名，其中关联董事虞国平回避表决。本议案经非关联董事一致审议通过。现将有 关事项公告如下： 一、关联交易概述 公司持有中核汇能 4.8%的股权。根据发展需要，中核汇能以非公开协议方 式增资 789,598.3576 万元，其中公司按 4.8%的持股比例向中核汇能增资 37,900.7212 万元，并按中核汇能的缴款通知要求分期出资到位。 中国核能电力股份有限公司（以下简称"中国核电"）为中核汇能的控股股 东，公司与中国核电共同向中核汇能增资构成关联交易。 二、关联人介绍 证券代码：600023 证券简称：浙能电力 公告编号：2024-049 中核汇能是中核集团、中国核电非核清洁能源产业开发、建设、运营的专业 化平台。经立信会计师事务所（ ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a significant recovery in electricity generation in Q3, with a notable increase in profit from the core power generation segment, despite short-term pressure on investment income [1][2]. - The overall revenue for Q1-Q3 2024 was 66.296 billion yuan, a decrease of 4.62% year-on-year, while the net profit attributable to the parent company was 6.7 billion yuan, an increase of 12.37% year-on-year [1]. - The company expects stable investment income in the future, as the impact from nuclear power maintenance has ended and coal prices continue to decline [3]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a power generation volume of 1,291.88 billion kWh, a year-on-year increase of 6.96%, with Q3 alone showing a 17.07% increase [2]. - The average coal price at Qinhuangdao Port for Q1-Q3 2024 was 867 yuan/ton, down 10.40% year-on-year, with a further decline to 852 yuan/ton in October, down 15.21% year-on-year [2]. - Investment income for Q1-Q3 2024 was 3.761 billion yuan, a decrease of 3.86% year-on-year, contributing 56.13% to overall performance [3]. - The company adjusted its profit forecast for 2024-2026, expecting net profits of 8.002 billion, 8.503 billion, and 9.590 billion yuan, representing year-on-year growth rates of 22.74%, 6.26%, and 12.79% respectively [5]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 9.82, 9.24, and 8.19 respectively [5]. - The total market capitalization of the company is approximately 78.575 billion yuan, with a current price of 5.86 yuan per share [6].

证券代码：600023 证券简称：浙能电力 公告编号：2024-048 浙江浙能电力股份有限公司 公司答复：你好，电力现货市场自四月以来进行结算试运行，因此上网电价 有所下降；同时煤炭价格降幅收窄，造成发电毛利增幅有所收窄；另外参股火电 企业投资收益有所下滑，综上导致火电利润下降。 问题 3：虞总，您好！随着煤炭价格近年有逐渐回归发改委长协价格，以及 受新能源价格积压，25 年年度长协价格是否亦会继续下跌？进而影响公司经营 利润？谢谢！ 关于 2024 年第三季度业绩说明会召开情况的公告 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。 浙江浙能电力股份有限公司（以下简称"公司"）于 2024 年 11 月 1 日 14:00-15:00 召开了 2024 年第三季度业绩说明会。现就有关情况公告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于 2024 年 10 月 25 日在上海证券 交易所网站（www.sse.com.cn）披露了《关于召开 2024 年第三季度业绩说明会 的公告》（公告编号：202 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][18]. Core Views - The company's revenue has decreased due to a decline in revenue from Zhonglai Co., but the net profit attributable to the parent company has increased, primarily due to a decrease in coal costs [1][7]. - The company has seen significant growth in power generation, particularly in thermal and photovoltaic energy, driven by increased electricity demand in Zhejiang province [2][9]. - The company is expanding its coal power capacity and gradually implementing nuclear power projects, which are expected to enhance profitability in the future [3][17]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 66.296 billion yuan, a decrease of 4.62%, while the net profit attributable to the parent company was 6.7 billion yuan, an increase of 12.37% [1][7]. - In Q3 2024, the company reported a revenue of 26.131 billion yuan, down 5.93%, and a net profit of 2.773 billion yuan, down 12.90% [1][7]. - The company's power generation for the first three quarters of 2024 was 129.188 billion kWh, an increase of 6.96%, with thermal power generation accounting for 128.899 billion kWh, up 6.88% [8][9]. Future Outlook - The company is expected to maintain its profit forecast, with net profits projected to be 7.57 billion yuan, 8.06 billion yuan, and 8.56 billion yuan for 2024, 2025, and 2026, respectively [4][18]. - The estimated earnings per share (EPS) for the same period are projected to be 0.56 yuan, 0.60 yuan, and 0.64 yuan [4][18]. - The company's reasonable market value is estimated to be between 83.3 billion yuan and 90.8 billion yuan, with a corresponding share price of 6.21 to 6.77 yuan, indicating a premium of 6% to 15% over the current stock price [4][18].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][20]. Core Views - The company's operating revenue decreased, but the net profit attributable to the parent company increased. For the first three quarters of 2024, the company achieved operating revenue of 66.296 billion yuan (-4.62%) and a net profit of 6.7 billion yuan (+12.37%) [1][8]. - The decline in revenue is primarily due to a decrease in revenue from a subsidiary, while the increase in net profit is attributed to a reduction in coal costs [1][8]. - The company's power generation volume increased significantly in Q3 2024, with a total generation of 53.718 billion kWh (+17.07%) [2][10]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 26.131 billion yuan (-5.93%) and a net profit of 2.773 billion yuan (-12.90%) [1][8]. - For the first three quarters of 2024, the company generated a total power output of 129.188 billion kWh (+6.96%) [9]. Power Generation and Capacity - The company continues to expand its coal-fired power generation capacity, with several projects under construction expected to add 6 units of 1 million kW coal-fired generators from 2024 to 2026 [3][18]. - The company is also involved in nuclear power projects, with a total installed capacity of 492.2 million kW and an equity capacity of 132.2 million kW [3][18]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with expected net profits of 7.57 billion yuan, 8.06 billion yuan, and 8.56 billion yuan for 2024, 2025, and 2026, respectively [4][20]. - The current stock price corresponds to a PE ratio of 10.4, 9.8, and 9.2 for the years 2024, 2025, and 2026, respectively, indicating a reasonable market value of 83.3 billion to 90.8 billion yuan, with a potential upside of 6%-15% from the current price [4][20].