Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [3] Core Views - The company has shown stable growth in performance, with a focus on thermal power generation while maintaining nuclear power investments. The revenue for the first three quarters of 2024 was 66.3 billion, a year-on-year decrease of 4.62%, while the net profit attributable to shareholders increased by 12.37% to 6.7 billion [1][2] - The electricity demand in Zhejiang province has seen significant growth, with total electricity consumption reaching 511.5 billion kWh, a year-on-year increase of 10.55%. The company's power generation for the first three quarters was 129.19 billion kWh, up 6.96% year-on-year [1] - The company’s thermal power generation has been stable, with a notable increase in coal-fired power generation due to the full operation of the Le Electric Phase III project in June 2023 [1] - The company is actively pursuing distributed photovoltaic projects while managing costs effectively, leading to improved profitability despite a decline in revenue from its photovoltaic subsidiary [1] - The investment income from joint ventures has contributed significantly to profits, with total investment income for the first three quarters amounting to 3.404 billion [1] Financial Summary - For 2024, the company forecasts net profits of 7.588 billion, 7.988 billion, and 8.218 billion for 2024, 2025, and 2026 respectively, with corresponding PE ratios near 10 times based on the closing price on October 29 [2][4] - The company’s total revenue is projected to be 93.902 billion in 2024, with a slight decrease of 2.2% compared to 2023, followed by a recovery in 2025 and 2026 [2][4] - The report highlights a decrease in operating costs, which has positively impacted profitability, with the expense ratio for Q3 2024 at 3.98%, a slight decrease from the previous year [1]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in the first three quarters of 2024 is in line with expectations, with a focus on the potential for profit elasticity in the fourth quarter [1] - The company is positioned as a leading thermal power operator in Zhejiang Province, benefiting from a decline in coal prices, which provides significant profit recovery potential and growth opportunities [1] - The report forecasts revenue growth for 2024-2026, with expected revenues of 1030.02 billion, 1075.35 billion, and 1081.26 billion respectively, representing year-on-year growth rates of 7.3%, 4.4%, and 0.5% [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 662.96 billion, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 67 billion, an increase of 12.37% year-on-year [1] - The company completed an on-grid electricity volume of 1222.88 billion kWh in the first three quarters of 2024, a year-on-year increase of 7.03%, with a significant increase in electricity generation in Q3 [1] - Investment income decreased in Q3 2024, impacting profit contributions, with net investment income of 11.49 billion, down 2.43 billion year-on-year [1] Financial Metrics - The report provides projected financial metrics, including net profit for 2024 expected at 81.45 billion, with corresponding EPS of 0.61 and P/E ratios of 9.7 for 2024 [2][3] - The company’s financial health is indicated by a net asset return of 11.4% for 2024, with a projected P/B ratio of 1.1 [2]

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Views - The company reported a significant increase in electricity generation in Q3 2024, with a year-on-year growth of 17.4% in electricity output, driven by new unit production and increased demand in Zhejiang province [3][4]. - The report highlights a narrowing of the coal-electricity price gap, which may pressure the company's profit margins in the upcoming quarters [3][4]. - The company's revenue for the first three quarters of 2024 was 66.3 billion RMB, a decrease of 4.6% year-on-year, while net profit increased by 12.4% to 6.7 billion RMB [3][4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 26.1 billion RMB, down 5.9% year-on-year, and a net profit of 2.77 billion RMB, down 12.9% [3][4]. - The company expects net profits for 2024, 2025, and 2026 to be 7.46 billion RMB, 8.74 billion RMB, and 10.89 billion RMB respectively, with corresponding EPS of 0.56, 0.65, and 0.81 RMB [3][4]. Operational Analysis - The increase in electricity output is attributed to the commissioning of new units and favorable weather conditions leading to higher demand [3][4]. - The report notes that the company's coal price decreased by 17 RMB/ton year-on-year, which contributed to a reduction in fuel costs [3][4]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 11 times for 2024, 9 times for 2025, and 7 times for 2026 [3][4]. - The report suggests that the company is well-positioned for future growth despite current challenges in the coal and electricity markets [3][4].

Financial Performance - Operating revenue for Q3 2024 was CNY 26,130,818,766.33, a decrease of 5.93% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 2,773,325,109.34, down 12.90% year-on-year[2]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,767,572,680.24, a decrease of 8.97% compared to the previous year[2]. - Basic earnings per share for Q3 2024 was CNY 0.21, a decrease of 8.70% year-on-year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 66.30 billion, a decrease of 4.0% compared to CNY 69.51 billion in the same period of 2023[12]. - Net profit for the first three quarters of 2024 reached CNY 7.97 billion, an increase of 11.4% from CNY 7.16 billion in the same period of 2023[14]. - Earnings per share for the first three quarters of 2024 were CNY 0.50, compared to CNY 0.44 in the same period of 2023[15]. - The company reported a significant increase in investment income, totaling CNY 3.76 billion, compared to CNY 3.91 billion in the same period of 2023[14]. - Other comprehensive income after tax for the first three quarters of 2024 was CNY 1.04 billion, compared to a loss of CNY 102.88 million in the same period of 2023[15]. Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date period increased by 88.69% to CNY 9,854,621,808.45[6]. - The company’s cash flow from operating activities showed a positive trend, indicating improved liquidity and operational efficiency[15]. - In the first three quarters of 2024, the cash inflow from operating activities totaled CNY 74,191,872,641.17, a decrease of 2.7% compared to CNY 76,221,242,199.63 in the same period of 2023[18]. - The net cash flow from operating activities increased significantly to CNY 9,854,621,808.45, up 88.5% from CNY 5,222,611,086.63 in the previous year[18]. - Cash outflow for purchasing goods and services was CNY 56,593,314,376.89, down 11.6% from CNY 63,989,529,934.73 in the same period last year[18]. - The cash and cash equivalents at the end of the period stood at CNY 18,779,226,074.23, a slight decrease from CNY 18,880,087,895.93 in 2023[19]. Assets and Liabilities - Total assets as of the end of Q3 2024 were CNY 152,883,647,480.43, an increase of 3.83% from the end of the previous year[3]. - The company's current assets totaled CNY 40.77 billion, down from CNY 42.44 billion at the end of 2023, indicating a decrease of about 3.9%[10]. - The long-term equity investments increased to CNY 36.06 billion, up from CNY 33.22 billion, reflecting an increase of approximately 8.4%[11]. - The total liabilities of the company were reported at CNY 40.77 billion, with short-term borrowings amounting to CNY 10.42 billion, an increase from CNY 10.02 billion, indicating a rise of about 4.0%[11]. - Total liabilities as of the end of Q3 2024 amounted to CNY 67.14 billion, slightly down from CNY 67.27 billion at the end of Q3 2023[12]. - Total equity attributable to shareholders reached CNY 72.04 billion, an increase of 6.0% from CNY 67.40 billion in the previous year[12]. Operational Insights - The decline in operating revenue year-to-date was primarily due to a decrease in revenue from Zhonglai Co. compared to the previous year[6]. - The increase in net profit year-to-date was mainly attributed to a decrease in coal costs compared to the previous year[6]. - The company's inventory decreased significantly to CNY 4.86 billion from CNY 6.54 billion, marking a reduction of approximately 25.7%[10]. - The company reported a significant increase in employee compensation liabilities, which rose to CNY 852.14 million from CNY 673.74 million, reflecting an increase of about 26.5%[11]. - The company's contract liabilities increased to CNY 383.06 million from CNY 270.96 million, representing a growth of approximately 41.4%[11]. Other Information - The company has not disclosed any new product or technology developments in the current report[9]. - There are no significant changes in the shareholder structure or any related party transactions reported during the period[8]. - The company's financial expenses decreased to CNY 854.96 million from CNY 928.73 million year-over-year[14]. - The total cash inflow from investment activities was CNY 3,887,991,412.18, slightly up from CNY 3,819,947,211.86 in 2023[18]. - The net cash flow from investment activities was negative at CNY -4,039,509,092.57, worsening from CNY -3,780,554,793.69 in the previous year[19]. - Cash inflow from financing activities decreased to CNY 25,196,198,626.00, down 32.4% from CNY 37,249,419,800.37 in 2023[19]. - The net cash flow from financing activities was negative at CNY -5,940,041,037.22, compared to a positive CNY 4,360,767,052.50 in the same period last year[19]. - The company received CNY 224,554,834.45 in tax refunds, significantly lower than CNY 923,447,414.52 in the previous year[18]. - The company paid CNY 3,525,411,799.59 in various taxes, an increase from CNY 3,136,969,332.15 in the same period last year[18].

证券代码：600023 证券简称：浙能电力 公告编号：2024-047 （一）会议召开时间：2024 年 11 月 1 日 14:00-15:00 浙江浙能电力股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 浙江浙能电力股份有限公司（以下简称"公司"）将于 2024 年 10 月 30 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 11 月 1 日 14:00-15:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2024 年 11 月 1 日（星期五）14:00-15:00 会 议 召 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-046 浙江浙能电力股份有限公司 全资及控股发电企业 2024 年前三季度发电量完成情况公告 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。 根据浙江浙能电力股份有限公司（以下简称"公司"）统计，2024 年前三季度，公司全资 及控股发电企业按合并报表口径完成发电量 12,918,790.84 万千瓦时，上网电量 12,228,754.68 万千瓦时，同比分别上涨 6.96%和 7.03%。 公司电量上升的原因主要是：（1）浙江省全社会用电量增长；（2）浙江浙能乐清发电有 限责任公司发电量增加（乐电三期于 2023 年 6 月全面投产）。 2024 年 10 月 16 日 公司全资及控股发电企业 2024 年 1-9 月发电量及上网电量数据如下： | 分类 | 省份 | 电厂名称 | 发电量 | 上网电量 | | --- | --- | --- | --- | --- | | | | 台州发电厂 萧山发电厂（天然气机组） | （万千瓦时） 531,749.80 1 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-045 浙江浙能电力股份有限公司 关于 2024 年电力行业集体路演召开情况的公告 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 9 月 24 日 09:00-12:00 参加了由上海证券交易所主办的 2024 年电力行业集体路演，现就有 关情况公告如下： 一、本次集体路演召开情况 问题 1： 煤电容量电价改革后，火电企业的业绩改善较大，投资者的关注 点转向稳定分红，请问公司的分红情况以及后续计划？ 公司答复：公司一直高度重视对投资者的分红回报。自公司于 2013 年 12 月上市以来，除亏损的 2021、2022 年未进行利润分配以外，其余年份均进行了 现金分红。在 9 年分红中，除第一年分红比例为 31.63%，其余年份达到或超过 50%的分配比例。截至目前，公司累计分红近 260 亿元，是直接融资的 2.6 倍。 剔除两年亏损的净利润数字，公司总分红金额占总归母净利润的比例达到 51.58%。2 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-044 浙江浙能电力股份有限公司 2024 年第三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 | 448 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 9,506,838,787 | | 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（%） | 70.9003 | (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。 会议由公司董事长虞国平先生主持，采取现场投票与网络投票相结合的方式 进行表决。会议的召开符合《公司法》和《公司章程》等有关规定。 (一) 股东大会召开的时间：2024 年 9 月 19 日 (二) 股东大会召开的地点：浙江省杭州市西湖区文二西路 803 号杭州西溪宾 馆集贤厅 (三) 出席会议的普通股股东和恢复表决权的优先股股 ...

北京金杜（杭州）律师事务所 关于浙江浙能电力股份有限公司 2024 年第三次临时股东大会之 法律意见书 致：浙江浙能电力股份有限公司 北京金杜（杭州）律师事务所（以下简称本所）接受浙江浙能电力股份有限 公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员 会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中 华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香 港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法 规、规章和规范性文件（以下统称法律法规）和现行有效的公司章程有关规定， 指派律师出席了公司于 2024 年 9 月 19 日召开的 2024 年第三次临时股东大会（以 下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1.经公司 2022 年年度股东大会审议通过的《浙江浙能电力股份有限公司章 程》（以下简称《公司章程》）； 2.公司 2024 年 8 月 30 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-043 浙江浙能电力股份有限公司 关于参加 2024 年电力行业集体路演的公告 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： 公司已于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资 者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司将参加由上 海证券交易所主办的 2024 年电力行业集体路演，此次活动采用视频和网络文字 互动的方式举行，投资者可登录上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com）参与线上互动交流。 一、集体路演类型 本次集体路演以视频直播和网络文字互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 二、集体路演召开的时间、地点 （三）召开方式：上证路演中心视频和网络文字互动 三、参加人员 公司董事会秘书魏峥（如遇特殊情况，参会人员 ...