浙江浙能电力股份有限公司 2024 年第三次临时股东大会会议资料 二零二四年九月 浙江浙能电力股份有限公司 2024 年第三次临时股东大会议程 会议方式：现场会议和网络投票相结合 现场会议时间：2024年9月19日15:00 现场会议地点：浙江省杭州市西湖区文二西路803号杭州西溪宾 馆集贤厅 参会人员：公司股东及股东代表，公司董事、监事、高级管理 人员及公司聘请的律师 会议议程： （一）董事会秘书介绍股东出席情况； （二）会议主持人宣布会议开始； （三）审议议案； （四）现场投票表决及股东发言提问； （五）统计表决结果； （六）宣读股东大会决议； （七）见证律师宣读法律意见书； （八）会议主持人宣布会议结束。 议案一：关于变更财务、内控审计机构的议案 关于变更财务、内控审计机构的议案 各位股东及股东代表： 浙江浙能电力股份有限公司（以下简称"公司"）2023 年度会计 师事务所为大华会计师事务所（特殊普通合伙），大华会计师事务所 （特殊普通合伙）对公司 2023 年度财务报告和内部控制均出具了标 准无保留意见的审计报告。鉴于大华会计师事务所（特殊普通合伙） 因金通灵科技集团股份有限公司年报审计问题被中国证监 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2]. Core Views - The company has shown stable performance with an increase in profitability despite a slight decline in revenue. In H1 2024, the company reported operating revenue of 401.65 billion yuan (-3.75%) and a net profit attributable to shareholders of 39.27 billion yuan (+41.33%) [1][5]. - The profitability of coal-fired power generation is stabilizing, with ongoing growth in coal power capacity. The company is expected to maintain reasonable profit levels in its coal power segment due to stable electricity and coal prices [1][11]. - Continuous investment in nuclear power is anticipated to further increase investment returns. The company has received approval for new nuclear projects, which will enhance its equity capacity in nuclear power [1][12]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved an operating revenue of 401.65 billion yuan, a decrease of 3.75%, while the net profit attributable to shareholders increased by 41.33% to 39.27 billion yuan. The non-recurring net profit was 36.22 billion yuan, up 38.17% [1][5]. - The second quarter of 2024 saw a revenue of 201.41 billion yuan (-16.36%) and a net profit of 21.12 billion yuan (+19.44%) [1][5]. Profitability Metrics - The gross margin for H1 2024 was 11.03%, an increase of 4.60 percentage points year-on-year, primarily due to a decrease in coal prices [8]. - The net profit margin improved to 11.06%, up 3.70 percentage points from the same period in 2023 [8]. Future Projections - The company forecasts net profits of 75.7 billion yuan, 80.6 billion yuan, and 85.6 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 16.1%, 6.5%, and 6.2% [2][15]. - The expected earnings per share (EPS) for the same years are 0.56 yuan, 0.60 yuan, and 0.64 yuan, with corresponding price-to-earnings (PE) ratios of 10.7, 10.0, and 9.4 [2][15]. Investment Valuation - The company's reasonable market value is estimated to be between 833 billion yuan and 908 billion yuan, translating to a per-share value of 6.21 to 6.77 yuan, indicating a premium of 3% to 13% over the current stock price [2][15].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a significant year-on-year increase in net profit of 41.3%, reaching 39.3 billion yuan in the first half of 2024, despite a 3.7% decline in revenue to 402 billion yuan [2][9]. - The improvement in profitability is attributed to better coal power margins and stable investment income, with investment income amounting to 26 billion yuan, a 3.7% increase year-on-year [2][17]. - The company is expected to maintain a high return on equity (ROE) and continue to grow its net assets due to ongoing capacity expansions and improvements in coal costs [2][24]. Summary by Sections 1. Main Business Profitability and Investment Income - The company's main business profitability improved, with a gross margin increase of 4.6 percentage points year-on-year, supported by stable electricity prices and lower coal costs [2][21]. - The first half of 2024 saw a significant increase in operating cash flow, which reached 53 billion yuan, a 305% increase year-on-year [2][20]. 2. Impact of Hydropower and Coal Prices - The company's electricity generation increased by 0.8% year-on-year, but the hydropower output during the flood season suppressed coal power generation [21]. - The average settlement price for electricity was approximately 0.434 yuan per kilowatt-hour, reflecting a 2.3% decrease year-on-year [21][22]. 3. High ROE and Continuous Asset Growth - The company’s ROE exceeded 10% by the end of 2023, with expectations for continued growth driven by new capacity coming online [24][25]. - The company has ongoing projects that will enhance its coal power capacity, with a total expected capacity of 36.88 GW upon completion [24]. 4. Dividend Expectations - The company is projected to distribute cash dividends of 42 billion yuan in 2024, corresponding to a dividend yield of 5% based on the latest closing price [2][4]. 5. Financial Projections - The forecasted net profits for 2024, 2025, and 2026 are 83.32 billion yuan, 92.35 billion yuan, and 98.64 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.83, 8.87, and 8.31 [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for H1 2024 was CNY 40.165 billion, a decrease of 3.75% year-on-year, while the net profit attributable to shareholders was CNY 3.927 billion, an increase of 41.33% year-on-year [2][5] - The decline in coal prices has improved profit margins, with a gross margin of 11.03% and a net margin of 11.06% for H1 2024, both showing significant year-on-year increases [5] - The company is expected to see revenue growth from CNY 97.207 billion in 2024 to CNY 103.743 billion in 2026, with a compound annual growth rate (CAGR) of 11.8% [5][6] Summary by Sections Financial Performance - In H1 2024, the company achieved a total power generation of 75.47 billion kWh, a year-on-year increase of 0.77% [5] - The company’s operating costs decreased by 8.48% year-on-year, contributing to improved profitability [5] - The company’s investment income for H1 2024 was CNY 2.612 billion, an increase of CNY 0.092 billion year-on-year [5] Revenue and Profit Forecast - The forecasted revenues for 2024, 2025, and 2026 are CNY 97.207 billion, CNY 101.008 billion, and CNY 103.743 billion, respectively, with year-on-year growth rates of 1.28%, 3.91%, and 2.71% [6] - The net profit attributable to shareholders is projected to be CNY 8.088 billion in 2024, CNY 8.490 billion in 2025, and CNY 9.121 billion in 2026, with growth rates of 24.06%, 4.97%, and 7.43% respectively [6] Valuation Metrics - The earnings per share (EPS) for 2024, 2025, and 2026 are expected to be CNY 0.60, CNY 0.63, and CNY 0.68, with price-to-earnings (P/E) ratios of 10.3, 9.8, and 9.2 respectively [6] - The company’s price-to-book (P/B) ratio is projected to decrease from 1.1 in 2024 to 1.0 in 2026 [6]

火电 浙能电力（600023.SH） 增持-A(维持) 业绩符合预期，盈利能力持续提升 | --- | --- | --- | |---------------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 公司发布 2024 年半年报： 24H1 公司实现营业收入 401.65 亿元，同比 -3.75% ；实现归母净利润 39.2 ...

上 市 公 司 证 券 研 究 报 告 公用事业 2024 年 09 月 03 日 浙能电力 (600023) ——火电盈利能力显著改善 投资收益稳中有升 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 6.29 | | 一年内最高/最低（元） | 7.85/4.09 | | 市净率 | 1.2 | | 息率（分红/股价） | 3.97 | | | 84,341 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.12 | | 资产负债率 % ...

浙能电力（600023.SH) 买入(维持评级 证券研究报告 Q2 电量承压，煤电价差扩大增利 业绩简评 8 月 29 日公司发布 24 年半年报,1H24 实现营收 401.6 亿,同比- 3.8%;实现归母净利 39.3亿,同比+41.3%;扣非后归母净利 36.2 亿,同比+38.2%。2Q24 实现营收 201. 4 亿,同比-16.4%;实现归 母净利 21.1 亿，同比+19.4%。 经营分析 1H24 完成上网电量同比+0.7%，主要受外来水电挤出影响。1H24 公 司完成上网电量 714. 4 亿度,其中 1024/2024 分别完成约 364/351 亿度,同比分别+18.0%/-12.6%。公司火电电量占比超 99%,2Q24 上网电量同/环比下滑主因:1) 2024 来水改善促西南水电大幅增 发,5、6M24 浙江省输入电量分别同比+25.6%、+35.3%,火电发挥 调节功能降低负荷,让发电空间于清洁能源:2)6M24 持续降水天 气致迎峰度夏延迟开启,杭州平均气温较上年同期低 2 度,当月 浙江省三产、居民用电量分别同比下降 0.1%、4.7%。而 7月以来, 极端高温天气持续影响浙 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-042 浙江浙能电力股份有限公司 关于 2024 年半年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 8 月 30 日 15:00-16:00 召开了 2024 年半年度业绩说明会。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 8 月 21 日在上海证券交 易所网站（www.sse.com.cn）披露了《关于召开 2024 年半年度业绩说明会的公 告》（公告编号：2024-036）。2024 年 8 月 30 日 15:00-16:00，公司在上海证 券交易所上证路演中心召开了 2024 年半年度业绩说明会。公司董事长虞国平， 董事会秘书魏峥，独立董事程金华、王智化和倪晨凯参会，与投资者在线进行互 动交流，并就投资者关注的主要问题进行回复。 二、本次业绩说明会投资者提出的问题及公司回复情况 问题 1：请问公司上半年 ...

证券代码：600023 证券简称：浙能电力 公告编号：2024-039 表决情况：3 票同意，0 票反对，0 票弃权 特此公告。 一、监事会会议召开情况 浙江浙能电力股份有限公司（以下简称"公司"）第五届监事会第二次会议 于 2024 年 8 月 29 日以通讯方式召开。本次会议应出席监事 3 人，实际出席会议 监事 3 人。会议的召开符合《公司法》、《公司章程》及有关法律、法规、规范性 文件的规定，会议合法有效。 二、监事会会议审议情况 会议审议通过以下议案： 1、关于审议公司 2024 年半年度报告的议案 监事会认为：公司 2024 年半年度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定；内容和格式符合中国证监会和上海证 券交易所的各项规定，在所有重大方面公允地反映公司 2024 年半年度的经营管 理和财务状况等事项。 浙江浙能电力股份有限公司 第五届监事会第二次会议决议公告 本公司监事会及全体监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监事会 2024 年 8 月 30 日 1 ...

2024 年半年度报告 公司代码：600023 公司简称：浙能电力 浙江浙能电力股份有限公司 2024 年半年度报告 1 / 218 2024 年半年度报告 重要提示 一、 本公司董事会、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性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人虞国平、主管会计工作负责人虞国平及会计机构负责人（会计主管人员）许建国 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，投资者及相关人士均应当 对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 □适用 √不适用 | --- | --- | --- | |--------|------------ ...