证券代码：600642 证券简称：申能股份 公告编号：2024-040 2024 年 12 月 4 日 申能股份有限公司 特此公告。 申能股份有限公司 关于完成 2024 年度第五期超短期融资券发行的公告 日前，公司 2024 年度第五期超短期融资券发行完成。经 2023 年 5 月 23 日召开的公司第四十三次（2022 年度）股东大会审议通过， 公司本次超短期融资券注册金额为人民币 120 亿元。本期超短期融资 券发行总额为人民币 15 亿元，发行期限为 270 日，发行利率 1.97%。 ...

证券代码：600642 证券简称：申能股份 公告编号：2024-039 Q2：近期公司燃料成本情况及未来价格展望 公司持续加强煤炭资源保供能力，持续跟踪、平衡保障性需求和 市场波动，进一步优化煤炭供给结构。前三季度燃料成本保持震荡下 行，煤炭价格同比略有下降。伴随着"迎峰度冬"电力需求提升，煤 申能股份有限公司投资者交流会议纪要 时 间：2024年11月29日 地 点：申能股份有限公司会议室 交流会形式：线下调研 公司参与人员：杨波（副总裁、董事会秘书）、 周鸣（证券部 总经理、证券事务代表） 参会机构：中信建投证券、海通证券、国泰君安证券、申万宏源 证券、长江证券、招商证券、华福证券、华源证券、广发证券、国金 证券、西部证券、汇添富基金、华宝基金、德邦基金、东吴基金、北 大方正人寿、利安人寿、趣时资产、申万菱信、盛宇投资等 本次投资者交流会中，投资者重点关注的问题及公司的回答要点 如下： Q1：2024年公司前三季度经营情况 2024前三季度，公司实现营业收入223.7亿元，归母净利润32.8 亿元，同比增长31.05%，业绩同比增长主要由于煤价同比略有下降因 素影响。公司控股发电量完成445.4亿千瓦时， ...

证券代码：600642 证券简称：申能股份 公告编号：2024-038 申能股份有限公司 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 27 日（星期三）至 12 月 03 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目进行 提问。公司将在说明会上对投资者普遍关注的问题进行回答。 申能股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 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 12 月 04 日下午 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。 总裁：陈涛 副总裁兼董事会秘书：杨波 一、 说明会类型 本次投资者说明会以网络互动形式召开，公 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company's coal and electricity profitability has significantly improved, with a notable recovery in earnings driven by reduced fuel costs and increased electricity generation [2][3]. - The renewable energy segment is expanding, with a 20.14% year-on-year increase in installed capacity, indicating potential for future growth [3]. - The company has diversified operations in gas power, oil and gas transportation, and equity investments, contributing positively to overall performance [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 22.372 billion yuan, a year-on-year increase of 2.21%, and a net profit attributable to shareholders of 3.281 billion yuan, up 31.05% year-on-year [1]. Coal and Electricity Segment - The average coal consumption for the company's power plants decreased by 1.6 grams per kilowatt-hour to 281.34 grams per kilowatt-hour, while the average coal price fell by 163 yuan per ton to 984 yuan per ton [2]. - The total electricity generation from coal for the first three quarters was 31.353 billion kilowatt-hours, reflecting a 3.6% increase year-on-year [2]. Renewable Energy Segment - As of Q3 2024, the company's renewable energy installed capacity reached 5.2784 million kilowatts, a 20.14% increase year-on-year, with wind power capacity growing by 2.54% and solar power capacity by 40.53% [3]. - The company has initiated significant projects, including a 2 million kilowatt solar energy base in Xinjiang and a 1.2 million kilowatt offshore wind project in Hainan, both expected to be operational by 2025 [3]. Other Business Segments - The gas power segment reported a generation of 6.696 billion kilowatt-hours, an 18.5% increase year-on-year, while the oil and gas transportation segment saw a 39.03% increase in gross profit [4]. - The company’s equity investments in various sectors, including thermal, renewable, nuclear, and hydropower, have also contributed significantly to its earnings [4].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a revenue of 22.37 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.21%, and a net profit attributable to shareholders of 3.28 billion yuan, up 31.05% year-on-year, exceeding expectations [5]. - High temperatures increased demand, leading to significant growth in thermal power generation, with a total generation of 44.54 billion kWh in the first nine months of 2024, a 7.2% increase year-on-year [6]. - The company’s investment income contributed positively to its performance, with investment income reaching 1.44 billion yuan, a 15.7% increase year-on-year [8]. - The company is expanding its renewable energy footprint, with wind and solar power generation increasing by 23.66% and 49.26% year-on-year, respectively [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 22.37 billion yuan and a net profit of 3.28 billion yuan, reflecting a year-on-year growth of 2.21% and 31.05% respectively [5]. - The average on-grid electricity price for the first nine months of 2024 was 0.511 yuan per kWh, remaining stable compared to the first half of the year [6]. Operational Highlights - The company completed a thermal power generation of 31.35 billion kWh and gas power generation of 6.70 billion kWh in the first nine months of 2024, with respective year-on-year growth rates of 3.6% and 18.5% [6]. - The company’s renewable energy capacity reached 5.28 million kW by the end of September 2024, accounting for 30.86% of its total installed capacity [7]. Investment Outlook - The report forecasts net profits for 2024, 2025, and 2026 to be 3.96 billion yuan, 4.48 billion yuan, and 4.84 billion yuan respectively, with corresponding PE ratios of 11, 10, and 9 [8]. - The current stock price corresponds to a dividend yield of 5.1% based on an assumed dividend payout ratio of 55% for 2024 [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 22.372 billion yuan for the first three quarters, a year-on-year increase of 2.21%, and a net profit attributable to shareholders of 3.281 billion yuan, a year-on-year increase of 31.05% [2] - The third quarter performance exceeded expectations, driven by increased electricity demand and prices, as well as investment income [2][3] - The company is expected to benefit from the tight electricity supply-demand balance in Shanghai and the ongoing energy transition initiatives [4][5] Financial Performance Summary - For the third quarter, the company achieved a revenue of 8.693 billion yuan, a year-on-year increase of 8.84%, and a net profit of 1.09 billion yuan, a year-on-year increase of 65.91% [2] - The company's net profit for the first three quarters was 3.281 billion yuan, with a significant increase in the third quarter compared to previous quarters [2][3] - The company’s electricity sales reached 17.4 billion kWh in the third quarter, a year-on-year increase of 16% [2] Market Position and Growth Potential - The company has a total installed capacity of 17.1 million kW, with a mix of coal, gas, wind, and solar power [2] - The company is positioned to benefit from Shanghai's energy policies and the lack of new coal power projects in the region [4] - The company plans to add 8-10 GW of new energy capacity by 2025, with ongoing projects in wind and solar energy [5] Earnings Forecast - The forecasted net profit for 2024-2026 is 4 billion, 4.2 billion, and 4.7 billion yuan respectively, with year-on-year growth rates of 16%, 5%, and 12% [5] - The current stock price corresponds to a price-to-earnings ratio of 10 for 2024, indicating strong investment value [5]

Investment Rating - Maintain "Overweight" rating with a target price of CNY 10.53, up from CNY 9.63, based on a 13x PE for 2025 [2][4] Core Views - Q3 2024 performance exceeded expectations, driven by investment income and fair value changes, with net profit up 65.9% YoY to CNY 1.09 billion [2] - Revenue for Q3 2024 increased by 8.8% YoY to CNY 8.69 billion, while 1-3Q24 revenue reached CNY 22.4 billion, up 2.2% YoY [2] - Investment income in Q3 2024 was CNY 520 million, up CNY 150 million YoY, with non-joint venture income contributing CNY 210 million, up CNY 170 million YoY [2] - Fair value changes in Q3 2024 resulted in a net gain of CNY -40 million, an improvement of CNY 230 million YoY [2] - Core business profit (excluding investment income and fair value changes) in Q3 2024 was CNY 1.07 billion, up 30.6% YoY [2] - Electricity generation in Q3 2024 reached 17.4 billion kWh, up 15.9% YoY, with gas-fired power generation up 29.7% YoY to 3.6 billion kWh [2] - The company has consistently paid dividends for 31 years since its IPO in 1993, with cumulative dividends totaling CNY 22.5 billion [2] Financial Summary - 2024E revenue is projected at CNY 29.35 billion, up 0.7% YoY, with net profit expected to reach CNY 3.93 billion, up 13.7% YoY [3] - EPS for 2024E is forecasted at CNY 0.80, up from CNY 0.71 in 2023A [3] - ROE is expected to remain stable at around 10.5% in 2024E, slightly higher than 10.3% in 2023A [3] - The company's P/E ratio is projected to decrease to 10.73x in 2024E from 12.20x in 2023A [3] Market Data - The company's market cap is CNY 42.19 billion, with a 52-week price range of CNY 5.77-9.24 [5] - The current price is CNY 8.62, with a 12-month absolute return of 53% and a relative return of 45% compared to the index [5][8] Balance Sheet Highlights - Shareholders' equity stands at CNY 37.19 billion, with a book value per share of CNY 7.60 [6] - The net debt ratio is 41.54%, indicating moderate leverage [6] Industry Comparison - The average PE ratio for comparable companies in 2025 is 9.9x, with Shenneng's PE at 11.1x, slightly higher than peers [10] - Shenneng's 2025E EPS of CNY 0.78 is higher than peers like GD Power (CNY 0.51) and Huaneng Power (CNY 0.83) [10]

Financial Performance - Revenue for Q3 2024 reached ¥8,692,861,859.93, an increase of 8.84% compared to the same period last year[2] - Net profit attributable to shareholders was ¥1,089,547,262.61, representing a significant increase of 65.91% year-over-year[2] - Net profit excluding non-recurring gains and losses for the quarter was ¥1,094,633,593.47, up 34.88% from the previous year[2] - Basic earnings per share for the quarter were ¥0.222, an increase of 64.44% year-over-year[3] - Diluted earnings per share for the quarter were also ¥0.222, reflecting a 65.67% increase compared to the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥22,372,458,358.12, an increase from ¥21,889,069,273.82 in the same period of 2023, representing a growth of approximately 2.2%[16] - Operating profit for the first three quarters of 2024 was ¥4,533,857,336.15, up from ¥3,255,612,793.61 in 2023, indicating a significant increase of approximately 39.2%[16] - Net profit attributable to shareholders of the parent company was ¥3,280,713,116.96, up from ¥2,503,318,666.78, reflecting a year-over-year increase of about 30.9%[17] - Basic earnings per share for the first three quarters of 2024 were ¥0.669, compared to ¥0.514 in 2023, indicating a growth of approximately 30.2%[18] - The total comprehensive income for the first three quarters of 2024 was ¥3,934,861,976.65, compared to ¥2,957,349,458.10 in 2023, reflecting an increase of approximately 33%[17] Cash Flow and Liquidity - Operating cash flow for the quarter was ¥1,675,748,668.43, a decrease of 32.16% compared to the same period last year[2] - Cash flow from operating activities for the first three quarters of 2024 was ¥6,130,566,496.14, slightly up from ¥6,126,334,018.90 in the same period last year[19] - The company reported cash and cash equivalents at the end of September 2024 amounting to ¥14,338,737,051.14, up from ¥12,197,709,936.60 at the end of December 2023[20] - The company's cash and cash equivalents increased to ¥27,121,296,497.68 from ¥23,669,517,393.33, representing a growth of approximately 14.5%[14] - The company reported a cash and cash equivalents balance of 1,953,661,356.65 RMB at the end of the period, up from 673,303,296.07 RMB at the end of the previous year, indicating improved liquidity[26] Assets and Liabilities - Total assets at the end of the quarter amounted to ¥99,246,663,862.88, a growth of 5.35% from the end of the previous year[3] - Total assets rose to ¥99,246,663,862.88, compared to ¥94,209,348,651.19 in the previous year, marking an increase of approximately 5.3%[15] - Total liabilities increased to ¥53,826,390,885.00 from ¥52,906,729,548.97, representing a growth of about 1.7%[15] - The total liabilities increased to CNY 12.14 billion, up from CNY 10.96 billion, which is an increase of approximately 10.8%[22] - Long-term borrowings increased to ¥21,920,123,385.43 from ¥19,424,675,514.01, reflecting a growth of about 12.9%[15] - The company's equity attributable to shareholders reached ¥37,191,991,529.51, up from ¥33,538,079,771.36, indicating an increase of approximately 10.0%[15] - The total equity increased to CNY 30.74 billion, up from CNY 28.66 billion, reflecting a growth of approximately 7.3% year-over-year[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 85,312[9] - The largest shareholder, Sheneng (Group) Co., Ltd., holds 2,626,545,766 shares, representing 53.67% of total shares[10] - The second-largest shareholder, China Yangtze Power Co., Ltd., holds 459,222,635 shares, representing 9.38% of total shares[10] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three shareholders alone accounting for over 65%[10] - There are no pledged, marked, or frozen shares among the top ten shareholders[9] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[12] Operational Efficiency - The decrease in operating cash flow is mainly due to a reduction in net cash inflows related to operating activities[8] - Total operating costs decreased to ¥19,777,158,014.69 from ¥19,934,823,467.49 year-over-year, a reduction of about 0.8%[16] - The company received cash from sales of goods and services totaling ¥24,533,496,051.99 in the first three quarters of 2024, slightly down from ¥24,686,435,024.34 in 2023[19] - The company paid cash for purchasing goods and services amounting to ¥15,834,862,055.90, compared to ¥16,351,329,827.60 in the same period last year, indicating a decrease of about 3.2%[19] - Employee compensation payments increased to 80,023,497.92 RMB from 69,243,990.03 RMB year-over-year, reflecting a rise in workforce costs[25] - The total cash outflow from operating activities was 131,293,083.41 RMB, compared to 117,953,738.87 RMB in the previous year, indicating higher operational expenses[25] Investment and Financial Strategy - The company reported an investment income of ¥1,440,594,665.21, up from ¥1,245,226,502.80 year-over-year, which is an increase of approximately 15.7%[16] - Total cash inflow from investment activities was ¥1,163,752,468.71, compared to ¥967,009,337.91 in 2023, marking an increase of about 20.3%[20] - The net cash flow from investment activities was -1,014,610,313.12 RMB, contrasting with a positive cash flow of 777,750,809.84 RMB in the same period last year, highlighting a shift in investment strategy[26] - Cash inflow from financing activities totaled 11,348,522,000.00 RMB, compared to 5,820,000,000.00 RMB in the previous year, indicating a strong increase in financing efforts[26] - The net cash flow from financing activities was 1,210,895,887.49 RMB, a recovery from a negative cash flow of -1,036,229,466.01 RMB in the same period last year, suggesting improved financial management[26] - The company received 2,198,522,000.00 RMB from investment absorption, marking a new source of cash inflow[26]

证券代码：600642 股票简称：申能股份 公告编号：2024-037 公司主要控股发电企业 2024 年前三季度发电量情况 1 1、煤电完成 313.53 亿千瓦时，同比增加 3.6%，主要是用电需求 增长，燃煤机组发电量同比增加。 2、天然气发电完成 66.96 亿千瓦时，同比增加 18.5%，主要是用 电需求增长及发电用天然气安排影响。 3、风力发电完成 40.23 亿千瓦时，同比增加 4.4%；光伏及分布 式发电完成 24.66 亿千瓦时，同比增加 37.1%，主要是公司新能源项 目装机规模同比增长。 2024 年前三季度，公司控股发电企业上网电量 427.52 亿千瓦时， 上网电价均价 0.511 元/千瓦时（含税），参与市场交易电量 323.76 亿 千瓦时。 | | | 公司 | 装机容量 | 发电量 | 上网电 | | --- | --- | --- | --- | --- | --- | | 电源 | 企业项目名称 | 持股 | （万千 | （亿千 | 量（亿千 | | 类型 | | 比例 | 瓦） | 瓦时） | 瓦时） | | | | （%） | | | | 申能股份有限公司 2024 ...

证券代码：600642 证券简称：申能股份 公告编号：2024-036 申能股份有限公司投资者交流会议纪要 时 间：2024年9月19日 地 点：申能股份有限公司会议室 交流会形式：线下调研 公司参与人员：杨波（副总裁、董事会秘书）、 周鸣（证券部 总经理、证券事务代表） 参会机构：中信建投证券、申万宏源证券、国泰君安证券、华福 证券、天风证券、兴业证券、广发证券、华泰证券、华源证券、东方 红资管、宁银理财、泰信基金、华泰柏瑞、泉果基金、招商基金、太 平养老 Q1：公司2024年上半年经营情况及业绩增长分析 2024上半年，公司实现营业收入136.8亿元，归母净利润21.9亿 元，同比增长18.7%，业绩同比增长主要由于煤价同比下跌因素影响。 公司控股发电量完成264.1亿千瓦时，同比增加2.1%。 Q2：近期公司燃料成本情况及未来价格展望 公司深挖燃料降本潜力，强化长协资源落实及经济、足量兑现， 优化煤炭采购结构，加大经济煤掺烧力度，落实迎峰度夏储煤方案。 公司上半年控股电厂平均耗用标煤价984元/吨，同比下降163元/吨。 未来煤炭价格仍将持受供需格局关系、国内宏观经济、气候、国际形 势等诸多因素影响，存 ...