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证券代码：600642 证券简称：申能股份 公告编号：2024-035 申能股份有限公司 关于 A 股限制性股票激励计划首次授予部分 第二个限售期解除限售暨股票上市的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： （一）本激励计划已履行的决策程序 1、2021 年 1 月 25 日，公司召开第十届董事会第四次会议，审议通过了《关 于<申能股份有限公司 A 股限制性股票激励计划（草案）>及其摘要的议案》、《关 于制定公司 A 股限制性股票激励计划<实施考核办法>与<实施管理办法>的议案》 及《关于提请公司股东大会授权董事会办理 A 股限制性股票激励计划相关事宜的 议案》，公司独立董事对本激励计划的相关议案发表了独立意见。 2、2021 年 1 月 25 日，公司召开第十届监事会第四次会议，审议通过了《关 于<申能股份有限公司 A 股限制性股票激励计划（草案）>及其摘要的议案》、《关 于制定公司 A 股限制性股票激励计划<实施考核办法>与<实施管理办法>的议案》。 本次股票上市类型为股权激励股份；股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 13.68 billion yuan for the first half of 2024, a year-on-year decline of 1.6%, while the net profit attributable to shareholders was 2.191 billion yuan, an increase of 18.66% year-on-year [3] - The performance growth in the first half of the year is attributed to the decline in coal prices and stable electricity prices, with an average coal price of 984 yuan per ton, down 163 yuan per ton year-on-year [3][4] - The company’s installed capacity as of June 30, 2024, was 17.1 million kilowatts, with significant contributions from coal and gas power [3] - The second quarter saw a decline in coal power generation due to weakened demand and increased hydropower supply, but a recovery is expected in the third quarter due to high temperatures in Shanghai [4] - The company’s dividend yield is projected at 5.9% for 2024, indicating strong allocation value [3] - Profit forecasts for 2024-2026 have been adjusted to 3.7 billion, 3.9 billion, and 4.1 billion yuan respectively, with corresponding PE ratios of 10, 10, and 9 times [3] Summary by Sections Financial Performance - Revenue for the first half of 2024 was 13.68 billion yuan, down 1.6% year-on-year; net profit attributable to shareholders was 2.191 billion yuan, up 18.66% year-on-year [3] - The second quarter revenue was 5.609 billion yuan, down 15.31% year-on-year, with net profit of 1.032 billion yuan, down 7.26% year-on-year [3] Installed Capacity and Power Generation - As of June 30, 2024, the company had a total installed capacity of 17.1 million kilowatts, with coal, gas, wind, solar, and distributed generation capacities of 8.4 million, 3.43 million, 2.42 million, 2.25 million, and 0.61 million kilowatts respectively [3] - The second quarter saw a total power generation of 10.867 billion kilowatt-hours, down 13% year-on-year [4] Dividend and Valuation - The company’s dividend yield for 2024 is estimated at 5.9%, based on a 60% payout ratio [3] - Adjusted profit forecasts for 2024-2026 are 3.7 billion, 3.9 billion, and 4.1 billion yuan, with PE ratios of 10, 10, and 9 times respectively [3]

[Table_Page] 中报点评|电力 证券研究报告 [Table_Title] 申能股份（600642.SH） 单季盈利趋于稳定，高分红公用事业化加速 [Table_Summary] 核心观点： ⚫ 单季业绩趋于稳定，现金流大幅改善。公司发布 2024 年中报，上半年 实现营收 137 亿元（同比-1.6%），归母净利润21.9 亿元（同比+18.7%）， 其中 Q1、Q2 分别为 11.6、10.3 亿元；扣非归母净利润 Q1、Q2 分别 为 8.91、9.53 亿元、环比持续改善（一季度存公允价值变动收益 3 亿 元）。上半年具体来看：（1）煤价下行煤电毛利率提升 8.6pct 至 14.5%； （2）投资收益贡献 9.2 亿元（同比+5.7%）。上半年公司经营现金流达 45 亿元（同比+21.8%），投资现金流净支出受海风开工等影响增至 26 亿元；2024H1 归母净资产较 2023 年末增长 4%。 ⚫ 电量下滑影响盈利有限，看好业绩持续兑现。上半年发电量 264 亿千 瓦时（同比+2.1%），其中 Q1、Q2 同比+15.9%、-12.8%；同期上网 电价 0.511 元/千瓦时（同比-3.0 ...

公司近一年市场表现 资料来源：最闻 市场数据：2024 年 9 月 3 日 公司发布 2024 年半年报：24H1 公司实现营业收入 136.80 亿元，同比 -1.60%；实现归母净利润 21.91 亿元，同比+18.66%；扣非后归母净利润 18.44 亿元，同比+10.71%；基本每股收益 0.447 元/股，同比+17.94%；加权平均 净资产收益率 6.30%，同比增加 0.47 个百分点；经营性现金流量净额 44.55 亿元，同比+21.85%。24Q2 公司实现营业收入 56.09 亿元，同比-15.31%，环 比-30.51%；实现归母净利润 10.32 亿元，同比-7.26%，环比-11.00%，扣非 后归母净利润 9.53 亿元，同比-19.78%，环比+7.00%。 收盘价（元）： 7.70 年内最高/最低（元）： 9.27/5.71 发电量增长提速，气电发电量高增。24H1 年公司控股发电企业完成发 电量 264.09 亿千瓦时，同比+2.1%，上网电量 253.80 亿千瓦时，同比+2.2%； 其中煤电完成 191.75 亿千瓦时，同比+0.4%；气电完成 30.27 亿千瓦时，同 ...

公用事业 证 券 研 究 报 告 - 2024 年 09 月 03 日 申能股份 (600642) ——煤电业绩显著修复 多元能源业务稳健增长 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：公司发布 2024 半年报，实现营业收入 136.80 亿元，同比下降 1.6%；归母净利润 21.91 亿元， 同比增长 18.66%。基本每股收益 0.447 元，同比增长 17.94%，基本符合我们的预期。 ⚫ 成本改善显著，煤电盈利大幅修复。上半年公司发电量 264.09 亿千瓦时，上网电量 253.8 亿千瓦时， 分别同比增长 2.1%及 2.18%。1H24 煤电和气电分别实现发电量 191.75、30.27 亿千瓦时，分别同 比增长 0.4%、7.3%，2Q24 上海气温舒适，用电量下降，公司煤电、气电发电量分别同比下降 10.91%、 42.73%至 78.59、9.06 亿千瓦时。电价方面，1H24 公司平均上网电价为 0.511 元/千瓦时，同比下 降 0.016 元/千瓦时。1H24 市场煤价呈低位运行态势，公司平均耗用标煤价同比下降 163 元/吨至 984 元/吨。公司有序推进煤 ...

证券研究报告 申能股份 (600642 CH) 经营稳中向好，股息率高达 5.5-6% 投资评级(维持): 买入 目标价(人民币): 10.27 华泰研究 中报点评 2024 年 8 月 31 日│中国内地 发电 1H24 公司整体经营稳中向好，2024E 股息率高达 5.5-6% 公司 1H24 实现营收/归母净利 136.8/21.9 亿元，同比-1.6%/+18.7%；2Q24 公司营收/归母净利同比-15.3%/-7.3%至 56.1/10.3 亿元。1H24，公司整体 经营稳中向好，归母净利润同比增长主要系控、参股煤电盈利改善以及油气 管输业务盈利同比增长。2Q24，公司归母净利同比-0.81 亿主要系其他非流 动金融资产在持有期间的投资收益（非核电分红）同比-1.78 亿。我们预计 2024-2026 年公司归母净利 38.7/39.1/40.7 亿元，对应 EPS 0.79/0.80/0.83 元，假设 2024 年 55%-60%分红比例，公司股息率高达 5.5%-6%。参考可 比公司 2024E PE 的 Wind 一致预期 10x，考虑公司分红稳定性及分红比例 高于可比公司，给予公司 13 ...

[Table_Main] 证券研究报告 | 公司点评 申能股份(600642.SH) 2024 年 09 月 03 日 买入（维持） 所属行业：公用事业/电力 当前价格(元)：7.85 证券分析师 郭雪 资格编号：S0120522120001 邮箱：guoxue＠tebon.com.cn 联系人 刘正 邮箱：liuzheng3＠tebon.com.cn 市场表现 申能股份 沪深300 -40% -20% 0% 20% 40% 60% 2023-09 2024-01 2024-05 | --- | --- | --- | --- | |--------------------------------|-------|--------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | -4.62 | -12.58 | -6.05 | | 相对涨幅 (%) | -0.11 | -6.45 | 2.75 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《申能股份（600642.SH）：上海电 力 龙 头 ， 盈 利 稳 健 分 红 可 观 》， ...

Investment Rating - The report maintains a "Buy" rating for the company, citing improving fundamentals and a high dividend payout ratio [3] Core Views - The company's coal power profitability has significantly improved in H1 2024, with coal power gross profit per kWh increasing by 0.03 yuan/kWh year-over-year [2] - Green power profitability has slightly declined, with photovoltaic gross profit per kWh decreasing by 0.053 yuan/kWh year-over-year [2] - Investment income has contributed significantly, with equity method investment income reaching 552 million yuan in H1 2024, up from 247 million yuan in the same period last year [3] Financial Performance - In H1 2024, the company achieved revenue of 13.68 billion yuan, a year-over-year decrease of 1.6%, while net profit attributable to shareholders increased by 18.66% to 2.191 billion yuan [2] - The company's coal power generation reached 19.175 billion kWh in H1 2024, a slight increase of 0.4% year-over-year, while natural gas power generation increased by 7.3% to 3.027 billion kWh [2] - The company's average coal consumption for power supply decreased to 281.34 g/kWh in H1 2024, down 1.6 g/kWh year-over-year, and the average standard coal price decreased by 163 yuan/ton to 984 yuan/ton [2] Valuation and Forecast - The report lowers the company's net profit forecast for 2024-2026 to 3.862/4.000/4.258 billion yuan, representing a 2%/10%/11% reduction from previous estimates [3] - The company's PE ratio is projected to be 10/10/9 times for 2024-2026, with EPS of 0.79/0.82/0.87 yuan [3] - The company's ROE (diluted) is expected to remain stable at around 10.7%-10.9% from 2024-2026 [4] Operational Highlights - Wind power generation decreased by 2.6% year-over-year to 2.753 billion kWh in H1 2024 due to unfavorable wind conditions [2] - Photovoltaic and distributed power generation increased by 29.7% year-over-year to 1.454 billion kWh in H1 2024, driven by capacity expansion [2] - The company's coal power and natural gas power on-grid prices (excluding tax) were 0.341 yuan/kWh and 0.806 yuan/kWh respectively in H1 2024 [2] Financial Position - The company's total market capitalization stands at 38.419 billion yuan, with a total share capital of 4.894 billion shares [5] - The company's current price is 7.85 yuan, with a 1-year price range of 5.45-9.27 yuan [5] - The company's 3-month turnover rate is 34.84% [5]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company's main business profits continue to grow despite a decline in investment income, highlighting the stability of its dividend value [4]. - The company reported a revenue of 13.7 billion yuan for the first half of 2024, a year-on-year decrease of 1.6%, while the net profit attributable to shareholders increased by 18.7% to 2.19 billion yuan [4]. - The second quarter of 2024 saw a revenue of 5.61 billion yuan, down 15.3% year-on-year, and a net profit of 1.03 billion yuan, down 7.3% year-on-year, which aligns with previous expectations [4]. - The company’s investment income decreased by 1.3 billion yuan year-on-year to 580 million yuan in Q2 2024, impacting overall performance [4]. - The company’s gross margin improved to 21.5%, up 1.8 percentage points year-on-year [4]. Summary by Sections Financial Performance - The company expects earnings per share (EPS) of 0.72, 0.78, and 0.79 yuan for 2024 to 2026, respectively, with a target price of 9.63 yuan [4]. - The estimated dividend per share for 2024 is approximately 0.43 yuan, resulting in a dividend yield of about 5.5% based on the stock price as of August 30, 2024 [4]. Business Operations - The company has a diversified asset portfolio that provides stable returns, which mitigates the impact of short-term fluctuations in electricity generation [4]. - The company has maintained a consistent dividend payout since its listing in 1993, with a total dividend amounting to 22.5 billion yuan [4]. Market Data - The current stock price is 7.85 yuan, with a 52-week price range of 5.77 to 9.24 yuan [5][6]. - The total market capitalization is 38.419 billion yuan, with a total share capital of 4.894 billion shares [6].