Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and potential growth [2][3]. Core Insights - The company reported a net profit attributable to shareholders of 4.422 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.1%. The net profit for the third quarter alone was 2.12 billion yuan, up 21.55% year-on-year, aligning with market expectations [2]. - The growth in performance is primarily attributed to the company's investments in hydropower, a decrease in financial expenses due to convertible bond conversions, and a decline in interest rates. The financial expenses for the first three quarters of 2024 were 344 million yuan, down approximately 125 million yuan from 469 million yuan in the same period of 2023, marking the largest reduction in recent years [2]. - The company plans to increase its stake in Yalong River Hydropower by investing 7.2 billion yuan as part of a larger 15 billion yuan capital increase, which is expected to enhance its growth prospects [2]. - The report highlights that the electricity price for the company's hydropower stations increased by 4.6% year-on-year in the third quarter, reflecting a tightening supply-demand situation in Sichuan's electricity market [2]. Summary by Sections Financial Performance - The company achieved a total profit of 3.88 billion yuan in the third quarter, with investment income increasing by 334 million yuan year-on-year, mainly from Yalong River and Dadu River investments [2]. - The projected net profits for 2024, 2025, and 2026 are 5.111 billion yuan, 5.390 billion yuan, and 5.615 billion yuan respectively, with corresponding price-to-earnings ratios of 17, 16, and 15 times [3]. Market Position and Growth Potential - The company is positioned to benefit from the growth of Yalong River Hydropower, which aims to expand its hydropower capacity to 23 million kilowatts and new energy capacity to 20 million kilowatts by 2030 [2]. - The report suggests that the hydropower sector, characterized by low covariance, is likely to experience a revaluation, indicating long-term investment value [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 1.087 billion yuan for the first three quarters of 2024, a year-on-year increase of 6.48%, and a net profit attributable to shareholders of 4.422 billion yuan, up 15.10% year-on-year. The net profit for Q3 alone was 2.120 billion yuan, reflecting a growth of 21.55% year-on-year, which aligns with expectations [4] - The company plans to increase its investment in its associate companies, including a 7.2 billion yuan investment in Yalong River Hydropower Development Co., Ltd. (holding 48%) and a 248 million yuan investment in Guoneng Dadu River Hydropower Development Co., Ltd. (holding 20%) [4] - The company experienced a favorable water supply and increased electricity prices during the flood season, leading to improved profitability in hydropower operations. From January to September 2024, the company generated 4.345 billion kWh of electricity, a year-on-year increase of 8.87%, with hydropower generation at 4.119 billion kWh, up 8.00% [4] - Investment income rose by 11% year-on-year to 4.505 billion yuan, benefiting from improved water supply and higher electricity prices [4] - The company forecasts net profits of 5.151 billion yuan, 5.491 billion yuan, and 5.981 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17, 16, and 15 [4] Financial Summary - For the first three quarters of 2024, total revenue is projected at 1.578 billion yuan, with a year-on-year growth rate of 6.5%. The net profit attributable to shareholders is expected to be 5.151 billion yuan, reflecting a growth rate of 17.1% [5] - The average on-grid electricity price for hydropower increased by 2.55% year-on-year, supporting the company's performance [4] - The company maintains a dividend commitment of no less than 0.4 yuan per share, resulting in a current dividend yield of 2.2% based on the closing price on October 14 [4]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 投资要点： 本报告导读： 公司 3Q24 业绩符合预期；分期增资助力雅砻江装机长期持续成长。 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 1,420 | 1,482 | 1,513 | 1,661 | 2,140 | | (+/-)% | 12.4% | 4.4% | 2.1% | 9.7% | 28.9% | | 净利润（归母） | 3,515 | 4,400 | 5,004 | 5,707 | 6,009 | | (+/-)% | 13.9% | 25.2% | 13.7% | 14.1% | 5.3% | | 每股净收益（元） | 0.72 | 0.90 | 1 ...

川投能源 （600674.SH）2024 年三季报点评 水电量价齐升，投资收益增厚利润 2024 年 10 月 15 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：10 月 15 日，公司发布 2024 年三季度报告。公司前三季度营业收入 10.87 亿元，同比增长 6.48%；归母净利润 44.22 亿元，同比增长 15.10%；扣 非归母净利润 43.92 亿元，同比增长 15.22%；基本每股收益 0.9133 元/股。Q3 单季度，公司实现归母净利润 21.20 亿元，同比增长 21.55%。 ➢ 前三季度水电量价齐升，光伏电价下降明显。2024 年 1-9 月，公司控股企 业累计完成发电量 43.45 亿千瓦时，同比增长 8.87%；上网电量 42.77 亿千瓦 时，同比增长 9.33%；企业平均上网电价 0.217 元/千瓦时，同比增长 0.93%。 1）水电：累计完成发电量 41.19 亿千瓦时，同比增长 8.00%；上网电量 40.53 亿千瓦时，同比增长 8.46%；平均上网电价 0.201 元/千瓦时，同比增长 2.55%。 单 Q3 水电上网电量 23.04 亿千瓦时 ...

[Table_Contacts] [Table_Page] 季报点评|公用事业 证券研究报告 [Table_Title] 川投能源（600674.SH） 来水改善业绩稳健，高水位保障枯期电量 [Table_Summary] 核心观点： ⚫ 来水好转电量提升，业绩稳健增长。公司发布三季报，2024Q1-3 公司 实现归母净利润 44.22 亿元（同比+15.10%），其中 Q3 归母净利润 21.20 亿元（同比+21.55%），主要系雅砻江电量提升带动投资收益增 长，前三季度公司实现投资收益 45.05 亿元（同比+11.01%），同时公 司水电主业因来水好转电量提升，前三季度收入同比提升 6.48%，同 时由于可转债转股及利率下行，公司财务费用同比下降 26.74%，自有 业务利润提升，资产负债率降至 32%。 ⚫ 来水好转电量提升，预期 Q3 雅砻江利润增速环比提升。去年 7 月雅 砻江电量低基数，今年三季度来水改善带动雅砻江电量提升，我们测算 Q3 雅砻江水电发电量同比增长 26%，其中 7 月、8 月、9 月分别同比 +89%、+23%、-8%。2023Q3 由于枯水雅砻江电价同比增长 14.7%， ...

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company reported a revenue of 1.087 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.48%, and a net profit attributable to shareholders of 4.422 billion yuan, which is a 15.10% increase year-on-year [1] - Investment income grew rapidly due to improved water inflow in the company's major investee companies, with net investment income reaching 4.505 billion yuan in the first three quarters of 2024, up 11% year-on-year [1] - The company plans to increase capital in its investee companies, Yalong River and Dadu River, to support project funding needs, with a total capital increase of 12.38 billion yuan for Dadu River and 150 billion yuan for Yalong River [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 483 million yuan, a year-on-year increase of 2.14%, and a net profit of 2.120 billion yuan, which is a 21.55% increase year-on-year [1] - The company’s hydropower generation increased by 8.46% year-on-year, with a total of 4.053 billion kWh generated in the first three quarters of 2024 [1] - The average on-grid electricity price for hydropower was 0.201 yuan/kWh, up 2.55% year-on-year, while the on-grid price for photovoltaic power decreased by 19.42% [1] Investment and Growth Prospects - The company expects continued strong performance in Q4 2024 due to favorable water storage conditions in the Yalong River and Dadu River basins [2] - The company forecasts net profits of 5.08 billion yuan, 5.42 billion yuan, and 5.83 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17.39x, 16.29x, and 15.16x [2][6]

证券研究报告 川投能源 (600674 CH) 业绩符合预期,参股水电收益同比增长 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 21.07 2024年10月14日│中国内地 发电 公司 3Q24 归母净利润符合预期，参股水电投资收益同比+20% 公司 1-9M24 营业收入/归母净利 10.87/44.22 亿元，同比+6.5%/+15.1%； 3Q24 营业收入/归母净利润为 4.83/21.20 亿元，同比+2.1%/+21.6%，归母 净利润符合我们 19.73-23.29 亿元预期。3Q24，得益于来水同比大幅增加， 公司参股的雅砻江水电和国能大渡河发电量同比增长，促使公司对联营和合 营企业投资收益同比+3.31 亿元，占归母净利润同比增长额的 88%。为推进 雅砻江项目建设，公司拟向雅砻江水电增资 72 亿元，或将推升公司资产负 债率。我们预计公司 24-26 年归母净利为 50.69/52.68/55.65 亿元，对应 EPS1.04/1.08/1.14 元。参考可比公司 Wind 一致预期 25 年平均 PE17.2x， 看好雅砻江水风光一体化发展带来长期价值提升，给予公司 ...

四川川投能源股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600674 证券简称：川投能源 四川川投能源股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，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。 公司负责人吴晓曦、主管会计工作负责人刘好及会计机构负责人（会计主管人员）秦乙可保证季 度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|------------------|--------- ...

证券代码：600674 证券简称：川投能源 公告编号：2024-068 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 年第一次临时股东大会 召开的日期时间：2024 年 10 月 29 日 10 点 00 分 召开地点：成都市武侯区临江西路 1 号川投大厦 1508 会议室 股东大会召开日期：2024年10月29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 (五) 网络投票的系统、起止日期和投票时间。 四川川投能源股份有限公司 关于召开 2024 年第一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。 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 10 月 29 日 至 2024 年 10 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 ...

股票代码：600674 股票简称：川投能源 公告编号：2024-063 号 四川川投能源股份有限公司 十一届三十二次监事会决议公告 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 整性承担个别及连带责任。 一、监事会会议召开情况 四川川投能源股份有限公司十一届三十二次监事会会议通知于 2024 年 10 月 9 日以送达、传真和电话通知方式发出，会议于 2024 年 10 月 14 日以通讯方式召开。应参加投票的监事 5 名，实际参加 投票的监事 5 名。会议的召集召开符合有关法律、法规、规章和公 司章程的规定。 二、监事会会议审议情况 会议以记名投票方式审议通过了以下提案报告： （一）以 5 票赞成，0 票反对，0 票弃权审议通过了《关于对控 股子公司四川川投田湾河开发有限责任公司对其子公司四川田湾河 旅游开发有限责任公司同比例增资审核意见的提案报告》； 监事会认为： 本次增资符合子公司实际经营需要，符合其开发建设进展及长 远规划。 （二）以 5 票赞成，0 票反对，0 票弃权审议通过了《关于对增 资国能大渡河流域水电开发有限公司关联交易审核 ...