股票代码：600674 股票简称：川投能源 公告编号：2024-073 号 四川川投能源股份有限公司 十一届三十三次监事会决议公告 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三十三次监事会会议通知于 2024 年 11 月 12 日以送达、传真和电话通知方式发出，会议于 2024 年 11 月 15 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： 本次涉及关联交易的增资符合相关法律法规，有利于参股公司 生产经营活动的正常进行，符合公司经营发展的需要。 （二）以 5 票赞成，0 票反对，0 票弃权审议通过了《关于对田 湾河公司开展"9·5"地震灾后重建草科营地新营区建设工程项目 审核意见的提案报告》； 监事会认为： 本次工程项目建设有助于确保田湾河公司的正常生产经营，稳 定员工队伍，保障安全需要，符合其可持续发 ...

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][3]. Core Insights - The company has shown significant profit growth, with a revenue of 1.087 billion yuan for the first nine months of 2024, representing a year-on-year increase of 6.48%. The net profit attributable to shareholders reached 4.422 billion yuan, up 15.10% year-on-year [1]. - The company benefits from favorable water conditions in its operational regions, which has positively impacted its electricity generation and pricing [1]. - Future capacity expansion is anticipated due to a recent capital increase in the Yalong River Hydropower project, which is expected to enhance the company's installed capacity [1]. Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 10.87 billion yuan, with a net profit of 4.422 billion yuan, and a basic earnings per share (EPS) of 0.9133 yuan [1]. - The company’s revenue for Q3 2024 was 4.83 billion yuan, reflecting a year-on-year increase of 2.14% and a quarter-on-quarter increase of 39.8% [1]. - The average on-grid electricity price for the company was 0.217 yuan/kWh, a year-on-year increase of 0.93% [1]. - The projected EPS for 2024, 2025, and 2026 are 1.04 yuan, 1.12 yuan, and 1.20 yuan respectively, with corresponding P/E ratios of 16.2, 15.0, and 14.1 [3][4]. Future Outlook - The company is expected to continue its stable operational performance, with ongoing projects likely to contribute to further profit growth. The company has a low debt ratio, which is on a declining trend, indicating financial stability [1]. - The capital increase in the Yalong River Hydropower project is projected to support future growth in installed capacity, enhancing the company's long-term prospects [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a total revenue of 1.087 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 6.48%. The net profit attributable to shareholders was 4.422 billion yuan, up 15.1% year-on-year, with Q3 net profit reaching 2.12 billion yuan, a 21.6% increase [1][2]. - The company's hydropower segment showed stable profits, with a total generation of 4.119 billion kWh, an 8% increase year-on-year, and an average on-grid electricity price of 0.201 yuan/kWh, up 2.55% year-on-year [2]. - The company plans to increase capital in its subsidiaries, including 248 million yuan for Guoneng Dadu River Company and 15 billion yuan for Yalongjiang Hydropower Company, which is expected to contribute to future profit growth [2][3]. Financial Summary - The company forecasts net profits for 2024-2026 to be 5.081 billion yuan, 5.363 billion yuan, and 5.558 billion yuan, respectively, with corresponding P/E ratios of 16.2x, 15.4x, and 14.8x [2][3]. - The financial data shows a steady increase in revenue from 1.420 billion yuan in 2022 to an estimated 1.617 billion yuan in 2024, with a growth rate of 9.11% [3][6]. - The company's net profit is projected to grow from 3.515 billion yuan in 2022 to 5.081 billion yuan in 2024, reflecting a growth rate of 15.48% [3][6]. Operational Highlights - The company’s photovoltaic segment also performed well, with a total generation of 226 million kWh, a year-on-year increase of 27.68%, although the average on-grid price decreased by 19.42% to 0.502 yuan/kWh [2]. - The report highlights that the company’s subsidiaries have sufficient construction reserves for new hydropower stations, which are expected to contribute to profit increments in the future [2][3].

证券代码：600674 证券简称：川投能源 公告编号：2024-071 四川川投能源股份有限公司 2024 年第一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 | 1,231 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,356,280,928 | | 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（%） | 68.8523 | (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。 本次会议符合《公司法》和《公司章程》的规定，大会由公司董事会召集， 董事长吴晓曦先生主持。 (一) 股东大会召开的时间：2024 年 10 月 29 日 (二) 股东大会召开的地点：成都市武侯区临江西路 1 号川投大厦 1508 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 二、 议案审议 ...

北 京 大 成 （ 成 都 ） 律 师 事 务 所 关 于 四 川 川 投 能 源 股 份 有 限 公 司 2024 年 第 一 次 临 时 股 东 大 会 的 法 律 意 见 书 大成蓉（2024）法意字第 1717 号 北 京 大 成 （ 成 都 ） 律 师 事 务 所 www.dentons.cn 四川省成都市高新区天府二街吉瑞五路 396 号金控时代广场 2 栋 邮编：610000 Building 2 of Financial Holding Times Square, No. 396 Jirui 5th Road,Tianfu 2nd Stree,High-tech Zone,Chengdu,China Tel: +8628-87039931 Fax: +8628-87036893 北京大成（成都）律师事务所 关于四川川投能源股份有限公司 2024 年第一次临时股东大会的法律意见书 致：四川川投能源股份有限公司 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》"）《上市公司股东大会规则（2022 年 修订）》（以下简称"《股东大会规则》"）《上 ...

股票代码：600674 股票简称：川投能源 公告编号：2024-070 号 四川川投能源股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回 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 担个别及连带责任。 四川川投能源股份有限公司（以下简称"公司"）于 2023 年 10 月 17 日召开第十一届董事会第二十二次会议，审议通过《关于授权 继续使用暂时闲置募集资金进行现金管理的提案报告》。拟在确保不 影响募集资金投资项目正常进行的前提下，对 16 亿元以内的暂时闲 置募集资金进行现金管理。现金管理品种为商业银行保本型理财产品， 期限为 2023 年 10 月 23 日起至 2024 年 10 月 22 日止，12 个月内， 资金可滚动使用。具体内容详见上交所网站 （http://www.sse.com.cn/）披露的《四川川投能源股份有限公司关 于延长使用闲置募集资金进行现金管理期限的公告》（公告编号： 2023-083 号）。 因上一授权期限已到期，公司于 2024 年 10 月 14 日召开了十一 届三十二次董事会，审 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Views - The company is expected to benefit from increased water storage capacity, which is projected to sustain profit growth. The report highlights a year-on-year increase in water storage levels at key power stations, suggesting a favorable environment for electricity generation in the upcoming quarter [1][3]. - The company's investment in Yalong River Hydropower is anticipated to enhance its profitability, with ongoing projects expected to contribute significantly to revenue [1][3]. Financial Summary - For the fiscal year 2023, the company reported revenue of 1,482 million yuan, with a year-on-year growth of 4.4%. Projections for 2024 and 2025 indicate revenues of 1,682 million yuan and 1,781 million yuan, respectively, reflecting growth rates of 13.4% and 5.9% [2][3]. - The net profit attributable to shareholders for 2023 was 4,400 million yuan, with a significant year-on-year increase of 25.2%. Forecasts for 2024 and 2025 suggest net profits of 5,136 million yuan and 5,509 million yuan, representing growth rates of 16.7% and 7.3% [2][3]. - The gross profit margin is projected to improve from 46.4% in 2023 to 52.5% by 2026, indicating enhanced operational efficiency [2][3]. - The company's return on equity (ROE) is expected to remain stable, with estimates of 11.9% for 2023 and slightly declining to 12.2% by 2026 [2][3]. Investment Highlights - The company has a strong stake in Yalong River Hydropower (48%) and Dadu River Hydropower (20%), which are expected to provide stable investment returns and further enhance profitability [3]. - The report notes that the company's electricity generation volume increased by 8.46% year-on-year in the first three quarters, with a corresponding rise in electricity prices contributing to improved margins [2][3]. - Financial expenses have decreased due to lower interest rates and the conversion of convertible bonds, leading to a reduction in the debt ratio to 32.17% [2][3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has experienced a year-on-year increase in both revenue and profit due to favorable water inflow in the river basin where its power stations are located [1] - The company's revenue for the first three quarters of 2024 reached 10.87 billion yuan, representing a year-on-year growth of 6.48% [1] - The net profit attributable to the parent company for the same period was 4.422 billion yuan, showing a year-on-year increase of 15.10% [1] - The report anticipates that the company will achieve revenue of 16.63 billion yuan, 18.63 billion yuan, and 19.45 billion yuan for the years 2024, 2025, and 2026 respectively [1] Financial Summary - Revenue (in million yuan): - 2022A: 1,420 - 2023A: 1,482 - 2024E: 1,663 - 2025E: 1,863 - 2026E: 1,945 [1][2] - Net Profit (in million yuan): - 2022A: 3,515 - 2023A: 4,400 - 2024E: 4,991 - 2025E: 5,330 - 2026E: 5,632 [1][2] - EPS (in yuan): - 2022A: 0.72 - 2023A: 0.90 - 2024E: 1.02 - 2025E: 1.09 - 2026E: 1.16 [1][3] Operational Performance - The company’s operating cash flow for 2023A is reported at 596 million yuan, with projections of 763 million yuan for 2024E [2] - The company’s total assets are expected to grow from 60,353 million yuan in 2023A to 67,037 million yuan in 2024E [2] - The company’s investment income for the first three quarters of 2024 was 4.505 billion yuan, reflecting a year-on-year increase of 11.01% [1]

四川川投能源股份有限公司 2024 年第一次临时股东大会 会议材料 2024 年 10 月 2024 年第一次临时股东大会文件目录 1.关于与国投电力签订向雅砻江公司增资事宜之协议关联 交易的提案报告； 2.关于增资国能大渡河流域水电开发有限公司关联交易的 提案报告； 3.关于修改 2024 年度公司本部融资计划和方案的提案报告。 2024 年第一次临时股东大会 提案报告一 关于与国投电力签订向雅砻江公司增资事宜之协议关 联交易的提案报告 各位股东: 国投电力控股股份有限公司（以下简称"国投电力"）与 川投能源就向雅砻江流域水电开发有限公司（以下简称"雅砻 江水电"、"雅砻江公司"）增资事宜进行了沟通，并初拟了 增资事宜协议。协议主要内容如下： 双方将对雅砻江水电按各自持股比例（52%：48%）进行增 资，增资总额为人民币 150 亿元，其中国投电力增资人民币 78 亿元，川投能源增资人民币 72 亿元，增资方式为货币出资。具 体增资安排由双方根据雅砻江水电相关项目的进展情况履行相 关程序后适时向雅砻江水电逐步出资到位。在协议约定的增资 总额内对雅砻江水电增资时，双方根据雅砻江水电的实际资金 需求确定具体增资 ...

四川川投能源股份有限公司（以下简称"公司"）于 2023 年 10 月 17 日召开第十一届董事会第二十二次会议，审议通过《关于授权 继续使用暂时闲置募集资金进行现金管理的提案报告》。拟在确保不 影响募集资金投资项目正常进行的前提下，对 16 亿元以内的暂时闲 置募集资金进行现金管理。现金管理品种为商业银行保本型理财产品， 期限为 2023 年 10 月 23 日起至 2024 年 10 月 22 日止，12 个月内， 资金可滚动使用。具体内容详见上交所网站 （http://www.sse.com.cn/）披露的《四川川投能源股份有限公司关 于延长使用闲置募集资金进行现金管理期限的公告》（公告编号： 2023-083 号）。 因上一授权期限即将到期，公司于 2024 年 10 月 14 日召开了十 一届三十二次董事会，审议通过了《关于授权继续使用暂时闲置募集 资金进行现金管理的提案报告》，同意公司继续在 15 亿元以内对暂 时闲置募集资金进行现金管理，现金管理品种为商业银行的保本型理 财产品，期限为 2024 年 10 月 23 日至 2025 年 10 月 22 日，资金可滚 动使用。具体内容详见上交所网站 ...