Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [6][12]. Core Insights - The company reported a revenue of 133.86 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.79%, while the net profit attributable to shareholders reached 9.19 billion yuan, reflecting a significant year-on-year increase of 63.41% [1][4]. - The company has expanded its renewable energy capacity, adding 3.3 GW in the first three quarters, bringing the total to 21.1 GW by the end of September 2024 [2]. - The average on-grid electricity price decreased by 10.14 yuan per thousand kilowatt-hours, contributing to the slight decline in revenue despite an increase in electricity generation [3]. Financial Performance Summary - For the first three quarters, the company achieved a total electricity generation of 346.88 billion kWh, a year-on-year increase of 2.39%, with on-grid electricity sales also up by 2.52% [3]. - The gross profit margin for the first three quarters was 14.78%, a slight decrease of 0.31 percentage points year-on-year, while the net profit margin improved by 2.97 percentage points to 10.82% [4]. - The company’s investment income for the first three quarters was approximately 6.69 billion yuan, primarily driven by the transfer of a 50% stake in a subsidiary [4]. Financial Forecast - The projected net profit attributable to shareholders for 2024-2026 is estimated at 9.8 billion, 8.9 billion, and 10.8 billion yuan, respectively, with corresponding P/E ratios of 9, 10, and 8 [5]. - Revenue forecasts for the next three years indicate a slight decline in 2024, followed by modest growth in 2025 and 2026 [8]. Capacity and Expansion Plans - As of September 30, 2024, the company’s total installed capacity reached 108.06 million kW, with thermal power accounting for 71.99 million kW, hydropower 14.95 million kW, wind power 9.53 million kW, and solar power 11.61 million kW [2]. - The company plans to acquire over 14 million kW of new energy resources in 2024, with approvals for 12 million kW and construction of 8.3 million kW [2].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Views - The company has shown a year-on-year decline in revenue of 2.79% for the first three quarters of 2024, attributed to a decrease in electricity prices and reduced income from the coal sector due to the transfer of Guodian Construction Investment [3]. - The net profit attributable to the parent company increased by 63.41% year-on-year, driven by increased investment income from the transfer of Guodian Construction Investment and higher investment income from joint ventures [3]. - The company added 1.54 GW of new renewable energy capacity in Q3, with a total installed capacity of 108.06 million kW by the end of September 2024, indicating significant growth potential in the renewable energy sector [3][5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 133.86 billion yuan, a decrease of 2.79% year-on-year, and a net profit of 9.19 billion yuan, an increase of 63.41% year-on-year [1][2]. - The average on-grid electricity price for Q3 was 410.48 yuan/MWh, showing a slight year-on-year decline of 0.09% [2]. - The company expects operating revenue to reach 188.06 billion yuan in 2024, with a year-on-year growth of 3.9%, and net profit to be 9.78 billion yuan, reflecting a growth of 74.4% [5][6]. Installed Capacity and Energy Mix - As of September 2024, the company's installed capacity consisted of 66.6% thermal power, 13.84% hydropower, 8.82% wind power, and 10.74% solar power [3]. - The company has a robust pipeline of renewable energy projects, with a total approved or filed capacity of 6.70 million kW, indicating ample growth opportunities in the renewable sector [3][5]. Future Projections - The company forecasts operating revenues of 192.38 billion yuan in 2025 and 198.28 billion yuan in 2026, with corresponding net profits of 9.10 billion yuan and 10.26 billion yuan, respectively [5][6]. - The expected EPS for 2024, 2025, and 2026 is projected to be 0.55 yuan, 0.51 yuan, and 0.57 yuan, respectively [1][5].

北京办公室通讯地址：北京市朝阳区北辰东路八号汇宾大厦 A 座六层 Add：F6/A, North Star Huibin Plaza, No.8 Beichen East Road, Chaoyang District, Beijing 100101 , China 电话 T：+8610 6184 8000 传真 F：+8610 6184 8008 网址 www.tiantailaw.com 北京天驰君泰律师事务所 关于国电电力发展股份有限公司 2024 年第三次临时股东大会的法律意见书 天驰君泰顾 602-202404 号 致：国电电力发展股份有限公司 北京天驰君泰律师事务所（以下简称"本所"）接受国电电力发 展股份有限公司（以下简称"公司"）委托，指派本所律师对公司 2024 年第三次临时股东大会（以下简称"本次股东大会"）的合法 性进行见证并出具法律意见书（以下简称"本法律意见"）。 本法律意见根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大 会规则》"）等现行有效的法律、法规 ...

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 证券代码：600795 证券简称：国电电力 公告编号：临 2024- 48 国电电力发展股份有限公司 2024 年第三次临时股东大会决议公告 (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：北京市朝阳区安慧北里安园 19 号楼 公司会议室 (三)出席会议的普通股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 2,891 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 9,784,483,084 | | 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（%） | 54.8592 | (四)本次会议由公司董事会召集，会议采取现场投票与网络投票 相结合的方式，会议的召开符合 公司法》及其他有关法律法规和 公 司章程》的规定。 (五)公司董事、监事出席情况： 1.公司在任董事 7 人，出席 7 人 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][9] Core Views - The company's cash flow continues to improve, with a significant reduction in financial expenses. In Q3 2024, the operating net cash flow was 15.2 billion yuan, up 13.6% year-on-year and 4.3% quarter-on-quarter, primarily due to a 15.4% increase in operating cash inflows [4][5] - The overall on-grid electricity price for Q3 2024 was 410.5 yuan/MWh, which is stable year-on-year, indicating a recovery in electricity pricing structure, particularly in high-price provinces like Zhejiang [4][5] - The company added 1.54 GW of new energy capacity in Q3 2024, with 1.53 GW from photovoltaic sources, contributing to a total of 3.3 GW of new installations in the first three quarters of 2024 [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 133.86 billion yuan, a decrease of 2.8% year-on-year, and a net profit attributable to shareholders of 9.19 billion yuan, an increase of 63.4% year-on-year. In Q3 2024, revenue was 48.03 billion yuan, down 2.1% year-on-year, with a net profit of 2.47 billion yuan, down 6.5% year-on-year [3][4] - The gross margin for Q3 2024 was 15.1%, a decrease of 1.9 percentage points year-on-year [4] Earnings Forecast - The earnings forecast has been adjusted, with expected revenues for 2024, 2025, and 2026 at 186.3 billion yuan, 199.2 billion yuan, and 211.0 billion yuan respectively. The net profits are projected to be 10.05 billion yuan, 9.13 billion yuan, and 10.0 billion yuan respectively, corresponding to P/E ratios of 9, 10, and 9 times [5][7][9] Market Performance - As of October 28, 2024, the company's stock price was 5.02 yuan, with a market capitalization of approximately 89.53 billion yuan. The stock has shown a performance of -1.8% over the past month, -11.5% over the past three months, and +37.6% over the past year [4][5]

国电电力（600795.SH） 优于大市 火电电量环比改善，新能源发展稳步推进 营业收入小幅下降，投资收益增加使得归母净利润增长。2024 年前三季度， 公司实现营业收入 1338.62 亿元（-2.79%），归母净利润 91.91 亿元 （+63.41%），扣非归母净利润 46.55 亿元（-12.49%）；2024 年第三季 度，公司实现营业收入 480.34 亿元（-2.08%），归母净利润 24.75 亿 元（-6.47%），扣非归母净利润 24.71 亿元（-5.09%）。营业收入同比 下降原因：一是电价同比下降，2024 年前三季度，公司平均上网电价 428.17 元/MWh（-2.3%）；二是 2023 年 1-9 月包含国电建投收入，2024 年 6 月该公司已转让，煤炭板块收入较上年同期减少。归母净利润同比 增长原因：一是公司转让控股子公司国电建投内蒙古能源有限公司投资 收益增加；二是公司联营企业投资收益增加。扣非归母净利润同比下降 原因：主要是对大兴川电站计提资产减值准备，大兴川电站计提在建工 程减值准备 8.42 亿元。 新能源建设持续推进，未来项目投运有望驱动业绩增长。2024 年第三 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 133.86 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.79%. However, the net profit attributable to shareholders increased by 63.41% to 9.19 billion yuan [5] - The decline in coal prices has improved profitability, with the average on-grid electricity price remaining stable at 410.48 yuan per megawatt-hour [5] - The company is expected to benefit from the upcoming commissioning of the Shuangjiangkou hydropower station, which is projected to enhance revenue [5] - The company’s renewable energy capacity is accelerating, with significant growth in solar power generation [6] Summary by Sections Market Data - Closing price: 5.24 yuan - Market capitalization: 93,459 million yuan - Price-to-book ratio: 1.7 - Dividend yield: 1.34% [2] Financial Performance - For Q3 2024, the company achieved a net profit of 2.48 billion yuan, a year-on-year decrease of 6.47% [5] - The company’s total revenue for 2024 is projected to be 183.57 billion yuan, with a year-on-year growth rate of 1.4% [9] Operational Highlights - The company’s coal-fired power generation saw a slight decrease in output, but the decline in coal prices has led to improved margins [5] - Hydropower generation growth slowed due to reduced water levels in Sichuan, but future projects are expected to drive growth [5] - The company’s wind power generation increased by 5.44% year-on-year, with significant growth expected in the upcoming quarters [6] Profitability Forecast - The forecasted net profits for 2024-2026 are 10.99 billion, 9.30 billion, and 9.83 billion yuan respectively, with corresponding price-to-earnings ratios of 9, 10, and 10 [5][9]

证券研究报告 | 季报点评 gszqdatemark 2024 10 25 年 月 日 国电电力（600795.SH） 业绩压力释放，看好后期成长 国电电力发布 2024 年三季度报告。2024 年前三季度实现营业收入 1338.62 亿元，同比-2.79%；实现归母净利润 91.91 亿元，同比+63.41%； 扣非归母净利润 46.55 亿元，同比-12.49%；基本每股收益 0.515 元/股。 Q3 单季度实现营业收入 480.34 亿元，同比-2.08%；归母净利润 24.75 亿 元，同比-6.47%；扣非归母净利润 24.71 亿元，同比-5.09%。我们认为， 单季业绩下滑主要系国电建投转让，煤炭板块利润减少；成本上浮，电价 微跌等因素影响，整体符合预期。 电量整体保持增长，火电电量微跌，光伏电量高增。2024 年前三季度公 司分别完成发电量/上网电量 3468.82/3296.95 亿千瓦时，分别同比 +2.39%/+2.52%；按照可比口径（剔除国电建投电量影响）同比 +2.71%/+2.83% 。 其 中 ， 火 / 水 / 风 / 光 上 网 电 量 分 别 为 2605.9/470. ...

股 票 研 究 国电电力 2024 年三季报点评 电量保持增长，现金流持续好转 国电电力(600795) [Table_Industry] 电力/公用事业 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|----------------|----------------------------|-------|-------|----------------|----------|-------|-------|-------|-------------------------|-------| | | | | | | | | | | | | | | | | [table_Authors] 于鸿光 ( 分析师 ) | 孙辉贤 ( | 分析师 ) | | | 汪 玥 ( | 研究助理 | ) | | | | | | | 021-38031730 | 021-38038670 | | | | 021-38 ...

| --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------- ...