Investment Rating - The report initiates coverage with an "Outperform" rating, assigning a target price of RMB 5.32 based on a 14x PE for 2025 [4][18]. Core Insights - The company's 2024 revenue is projected at RMB 179.2 billion, a decrease of 1.0% year-on-year, while net profit attributable to shareholders is expected to rise by 75.3% to RMB 9.83 billion [19]. - The fourth quarter of 2024 saw a revenue of RMB 45.3 billion, up 4.7% year-on-year, with a net profit of RMB 640 million, reversing a loss from the previous year [19]. - The report highlights a significant reduction in asset and credit impairment in Q4 2024, amounting to RMB 860 million, down RMB 1.09 billion year-on-year [20]. - The company plans to distribute a cash dividend of RMB 3.57 billion for 2024, representing 36.3% of net profit attributable to shareholders [19]. Financial Data and Forecasts - The financial summary indicates that the company's revenue is expected to recover slightly in 2025, with projections of RMB 180.8 billion, followed by RMB 191.9 billion in 2026 and RMB 192.9 billion in 2027 [3][17]. - Net profit attributable to shareholders is forecasted to be RMB 6.71 billion in 2025, RMB 7.73 billion in 2026, and RMB 8.32 billion in 2027, reflecting a significant increase in 2024 [3][17]. - The report notes that the company's return on equity (ROE) is expected to be 11.1% in 2025, with a gradual increase to 11.8% by 2027 [3][17]. Operational Highlights - The company is nearing the completion of hydropower projects, with a total capacity of 15.0GW expected by the end of 2024, and additional capacity planned for 2025 and 2026 [21]. - The report indicates that the company's wind and solar power segments experienced a decline in net profit, with projections of RMB 780 million and RMB 600 million respectively for 2024 [21]. - The company plans to invest RMB 28 billion in early-stage and infrastructure projects in 2025, which is a decrease of 11.6% year-on-year, reflecting a slowdown in renewable energy project development [21].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company's operating revenue slightly decreased by 1.00% to 179.18 billion yuan in 2024, while the net profit attributable to shareholders increased significantly by 75.28% to 9.83 billion yuan. The decrease in revenue is attributed to a decline in electricity prices and the transfer of equity in a subsidiary, while the increase in net profit is due to higher investment income from the transferred subsidiary and joint ventures [1][7]. - The company is actively advancing conventional energy projects, with a total of 1.83 million kilowatts of new thermal power capacity added in 2024. The company has ongoing thermal power projects totaling 8.35 million kilowatts and plans to add 2 million kilowatts of thermal power capacity in 2025 [2][18]. - The company is steadily developing renewable energy, adding 4.29 million kilowatts of new capacity in 2024, including 546,500 kilowatts from wind power and 3.74 million kilowatts from solar power. The company has secured renewable energy resources totaling 16.79 million kilowatts, ensuring a solid foundation for future project construction [3][19]. Financial Performance - In 2024, the company's operating revenue is projected to be 179.18 billion yuan, with a net profit of 9.83 billion yuan. The earnings per share (EPS) is expected to be 0.55 yuan [4][22]. - The company's return on equity (ROE) is expected to increase to 17.5% in 2024, reflecting improved profitability [16][22]. - The company plans to distribute a cash dividend of 0.20 yuan per share in 2024, with a total cash payout of 3.57 billion yuan, representing a 66.68% increase year-on-year [20].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company's operating revenue slightly decreased by 1.00% to 179.18 billion yuan in 2024, while the net profit attributable to shareholders increased significantly by 75.28% to 9.83 billion yuan. The decline in revenue is attributed to a decrease in electricity prices and the transfer of equity in Guodian Construction Investment, which is no longer included in the consolidated scope [7][20]. - The company is actively advancing conventional energy projects, with a total of 1.83 million kilowatts of new thermal power capacity added in 2024. The company has ongoing thermal power projects totaling 8.35 million kilowatts and plans to add 2 million kilowatts of thermal power capacity in 2025 [2][18]. - The company is steadily developing renewable energy, with an increase of 4.29 million kilowatts in new installed capacity in 2024, including 546,500 kilowatts from wind power and 3.74 million kilowatts from solar power. The company has secured renewable energy resources totaling 16.79 million kilowatts [3][19]. Financial Performance - In 2024, the company's gross profit margin was 14.24%, a decrease of 0.38 percentage points year-on-year. The net profit margin increased to 9.29%, up 2.67 percentage points from the previous year due to increased investment income [14][16]. - The return on equity (ROE) improved to 18.60%, an increase of 6.76 percentage points compared to 2023. The operating cash flow for 2024 was 55.64 billion yuan, a year-on-year increase of 30.66% [16][20]. - The company plans to distribute a cash dividend of 0.20 yuan per share in 2024, with a total cash distribution amounting to 3.57 billion yuan, representing a year-on-year increase of 66.68% [20]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 7.50 billion yuan, 8.32 billion yuan, and 9.07 billion yuan, respectively, reflecting a year-on-year growth of -23.7%, 11.0%, and 9.0% [20][22]. - The earnings per share (EPS) are projected to be 0.42 yuan, 0.47 yuan, and 0.51 yuan for 2025, 2026, and 2027, respectively [20][22].

Core Viewpoint - Guodian Power's net profit significantly increased in 2024, driven primarily by investment income, despite a slight decline in revenue [1][2]. Financial Performance - In 2024, Guodian Power reported revenue of 179.18 billion yuan, a year-on-year decrease of 1.00%, while net profit attributable to shareholders reached 9.83 billion yuan, a substantial increase of 75.28% [1]. - The company's investment income surged to 7.33 billion yuan in 2024 from 1.58 billion yuan in 2023, largely due to the transfer of a 50% stake in a subsidiary [1][2]. - The average utilization hours for thermal power generation decreased by 26 hours to 5,137 hours, impacting revenue despite a profit increase in the thermal segment [2][3]. Market Trends - The national installed capacity of renewable energy surpassed that of thermal power for the first time, reaching 1.45 billion kilowatts, indicating a shift towards renewable energy sources [1]. - The average price of wind power decreased by 5.52% to 474.20 yuan per megawatt-hour, while solar power prices fell by 15.11% to 408.22 yuan per megawatt-hour, reflecting supply-demand imbalances [5]. Structural Changes - Guodian Power's renewable energy capacity expanded to 17.89 million kilowatts in 2024, with significant contributions from wind and solar power, although profits from these segments declined due to falling prices and reduced utilization hours [4][5]. - The company is transitioning towards a "capacity model" for coal power pricing, which will affect revenue structures moving forward [4]. Hydropower Segment - The hydropower segment outperformed other divisions, with a total generation of 59.468 billion kilowatt-hours, marking a year-on-year growth of 7.93% [6]. - The completion of the Sichuan-Chongqing UHV AC grid project is expected to alleviate issues related to water abandonment and enhance the transmission capacity of hydropower [6][7]. - The profitability of the hydropower segment is projected to improve as water abandonment decreases and electricity prices rise, although uncertainties remain regarding external pricing and delivery ratios [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's net profit attributable to shareholders for 2024 is expected to increase by 75.28% year-on-year, reaching 9.831 billion yuan, despite a 1.00% decrease in operating revenue to 179.182 billion yuan [6][2] - The report emphasizes the importance of focusing on long-term growth rather than short-term fluctuations, as the company remains a valuable asset in the industry with stable growth in both hydropower and thermal power sectors [2][12] Summary by Sections Financial Performance - The company's thermal power business net profit increased by 34.05% year-on-year, driven by a decrease in costs and improved investment returns, despite a 1.18% decline in power generation [2][12] - Hydropower generation increased by 7.93% year-on-year, but net profit decreased by 33.01% due to impairment provisions related to the Daxingchuan power station [2][12] - The renewable energy segment's net profit is expected to decrease by 21.10% year-on-year due to weak wind conditions, price fluctuations, and asset impairments [2][12] Future Outlook - The company is set to begin production for 3.52 million kilowatts of hydropower units in the second half of 2025, indicating a positive long-term performance outlook [2][12] - Earnings per share (EPS) for 2025-2027 are projected to be 0.41 yuan, 0.45 yuan, and 0.48 yuan, with corresponding price-to-earnings (PE) ratios of 11.15, 10.25, and 9.61 [2][12]

Core Viewpoint - The company reported a mixed performance for 2024, with a slight decline in revenue but a significant increase in net profit, primarily due to asset disposals and increased investment income [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 179.18 billion yuan, a year-on-year decrease of 1.00% [1]. - The net profit attributable to shareholders was 9.83 billion yuan, a substantial increase of 75.28% year-on-year [1][2]. - The non-recurring net profit was 4.67 billion yuan, down 4.20% year-on-year [1]. Segment Performance - The thermal power segment generated a net profit of 10.05 billion yuan, up 17.90% year-on-year, contributing to overall performance growth [2]. - The company’s total installed capacity for thermal power reached 74.63 million kilowatts, with a net increase of 1.84 million kilowatts [2]. - Hydropower segment net profit was 1.99 billion yuan, down 19.89% year-on-year, despite an increase in generation due to favorable water conditions [3]. - Wind and solar segments reported a net profit of 1.92 billion yuan, a decrease of 13.77% year-on-year, attributed to lower electricity prices [3]. Cost and Pricing Dynamics - The average on-grid electricity price for coal-fired and gas-fired units was 457.52 yuan and 860.83 yuan per megawatt-hour, down 0.82% and 4.18% respectively [2]. - The average coal price for the year was 922.17 yuan per ton, a decrease of 1.37% year-on-year, contributing to lower fuel costs [2]. Future Outlook - The company expects to see further improvements in profitability from the thermal power segment due to ongoing projects and low coal prices [2]. - Forecasted net profits for 2025-2027 are 6.5 billion, 7.7 billion, and 8.0 billion yuan, with respective year-on-year changes of -34.36%, +19.46%, and +3.96% [4].

Group 1 - The company will hold an online performance briefing on April 28, 2025, from 10:00 to 11:30 AM to discuss its 2024 annual report and address investor concerns [2][4][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions from April 21 to April 25, 2025, and the company will respond to commonly asked questions during the briefing [2][5] Group 2 - Key participants in the briefing will include the company's general manager, chief accountant, board secretary, and independent directors [4] - Investors can access the briefing online through the Shanghai Stock Exchange Roadshow Center website [5][6] - After the briefing, investors can review the main content and outcomes of the meeting on the same website [6]

2024 年年度股东大会会议材料 二〇二五年四月 2024 年年度股东大会会议议程 4.审议关于公司 2024 年度财务决算及 2025 年度财务预 算的议案； 5.审议关于公司 2024 年度利润分配预案的议案； 6.审议关于公司本部向金融机构融资的议案； 7.审议关于公司所属单位融资的议案； 8.审议关于续聘公司 2025 年度财务报告审计机构及内 部控制审计机构的议案； 9.股东发言及回答股东提问; 10.推选现场计票人、监票人; 11.现场股东表决议案; 1.审议 2024 年度董事会工作报告； 2.审议 2024 年度监事会工作报告； 3.审议关于独立董事 2024 年度述职报告的议案； 2024 年度董事会工作报告 尊敬的各位股东及股东代表： 现在，我代表公司董事会作工作报告，请予审议。 一、2024 年工作回顾 过去一年，面对内外部复杂形势和生产经营严峻挑战， 董事会全力推进"降碳、减污、扩绿、增长"，圆满完成年 度目标任务。 （一）主要经济技术指标完成情况 12.公布现场投票表决结果； 13.宣读 2024 年年度股东大会决议。 | | | | 1. | 2024 年度董事会工作报告 | 1 ...

证券研究报告 | 公司动态点评 2025 年 04 月 18 日 国电电力（600795.SH） 常规电源盈利稳定，储备项目持续释放增长空间 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,999 | 179,182 | 188,405 | 195,558 | 200,103 | | 增长率 yoy（%） | -7.0 | -1.0 | 5.1 | 3.8 | 2.3 | | 归母净利润（百万元） | 5,609 | 9,831 | 7,480 | 8,705 | 10,031 | | 增长率 yoy（%） | 98.8 | 75.3 | -23.9 | 16.4 | 15.2 | | ROE（%） | 10.0 | 12.7 | 10.0 | 10.3 | 10.6 | | EPS 最新摊薄（元） | 0.31 | 0.55 | 0.42 | 0.49 | 0.56 | | P/E（倍） | 14.8 | 8.5 | 11.1 | 9.5 | 8. ...

证券代码：600795 证券简称：国电电力 公告编号：临 2025-16 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： 会议召开时间：2025 年 4 月 28 日 10:00-11:30 投资者可于 2025 年 4 月 21 日至 4 月 25 日 16:00 前登录上证 路演中心网站（http://roadshow.sseinfo.com/）首页点击"提问预 征集"栏目,或通过公司邮箱 GDpower@chnenergy.com.cn 进行提问。 公司将在说明会上就投资者普遍关注的问题进行回答。 国电电力发展股份有限公司 关于召开2024年度网上业绩说明会的公告 三、参加人员 公司总经理、总会计师、董事会秘书、独立董事。 国电电力发展股份有限公司（以下简称"公司"）已于 2025 年 4 月 16 日发布公司 2024 年年度报告，为便于广大投资者更全面深入 了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 4 月 28 日举行 2024 年度网上业绩说明会，就投资者关心的问题进行 ...