Investment Rating - The investment rating for the company is "Outperform the Market" [6][4] Core Viewpoints - The company has achieved revenue growth, with operating revenue reaching 3.612 billion yuan in 2024, an increase of 8.55%, while net profit attributable to shareholders remained stable at 803 million yuan, a slight increase of 0.05% [8][4] - The growth in revenue is primarily driven by an increase in electricity sales, with total power generation expected to reach 7.905 billion kWh in 2024, up 11.63%, and electricity sales projected at 7.757 billion kWh, up 10.82% [8][2] - The company's profit growth is hindered by a decline in electricity prices, leading to a decrease in gross margin to 55.11%, down 1.88 percentage points year-on-year, and a significant increase in asset impairment losses, which rose by 72.60% to 126 million yuan [8][2] Summary by Relevant Sections Financial Performance - In 2024, the company expects operating revenue of 3.612 billion yuan, with a year-on-year growth of 8.55%, and net profit of 803 million yuan, showing a minimal increase of 0.05% [8][4] - The projected net profits for 2025-2027 are 889 million yuan, 970 million yuan, and 1.06 billion yuan, respectively, with year-on-year growth rates of 10.4%, 9.9%, and 8.6% [4][23] - The company's earnings per share (EPS) for the same period are expected to be 0.44 yuan, 0.49 yuan, and 0.53 yuan, with corresponding price-to-earnings (PE) ratios of 12.6, 11.5, and 10.6 [4][23] Capacity and Growth - The company has added a total of 1,073 MW of new grid-connected capacity in 2024, including 257 MW from wind power and 816 MW from solar power, with total approved capacity reaching 7,468 MW, a year-on-year increase of 16% [2][21] - The company is actively exploring the "Green Electricity +" model, focusing on sectors such as coal chemical, electrolytic aluminum, and magnesium smelting, to support the transformation of high-energy-consuming industries [3][22] Market Position and Future Outlook - The release of document "No. 136" has facilitated the entry of renewable energy into the electricity market, which is expected to help maintain reasonable returns for renewable energy projects [2][21] - The company is also focusing on the integration of renewable energy with high-value-added industries, which is anticipated to create new growth momentum for its performance [3][22]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7][18]. Core Views - The company has implemented a "three curves" strategy, leading to continuous expansion of installed capacity [1]. - In 2024, the company achieved a revenue of 3.612 billion yuan, representing a year-on-year growth of 8.55%, and a net profit attributable to shareholders of 802 million yuan, with a slight increase of 0.05% year-on-year [1][3][4]. - The company plans to distribute a total cash dividend of 542 million yuan for 2024, which accounts for 67.51% of the net profit attributable to shareholders [1]. Summary by Sections Installed Capacity and Growth - In 2024, the company added 1.1 GW of new installed capacity, with a total of 1,073 MW connected to the grid, primarily in regions with strong power consumption capacity and favorable resource conditions [2]. - The cumulative approved installed capacity reached 7,468 MW, a year-on-year increase of 15.82%, while the grid-connected capacity reached 5,554 MW, up 23.97% year-on-year [2]. Revenue and Profitability - The company completed a total power generation of 79.05 billion kWh in 2024, with wind power contributing 35.60 billion kWh (up 11.79% year-on-year) and solar power contributing 42.97 billion kWh (up 9.72% year-on-year) [3]. - The overall revenue growth was driven by the increase in installed capacity, despite a decline in electricity prices due to the commissioning of new projects [3]. - The gross profit margin for renewable energy generation was 56.14%, a decrease of 0.70 percentage points year-on-year, with wind power at 65.55% (up 1.66 percentage points) and solar power at 49.62% (down 2.82 percentage points) [4]. Financial Forecasts - The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 910 million yuan, 1.06 billion yuan, and 1.18 billion yuan respectively [5]. - The projected price-to-earnings ratios for these years are 12, 11, and 10 times [5].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][18]. Core Views - The company has implemented a "three curves" strategy, leading to continuous expansion of installed capacity [1]. - In 2024, the company achieved a revenue of 3.612 billion yuan, representing a year-on-year growth of 8.55%, and a net profit attributable to shareholders of 802.72 million yuan, with a slight increase of 0.05% [1][3][4]. - The company plans to distribute a total cash dividend of 542 million yuan for 2024, which accounts for 67.51% of the net profit attributable to shareholders [1]. Summary by Sections Installed Capacity and Growth - In 2024, the company added 1.1 GW of new installed capacity, with a total of 1,073 MW connected to the grid, primarily in regions with strong power consumption capabilities [2]. - The cumulative approved installed capacity reached 7,468 MW, a year-on-year increase of 15.82%, while the grid-connected capacity reached 5,554 MW, up 23.97% [2]. Revenue and Profitability - The company generated a total electricity output of 79.05 billion kWh in 2024, with wind power contributing 35.60 billion kWh (up 11.79%) and solar power contributing 42.97 billion kWh (up 9.72%) [3]. - The overall gross margin for renewable energy generation was 56.14%, a decrease of 0.70 percentage points year-on-year, while the wind power margin increased to 65.55% [4]. Financial Forecasts - The profit forecasts for 2025-2027 have been adjusted downward, with expected net profits of 910 million yuan, 1.06 billion yuan, and 1.18 billion yuan respectively [5]. - The projected price-to-earnings ratios for 2025-2027 are 12, 11, and 10 times [5].

关于金开新能源股份有限公司 2024 年度会计估计变更事项的专项报告 自 2024 年 1 月 1 日至 2024 年 12 月 31 日止年度 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于金开新能源股份有限公司 2024 年度会计估计变更事项的专项报告 毕马威华振专字第 2502842 号 金开新能源股份有限公司董事会： 我们接受委托，对后附的《金开新能源股份有限公司（以下简称"贵公司"）2024 年度会计估计变更事项的说明》（以下简称"会计估计变更事项说明"）中所述的会计估 计变更事项执行了有限保证的鉴证业务。 一、管理层的责任 按照中华人民共和国财政部颁布的企业会计准则对会计估计变更事项进行确认、 计量，按照中国证券监督管理委员会和上海证券交易所的相关规定对会计估计变更事 项相关信息进行披露是贵公司管理层的责任，这种责任包括设计、执行、维护与编制 和对外披露会计估计变更事项说明相关的内部控制，以及保证会计估 ...

公司点评报告 · 公用事业行业 现金分红比例提升,积极探索绿电+业务 - 金开新能 2024 年年报点评 | | | 维持评级 Hilize 分析师 陶贻功 ☎：010-8092-7673 网: taoyigong_yj@chinastock.com.cn 分析师登记编码：S0130522030001 梁悠南 2025 年 04 月 10 日 1. 【银河环保公用】公司深度_金开新能:聚焦优质 风光资源,装机成长空间广阔 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ☎: 010-8092-7656 网: liangyounan_yj@chinastock.com.cn 分析师登记编码：S0130523070002 研究助理:马敏 网: mamin_yj@chinastock.com.cn | 市场数据 | 2025-04-09 | | --- | --- | | 股票代码 | 600821 | | A 股收盘价(元) | 5.61 | | 上证指数 | 3,186.81 | | 总股本(万股) | 199,726 | | 实际流通 A 股(万 ...

公司点评报告 · 公用事业行业 现金分红比例提升,积极探索绿电+业务 - 金开新能 2024 年年报点评 陶贻功 ☎：010-8092-7673 网: taoyigong_yj@chinastock.com.cn 分析师登记编码：S0130522030001 梁悠南 ☎: 010-8092-7656 网: liangyounan_yj@chinastock.com.cn 分析师登记编码：S0130523070002 2025 年 04 月 10 日 | | | 维持评级 Hilize 分析师 研究助理:马敏 网: mamin_yj@chinastock.com.cn | 市场数据 | 2025-04-09 | | --- | --- | | 股票代码 | 600821 | | A 股收盘价(元) | 5.61 | | 上证指数 | 3,186.81 | | 总股本(万股) | 199,726 | | 实际流通 A 股(万股) | 199,726 | | 流通 A 股市值(亿元) | 112 | 40% 相关研究 1. 【银河环保公用】公司深度_金开新能:聚焦优质 风光资源,装机成长空间广阔 www.china ...

证券代码：600821 证券简称：金开新能 公告编号：2025-027 金开新能源股份有限公司 关于控股股东增持计划进展的自愿性披露公告 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： 增持计划的基本情况：金开新能源股份有限公司（以下简称"公司"）控 股股东天津金开企业管理有限公司（以下简称"金开企管"）计划自 2024 年 11 月 12 日起 12 个月内以自有资金和自筹资金(包括股票增持专项贷款)通过上海证 券交易所系统采用集中竞价交易的方式增持公司股份，拟增持总金额不低于人民 币 2 亿元（含本数），不超过人民币 4 亿元（含本数），具体内容详见公司于 2024 年 11 月 12 日及 2025 年 1 月 7 日披露的《关于控股股东增持股份计划的公告》 （公告编号：2024-101）及《关于控股股东增持计划进展暨增持计划调整的公告》 （公告编号：2025-001）； 增持计划的实施情况：截至本公告披露日，金开企管累计增持公司股份 58,050,089 股，占公司总股本的 2.91%，累计增持金额为人 ...

自 2024 年 1 月 1 日至 2024 年 12 月 31 日止年度财务报表 金开新能源股份有限公司 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2508904 号 金开新能源股份有限公司全体股东： 一、审计意见 我们审计了后附的金开新能源股份有限公司 (以下简称"金开新能") 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则 (以下简称"企业会计准则") 的规定编制，公允反映了金开新能 2024 年 12 月 31 日的合并 及母公司财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则 (以下简称"审 ...

金开新能源股份有限公司 内部控制审计报告 2024 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2509620 号 金开新能源股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了金开新能源股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财务报告内 部控制的有效性。 一、 企业对内部控制的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发 ...

国开证券股份有限公司 关于金开新能源股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 国开证券股份有限公司（以下简称"国开证券"、"保荐机构"）作为金开 新能源股份有限公司（以下简称"上市公司"、"公司"、"金开新能"、"发行人"） 非公开发行股票的保荐机构，依照《证券发行上市保荐业务管理办法》《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等相关规定，对上市公司 2024 年度 存放和使用募集资金情况进行了核查，情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准金开新能源股份有限公司非公开发行 股票的批复》（证监许可[2022]1910 号）核准，公司于 2022 年 10 月 17 日起开始 向特定投资者发行人民币普通股 460,906,950 股，每股面值人民币 1.00 元，发行价 格 5.85 元/股，募集资金总额为人民币 2,696,305,657.50 元，扣除保荐承销费用（含 税）后的金额 2,674,131,517.90 元于 2022 ...