Investment Rating - The report maintains a "Buy" rating for Inner Mongolia Huadian (600863.SH) [3] Core Views - The company's performance slightly exceeded expectations, with a 19.2% year-on-year increase in net profit for the first half of 2024, reaching 1.77 billion yuan, despite a 2.97% decline in revenue [3] - The profit growth was primarily driven by dividends from subsidiaries and a reduction in financial expenses [3] - The company has a strong focus on renewable energy, with 2GW of approved new energy capacity, and favorable policies are expected to stabilize return rates [3] - The company has committed to a 70% dividend payout ratio from 2022 to 2024, with an estimated dividend yield of 5.7% for 2024 [3] - The current valuation remains low, with a projected PE ratio of 11 for 2024, indicating potential for price appreciation [3] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 10.77 billion yuan, a decrease of 2.97% year-on-year, while net profit attributable to shareholders was 1.77 billion yuan, up 19.2% [3] - The company generated 28.48 billion kWh of electricity, a slight decrease of 0.28% year-on-year, with coal production at 6.829 million tons and a sales price of 416.8 yuan/ton, up 0.37% year-on-year [3] Profitability and Forecast - The report forecasts net profits of 2.476 billion yuan, 2.812 billion yuan, and 3.010 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 23.5%, 13.5%, and 7.1% [4] - The projected earnings per share for 2024 is 0.38 yuan, with a return on equity (ROE) of 12.8% [4] Dividend Policy - The company has committed to a minimum dividend payout ratio of 70% for the years 2022-2024, with expected dividend yields of 5.7%, 6.6%, and 7.2% for 2024-2026 [3][4]

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2024-029 | | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 证券代码：600863 证券简称：内蒙华电 公告编号：临 2024-029 债券代码：185193 债券简称：21 蒙电 Y1 债券代码：240363 债券简称：23 蒙电 Y1 内蒙古蒙电华能热电股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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法律责任。 重要内容提示： 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 8 月 27 日(星期二)至 9 月 2 ...

Financial Performance - The company reported a total electricity generation of 5.2 billion kWh for the first half of 2024, representing a year-on-year increase of 12%[11]. - The revenue for the first half of 2024 reached 3.1 billion CNY, an increase of 15% compared to the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was 450 million CNY, reflecting a growth of 20% year-on-year[11]. - The company's operating revenue for the first half of the year is ¥10,769,256,100.18, a decrease of 2.97% compared to the same period last year[16]. - Net profit attributable to shareholders is ¥1,767,584,676.27, representing a 19.17% increase year-over-year[16]. - Basic earnings per share for the period is ¥0.26, an increase of 18.18% from ¥0.22 in the same period last year[17]. - The company achieved an investment income of ¥283 million, a significant increase of 846.12% year-over-year[19]. - The total profit for the first half of 2024 is approximately CNY 2.28 billion, compared to CNY 1.37 billion in the same period of 2023, reflecting a year-over-year increase of 66.7%[135]. - The total comprehensive income for the first half of 2024 is CNY 2.36 billion, compared to CNY 1.42 billion in the same period of 2023, representing an increase of 66.0%[135]. Capacity and Production - The company plans to expand its installed capacity by 500 MW in the next two years, focusing on renewable energy sources[11]. - User data indicates a 10% increase in the number of customers served, reaching a total of 1.2 million by the end of June 2024[11]. - The company operates 19 power plants with a total installed capacity of 13,246,900 kW, of which coal-fired capacity accounts for 86.06%[22]. - The company has a coal production capacity of 15 million tons per year[22]. - The company’s coal production in the first half of 2024 was 2.27 billion tons, a year-on-year decrease of 1.7%[31]. - The company’s renewable energy installed capacity increased from 11.29% to 13.94% since the beginning of the 14th Five-Year Plan, marking a 2.65 percentage point increase[32]. - The company sold 352.01 million tons of coal, a year-on-year increase of 12.66%[36]. Financial Stability and Investments - The company’s credit rating remains at "AAA" as of 2024, reflecting strong financial stability[33]. - The company is investing 200 million CNY in R&D for new energy technologies, aiming to enhance efficiency and reduce emissions[11]. - The company’s long-term equity investments reached CNY 2.08 billion, primarily due to increased profits from joint ventures[43]. - The company’s cash flow from operating activities was 2.52 billion RMB, a decrease of 5.08% compared to the previous year[39]. - The company’s total assets at the end of the reporting period are ¥40,320,428,076.03, reflecting a 2.13% increase from the previous year[16]. - The company’s total liabilities decreased to ¥16,056,272,149.18 from ¥16,174,430,673.02, showing improved financial stability[126]. Environmental and Regulatory Compliance - The management highlighted the importance of addressing environmental risks, particularly in coal and power generation sectors, and is implementing measures to mitigate these risks[11]. - The company is committed to reducing carbon emissions by enhancing energy-saving modifications and increasing the proportion of clean energy[70]. - All subsidiaries and controlled thermal power generation enterprises have established pollution control facilities, achieving compliance with national emission standards[63]. - The company has installed online monitoring facilities for all key pollution sources, ensuring real-time data reporting to local environmental authorities[65]. - The company has implemented emergency response plans for environmental incidents, including specific plans for hazardous chemical leaks and severe weather conditions[64]. Strategic Planning and Future Outlook - Future guidance estimates a revenue growth of 10-15% for the full year 2024, driven by increased electricity demand and operational efficiency improvements[11]. - The company plans to accelerate the development of renewable energy and improve the synergy between coal and electricity industries[30]. - The company aims to invest 300 billion RMB in the renewable energy sector in Inner Mongolia, with a target of adding over 40 million kW of new capacity[28]. - The company expects a year-on-year growth of approximately 6.5% in electricity consumption for the entire year of 2024, driven by the rapid development of renewable energy[52]. Shareholder and Corporate Governance - The company plans to distribute at least 70% of the annual distributable profits as cash dividends from 2022 to 2024, with a minimum payout of 0.1 RMB per share[77]. - The controlling shareholder, North Company, committed to increasing its stake in the company by investing between 100 million and 200 million RMB[77]. - The company has established a communication mechanism with minority shareholders regarding profit distribution and policy changes[77]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[78]. Risk Management - The company faced risks from the electricity market due to external environmental changes and insufficient domestic demand[51]. - The company anticipates challenges in maintaining seasonal price increases for coal due to the full coverage of medium and long-term coal contracts, leading to a potential decline in coal sales prices[53]. - The company will closely monitor changes in the coal market and optimize supply structures to enhance peak supply capabilities and control coal procurement costs[53].

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2024-023 | | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 债券代码：185193 债券简称：21 蒙电 Y1 债券代码：240363 债券简称：23 蒙电 Y1 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 第十一届董事会第九次会议决议公告 一、董事会会议召开情况 （一）本次董事会的召开符合有关法律、行政法规、部门规章、规 范性文件和公司章程的规定。 （二）召开本次会议的通知及资料于 2024 年 8 月 13 日以电子邮 件、书面方式送达。 （一）审议批准了公司《关于<2024 年半年度报告>及<2024 年半年 度报告摘要>的议案》。本议案已经公司审计委员会审议通过，同意议案 内容并提交董事会审议。 （三）本次会议以通讯方式召开，于 202 ...

内蒙古蒙电华能热电股份有限公司 关于对中国华能财务有限责任公司的 风险持续评估报告 中国华能财务有限责任公司（简称"华能财务公司"） 由内蒙古蒙电华能热电股份有限公司（简称"本公司"）的 实际控制人中国华能集团公司持有 52%股权、控股股东北方 联合电力有限责任公司持有 10%股权，为本公司的关联方。 根据《上海证券交易所上市公司自律监管指引第 5 号——交 易与关联交易（2023 年 1 月修订）》的规定，本公司通过查 验华能财务公司的金融许可证、营业执照等证件资料，以及 2024 年度上半年财务报表对华能财务公司的经营资质、内控、 业务和风险状况进行了评估，具体情况报告如下： 一、华能财务公司基本情况 华能财务公司 1987 年 10 月 27 日经中国人民银行（银 复〔1987〕333 号文件）批准成立，于 1988 年 5 月 21 日经 国家工商行政管理总局批准，取得《企业法人营业执照》。 华能财务公司有股东 9 家，其中中国华能集团有限公司（简 称"华能集团"）持股比例为 52%，华能国际电力股份有限 公司、北方联合电力有限责任公司、华能国际电力开发公司、 华能资本服务有限公司、华能澜沧江水电股份 ...

| 证券代码:600863 | | --- | | 债券代码:185193 | | 债券代码:240363 | | 债券代码: 240364 | 二〇二四年八月二十四日 证券代码：600863 证券简称：内蒙华电 公告编号：临 2024-025 债券代码：185193 债券简称：21 蒙电 Y1 债券代码：240363 债券简称：23 蒙电 Y1 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 关于变更董事的公告 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法律责任。 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）董事沈 庆贺先生由于工作变动原因，辞去公司第十一届董事会董事及董事会 战略与 ESG 委员会委员职务。沈庆贺先生确认，其与公司董事会之间 并无任何意见分歧，亦无任何与其辞职有关的事项须提请公司股东注 意。公司董事会对沈庆贺先生在任职期间为公司做出的贡献表示衷心 感谢。 根据公司股东北方联合电力有限责任公司的推荐并经公司董事 会提名委员会审查无异议，公司于 2024 年 8 月 23 日 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2024-027 | | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 内蒙古蒙电华能热电股份有限公司关于投资建设 金桥和林火力发电灵活性改造配套消纳新能源 480 兆瓦项目的公告 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法律责任。 重要内容提示： 投资标的：金桥和林火力发电灵活性改造配套消纳新能源 480 兆瓦项目 投资金额：总投资 19.86 亿元 相关风险提示： 1、受国家政策法规、经济环境、市场环境、经营风险等多种因 素影响，项目建成后盈利情况存在不确定性。 2、项目总投资系按现有规划条件及市场行情初步估算，受市场 变化、工程进度等多种因素影响，项目具体投资额度及配套筹融资方 案、具体实施进度等均存在不确定性 ...

| 证券代码:600863 | | --- | | 债券代码:185193 | | 债券代码:240363 | | 债券代码:240364 | 证券代码：600863 证券简称：内蒙华电 公告编号：临 2024-028 债券代码：185193 债券简称：21 蒙电 Y1 债券代码：240363 债券简称：23 蒙电 Y1 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 关于调整公司高级管理人员的公告 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法律责任。 内蒙古蒙电华能热电股份有限公司董事会 二〇二四年八月二十四日 1 内蒙古蒙电华能热电股份有限公司（以下简称"公司"）第十一 届董事会第九次会议审议批准了《关于调整公司高级管理人员的议 案》。因人事调整原因，王海涛先生不再担任公司副总经理职务、乌 兰格勒女士不再担任公司总会计师职务。 根据公司总经理提名，经董事会提名委员会、董事会审计委员会 审议，董事会同意聘任王子南女士（简历详见附件）担任公司总会计 师，任期自董事会审议通过之日起至本届董事会届满之 ...

内蒙古蒙电华能热电股份有限公司 第十一届监事会第九次会议决议公告 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法律责任。 | 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2024-024 | | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | （三）本次会议以通讯方式召开，于 2024 年 8 月 23 日形成决议。 （四）公司监事 3 人，参加表决 3 人。 二、监事会会议审议情况 （一）以 3 票赞成，0 票反对，0 票弃权，审议批准了公司《关于 <2024 年半年度报告>及<2024 年半年度报告摘要>的议案》。监事会全体 成员认为，半年度报告及摘要的编制和审议程序符合法律法规、《公司 章程》和公司内部管理制度的有关规定；半年度报告及摘要的内容和格 式符合中国证监 ...

| 证券代码：600863 | 证券简称：内蒙华电 | 公告编号：临 | 2024-026 | | | --- | --- | --- | --- | --- | | 债券代码：185193 | | 债券简称：21 | 蒙电 | Y1 | | 债券代码：240363 | | 债券简称：23 | 蒙电 | Y1 | | 债券代码：240364 | | 债券简称：23 | 蒙电 | Y2 | 内蒙古蒙电华能热电股份有限公司关于投资建设 库布齐沙漠基地鄂尔多斯新能源风电项目 （二期暖水 60 万千瓦风电项目）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法律责任。 重要内容提示： 投资标的：库布齐沙漠基地鄂尔多斯新能源风电项目（二期暖 水 60 万千瓦风电项目） 投资金额：动态总投资 31.26 亿元 相关风险提示： 1、受国家政策法规、经济环境、市场环境、经营风险等多种因 素影响，项目建成后盈利情况存在不确定性。 2、项目总投资系按现有规划条件及市场行情初步估算，受市场 变化、工程进度等多种因素影响，项目具体投资额度及配套筹融资方 ...