Investment Rating - The report maintains a "Buy" rating for the company, 大唐发电, indicating a positive outlook for its stock performance [4]. Core Views - The company's profitability has significantly improved due to the decline in coal prices, which has offset the decrease in electricity prices. The first quarter of 2025 saw a substantial increase in net profit, with a year-on-year growth of 68.12% [4]. - The report highlights that the company's operating cash flow has increased by 51% year-on-year, reflecting strong cash generation capabilities [4]. - The company is expected to continue benefiting from a favorable coal price environment and stable electricity prices in the Beijing-Tianjin-Hebei region, which supports the potential for further profit recovery in its thermal power segment [4]. Financial Forecasts - Revenue projections for the company are as follows: - 2024: 123,473.63 million CNY - 2025: 120,598.42 million CNY - 2026: 124,721.10 million CNY - 2027: 127,416.75 million CNY - The expected growth rates for revenue are -2.33% in 2025, followed by positive growth in subsequent years [6]. - The forecasted net profit for the years 2025 to 2027 is: - 2025: 5,394.90 million CNY - 2026: 5,799.98 million CNY - 2027: 6,439.63 million CNY - The projected PE ratios for the same years are 10.70x, 9.96x, and 8.97x respectively, indicating an attractive valuation [4][6]. Operational Performance - In Q1 2025, the company achieved a sales gross margin of 16.78% and a net margin of 9.09%, both showing significant year-on-year improvements [4]. - The company's total installed capacity as of Q1 2025 is 79.11 GW, with over 30% of this capacity being under construction or approved, which supports long-term growth prospects [4]. - The report notes that the average on-grid electricity price for the company in Q1 2025 was 460.91 CNY/MWh, a decrease of 3.24% year-on-year, influenced by national price adjustments [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [17]. Core Views - The company reported a significant increase in net profit attributable to shareholders, achieving a 68.12% year-on-year growth in 1Q2025, despite a slight decline in revenue [2][3]. - The company's gross margin and net margin improved by 3.39 percentage points and 3.44 percentage points year-on-year, respectively, reflecting enhanced profitability [3]. - The decline in coal prices and improvements in operational efficiency contributed positively to the company's profitability, even as overall electricity generation from thermal power decreased by 4.7% year-on-year [4]. - The company experienced substantial growth in hydropower, wind, and solar energy generation, with respective increases of 15.39%, 34.18%, and 32.02% year-on-year, supporting overall performance [4]. - The report projects net profits for 2025-2027 to be 45.82 billion, 46.05 billion, and 46.07 billion yuan, with corresponding price-to-earnings ratios of 12.6, 12.5, and 12.5 times [4]. Financial Summary - In 1Q2025, the company achieved operating revenue of 30.206 billion yuan, a decrease of 1.74% year-on-year, while net profit reached 2.238 billion yuan [2][3]. - The average on-grid electricity price was 460.91 yuan per megawatt-hour, down 3.24% year-on-year [3]. - The company’s total assets are projected to grow from 322.602 billion yuan in 2024 to 357.112 billion yuan by 2027, with a steady increase in net profit margins [11].

表决结果：同意 15 票，反对 0 票，弃权 0 票 1.同意发布公司 2025 年第一季度报告。 证券代码：601991 证券简称：大唐发电 公告编号：2025-020 大唐国际发电股份有限公司 董事会决议公告 特别提示 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。 大唐国际发电股份有限公司（"大唐国际"或"公司"）第十一届四十一次 董事会于 2025 年 4 月 28 日（星期一）在公司本部召开。会议通知已于 2025 年 4 月 11 日以书面形式发出。会议应到董事 15 名，实到董事 15 名。会议的召开 符合《中华人民共和国公司法》和《大唐国际发电股份有限公司章程》（"《公 司章程》"）的规定，会议合法有效。公司 4 名监事列席了本次会议。根据《公 司章程》规定，会议由董事长李凯先生主持。经出席会议的董事表决，会议审议 并一致通过如下决议： 一、审议通过《关于2025年第一季度报告的议案》 2.本议案在提交董事会审议前已经董事会审核委员会审议通过。 二、审议通过《关于投资建设四川长河坝水光互补一期（丹巴）50 ...

证券代码：601991 证券简称：大唐发电 大唐国际发电股份有限公司 2025 年第一季度报告 大唐国际发电股份有限公司2025 年第一季度报告 单位：千元 币种：人民币 | 项目 | 本报告期 | 上年同期 | | 本报告期比上 | | --- | --- | --- | --- | --- | | | | | | 年同期增减变 | | | | | | 动幅度(%) | | | | 调整前 | 调整后 | 调整后 | | 营业收入 | 30,206,052 | 30,737,100 | 30,741,060 | -1.74 | | 归属于上市公司股 东的净利润 | 2,238,433 | 1,331,460 | 1,331,488 | 68.12 | | 归属于上市公司股 东的扣除非经常性 损益的净利润 | 2,207,013 | 1,327,011 | 1,327,039 | 66.31 | | 经营活动产生的现 | 9,312,542 | 6,164,230 | 6,167,179 | 51.00 | 1 / 12 大唐国际发电股份有限公司2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不 ...

Group 1 - The stock price of Datang International Power Generation Co., Ltd. (00991.HK) closed at HKD 1.840 on April 25, reflecting a 3.96% increase from the previous trading day, with an intraday high of HKD 1.860, marking a nearly one-year high [1] - On the same day, the net capital inflow was HKD 22.9671 million, with a total of HKD 57.66078 million flowing in and HKD 34.69364 million flowing out [1] Group 2 - Datang International Power Generation Co., Ltd. is a joint venture controlled by China Datang Corporation, established in 1994, and is the first Chinese enterprise listed in London and Hong Kong, as well as the first to be listed in Hong Kong, London, and Shanghai simultaneously [2] - The company is one of the largest independent power producers in China, operating across 19 provinces and regions, with a diversified portfolio including thermal, hydro, wind, and solar power generation, as well as coal, transportation, circular economy, and electricity sales [2] - Datang International is committed to achieving green and low-carbon transformation in line with the "dual carbon" goals, focusing on a vision of "green and low-carbon, multi-energy complementarity, efficient collaboration, and digital intelligence" [2] - The company is actively constructing projects such as the Tuo Electric Phase I and Weixian Phase I million renewable energy bases, and is accelerating the implementation of coal power joint ventures [2] - Datang International emphasizes its responsibility in ensuring energy supply and has been actively fulfilling national energy supply requirements, showcasing its role as a stabilizing force in the energy sector [2]

大唐国际发电股份有限公司 证券代码：601991 证券简称：大唐发电 公告编号：2025-019 大唐国际发电股份有限公司（"本公司"或"公司"）宣布，根据本公司初 步统计，截至 2025 年 3 月 31 日，本公司及子公司累计完成上网电量约 603.232 亿千瓦时，同比上升约 0.76%，其中： | 电源种类 | 2025 年第一季度上网电量（亿千瓦时） | 同比 | | --- | --- | --- | | 煤机 | 448.260 | -2.41% | | 燃机 | 41.605 | -16.42% | | 水电 | 40.607 | 15.39% | | 风电 | 57.955 | 34.18% | | 光伏 | 14.805 | 32.02% | | 合计 | 603.232 | 0.76% | 本公司上网电量变化的主要原因是： 受公司部分水电机组所在区域来水较好、新能源装机容量同比大幅增加影 响，公司水电及新能源上网电量同比增幅较大，有效弥补火电上网电量同比下 降影响。 2025 第一季度上网电量完成情况公告 特别提示 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 ...

证券代码：601991 证券简称：大唐发电 公告编号：2025-018 大唐国际发电股份有限公司 关于中期票据发行的公告 特别提示 2023 年 6 月 7 日，公司收到中国银行间市场交易商协会的《接受注册通知 书》（中市协注[2023]DFI31 号），接受公司债务融资工具注册，注册额度自通 知书落款之日起 2 年内有效。 公司已于 2025 年 4 月 17 日完成了"大唐国际发电股份有限公司 2025 年度 第三期中期票据"（"本期中期票据"）的发行。本期中期票据的发行额为人民 币 24 亿元，期限为 5+N 年，单位面值为人民币 100 元，票面利率为 2.14%。 本期中期票据由中信证券股份有限公司作为主承销商及簿记管理人，中信建 投证券股份有限公司、国泰海通证券股份有限公司、光大证券股份有限公司、中 国国际金融股份有限公司、申万宏源证券有限公司作为联席主承销商，募集资金 全部用于偿还有息债务及补充营运资金。 特此公告。 大唐国际发电股份有限公司 2025 年 4 月 17 日 共 1 页 第 1 页 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant improvement in profits from thermal power, with a notable increase in net profit by 229.70% year-on-year, reaching 4.506 billion yuan in 2024 [1] - The profitability of coal-fired power generation turned positive, with total profits from coal-fired operations amounting to 2.567 billion yuan, a substantial increase of 2026.36% year-on-year, primarily due to a decline in coal prices [2] - The rapid growth in renewable energy installations is beginning to show a compensatory effect on revenue, with new installed capacity of 6,700.263 MW in 2024, increasing the share of low-carbon clean energy to 40.37% [3] - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.149 billion yuan, which represents a significant increase of 727% year-on-year [4] Financial Summary - In 2024, the company achieved operating revenue of 123.474 billion yuan, a year-on-year increase of 0.86%, and is projected to grow to 128.026 billion yuan in 2025 [5] - The net profit attributable to shareholders is expected to rise from 4.506 billion yuan in 2024 to 5.150 billion yuan in 2025, reflecting a growth rate of 14.29% [5] - The earnings per share (EPS) is projected to increase from 0.24 yuan in 2024 to 0.28 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 12.28 to 10.74 [5]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company [4] Core Views - The company has significantly improved its profitability, with a notable increase in ROE and a substantial rise in both the dividend payout ratio and total dividend amount [8][12] - The company achieved a revenue of 123.5 billion RMB in 2024, reflecting a year-on-year growth of 0.9%, while the net profit attributable to shareholders surged by 229.7% to 4.506 billion RMB [12][17] - The company is expected to continue its profitability improvement, with a focus on clean energy development, particularly in wind and solar power [8][61] Summary by Sections Annual Performance Review - The company reported a net profit of 4.506 billion RMB in 2024, a significant increase of 3.1 billion RMB compared to the previous year [12] - The revenue for 2024 was 123.5 billion RMB, with a slight growth of 0.9% year-on-year [12] - The company’s coal power segment turned profitable, generating 2.567 billion RMB, while the hydroelectric segment saw a profit increase of 2.009 billion RMB [17] New Capacity Additions - In 2024, the company added 6.7 GW of new capacity, bringing the total controllable capacity to 79 GW, with clean energy accounting for 40% of the total [48] - The company’s new installations included 2.4 GW of coal power, 2.6 GW of wind power, and 1.7 GW of solar power [48] Profitability Outlook - The company anticipates continued improvement in profitability, driven by a decrease in coal prices and an increase in clean energy investments [61] - The projected net profits for 2025 to 2027 are 5.356 billion RMB, 6.334 billion RMB, and 7.025 billion RMB, respectively [74] Investment Recommendations - The report suggests a target price of 3.76 RMB per share for A-shares and 2.10 HKD per share for H-shares, based on a 13x PE valuation for 2025 [74] - The company is positioned as a leading player in the domestic power sector, benefiting from a diversified energy mix [74]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 123.47 billion yuan, a year-on-year increase of 0.86% [1] - The net profit attributable to shareholders reached 4.51 billion yuan, up 229.70% year-on-year [1] - The non-recurring net profit attributable to shareholders was 4.50 billion yuan, a significant increase of 695.69% year-on-year [1] - In Q4 2024, the company reported operating revenue and net profit attributable to shareholders of 32.49 billion yuan and 77 million yuan, respectively, representing year-on-year increases of 2.14% and 105.23% [1] Group 2: Segment Performance - The thermal power segment sold 2,140.54 billion kWh, a year-on-year increase of 1.08%, generating revenue of 91.12 billion yuan, a decline of 1.58% year-on-year [1] - The coal machine segment achieved a total profit of 2.57 billion yuan, a substantial increase of 2,026.36% year-on-year, primarily due to lower coal prices reducing fuel costs [1] - The hydropower segment reported a total profit of 2.01 billion yuan, a significant increase of 45.21% year-on-year, driven by higher water inflow leading to increased hydropower generation [1] Group 3: Clean Energy Development - The company added 2,594.2 MW of wind power and 1,704.823 MW of solar power in 2024, increasing the clean energy installed capacity proportion by 2.62 percentage points to 40.37% [2] - The company has 1,759.3 MW of wind power and 1,866.88 MW of solar power under construction, which may further increase the clean energy capacity proportion upon completion [2] - Revenue from wind power and solar power was 7.01 billion yuan and 2.30 billion yuan, respectively, with year-on-year increases of 11.27% and 40.88% [2] Group 4: Capital Expenditure and Dividends - Capital expenditure for 2024 reached 30.91 billion yuan, a significant increase of 49% year-on-year, primarily for the construction of hydropower, thermal power, wind, and solar projects [2] - The company announced a cash dividend of 0.0621 yuan per share (before tax), totaling 1.15 billion yuan, which represents 25.50% of the net profit attributable to shareholders, a substantial increase from 139 million yuan in 2023 [2] Group 5: Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 5.50 billion yuan, 6.50 billion yuan, and 7.60 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.23%, 18.32%, and 17.94% [3] - The price-to-earnings (PE) ratios corresponding to the stock price on March 28, 2025, are projected to be 9.89, 8.36, and 7.09 for the years 2025, 2026, and 2027, respectively [3]