Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company, with a current price of 2.77 CNY/1.38 HKD and a fair value of 3.35 CNY/1.68 HKD [3]. Core Insights - The company is expected to achieve a significant improvement in annual performance, with a projected net profit of 4.2 to 4.8 billion CNY for 2024, representing a year-on-year increase of 208% to 252% [8]. - The increase in profitability is attributed to a decline in fuel costs and improved profitability from thermal power generation, alongside better water inflow contributing to overall profits [8]. - The company anticipates stable earnings moving forward, with expectations for market performance to stabilize and recover [8]. - The projected net profits for 2024, 2025, and 2026 are 4.469 billion, 5.164 billion, and 5.789 billion CNY, respectively, with corresponding P/E ratios of 11.47, 9.93, and 8.85 [8]. Financial Summary - Revenue is projected to grow from 116.828 billion CNY in 2022 to 133.249 billion CNY by 2026, with growth rates of 12.8%, 4.8%, 3.7%, 1.7%, and 3.2% for the respective years [2]. - EBITDA is expected to increase from 17.325 billion CNY in 2022 to 30.733 billion CNY in 2026 [2]. - The company reported a net profit of -408 million CNY in 2022, turning to a profit of 1.365 billion CNY in 2023, and is projected to reach 5.789 billion CNY by 2026 [2]. - The return on equity (ROE) is expected to improve from -0.7% in 2022 to 6.9% in 2026 [2].

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 within the next six months [6][17]. Core Views - The company is expected to achieve a consolidated net profit of 4.2 to 4.8 billion yuan for the year 2024, representing a year-on-year increase of approximately 208% to 252%, which aligns with previous expectations [3][6]. - The increase in net profit is attributed to a combination of increased electricity generation and reduced average electricity prices, with the average on-grid electricity price at 451.40 yuan per megawatt-hour, down by about 3.22% year-on-year [3][4]. Summary by Sections Company Performance - As of December 31, 2024, the company and its subsidiaries completed an on-grid electricity generation of approximately 2,693.22 billion kilowatt-hours, a year-on-year increase of about 3.81% [3]. - The company’s coal-fired electricity generation reached 1,944.63 billion kilowatt-hours, up 1.01% year-on-year, while gas-fired generation was 195.91 billion kilowatt-hours, up 1.77% year-on-year [4]. Renewable Energy Contribution - Wind power generation increased significantly, with on-grid electricity generation of 173.23 billion kilowatt-hours, a year-on-year growth of 23.05%. Solar power generation also saw a substantial increase of 44.12%, reaching 58.09 billion kilowatt-hours [5]. - The company added 2,594.2 megawatts of wind power and 1,659.82 megawatts of solar power capacity in 2024, contributing to the overall growth in renewable energy output [5]. Financial Projections - The report projects the company's net profit for 2024 to be between 4.22 billion and 4.8 billion yuan, with a significant increase in net profit expected in the following years, reaching 4.32 billion yuan in 2025 and 4.36 billion yuan in 2026 [6][7]. - The earnings per share (EPS) is expected to be 0.23 yuan for both 2025 and 2026, with a price-to-earnings (P/E) ratio of 11.7 for 2024, indicating a favorable valuation [7][11].

证券代码：601991 证券简称：大唐发电 公告编号：2025-004 大唐国际发电股份有限公司 2024 年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。 一、公司电量情况 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2024年12月31日，本公司及子公司累计完成上网电量约2,693.223 亿千瓦时，同比上升约 3.81%，其中： | 电源种类 | 2024 年度上网电量（亿千瓦时） | 同比 | | --- | --- | --- | | 煤机 | 1,944.625 | 1.01% | | 燃机 | 195.912 | 1.77% | | 水电 | 321.367 | 8.73% | | 风电 | 173.226 | 23.05% | | 光伏 | 58.092 | 44.12% | | 合计 | 2,693.223 | 3.81% | 本公司上网电量变化的主要原因是： 1.受全社会用电需求同比增加以及夏、冬两季局部天气影响，全年火电上网 电量 ...

特别提示 证券代码：601991 证券简称：大唐发电 公告编号：2025-005 大唐国际发电股份有限公司 董事会决议公告 3.本议案在提交董事会审议前已经独立董事专门会议审议通过。 特此公告。 大唐国际发电股份有限公司董事会 2025 年 1 月 24 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"）第十一届三十七次 董事会于 2025 年 1 月 24 日（星期五）以书面形式召开。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》（"《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。会议审议并一致通过如下决议： 一、审议通过《关于放弃盘山发电公司25%股权优先购买权的议案》 表决结果：同意 14 票，反对 0 票，回避表决 1 票 1.同意公司放弃天津大唐国际盘山发电有限责任公司 25%股权优先购买权。 2.根据公司股票上市地上市规则，关联董事朱绍文先生已就该决议事 ...

Group 1 - The core viewpoint of the article is that Datang Power (601991) has announced a significant increase in its expected net profit for 2024, projecting a range of 4.2 billion to 4.8 billion yuan, which represents a year-on-year growth of 208% to 252% [1] Group 2 - Datang Power's stock closed at 2.67 yuan, with an increase of 0.38%, and a trading volume of 205 million yuan, reflecting a turnover rate of 0.62% [1] - Over the past five days, Datang Power's stock has risen by 1.14% [1] Group 3 - A statistical analysis of stocks with a profit forecast increase of over 50% shows that 66.1% of these stocks experienced a price increase on the day of the announcement, with 25 companies hitting the daily limit up [1] - Additionally, 73.58% of these stocks saw price increases within five days following the profit forecast announcement [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately RMB 4.2 billion to RMB 4.8 billion for the year 2024, representing a year-on-year increase of approximately 208% to 252%[3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be around RMB 4.27 billion to RMB 4.87 billion, reflecting a year-on-year increase of approximately 657% to 763%[3] - The estimated net profit for 2024 is projected to increase by approximately RMB 2.835 billion to RMB 3.435 billion compared to the previous year[4] - The net profit, excluding non-recurring gains and losses, is expected to rise by approximately RMB 3.71 billion to RMB 4.31 billion year-on-year[4] - In the previous year, the net profit attributable to shareholders was RMB 1.365 billion, and the net profit excluding non-recurring gains and losses was RMB 564 million[5] Operational Efficiency and Market Strategy - The company has actively seized market opportunities, focusing on improving efficiency and reducing fuel costs, leading to a significant increase in thermal power profitability[6] - Hydropower generation has increased year-on-year due to favorable water conditions, further enhancing annual profits[6] - The company has made significant progress in green and low-carbon transformation, with continuous expansion of clean energy installed capacity and steady growth in benefits[6] Performance Forecast Reliability - There are currently no major uncertainties affecting the accuracy of the performance forecast[7] - The performance forecast data is preliminary and subject to final confirmation in the 2024 annual report[8]

证券代码：601991 证券简称：大唐发电 公告编号：2025-002 大唐国际发电股份有限公司 2025 年 1 月 22 日 大唐国际发电股份有限公司("公司")于 2024 年 12 月 31 日召开的 2024 年 第三次临时股东大会通过决议，同意公司 2025 年开展境内外权益融资及债务融 资合计不超过人民币 800 亿元。 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 1 月 22 日完成了"大唐国际发电股份有限公司 2025 年度 第一期中期票据"（"本期中期票据"）的发行。本期中期票据的发行额为人民 币 20 亿元，期限为 3+N 年，单位面值为人民币 100 元，票面利率为 1.95%。 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，中国国 际金融股份有限公司、国泰君安证券股份有限公司、中信建投证券股份有限公司、 申万宏源证券有限公司、光大证券股份有限公司和中国邮政储蓄银行股份有限公 司作为联席主承销商，募 ...

大唐国际发电股份有限公司("公司")于 2024 年 12 月 31 日召开的 2024 年 第三次临时股东大会通过决议，同意公司 2025 年开展境内外权益融资及债务融 资合计不超过人民币 800 亿元。 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 1 月 10 日完成了"大唐国际发电股份有限公司 2025 年度 第一期超短期融资券"（"本期超短期融资券"）的发行。本期超短期融资券的 发行额为人民币 20 亿元，期限为 90 天，单位面值为人民币 100 元，票面利率为 1.56%。 本期超短期融资券由江苏银行股份有限公司作为主承销商及簿记管理人，兴 业银行股份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。 证券代码：601991 证券简称：大唐发电 公告编号：2025-001 大唐国际发电股份有限公司 关于超短期融资券发行的公告 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 ...

一、审议通过《关于调整公司第十一届董事会专门委员会委员的议案》 表决结果：同意 15 票，反对 0 票，弃权 0 票 同意审核委员会、薪酬与考核委员会和提名委员会委员调整安排，调整后相 关董事会专门委员会组成人员如下： （一）审核委员会 证券代码：601991 证券简称：大唐发电 公告编号：2024-061 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"）第十一届三十六次 董事会于 2024 年 12 月 31 日（星期二）在公司本部召开。会议通知已于 2024 年 12 月 16 日以书面形式发出。会议应到董事 15 名，实到董事 13 名。马继宪董事、 尤勇董事由于公务原因不能亲自出席本次会议，已分别授权田丹董事、宗文龙董 事代为出席并表决。会议的召开符合《中华人民共和国公司法》（"《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 2 名监事列席了本次会议。会议由董事 ...

大唐国际发电股份有限公司 2024 年第三次临时股东大会 会 议 资 料 | | | | 会议议程 | | 1 | | --- | --- | --- | | 1.关于大唐国际母公司 2025 | 年度融资方案的议案 | 2 | | 2.关于与中国大唐集团有限公司签署 | 2025-2027 年度《综合产品和服务 | | | 框架协议》的议案 | | 4 | | 3.关于选举公司董事的议案 | | 10 | 2024 年第三次临时股东大会会议资料 会议议程 会议时间：2024 年 12 月 31 日 上午 10 时 00 分 2024 年 12 月 31 日·北京 会议地点：北京市西城区广宁伯街 9 号大唐国际发电股份有限公司（"公 司"或"本公司"）本部 1616 会议室 见证律师：北京市京都律师事务所 会议议程： 第一项 介绍股东大会的股东及董事、监事出席情况 第二项 与会股东及股东代表听取议案 特别决议案： 1.关于大唐国际母公司 2025 年度融资方案的议案 普通决议案： 2.关于与中国大唐集团有限公司签署 2025-2027 年度《综合产品和服 务框架协议》的议案 3.关于选举公司董事的议案 1 第 ...