广东宝丽华新能源股份有限公司 证券代码：000690 证券简称：宝新能源 公告编号：2024-029 本次会议全体监事以签字表决的方式通过如下议案： 关于选举公司第十届监事会主席的议案 公司 2024 年第一次临时股东大会、2024 年第一次职工代表大会选举监事组 成了公司第十届监事会。根据《公司法》及公司《章程》的有关规定，经部分监 事提议，推选胡迪远先生为公司第十届监事会主席（简历附后），任期同第十届 监事会任期。 第十届监事会第一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1、广东宝丽华新能源股份有限公司（以下简称"公司"）第十届监事会第 一次会议经第十届监事会全体监事同意后，豁免会议通知时间要求，在公司 2024 年第一次临时股东大会结束后，以口头方式通知各监事，于 2024 年 5 月 17 日 17:00 在公司会议厅现场召开。 2、会议应出席监事 3 名，实际出席监事 3 名。 3、会议由监事胡迪远先生主持召开。 4、本次会议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 ...

负债和股东权益总计 20,096.31 20,807.06 23,467.20 28,373.99 28,962.91 毛利率 5.42% 13.56% 12.65% 13.65% 14.32% 机组维持高水平发电，静待 25 年新增装机投产 公司发布 2024 一季度报告，2024Q1 实现营业收入 21.27 亿元，同比降低 1.89%；实现归母净利润 2.09 亿元，同比增长 713.14%。 收入端：电量方面，2023 年公司火电机组全年利用小时数达到 5955 小时， 同比提高 620 小时；完成发电量 206.64 亿千瓦时，同比增长 11.62%。2024Q1 广东省用电量累计同比+12.71%，表现出高增速态势，公司机组质量优秀， 有望维持高水平发电；电价方面，受广东 2024 年度长协电价大幅下滑及现 货市场价格下滑影响，省内电厂 24 年电价水平或相对承压，但公司梅州荷 树园电厂享受环保补贴电价，有望对整体电价下滑形成一定对冲作用。 新项目进展顺利，装机增长弹性可观 分红比例大幅提高，股东回报增厚 盈利预测与估值：考虑广东省电价压力和公司后续新增装机情况，我们调 整盈利预测，预计公司 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.26 CNY per share, compared to the current price of 5.69 CNY [40][23]. Core Insights - The company reported a strong performance in Q1 2024, achieving a revenue of 2.127 billion CNY, a slight decrease of 1.9% year-on-year, and a net profit of 209 million CNY, significantly up from 26 million CNY in the same period last year [54]. - The company is focusing on the construction of the Lufeng Jiahuwan clean energy base, with the second phase expected to be operational by early 2025, which will increase its thermal power capacity by 57.6% [54][22]. - The average on-grid electricity price is projected to decline by 7.0% in 2024, but the company has implemented a flexible coal procurement strategy to mitigate the impact of price fluctuations [54][22]. Financial Summary - Revenue is forecasted to grow from 10.275 billion CNY in 2023 to 15.320 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 13% [3][22]. - The net profit attributable to the parent company is expected to increase from 889 million CNY in 2023 to 1.514 billion CNY in 2026, reflecting a strong growth trajectory [3][23]. - The company's earnings per share (EPS) is projected to rise from 0.41 CNY in 2023 to 0.70 CNY in 2026, indicating improved profitability [3][23]. Business Assumptions - The company anticipates stable operating hours for its thermal power plants, with projected electricity generation of 211.94 billion kWh in 2025 and 316.06 billion kWh in 2026 [21][56]. - Fuel procurement costs are expected to decrease by 8.0% in 2024, followed by a 2.0% decline in 2025, which will positively impact the company's margins [21][56]. Valuation Metrics - The report estimates the company's price-to-earnings (P/E) ratio to be 13.64 in 2024, decreasing to 8.18 by 2026, indicating a favorable valuation compared to industry peers [3][23]. - The company's return on equity (ROE) is projected to improve from 7.3% in 2023 to 10.8% in 2026, reflecting enhanced operational efficiency [3][23].

广东宝丽华新能源股份有限公司 2023 年年度权益分派实施公告 证券代码：000690 证券简称：宝新能源 公告编号：2024-025 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、股东大会审议通过利润分配方案等情况 1、公司 2024 年 4 月 29 日召开的 2023 年度股东大会审议通过的利润分配方 案为：以 2023 年末公司总股本 2,175,887,862 股为基数，向全体股东每 10 股派 发现金红利 3.00 元（含税），共计分配利润 652,766,358.60 元，剩余未分配利润 结转以后分配。本次不送红股也不进行资本公积金转增股本。 2、自分配方案披露至实施期间，公司股本总额未发生变化。公司本分配方 案，分配比例固定。 3、本次实施的分配方案与股东大会审议通过的分配方案是一致的。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2023 年年度权益分派方案为：以公司现有总股本 2,175,887,862 股为 基数，向全体股东每 10 股派 3.00 元人民币现金（含税；扣税后，通 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,126,571,393.91, a decrease of 1.89% compared to ¥2,167,469,118.09 in the same period last year[3] - Net profit attributable to shareholders increased significantly to ¥204,564,731.87, up 695.70% from ¥25,708,706.84 in the previous year[3] - The net profit after deducting non-recurring gains and losses reached ¥208,972,331.35, representing an increase of 897.22% compared to ¥20,955,456.63 last year[3] - Basic and diluted earnings per share were both ¥0.094, a substantial increase of 696.61% from ¥0.0118 in the previous year[3] - The company reported a total comprehensive income of CNY 213,644,660.21 for Q1 2024, compared to CNY 24,270,867.80 in the previous year[22] Cash Flow - The net cash flow from operating activities was ¥427,747,003.79, an increase of 89.74% from ¥225,437,279.33 in the same period last year[3] - Cash flow from operating activities for Q1 2024 was CNY 2,653,250,385.86, compared to CNY 2,702,524,422.81 in the same period last year[23] - The net cash flow from investing activities was -$294,957,210.00, an improvement from -$797,580,864.12, indicating a reduction in cash outflow by about 63.9%[25] - Cash paid to employees increased to $88,504,808.06 from $48,795,964.84, representing an increase of approximately 81.5%[25] - Cash paid for taxes rose to $191,838,718.10 from $86,549,216.78, an increase of about 121.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥21,061,542,677.22, reflecting a 1.22% increase from ¥20,807,058,698.46 at the end of the previous year[3] - The company's total liabilities amounted to CNY 8,725,481,268.93, slightly increasing from CNY 8,679,404,304.54 year-over-year[19] - The total equity attributable to shareholders of the parent company was CNY 12,342,038,074.96, an increase from CNY 12,127,654,393.92 in the previous year[19] - The company's inventory increased to CNY 378,763,713.31 from CNY 298,411,429.67, reflecting a significant growth of approximately 26.9%[17] - The company's fixed assets were valued at CNY 7,130,666,048.24, down from CNY 7,286,160,358.82, reflecting a decrease of approximately 2.14%[18] Investment and Shareholder Information - The company reported a significant increase in investment income, which reached ¥41,983,958.20, up 178.52% from ¥15,073,887.53 last year[5] - The total number of ordinary shareholders at the end of the reporting period was 97,275[11] - The number of shares held by the top 10 shareholders includes Guangdong Baoliwa Group Co., Ltd. with 385,845,258 shares, representing a substantial portion of the company's equity[14] - The company has a total of 32 participants in its seventh employee stock ownership plan, with some participants being related to the controlling shareholder, Guangdong Baoliwa Group Co., Ltd.[12] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3]

证券代码：000690 证券简称：宝新能源 公告编号：2024-014 广东宝丽华新能源股份有限公司 关于召开 2023 年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 广东宝丽华新能源股份有限公司（以下简称"公司"）已于2024年4月9日在《证 券 时 报 》 《 中 国 证 券 报 》 《 证 券 日 报 》 《 经 济 参 考 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn/）披露了《广东宝丽华新能源股份有限公司关于召开2023 年度股东大会的通知》（公告编号：2024-012）。本次股东大会将采用现场表决与网 络投票表决相结合的方式，现将有关事项再次提示如下： 一、召开会议的基本情况 1、股东大会届次：2023年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：公司第九届董事会第十三次会议、第九届监事会第 十三次会议审议通过了关于召开2023年度股东大会的相关议案。本次股东大会会议召 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。 4、会议召开日 ...

丨证券研究报告丨 公司研究丨点评报告丨宝新能源（000690.SZ） [Table_Title] 火电释放充分向上弹性，高额分红彰显投资价值 | --- | --- | |---------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 在电量同比增长拉动下，公司 2023 年实现营业收入 102.75 亿元，同比增长 9.13% 。 2023 年 | | | 煤价实现同比显著回落，公司营业成本为 88.82 亿元，同比降低 0.26% 。减利因素方面，公司 | | | 2023 年投资收益为 1.52 亿元，同比减少 37.88% 。但整体来看，在火电主业的优异表现下，公 | | | 司全年实现归母净利润 8.89 亿元，同比增长 385.17% 。根据公司利润分配方案，公司拟向全 | | | 体股东每 10 股派发现金红利 3 元（含税），分红率高达 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE of 12.4/10.9/8.6 times for the years 2024-2026 [2]. Core Views - The company is experiencing a recovery in thermal power profitability, supported by a high dividend payout ratio [3]. - The average on-grid electricity price for the company's thermal power units is expected to face downward pressure, with a forecasted average price of 0.55/0.54/0.54 yuan per kilowatt-hour for 2024-2026 [4][14]. - The company’s total electricity generation increased by 11.6% year-on-year, with a total generation of 207 billion kilowatt-hours in 2023 [10]. Financial Performance - The company achieved a revenue of 10.3 billion yuan in 2023, representing a year-on-year growth of 9.1%, and a net profit attributable to shareholders of 890 million yuan, up 385% year-on-year [24]. - The company plans a cash dividend of 0.30 yuan per share, with a payout ratio of approximately 73.5% [24]. - The forecasted net profit for 2024-2026 is 910 million yuan, 1.03 billion yuan, and 1.31 billion yuan respectively, with growth rates of 2.51%, 13.45%, and 26.90% [11]. Business Segments - The thermal power segment is expected to see a revenue growth of 8.2% in 2023, but a decline of 2.0% in 2024, followed by a recovery of 19.5% in 2025 [29]. - The wind power segment is projected to have a revenue decline of 2.3% in 2023, with a slight recovery in subsequent years [29]. - Other business revenues are expected to grow by 42.0% in 2023, stabilizing at 5.0% growth for the following years [28][29]. Market Conditions - The average coal price is currently low, with a forecasted price of 820 yuan per ton, down 11.4% from the beginning of the year [4]. - The annual trading average electricity price in Guangdong for 2024 is expected to decline by 15.9% year-on-year [4].

公 司 报 告│ 公 司 年 报 点 评 宝新能源(000690) 分红提升回报股东，煤价中枢下行提振业绩 事件： 公司发布《2023 年年度报告》，2023 实现营收 102.75 亿元，同比+9.13%， 实现归母净利润 8.89 亿元，同比+385.17%，2023Q4 实现营收 25.75 亿元， 同比+4.48%，实现归母净利润 2.43 亿元，同比扭亏为盈，业绩符合预期。 ➢ 成本改善促进业绩修复，用电需求提振上网电量 受益煤价下行，2023 年广州港 Q5500 印尼煤/山西优混分别同比降低 20.7%/25.5%，促进火电业绩修复，2023 年公司电力业务实现毛利率 13.56%，同比提升 8.14pct。 2023 年广东全社会用电量增长 8%，公司电厂均在广东省内，公司火电业务 实现上网电量 195.6 亿千瓦时，同比增长 11.47%，实现机组利用小时数 5955 小时，同比增长 620 小时。 ➢ 展望 2024，用电量高增叠加煤价中枢下行 依据南方电网数据，2024 年 1-2 月广东全社会用电量增速为 14.7%，超全 国平均，其中制造业用电量增速为 16.3%，高用电量增长保障本 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.22 RMB based on a 12X PE for 2025 [3]. Core Insights - In 2023, the company achieved a revenue of 10.27 billion RMB, representing a year-on-year growth of 9.1%, and a net profit attributable to shareholders of 889 million RMB, a significant increase of 385.2% year-on-year [2]. - The company plans to distribute a cash dividend of 0.30 RMB per share for 2023, with a payout ratio of approximately 73.5%, reflecting a strong commitment to shareholder returns [2]. - The company’s power generation increased by 11.6% in 2023, driven by a robust demand for electricity in Guangdong province, which saw an overall increase of 8.0% in electricity consumption [2]. - The average on-grid electricity price for the company’s thermal power generation was 0.57 RMB per kilowatt-hour, a slight decrease compared to the previous year, indicating potential pricing pressures in the future [2]. Summary by Sections Financial Performance - Revenue for 2023 was 10.27 billion RMB, with a growth rate of 9.1% compared to 2022 [9]. - Net profit for 2023 was 889 million RMB, with a growth rate of 385.1% [9]. - The diluted earnings per share (EPS) for 2023 was 0.408 RMB, with projections of 0.433 RMB for 2024 and 0.518 RMB for 2025 [9]. Operational Analysis - The company’s thermal power generation increased by 11.62% in 2023, slightly above the provincial average [2]. - The utilization hours for thermal power reached 5,955 hours, an increase of 620 hours year-on-year [2]. - The company is expected to benefit from the commissioning of additional units at the Luhua Lake Power Plant, which will enhance its overall generation capacity [3]. Market Outlook - The average trading price for electricity in Guangdong is projected to decline to approximately 0.466 RMB per kilowatt-hour in 2024, a decrease of 16.0% year-on-year, indicating ongoing pricing challenges for the company [2]. - The report forecasts net profits of 940 million RMB, 1.13 billion RMB, and 1.42 billion RMB for 2024, 2025, and 2026, respectively, suggesting a positive growth trajectory [3].