Core Viewpoint - The company has released its first quarter report, ensuring the accuracy and completeness of the financial information disclosed, with no significant omissions or misleading statements [2][3]. Financial Data Summary - Accounts receivable at the end of the period amounted to 2,900,607,890.53 yuan, an increase of 44.15% compared to the beginning of the period, primarily due to an increase in coal receivables [4]. - The balance of receivables financing at the end of the period was 1,037,207,535.08 yuan, up 33.41% from the beginning of the period, mainly due to an increase in receivables from coal and aluminum products [5]. - Other receivables at the end of the period were 285,319,149.88 yuan, a decrease of 31.97%, primarily due to the repayment of equity transfer funds from Mengdong Energy [5]. - Short-term borrowings at the end of the period were 520,350,025.82 yuan, an increase of 245.92%, mainly due to increased debt financing [6]. - The balance of advance receipts at the end of the period was 448,378.76 yuan, a decrease of 51.56%, mainly due to a reduction in advance lease payments [7]. - Employee compensation payable at the end of the period was 371,275,876.74 yuan, an increase of 87.38%, attributed to the company's internal distribution method for salary accounting [7]. - Special reserves at the end of the period were 220,691,254.33 yuan, an increase of 257.03%, mainly due to the accrual of safety and maintenance fees [7]. - Research and development expenses for the period amounted to 80,417.79 yuan, a decrease of 97.84%, primarily due to reduced R&D for photovoltaic power station data collection [8]. - Asset impairment losses for the period were 0 yuan, a decrease of 100%, mainly due to reduced impairment of machinery and equipment [9]. - Gains from asset disposal for the period were 30,564.23 yuan, a decrease of 83.21%, mainly due to reduced gains from fixed asset disposals [10]. - Non-operating income for the period was 4,451,766.87 yuan, an increase of 152.67%, primarily due to compensation for electricity [11]. Shareholder Information - There were no changes in the top ten shareholders or the number of shareholders holding more than 5% of shares due to the transfer and lending of shares [12].

Core Viewpoint - The company reported a record high net profit and revenue growth, driven by favorable energy supply policies and recovering market demand [1][2] Financial Performance - The company achieved an operating revenue of 29.859 billion yuan, a year-on-year increase of 11.23% [1] - The net profit attributable to shareholders reached 5.342 billion yuan, marking a 17.15% year-on-year growth [1] - Basic earnings per share were 2.38 yuan, with a proposed cash dividend of 8 yuan per 10 shares [1][2] Business Segments - The coal business generated revenue of 10.585 billion yuan, up 11.63% year-on-year [1] - The electrolytic aluminum segment saw production reach 900,000 tons, a historical high for the same period, with profit per ton increasing to 17.5% [1] - New energy generation capacity surpassed 4.7798 million kilowatts, becoming a new profit growth engine [1] Strategic Initiatives - The company is positioned as a core entity in the strategic layout of the State Power Investment Corporation in Eastern Inner Mongolia, focusing on a circular economy model [1] - The second phase of the 350,000-ton green aluminum project is expected to increase green electricity consumption to over 40% [1] - Ongoing projects include 445,000 kilowatts of wind power and 1.1 million kilowatts of solar power, with expectations for new energy capacity to exceed 60% by the end of the 14th Five-Year Plan [1] R&D and Technological Advancements - The company made significant breakthroughs in intelligent coal mining and new energy grid connection technologies [2] - The smart mining initiative has been recognized as a typical case by the Ministry of Industry and Information Technology, with the scale of unmanned mining trucks ranking among the top three in the country [2] - The industrial internet platform has achieved full-process digital management of production, establishing a technological moat [2] Future Outlook - The company plans to implement a "balanced growth strategy," accelerating the development of new energy sectors and promoting the transition to clean coal and green aluminum [2] - The focus will be on achieving green, low-carbon, and high-quality development [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights significant growth in revenue and net profit for the company, driven by increases in coal, aluminum, and electricity sales [5][6] - The company achieved a revenue of 29.859 billion yuan in 2024, representing an 11.23% year-on-year increase, and a net profit of 5.342 billion yuan, up 17.15% year-on-year [4][5] - The report anticipates continued growth in profitability for the company, supported by its coal, aluminum, and electricity segments [8] Summary by Sections Financial Performance - In 2024, the company produced approximately 48 million tons of coal, with sales of 47.76 million tons, both up 3% year-on-year. The unit price for coal increased by 9% to 213.5 yuan per ton, resulting in a coal gross profit of 124 yuan per ton, up 16% year-on-year [5] - The aluminum segment saw a 21.6% increase in gross profit per ton, with production and sales of 900,000 tons, also up 3% year-on-year. The unit price for aluminum rose by 7% to 17,402 yuan per ton [5] - The electricity segment experienced a 95% increase in sales from renewable energy, while coal power sales decreased by 1% to 5 billion kWh [5] Dividend and Shareholder Returns - The company announced a dividend payout of 1.793 billion yuan (including tax), with a dividend yield of 4.5% based on the total share capital of 2,241,573,493 shares [5] Future Projections - Revenue projections for 2025-2027 are 29.907 billion yuan, 35.011 billion yuan, and 36.604 billion yuan, respectively, with expected net profits of 5.555 billion yuan, 6.143 billion yuan, and 6.541 billion yuan [8][9] - The report estimates earnings per share (EPS) of 2.48 yuan, 2.74 yuan, and 2.92 yuan for the years 2025, 2026, and 2027, respectively [8]

Financial Performance - The company's operating revenue for Q1 2025 was ¥7,537,446,747.69, an increase of 2.63% compared to ¥7,344,608,736.13 in the same period last year[5]. - Net profit attributable to shareholders decreased by 19.82% to ¥1,559,048,223.47 from ¥1,944,336,625.71 year-on-year[5]. - The company's basic earnings per share decreased by 19.54% to ¥0.7 from ¥0.87 in the same period last year[5]. - Net profit for the current period was ¥1,744,974,620.10, a decrease of 19.6% from ¥2,171,436,588.06 in the previous period[21]. - Earnings per share (EPS) for the current period was ¥0.7, down from ¥0.87 in the previous period[22]. Cash Flow - The net cash flow from operating activities increased by 31.06% to ¥1,766,277,975.31 compared to ¥1,347,713,938.90 in the previous year[5]. - Cash inflow from operating activities was ¥6,865,012,871.89, an increase from ¥5,972,569,226.90 in the previous period[23]. - Cash outflow from operating activities totaled CNY 5,098,734,896.58, up from CNY 4,624,855,288.00, indicating a rise of 10.1%[24]. - The net cash flow from investing activities was -CNY 1,169,629,954.56, worsening from -CNY 414,879,282.00 in the prior period[24]. - Cash inflow from financing activities was CNY 457,184,282.24, down 43.3% from CNY 806,284,850.97[24]. - The net cash flow from financing activities was CNY 44,445,537.20, a significant decrease of 89.0% compared to CNY 406,601,311.67[24]. - The ending balance of cash and cash equivalents was CNY 3,584,916,452.11, an increase from CNY 2,986,949,522.72[24]. - The total cash and cash equivalents increased by CNY 641,085,872.96, compared to an increase of CNY 1,339,521,634.91 in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥53,358,790,394.72, reflecting a 3.34% increase from ¥51,634,287,255.08 at the end of the previous year[5]. - Total current assets increased to CNY 11,027,811,253.99 from CNY 9,178,236,251.39, representing a growth of approximately 20.2%[17]. - Total liabilities increased to CNY 30,000,000,000, reflecting a strategic move to leverage for expansion[16]. - Total liabilities decreased to ¥12,881,038,994.77 from ¥13,062,231,427.57 in the previous period[18]. - Total equity increased to ¥40,477,751,399.95 from ¥38,572,055,827.51 in the previous period[18]. Research and Development - The company's R&D expenses for the period were ¥80,417.79, a significant decrease of 97.84% year-on-year, primarily due to reduced data collection R&D for photovoltaic power stations[10]. - Research and development expenses were ¥80,417.79, significantly lower than ¥3,720,114.70 in the previous period[21]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,366[14]. - The largest shareholder, China Power Investment Inner Mongolia Energy Group, holds 55.77% of shares, totaling 1,250,022,721 shares[14]. Operating Costs and Income - Total operating costs increased to ¥5,509,540,785.69, up 14.7% from ¥4,802,403,347.66 in the previous period[21]. - Other operating income for the period amounted to ¥4,451,766.87, an increase of 152.67% year-on-year, mainly due to electricity compensation[12].

Core Viewpoint - The recent financial report of Electric Power Investment Energy (002128) shows a positive growth in revenue and net profit for 2024, although the quarterly net profit for Q4 has declined compared to the previous year [1][2]. Financial Performance - The total operating revenue for 2024 reached 29.859 billion yuan, an increase of 11.23% year-on-year [4]. - The net profit attributable to shareholders was 5.342 billion yuan, reflecting a year-on-year growth of 17.15% [4]. - In Q4, the operating revenue was 8.05 billion yuan, up 13.13% year-on-year, while the net profit decreased by 3.37% to 942 million yuan [1]. Profitability Metrics - The gross profit margin improved to 34.05%, a year-on-year increase of 7.07% [4]. - The net profit margin also increased to 19.66%, up 5.14% from the previous year [4]. - The company reported a return on invested capital (ROIC) of 13.62%, indicating strong capital returns [4]. Cost and Efficiency - Total selling, administrative, and financial expenses amounted to 1.269 billion yuan, representing 4.25% of revenue, which is a 4.71% increase year-on-year [4]. - The company’s cash flow per share was 3.55 yuan, up 15.71% year-on-year [4]. Analyst Expectations - Analysts had previously estimated the net profit for 2024 to be around 5.578 billion yuan, indicating that the actual results fell short of expectations [2][5]. - The average earnings per share forecast for 2025 is projected at 2.61 yuan [5]. Shareholder Information - The largest fund holding Electric Power Investment Energy is the E Fund Resource Industry Mixed Fund, which holds 4.477 million shares [6].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 25 年 月 日 电投能源（002128.SZ） 电解铝贡献弹性，煤电托底，未来可期 公司发布 2024 年年度。2024 公司实现年营业收入 298.59 亿元，同比增 长 11.23%；归母净利润 53.42 亿元，同比增长 17.15%；24Q4 实现营业 收入 80.5 亿元，同比增长 13.13%，环比增长 4.78%；归母净利润 9.42 亿元，同比减少 3.37%，环比下降 35.28%。公司业绩同比增长主要系煤 炭、电解铝量价齐升。 煤炭业务量价齐升，成本控制能力凸显。 ➢ 公司核定产能 4,800 万吨/年，经过多年耕耘，已成为东北地区褐煤 销售龙头企业，公司 2025 年煤炭长协价与 2024 持平，有助于提 升公司 2025 年煤炭业务利润韧性；2025 年公司煤炭产/销量计划 为 4800/4824 万吨。 电解铝业务赋能弹性，成长可期。 绿电业务增量显著。 ➢ 2024 年公司发电量 1155445 万千瓦时，同比+32.8%，其中煤电发 电量 552784 万千瓦时，同比-1.4%，新能源发电量 602660 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a revenue of 29.859 billion yuan in 2024, representing a year-on-year growth of 11.23%, and a net profit of 5.342 billion yuan, reflecting a year-on-year increase of 17.15% [1] - The growth in performance is primarily driven by the increase in both volume and price of coal and electrolytic aluminum [1] - The company has established itself as a leading brown coal seller in Northeast China, with a planned coal production and sales target of 48 million tons for 2025 [3] - The electrolytic aluminum business is anticipated to provide significant growth potential, with a production target of 90,000 tons for 2025 [8] Financial Performance - In Q4 2024, the company achieved a revenue of 8.05 billion yuan, a year-on-year increase of 13.13%, but a net profit of 942 million yuan, which is a decrease of 3.37% year-on-year [1] - The company produced 48 million tons of raw coal in 2024, a year-on-year increase of 3.1%, and sold 47.76 million tons, a year-on-year increase of 2.8% [8] - The average selling price of coal in 2024 was 222 yuan per ton, up 8.6% year-on-year, while the cost was 90 yuan per ton, down 8% year-on-year [8] - The company plans to distribute a cash dividend of 1.8 yuan per 10 shares, totaling 1.79 billion yuan, which represents 35.67% of the net profit attributable to shareholders [10] Business Segments - The company's power generation volume in 2024 is expected to reach 1,155,445 million kWh, a year-on-year increase of 32.8%, with significant contributions from renewable energy sources [4] - The company has a strong focus on green electricity, with plans to increase the proportion of green electricity in its aluminum production to 79% after the completion of a new project [8] - The coal business is expected to maintain stable profits, while the aluminum segment is projected to benefit from a significant drop in alumina prices, enhancing cost efficiency [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance has improved due to increased coal, electricity, and aluminum production, with a focus on the growth potential in coal and aluminum sectors as well as the transition to green energy [3][4] - The company achieved a revenue of 29.86 billion yuan in 2024, representing a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 5.34 billion yuan, up 17.2% year-on-year [3][4] - The report anticipates a steady growth in net profit for 2025-2027, with projections of 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, indicating year-on-year growth rates of 8.4%, 6.5%, and 5.4% [3][4] Financial Performance Summary - In 2024, the company produced 47.996 million tons of raw coal, a 3.1% increase year-on-year, with a coal price of 221.6 yuan per ton, up 8.6% year-on-year [4] - The aluminum production reached 900,000 tons in 2024, with a selling price of 17,653.8 yuan per ton, reflecting a 6.2% increase year-on-year [4] - The company's electricity generation from coal was 5.53 billion kWh, a decrease of 1.4% year-on-year, while renewable energy generation surged by 94.7% to 6.03 billion kWh [4] Dividend and Growth Potential - The company plans to increase its coal production capacity and has ongoing projects in aluminum production, which are expected to contribute positively to its earnings [5] - The total cash dividend for 2024 is projected at 1.905 billion yuan, with a dividend payout ratio of 35.67%, indicating a year-on-year increase [5] - The report emphasizes the company's commitment to enhancing its dividend policy in line with market expectations and its growth trajectory [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's performance has improved due to increased coal, electricity, and aluminum production, with a focus on the growth potential in coal and aluminum as well as the transition to green energy [3][4] - The company achieved a revenue of 29.86 billion yuan in 2024, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 5.34 billion yuan, up 17.2% year-on-year [3][4] - The report anticipates a steady growth in net profit for 2025-2027, with projections of 5.79 billion yuan, 6.17 billion yuan, and 6.50 billion yuan respectively, reflecting year-on-year growth rates of 8.4%, 6.5%, and 5.4% [3][4] Financial Performance Summary - In 2024, the company produced 47.996 million tons of raw coal, a 3.1% increase year-on-year, with a coal price of 221.6 yuan per ton, up 8.6% year-on-year [4] - The company’s aluminum production reached 900,000 tons in 2024, with a selling price of 17,653.8 yuan per ton, reflecting a 6.2% increase year-on-year [4] - The report indicates that the company's cash dividend for 2024 is 1.905 billion yuan, with a dividend payout ratio of 35.67%, an increase of 2.24 percentage points year-on-year [5] Future Outlook - The company is expected to see an increase in coal production capacity, with ongoing projects that will enhance its aluminum production capabilities [5] - The renewable energy segment is projected to grow significantly, with an installed capacity of approximately 5.0076 million kilowatts by the end of 2024, including 4.0504 million kilowatts from wind power and 957,200 kilowatts from solar power [5] - The report emphasizes the potential for continued growth in the company's core businesses while actively pursuing opportunities in the renewable energy sector [3][5]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 29.859 billion yuan in 2024, representing a year-on-year growth of 11.2%, and a net profit attributable to shareholders of 5.342 billion yuan, up 17.1% year-on-year [1]. - The company plans to distribute a dividend of 0.8 yuan per share for 2024, resulting in a dividend payout ratio of 35.67% and a dividend yield of 4.6% based on the closing price on April 24, 2025 [2]. - The coal business saw an increase in both volume and price, with a gross margin improvement of 3.7 percentage points to 58.2% [2]. - The power segment benefited from the growth of renewable energy, with total electricity sales increasing by 32.8% year-on-year, although the gross margin decreased by 2.7 percentage points to 31.9% [3]. - The electrolytic aluminum segment experienced a rise in prices, leading to a gross margin increase of 2.2 percentage points to 17.7% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 8.05 billion yuan, with a quarter-on-quarter increase of 13.1%, but a net profit decline of 3.4% [1]. - The company’s coal production reached 47.996 million tons, a 3.1% increase year-on-year, with a sales volume of 47.759 million tons, up 2.8% [2]. - The company’s electricity sales from coal decreased slightly, while renewable energy sales surged by 94.7% year-on-year [3]. - The projected net profits for 2025-2027 are 5.841 billion yuan, 6.216 billion yuan, and 6.703 billion yuan, respectively, with corresponding EPS of 2.61 yuan, 2.77 yuan, and 2.99 yuan [4][5]. Valuation Metrics - The price-to-earnings (PE) ratio is projected to be 7 for 2025, 7 for 2026, and 6 for 2027 [5]. - The price-to-book (PB) ratio is expected to decline from 1.2 in 2024 to 0.9 by 2027 [5].