Guodian Power (4.090, 0.08, 2.00%) released the first quarterly report of 2023: 2023Q 1, and the company achieved revenue of 45.333 billion yuan, down 3. 10% year-on-year (after adjustment, the same below); Realized a net profit of 964 million yuan, a year-on-year decrease of 7.02%; The net profit returned to the mother after deducting non-profit is 9,654,388+0.5 million yuan. What about Guodian Power in 2023?
Investment points:
2023Q 1 Company's revenue was -3. 1% year-on-year, mainly due to the 5.4% year-on-year decrease in power generation caused by the divestiture of thermal power assets in Ningxia. According to the comparable caliber, the power generation of 2023Q 1 company was +2.5% year-on-year, and the revenue was 4.8% year-on-year (calculated value). 2023Q 1 The average on-grid electricity price of the company is 0.463 yuan/kWh, which is +2. 1% year-on-year and +2.8% quarter-on-quarter.
The decrease in investment income affected the performance, and the net profit returned to the mother after deduction increased slightly year-on-year. 2023Q 1 The company's net profit was -7.0% year-on-year, mainly because the investment income of the joint venture decreased compared with the same period of last year. In 2023Q 1 the company's investment income was-10.20 billion yuan, a decrease of 350 million yuan compared with 230 million yuan in the same period last year, of which the investment income of joint ventures was-10.00 billion yuan, a decrease of 230 million yuan. From the perspective of deducting non-net profit, the performance of 2023Q 1 company was +4. 18% year-on-year, which was stable and positive.
2023Q 1 The company installed 0.48GW of new energy. By the end of March 2023, the installed capacity of wind power/photovoltaic was 7.46/3.6 1GW, and it is planned to add 8GW in 2023. According to the company's "14th Five-Year Plan" new energy installed capacity of 35GW, the company's new energy installed capacity will need 1 1.5GW every year from 2024 to 2025.
Profit forecast and investment rating: Looking ahead, with the commissioning of the company's high-quality thermal power projects and the advantages of coal-electricity joint venture, the company's thermal power performance is expected to be stable and good; New energy business is expected to contribute to performance elasticity. We estimate that the company's net profit from 2023 to 2025 will be 70.0/80.4/9.23 billion yuan respectively, corresponding to PE of 10x/9x/8x times respectively. Maintain the "buy" rating.
The main analysis points of "Guodian Power Industry Prospect Forecast Analysis Report" include:
1) Forecast the market capacity and changes of Guodian Power Industry. Market commodity capacity refers to the total demand with a certain monetary payment ability. Market capacity and its change forecast can be divided into production material market forecast and consumption material market forecast. The market capacity prediction of means of production is to study the development direction and focus of the national economy, comprehensively analyze the adjustment of production technology and product structure of Guodian electric power industry during the prediction period, and predict the demand structure, quantity and its changing trend of Guodian electric power industry.
2) Forecast the change of market price of Guodian power industry. The input price and product sales price in enterprise production are directly related to the profit level of enterprises. In commodity price forecasting, we should fully study the changes of labor productivity, production cost and profit, the development trend of market supply and demand, the changes of currency value and currency circulation, and the influence of national economic policies on commodity prices. 3) Forecast the production development and changing trend of Guodian Power Industry. The prediction of production development and its changing trend is the prediction of commodity supply and its changing trend in the market. _ _ The Forecast and Analysis Report on the Prospect of Guodian Power Industry is to use scientific methods to investigate and study the factors that affect the change of supply and demand in the market of Guodian Power Industry, analyze and predict its development trend, grasp the change law of supply and demand in the market of Guodian Power Industry, and provide reliable basis for business decision-making. Prediction serves decision-making, so as to improve the scientific level of management and reduce the blindness of decision-making. It is necessary to grasp the relevant trends of economic development or future market changes through forecasting, reduce the uncertainty in the future, reduce the risks that may be encountered in decision-making, and make the decision-making objectives be successfully realized.
I. Convening and attendance of meetings
(1) Time for convening the general meeting of shareholders: April 7, 2023.
(II) Venue of the shareholders' meeting: the company meeting room of Building Anyuan 19, Anhui Beili, Chaoyang District, Beijing.
(3) Ordinary shareholders attending the meeting and their shares:
1. Number of shareholders and agents attending the meeting 49
2. The total number of shares (shares) with voting rights held by shareholders attending the meeting is 9,409,065,438+08,940.
3. The number of shares with voting rights held by shareholders attending the meeting accounts for the company.
Proportion of total shares with voting rights (%)52.7540
(IV) This meeting was convened by the board of directors of the company. The meeting was conducted by combining on-site voting and online voting. The convening of the meeting complies with the Company Law and other relevant laws and regulations and the Articles of Association.
(5) Attendance of directors, supervisors and secretary of the board of directors of the company.
1. There are 9 directors in the company, and there are actually 9 directors;
2. There are 3 supervisors of the company and 3 people are present;
3. The company executives attended the meeting as representatives without voting rights.
Second, the deliberation of the motion.
(1) Non-cumulative voting motion
1. Name of proposal: Proposal on replacing some directors of the company and adjusting members of special committees.
Outcome of the review: Adopted.
Voting situation:
Agree against abstention
Shareholder voting ratio, voting ratio, voting ratio
Type (%) (%) (%)
A shares 9,340,521,75099,2067,555,4900,438+04438+0,7000+0038+0.
(2) The voting situation of less than 5% shareholders involved in major issues.
Name of motion Agree against abstention
Number of votes, proportion of votes, proportion of votes, proportion of votes
(%)(%)(%)
1 About changing the company 30 1, 8 12,175438+0.502767,555,49438+0.553676
Some directors of the company
And adjust the special
committee member
bill
(3) An explanation of the voting on the motion.
After the election of the shareholders' meeting, Zhang Shishan was appointed as the director of the eighth board of directors and a member of the audit committee.
Third, what the lawyer witnessed.
1. Law firm witnessed by this shareholders' meeting: Beijing Tianchi Juntai Law Firm.
Lawyers: Yang Jing and Jiang Peng.
2. The lawyer witnessed the conclusion:
The convening and convening procedures of this general meeting of shareholders of the Company are in compliance with laws, administrative regulations and the Articles of Association; The qualifications of personnel and convener attending this general meeting of shareholders are legal and valid; The voting procedures and results of this general meeting of shareholders are legal and valid.
Four. Reference document catalogue
1. The resolution of the shareholders' meeting signed and confirmed by the directors present at the meeting and stamped with the official seal;
2 legal opinions signed and sealed by the director of the witness law firm;
3. Other documents required by Shanghai Stock Exchange.