美团-W(03690)早盘涨3.82%，机构预计外卖行业竞争格局将保持稳定，平台价值有望长期释放。 智通财经APP获悉，港股恒生指数涨0.12%，涨26点，报21998点；恒生科技指数涨0.81%；港股早盘成 交973亿港元。 蚂蚁拟斥资28.14亿港元收购耀才证券控股权，阿里系板块全线走高。耀才证券金融(01428)再涨20%； 阿里健康（00241）涨6%。 上美股份(02145)涨8%，股价续刷历史新高，机构看好美护板块优质标的长期成长性。 泰格医药(03347)绩后跌超2%，一季度归母净利同比减少近三成，机构指其毛利率水平仍有提升空间。 青岛啤酒股份(00168)绩后跌3.7%，一季度净利润同比增长7.08%。 长江生命科技(00775)再涨超9%，公司在AACR 2025展示多种癌症疫苗数据。 龙源电力(00916)绩后跌超6%，一季度归母净利同比减少21.82%，风电分部收入同比减少1.89%。 荣昌生物(09995)绩后跌8.21%，一季度营收同比增近六成，亏损收窄至2.54亿元。 地平线机器人-W(09660)涨超9%，近日与电装达成战略合作，机构指产业链景气度确定性上行。 赤子城科技(099 ...

本报告依据中国资产评估准则编制 上海立信资产评估有 二〇二五年四月十日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020006202500551 | | --- | --- | | 合同编号: | HT-2025-0658 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 信资评报字(2025)第A10060号 | | 报告名称: | 龙源电力集团股份有限公司股权收购业绩承诺期届满减值测试涉 及的国电华北内蒙古新能源有限公司等八家公司股东全部权益价 | | | 值项目资产评估报告 | | 评估结论: | 1、国电华北内蒙古新能源有限公司:69,515.00万元;2、国电山 西洁能有限公司:72,039.00万元;3、国能定边新能源有限公 | | | 司:113,437.00万元;4、天津国电洁能电力有限公司:83,8... | | | (详细内容见评估报告) | | 评估报告日 : | 2025年04月10日 | | 评估机构名称: | 上海立信资产评估有限公司 | | 签名人员: | 马文杰 (资产评估师) 正式会员 编号:11230051 | | | ...

2025年第一季度，集团风电平均利用小时数为585小时，比去年同期下降55小时，主要是因为集团部分 大容量项目所在区域风资源水平同比下降。 2025年第一季度，集团新增投产控股装机容量36.25兆瓦，其中新增投产风电34.75兆瓦、光伏1.5兆瓦; 减少生物质发电控股装机容量30.00兆瓦，原因为所属子公司龙源友谊生物质发电有限公司破产清算。 截至2025年3月31日，集团控股装机容量为41149.45兆瓦，其中风电控股装机容量30443.52兆瓦，光伏控 股装机容量10699.83兆瓦，其他可再生能源控股装机容量6.10兆瓦。 智通财经APP讯，龙源电力(00916)发布截至2025年3月31日止3个月业绩，集团收入人民币81.40亿元， 比去年同期持续经营收入增长0.92%，其中，风电分部收入人民币73.68亿元，比去年同期减少1.89%， 光伏分部收入人民币7.15亿元，比去年同期增长43.09%，其他分部收入人民币0.57亿元，比去年同期增 长1.03%。归属公司权益持有人净利润人民币19.77亿元，比去年同期减少21.82%。 截至2025年3月31日，2025年集团按合并报表口径累计完成发电量20 ...

Financial Performance - The group reported a revenue of RMB 8.14 billion for the three months ending March 31, 2025, representing a 0.92% increase compared to the same period last year[2] - The net profit attributable to equity holders was RMB 1.98 billion, a decrease of 21.82% year-on-year[2] - The financial expenses net amount was RMB 825.26 million, a slight decrease from RMB 878.53 million in the previous year[6] - The group’s operating profit was RMB 3.63 billion, down from RMB 4.12 billion year-on-year[6] Energy Generation - Total electricity generation for the group was 20,286,104 MWh, a decline of 4.42% year-on-year, but an 8.81% increase when excluding coal power impacts[3] - For the three months ending March 31, 2025, the total renewable energy generation was 20,286,104 MWh, an increase of 8.81% compared to 18,643,992 MWh in the same period of 2024[12] - Wind power generation for the same period was 17,776,030 MWh, reflecting a growth of 4.37% from 17,030,932 MWh year-over-year[11] - The photovoltaic business generated 2,508,578 MWh, a significant increase of 55.65% compared to 1,611,658 MWh in the previous year[12] - The total thermal power generation was 2,581,257 MWh, which was not reported for the current period, indicating a potential shift in focus towards renewable sources[12] Installed Capacity - The group added 36.25 GW of new installed capacity, including 34.75 GW of wind power and 1.5 GW of solar power, while reducing biomass power capacity by 30 GW due to bankruptcy[4] - As of March 31, 2025, the total installed capacity was 41,149.45 GW, a 13.81% increase from 36,155.83 GW in the previous year[10] - The group’s solar power installed capacity increased by 65.53% to 10,699.83 GW compared to 6,464.09 GW in the previous year[10] Regional Performance - The company reported a notable increase in generation from Gansu, with a 54.53% rise to 1,080,965 MWh compared to 699,539 MWh in the previous year[11] - Jiangsu offshore wind generation decreased by 22.83% to 1,415,194 MWh from 1,833,878 MWh year-over-year[11] - The company experienced a 35.41% increase in Tianjin's generation, reaching 356,957 MWh compared to 263,618 MWh in the previous year[11] - The generation from Guangdong increased by 51.93% to 1,238,263 MWh from 815,025 MWh year-over-year[12] Strategic Focus - The company is focusing on expanding its renewable energy portfolio, as indicated by the significant growth in photovoltaic and wind power generation[12] - The overall performance indicates a strategic shift towards renewable energy, with a decrease in thermal power generation and a focus on sustainable growth[12]

Financial Performance - The company reported a profit of RMB 8.42 billion in 2024, a year-on-year increase of 20.2%[11]. - Revenue for 2023 is reported at RMB 39,862 million, a slight decrease from RMB 39,872 million in 2022[21]. - Net profit attributable to equity holders for 2023 is RMB 6,425 million, compared to RMB 7,432 million in 2022, reflecting a decline of approximately 13.6%[25]. - The company's operating revenue for 2024 was RMB 31.370 billion, a 5.9% increase from RMB 29.631 billion in 2023, driven by a 3.4% increase in wind power sales to RMB 28.666 billion and a 51.7% increase in solar power sales to RMB 2.441 billion[152]. - The group's operating profit for 2024 was RMB 12.615 billion, a 9.0% increase from RMB 11.571 billion in 2023, mainly due to higher sales volume and average selling prices in the wind division[176]. - Net profit for 2024 reached RMB 7.686 billion, reflecting a 14.5% increase from RMB 6.710 billion in 2023, driven by improved performance in the wind division[185]. Installed Capacity and Generation - In 2024, the company achieved a total installed capacity of 41.14 GW, with 30.41 GW from wind power, maintaining its industry-leading position[6]. - The total electricity generation for the year was 75.546 billion kWh, with an average wind power utilization of 2,190 hours, exceeding the industry average by 63 hours[11]. - The company secured new development indicators of 14.72 GW and added 7.48 GW of new installed capacity in 2024, setting a historical record for production scale[10]. - The total installed capacity for wind power reached 30,408.77 MW in 2023, with a significant increase from 28,667 MW in 2020[27]. - In 2024, the total installed capacity of renewable energy held by the company reached 41,143.20 MW, including 30,408.77 MW of wind power and 10,698.33 MW of solar power[131]. - The company's cumulative renewable energy generation in 2024 was 68,383,219 MWh, a year-on-year increase of 3.76%, with solar generation rising by 72.13%[121]. Operational Efficiency and Innovations - The company implemented a new operational inspection model, with long-cycle continuous operation units accounting for 60%, an increase of 14 percentage points year-on-year[7]. - The company has introduced a digital transformation plan, launching the "Longteng No. 1" smart management platform and achieving significant advancements in digital capabilities[13]. - The company is focusing on digital transformation with the launch of the "Longteng No. 1" smart management platform and the establishment of a comprehensive meteorological big data pool[145]. - The company has developed a smart production management system that has been recognized as an excellent case in equipment management within the power industry[63]. - The company is enhancing its marketing capabilities by analyzing market data to optimize trading strategies and improve risk management mechanisms[146]. Market Expansion and International Presence - The company has made significant progress in overseas market expansion, with projects in South Africa and Cambodia totaling 0.88 GW[10]. - The company has expanded its operations internationally, with projects in Canada, South Africa, and Ukraine, demonstrating its commitment to global renewable energy development[37]. - The company has established a presence in international markets with 100% ownership in subsidiaries like Longyuan Canada Renewable Energy and Longyuan South Africa Renewable Energy[50]. - The Canadian wind power project generated 239,880 MWh in 2024, while the South African project produced 784,509 MWh, demonstrating strong operational performance[139]. Sustainability and ESG Initiatives - The company aims to enhance its global competitiveness in the renewable energy sector, focusing on clean energy contributions and carbon neutrality goals[38]. - Longyuan Power was recognized as a "Pioneer 100" company in ESG by the State-owned Assets Supervision and Administration Commission, marking its continuous excellence in environmental, social, and governance performance[79]. - The company is committed to sustainability and aims to contribute to China's energy transition through its renewable energy initiatives[47]. - The company is committed to enhancing the utilization rate of renewable energy and reducing reliance on fossil fuels as part of its strategic goals[113]. - The company aims to integrate ESG indicators into project management to create exemplary projects in the power industry[129]. Challenges and Future Outlook - The average utilization hours for wind power in 2024 were 2,190 hours, a decrease of 156 hours from 2023, but still 63 hours above the industry average[121]. - The average wind speed in project areas decreased by 0.2 m/s in 2024, impacting wind generation performance[121]. - The company plans to enhance project construction management and implement new technologies to improve project profitability[129]. - Future outlook includes continued investment in renewable energy projects, with a focus on wind and solar power generation[54]. - The company is actively pursuing market expansion strategies, particularly in the renewable energy sector across various regions[54].

Investment Rating - The report maintains a "Buy" rating for Longyuan Power [2][7][17] Core Views - The company reported a revenue of 37.07 billion RMB for 2024, a decrease of 2.6% year-on-year, while the net profit attributable to shareholders was 6.425 billion RMB, a slight increase of 0.2% [7] - The company plans to distribute a final dividend of 0.2278 RMB per share, resulting in a dividend payout ratio of 30% based on the net profit [7] - Longyuan Power's wind power segment faced challenges with a decrease in utilization hours, but the recovery in electricity prices and reduced impairment losses contributed to positive growth in the segment's performance [7] - The photovoltaic segment saw significant growth in installed capacity, but faced challenges due to increased fixed asset impairments [7] - The company is transitioning to a pure renewable energy enterprise by divesting its thermal power assets [7] - Longyuan Power plans to start new renewable energy projects with a total capacity of 5GW in 2025, indicating strong growth potential [7] Financial Data and Profit Forecast - Revenue projections for Longyuan Power are as follows: 35.703 billion RMB in 2025, 38.176 billion RMB in 2026, and 40.332 billion RMB in 2027, with respective growth rates of -4%, 7%, and 6% [6] - The net profit attributable to shareholders is forecasted to be 7.132 billion RMB in 2025, 7.536 billion RMB in 2026, and 8.046 billion RMB in 2027, with growth rates of 11%, 6%, and 7% respectively [6] - The earnings per share are projected to be 0.85 RMB in 2025, 0.90 RMB in 2026, and 0.96 RMB in 2027 [6] - The price-to-earnings ratio is expected to decrease from 7.1 in 2023 to 5.8 in 2027, indicating a potentially undervalued stock [6]

Investment Rating - The report assigns a "Buy" rating for the company, Longyuan Power (916 HK), with a target price of HKD 8.00, indicating a potential upside of 28.4% from the current price of HKD 6.23 [1][2][16]. Core Insights - The 2024 wind power feed-in tariff is expected to outperform expectations, and the company's three-year dividend policy is anticipated to be well-received by investors [2][7]. - The company is projected to see a 2.9% increase in net profit for 2024, reaching RMB 6.38 billion, which is 4% higher than previous expectations [7]. - The report highlights that the company's minority interest increased significantly, reflecting a higher profit contribution from projects in the southeastern region [7]. Financial Overview - Revenue projections for the company are as follows: RMB 37,638 million in 2023, RMB 31,370 million in 2024, and expected growth to RMB 34,663 million in 2025 [6][17]. - Net profit is forecasted to grow from RMB 6,355 million in 2023 to RMB 6,425 million in 2024, and further to RMB 6,923 million in 2025 [6][17]. - The company maintains a dividend payout ratio of 30%, with the final dividend for 2024 expected to increase by 2% to RMB 0.2278 per share [7][17]. Operational Data - The company plans to add a total of 6 GW of new wind and solar capacity in 2025, with a focus on controlling capital expenditures, which are expected to decrease by 18% to RMB 238 billion [7][12]. - The total installed capacity is projected to grow from 35,594 MW in 2023 to 41,143 MW in 2024, and further to 47,143 MW in 2025 [12][17]. - The report indicates that the company’s financial metrics, such as the price-to-earnings ratio, are expected to improve, with a forecasted PE ratio of 9 times for 2025 [7][17].

交银国际研究 公司更新 | 新能源 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 1 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 6.23 | 港元 | 8.00 | +28.4% | | | 龙源电力 (916 HK) | | | | | | 2024 年风电电价优于预期，订出 3 年派息政策应受投资者欢迎 股份资料 | 52周高位 (港元) | 8.29 | | --- | --- | | 52周低位 (港元) | 5.31 | | 市值 (百万港元) | 20,670.39 | | 日均成交量 (百万) | 69.63 | | 年初至今变化 (%) | (3.26) | | 200天平均价 (港元) | 6.34 | | 资料来源 : FactSet | | 郑民康 个股评级 买入 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 -10% 0% 10% 20% 30% 40% 50% 60% 916 HK 恒生指数 wallace.cheng@bocomgroup.com (852) 3766 18 ...

查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 联系人 证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 04 月 01 日 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 28 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.98 | | | 一年内最高/最低（港 | | | | 8.30/5.12 | | | 元） | | | | | | | 总市值（百万港元） | | | | 49,991.70 | | | 流通市值（百万港元） | | | | 19,840.93 | | | 资产负债率（%） | | | | 66.66 | | | 资料来源：聚源数据 | | | | | | 龙源电力(00916.HK) 投资评级 ...