证券代码：001289 证券简称：龙源电力 公告编号：2025-027 龙源电力集团股份有限公司 关于公司股价异动的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、股票交易异常波动情况 龙源电力集团股份有限公司（以下简称"公司"或"龙源电力"）A 股股票 （证券名称：龙源电力，证券代码：001289）收盘价格连续三个交易日（2025 年 4 月 3 日、4 月 7 日、4 月 8 日）涨幅偏离值累计达到 20.56%。根据《深圳证 券交易所交易规则》的相关规定，公司股票交易属于异常波动的情况。 二、公司关注并核实情况 三、是否存在应披露而未披露信息的说明 公司董事会确认，除在指定媒体已公开披露的信息外，目前没有其他任何根 据《深圳证券交易所股票上市规则》等有关规定应予以披露而未披露的事项或与 该事项有关的筹划、商谈、意向、协议等；董事会也未获悉公司有根据《深圳证 券交易所股票上市规则》等有关规定应予以披露而未被披露的、对公司股票及其 衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更正、 补充之处。 针对公司股票价格异常波动情况，公司 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-026 龙源电力集团股份有限公司 2025年3月发电量数据公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"本公司"）2025 年 3 月按合并报 表口径完成发电量 7,567,474 兆瓦时，较 2024 年同期同比下降 2.46%，主要原因 为，公司自 2024 年 10 月起不再拥有火电控股装机，本月未产生火电发电量。本 月风电发电量同比增长 7.57%，光伏发电量同比增长 45.63%。 注：1.自 2024 年 10 月起，本公司按合并报表口径不再拥有火电控股装机。 2. 本公告中提供的数字经过整数调整，因此若总计数字与所列各项之和出现尾数差异，皆 因整数调整所致。 以上发电量数据来自本公司内部统计。数据在月度之间可能存在较大差异， 其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。数据 可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖或使用以 上信息可能造成投资风险。 2 龙源电力集团股份有限公司 董 事 会 202 ...

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]

智通财经APP讯，龙源电力(00916)发布公告，公司目前经营状况良好，控股股东对新能源行业前景和公 司发展充满信心，现将有关事项公告如下： 一、公司经营发展情况良好，高质量完成年度任务 二、控股股东积极履行承诺，支持公司发展 四、首次发布中长期分红规划，稳定投资者信心 公司控股股东国家能源投资集团有限责任公司("国家能源集团")对公司未来发展充满信心，对公司价值 充分认可，公司未接到控股股东及其一致行动人减持公司股票计划的通知。 2025 年3月29日，公司披露《2025-2027年现金分红规划》，拟定2025年至2027 年每年现金分红比例不 低于当年实现的归属于股东净利润的30%，旨在积极回馈投资者，提升股东回报，稳定市场预期。 为进一步支持公司发展，国家能源集团积极推动资本市场承诺履行。2024 年7月1日，公司接到控股股 东国家能源集团通知，为落实《国家能源投资集团有限责任公司关于避免与龙源电力集团股份有限公司 同业竞争的补充承诺函》的约定，推动减少和解决同业竞争，国家能源集团启动向本公司注入部分新能 源资产的工作，计划将下属部分省公司体内符合注入条件的新能源公司的股权分批注入本公司，预计新 能源装 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-024 龙源电力集团股份有限公司 关于举行 2024 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日在巨 潮资讯网（www.cninfo.com.cn）披露了公司 A 股 2024 年年度报告、年度报告摘 要和 H 股 2024 年度业绩公告。为使广大投资者更加全面、深入地了解公司情况， 公司定于 2025 年 4 月 15 日（星期二）16:00 召开 2024 年度业绩说明会，与投资 者沟通交流公司经营成果有关情况，并在信息披露允许范围内就投资者普遍关注 的问题进行回答，现将有关事项公告如下： 一、会议时间 2025 年 4 月 15 日（星期二）16:00-17:00 二、会议地点 深圳证券交易所"互动易"平台"云访谈"栏目（https://irm.cninfo.com.cn/） 三、出席人员 公司总经理王利强先生，独立董事赵峰女士，总会计师杨文静女士，副总经 理、董事会秘书丁鶄女士，中信证 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report emphasizes the central government's commitment to advancing electricity price reforms and the expectation of a more refined market mechanism [11][12] - The market-oriented reform of electricity pricing is expected to benefit various power sources, particularly thermal power, which is anticipated to gain significantly from these changes [11][12] - The report highlights the importance of green electricity price reforms and the acceleration of environmental value realization [11][12] Summary by Sections Event Description - The Central Committee and the State Council issued an opinion on improving price governance mechanisms, advocating for a gradual and systematic market-oriented reform of electricity pricing across various power sources [6][11] Event Commentary - The report notes that the elevation of electricity reform to the central government level indicates a strong commitment to market-oriented reforms, with a focus on establishing a supportive system for smooth reform progression [11] - It discusses the potential for capacity and ancillary service price reforms to create systemic benefits for stable output and flexible adjustment capabilities, particularly for thermal and nuclear power [11] - The report also mentions the need to eliminate unreasonable price competition and government interference in price formation, which could lead to a more orderly market environment [11] - The emphasis on green electricity pricing reform suggests that the environmental value of green power is expected to be realized more rapidly [11] Investment Recommendations - The report suggests that the "carbon neutrality" era and electricity market reforms will redefine the intrinsic value of power operators throughout the 14th Five-Year Plan period [11] - It recommends focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11] - For the renewable energy sector, it highlights companies like Longyuan Power, China Nuclear Power, and China Three Gorges Energy as potential investment opportunities [11]

Group 1 - Longyuan Power's stock closed down 3.33% on April 2 [1] - Longyuan Power Group Co., Ltd. was established in 1993 and is based in Beijing, primarily engaged in electricity and heat production and supply [1] - The company has a registered capital of 83,819.63164 million RMB [1] Group 2 - Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among Longyuan Power's top ten shareholders, having increased its holdings in the last quarter of the previous year [1] - Year-to-date return for the fund is -1.01%, ranking 2586 out of 3442 in its category [1][2]

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].

Investment Rating - The investment rating for the company is "Buy" 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 report highlights that the wind power feed-in tariff for 2024 is better than expected, and the company's three-year dividend policy is likely to be well-received by investors [2][7]. - The company is expected to see a 2.9% year-on-year increase in net profit for 2024, reaching RMB 6.38 billion, which is 4% higher than previous expectations [7][8]. - The report anticipates a slight slowdown in new installations in 2025, with a projected net addition of 6 GW of wind and solar capacity [7][12]. Financial Overview - Revenue projections for the company are as follows: RMB 37.64 billion in 2023, RMB 31.37 billion in 2024, and RMB 34.66 billion in 2025, reflecting a year-on-year decline of 16.7% in 2024, followed by a recovery in 2025 [6][17]. - Net profit is forecasted to increase from RMB 6.36 billion in 2023 to RMB 6.92 billion in 2025, with a compound annual growth rate of approximately 7.8% from 2024 to 2025 [6][17]. - The company maintains a dividend payout ratio of 30%, with the final dividend for 2024 expected to rise by 2% to RMB 0.2278 per share [7][8]. Operational Data - The company plans to add 7.4 GW of new wind and solar capacity in 2024, with expectations of 6 GW in 2025, which will help manage capital expenditures [7][12]. - The total installed capacity is projected to grow from 35.59 GW in 2023 to 47.14 GW by 2025, with significant contributions from renewable energy sources [12][17]. Valuation Metrics - The report suggests an upward adjustment in the 2025 earnings forecast by 7.1%, while the 2026 forecast is adjusted downwards by 5.9% due to anticipated slower installation rates [7][8]. - The target price corresponds to a price-to-earnings ratio of 9 times the 2025 earnings, indicating a favorable valuation outlook [7][16].

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 ...