证券研究报告 | 2025 年 09 月 04 日 晨会集萃 制作：产品中心 风险提示：经济景气度恢复偏慢、货币政策呵护力度不够、测算与现实情 况存在偏差。 《环保公用|皖能电力（000543）：煤价下行带动盈利能力提升，新投产机 组贡献增量》 公司披露2025 年中报。上半年公司实现营收131.85 亿元，同比下降5.83%； 实现归母净利润 10.82 亿元，同比增长 1.05%。1、新机组投产贡献增量， 部分对冲存量机组量价下滑影响。电价方面，安徽省 2025 年度双边协商 交易成交电量 1067.04 亿千瓦时，成交加权均价为 412.97 元/兆瓦时，同 比下降 5.35%。电量方面，安徽省上半年火电发电量为 1383.5 亿千瓦时， 同比下降 7.9%，公司存量机组发电量或有所下滑。2、煤价下行带动盈利 能力提升，H1 毛利率同比提高 4.06pct。燃料成本下降带动公司营业成本 降低，上半年公司营业成本为 110.43 亿元，同比下降 10.18%。上半年公 司实现毛利率 16.25%，同比提高 4.06 个百分点。综合来看，公司上半年 实现净利率 12.30%，同比提高 1.65 个百分点；实 ...

Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower, with an expected relative return of over 20% within the next six months [7]. Core Views - The company's revenue for the first half of 2025 reached 12.96 billion yuan, a year-on-year increase of 9.1%, while the net profit attributable to shareholders was 4.61 billion yuan, up 10.5% year-on-year [1]. - The increase in power generation, which reached 52.752 billion kWh, a 12.97% year-on-year growth, is attributed to the significant increase in new energy installed capacity and favorable water conditions in the Lancang River basin [2]. - The company’s photovoltaic projects saw a notable increase in generation, with 3.049 billion kWh produced, marking a 66.1% year-on-year growth [3]. - Future growth is expected to be supported by the full capacity operation of the Huaneng Hard Liangbao Power Station and the ongoing development of clean energy projects in the upper Lancang River region [4]. Financial Performance and Forecast - The company is projected to achieve net profits of 8.81 billion yuan, 9.20 billion yuan, and 9.67 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.7, 17.9, and 17.1 [5]. - The revenue forecast for 2025 is set at 26.617 billion yuan, with a growth rate of 6.98% [11]. - The EBITDA for 2025 is estimated to be 21.800 billion yuan, reflecting a steady growth trajectory [11].

丨证券研究报告丨 公司研究丨点评报告丨华能水电（600025.SH） [Table_Title] 装机扩张保障电量，单季业绩维持稳定 报告要点 [Table_Summary] 上半年澜沧江流域来水较多年平均偏丰，公司全力协调小湾和糯扎渡"两库"水位消落，加快 释放水电蓄能，叠加 TB 电站、硬梁包电站部分机组投产的拉动，上半年公司水电发电量同比 增长 10.93%， 电量增长拉动公司实现归母净利润 46.09 亿元，同比增长 10.54%。二季度公 司来水转枯，但得益于装机规模增长，公司公司二季度完成发电量 314.60 亿千瓦时，同比增长 3.25%。同样受电价端同比有所承压影响，公司二季度营收同比增速仅 1.52%，归母净利润为 31.01 亿元，同比微降 0.1%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 华能水电（600025.SH） cjzqdt11111 [Table_Title2] 装机扩 ...

Group 1 - The China Securities Index for Public Utilities (000995) increased by 0.89% as of September 2, 2025, with notable gains from Shanghai Electric (600021) up 9.98%, Jilin Electric Power (000875) up 5.98%, and Huaneng Hydropower (600025) up 2.32% [1] - In July, the total electricity consumption in China reached 10,226 billion kilowatt-hours, marking an 8.6% year-on-year increase, with monthly consumption surpassing 1 trillion kilowatt-hours for the first time, indicating strong demand [1] - Dongguan Securities highlighted that the first and third industries, along with urban and rural residential electricity consumption, experienced rapid growth, while the average price of thermal coal decreased year-on-year, benefiting the profitability of thermal power companies [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Index for Public Utilities (000995) include Yangtze Power (600900), China Nuclear Power (601985), and Three Gorges Energy (600905), collectively accounting for 56.01% of the index [2]

除以上两项原因，上半年西电东送电量亦同比增加。基于这些因素，华能水电在2025年上半年"打了胜仗"，每股收益同比增加13.64%。截至2025年6月 底，该公司总装机容量达3353.74万千瓦。 截至2025年6月30日，华能水电共持有参股股权13家，投资余额总计约50.70亿元，报告期内变动金额为-7519.14万元。此外，旗下6家参股公司中，除华能 澜沧江能源销售有限公司净利润亏损约1366.66万元，其余均呈盈利状态。 近日，主营水力及新能源发电项目的华能水电（600025.SH）交出了一份亮眼的2025半年报成绩单：营收及净利润均较上年同期有所增长。华能水电对营 收增幅个位数，净利润增幅10%左右的成绩是否满意？该公司董秘办一位内部人士对预见能源表示，"算是在预期范围内"。 8月29日，华能水电发布2025半年报显示，1-6月营收及净利润均呈增长态势。其中，营收约129.60亿元，较上年同期增长9.08%；归于上市公司股东净利 润约46.09亿元，较上年同期增长10.54%。经营活动产生的现金流净额约86.13亿元，较上年同期增长14.30%。 上半年总体呈增长态势，研发费减少 今年上半年，华能水电利 ...

J P M O R G A N 2Q25 generation reached 31.1bn kWh, up 3% yoy. 2Q25 power tariff was down 1% yoy, on our estimates, likely due to an improving sales mix. This is a sequential improvement, as 1Q power tariff went down 7% yoy, on our estimates. Key Negatives/Question Marks Business taxes and surcharges went up 143% yoy in 2Q25. The net gearing ratio went up 4pcts hoh in 1H25, to 99%. Likely Changes to Consensus Asia Pacific Equity Research 28 August 2025 This material is neither intended to be distributed to ...

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

据证券之星公开数据整理，近期华能水电（600025）发布2025年中报。截至本报告期末，公司营业总收 入129.59亿元，同比上升9.08%，归母净利润46.09亿元，同比上升10.54%。按单季度数据看，第二季度 营业总收入75.74亿元，同比上升1.52%，第二季度归母净利润31.01亿元，同比下降0.1%。本报告期华 能水电盈利能力上升，毛利率同比增幅1.64%，净利率同比增幅1.08%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率60.0%，同比增1.64%，净利率39.19%，同比增 1.08%，销售费用、管理费用、财务费用总计15.92亿元，三费占营收比12.28%，同比减7.78%，每股净 资产3.33元，同比增8.92%，每股经营性现金流0.48元，同比增14.3%，每股收益0.25元，同比增13.64% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 118.8亿 | 129.59亿 | 9.08% | | 归母浄利润（元） | 41.69 Z | 46.09 Z | 10.54% | | ...

证券代码：600025 证券简称：华能水电 公告编号：2025-059 华能澜沧江水电股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第十次会议于 在公司一楼报告厅以现场和通讯表决方式召开。公司董事长孙卫主持会议，应出 席董事 14 人，实际出席会议的董事 14 人，公司部分高级管理人员列席会议。本 次会议的召集、召开、表决程序符合《中华人民共和国公司法》和《公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》。 本议案所述内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披 露的《华能澜沧江水电股份有限公司2025年半年度报告》。 本议案已经公司董事会审计委员会2025年第二次会议审议通过。 表决结果：同意 14 票，反对 0 票，弃权 0 票。 （二）审议通过《关于公司对中国华能财务有限责任公司的风险持续评估报 告的议案》。 中国华能财务有限责任公司（以下 ...

份有限公司 报告期内变更情况查询索引 无 五、 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所 华能水电 600025 - 六、 其他有关资料 □适用 √不适用 七、 公司主要会计数据和财务指标 (一) 主要会计数据 单位：元 币种：人民币 本报告期 本报告期比上 主要会计数据 上年同期 （1－6月） 年同期增减(%) 营业收入 12,958,903,639.16 11,880,436,104.29 9.08 利润总额 5,791,251,432.40 5,275,543,941.25 9.78 归属于上市公司股东的净利润 4,609,003,268.07 4,169,377,568.05 10.54 归属于上市公司股东的扣除非经常性 损益的净利润 经营活动产生的现金流量净额 8,613,303,513.23 7,535,729,970.95 14.30 本报告期末比 本报告期末 上年度末 上年度末增减 (%) 归属于上市公司股东的净资产 74,515,294,292.12 73,601,150,226.64 1.24 总资产 219,518,128,960. ...