Investment Rating - The report maintains a "Positive" investment rating for the large energy sector [5] Core Viewpoints - The report emphasizes the stable performance of hydropower, the negative impact of wind conditions on short-term performance, and the differentiation in thermal power profitability [6][31][37] Hydropower Summary - Hydropower performance is expected to be stable with improved rainfall in 2024, contributing to an increase in electricity generation in Q1 2025. The national rainfall is projected to be 9% above normal, with hydropower utilization hours increasing by 6.9% year-on-year [20][21] - Major hydropower companies are expected to see performance align with expectations, with notable growth in Q1 2025 for companies like Changjiang Power and Huaneng Hydropower [25][26] - The report highlights the importance of local hydropower pricing advantages and the stability of the business model and policy environment as key factors for investment [28][29] Renewable Energy Summary - Wind power operators are facing short-term performance declines due to poor wind conditions, while solar power operators are impacted by falling electricity prices and increased curtailment rates [31][36] - The report suggests focusing on long-term value in wind power operators despite current challenges, as the market is expected to favor those with sustainable development returns [36][37] Thermal Power Summary - The thermal power sector is experiencing improved profitability due to declining coal prices, although there is significant regional differentiation in performance [37] - The report notes that while northern thermal power operators are seeing better performance, regions like Guangdong are facing challenges due to market price declines [8][37] Investment Recommendations - The report provides three stock selection strategies: focusing on state-owned enterprises undergoing asset integration, selecting resilient hydropower assets, and identifying undervalued wind power operators [9][11] - Key recommended stocks include: - Hydropower: Guotou Power, Changjiang Power, Chuan Investment Energy - Wind Power: Longyuan Power, Xintian Green Energy, Datang Renewable - Thermal Power: Wan Energy, Shanghai Electric, Huaneng International [9]

证券代码：600025 证券简称：华能水电 公告编号：2025-029 华能澜沧江水电股份有限公司 关于参加 2025 年中国华能集团有限公司 "发电板块上市公司"集体业绩说明会的公告 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。 重要内容提示： 一、会议内容 华能澜沧江水电股份有限公司（以下简称公司或华能水电）已于 2025 年 4 月 25 日发布公司 2024 年年度报告和 2025 年第一季度报告，详见上海证券交易 所网站（www.sse.com.cn）。为便于广大投资者更全面深入地了解公司的经营成 果及财务状况，公司将于 2025 年 5 月 16 日参加中国华能集团有限公司 2025 年 "发电板块上市公司"集体业绩说明会，会议时间为下午 14:30-17:00，会上公 司将针对2024年和2025年第一季度经营成果及财务指标的具体情况与投资者进 行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、会议召开时间与地点 日期：2025 年 5 月 16 日（星期五） 时间：下午 14:30 ...

一、发行基本情况 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了 2025 年度 第二期超短期融资券和第三期绿色超短期融资券的发行，发行额分别为人民币 2 亿元、6 亿元，发行利率分别为 1.78%、1.76%，期限均为 93 天，单位面值为 100 元人民币。本次发行完成后，公司短期融资券（含超短期融资券）余额为人民币 29 亿元，中期票据（含永续中票）余额为人民币 173 亿元。 2025 年度第二期超短期融资券和第三期绿色超短期融资券均由中国建设银 行股份有限公司作为牵头主承销商，中国银行股份有限公司作为联席主承销商， 通过簿记建档、集中配售的方式在全国银行间债券市场公开发行，债券募集资金 将用于偿还带息负债。债券发行的有关文件已在中国货币网和上海清算所网站公 告，网址分别为 www.chinamoney.com.cn 和 www.shclearing.com。 二、审批程序履行情况 证券代码：600025 证券简称：华能水电 公告编号：2025-030 华能澜沧江水电股份有限公司 2025 年度第二期超短期融资券和第三期绿色超短期 融资券发行公告 本公司董事会及全体董事保证本公告内容不存在任 ...

Group 1 - The liquidity of the green power ETF showed a turnover of 2.76% with a transaction volume of 10.0083 million yuan [2] - The green power ETF experienced a significant growth in scale, increasing by 165 million yuan over the past three months [2] - In terms of shares, the green power ETF saw an increase of 18.4 million shares in the last month, indicating substantial growth [2] Group 2 - The latest net inflow of funds into the green power ETF was 9.3737 million yuan, with a total of 19.8745 million yuan accumulated over the last 18 trading days [2] - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently at 18.37, which is in the 12.08% percentile over the past three years, indicating a historical low valuation [2] - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like Yangtze Power and China Nuclear Power [2] Group 3 - The domestic public bidding market for wind power in Q1 2025 saw a new bidding volume of 28.6 GW, representing a year-on-year increase of 22.7% [3] - Wind turbine exports from China reached 14.6 million USD in March, with a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [3] - The international bidding volume for Chinese wind turbine manufacturers is projected to reach 27.63 GW in 2024, showing a nearly 200% year-on-year growth [3]

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has experienced improved water conditions in 2024, leading to record high performance in Q1 2025. The revenue for 2024 was CNY 24.882 billion, a year-on-year increase of 6.05%, while the net profit attributable to shareholders was CNY 8.297 billion, up 8.63% year-on-year. In Q1 2025, the company achieved revenue of CNY 5.385 billion, a year-on-year growth of 21.84%, and a net profit of CNY 1.508 billion, reflecting a 41.56% increase year-on-year [7][5]. Financial Performance Summary - The company’s projected net profits for 2025-2027 are CNY 8.848 billion, CNY 9.042 billion, and CNY 9.274 billion respectively, with corresponding PE ratios of 19.5, 19.1, and 18.6 times [5]. - The company’s 2024 dividend policy is set at CNY 0.2 per share, with a dividend payout ratio of 43.39%, resulting in a dividend yield of 2.2% based on the stock price as of April 28, 2025 [5]. - The company’s total revenue is expected to grow from CNY 24.882 billion in 2024 to CNY 28.287 billion in 2027, with a compound annual growth rate of approximately 3.31% [8]. Operational Highlights - The company’s total installed capacity reached 31,008.5 MW by the end of 2024, with hydropower accounting for 27,305.8 MW and renewable energy for 3,702.7 MW. The completion of the Toba power station in 2024 is expected to contribute additional generation capacity [7]. - The company’s hydropower generation in 2024 was 1,120 billion kWh, a year-on-year increase of 4.62%, with significant contributions from improved water conditions in the Lancang River basin [7]. Market Context - The report emphasizes the long-term investment value of hydropower as a stable asset class in a volatile market, highlighting the market's re-evaluation of low-covariance assets like hydropower due to their stable business models and predictable performance [7].

证券代码：600025 证券简称：华能水电 公告编号：2025-028 华能澜沧江水电股份有限公司 关于召开2024年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 27 日 10 点 00 分 召开地点：云南省昆明市官渡区世纪城中路 1 号公司一楼报告厅 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年5月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 27 日 至2025 年 5 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段 ...

1Q25 水电电量同比+31%，梯级蓄能调节增发，缓解电价压力。公司1Q25 水电电量显著提升，一方面 来自于年初澜沧江梯级蓄能同比增加释放蓄能，另一方面得益于托巴水电站的电量贡献。拆分来看，澜 上五厂发电量同比+8.6%，小湾/糯扎渡分别同比+12.5%/+76%。此外，我们测得1Q25 综合电价同 比-7%，电量增发缓解电价压力发展趋势 随着西藏项目开工，我们预计公司在2026-2030 年进入资本开支高峰期。我们预计公司在建硬梁包水电 站预计2025 年内完成投产；此外澜沧江上游西藏段的古水、班达、古学、班多等常规水电正在陆续核 准建设，我们预计2026-2030 年资本开支将持续增长，可能在2028 年后超过300 亿元。 盈利预测与估值 我们对于2025 年公司水电电价和汛期来水更加谨慎，因此下调2025E 归母净利润4.8%至93.3 亿元，同 比+12.5%。同时引入2026 年盈利预测，我们预计2026 年营业收入281 亿元，同比+2.8%，归母净利润 94.6 亿元，同比+1.4%。考虑到市场风险偏好变化提升估值，我们维持10.36 元目标价不变，较当前股 价上行空间为10%，维持"跑赢行 ...

Core Insights - The company reported a revenue of 24.882 billion yuan for 2024, representing a year-on-year growth of 6.05%, and a net profit attributable to shareholders of 8.297 billion yuan, up 8.63% year-on-year [1] - In Q1 2025, the company achieved a revenue of 5.385 billion yuan, marking a year-on-year increase of 21.84%, and a net profit of 1.508 billion yuan, which is a 41.56% increase year-on-year [1] Financial Performance - For the full year 2024, the company generated a total electricity output of 112.012 billion kWh, an increase of 4.62% year-on-year, driven by improved water inflow and the commissioning of new power stations [2] - The average settlement price of electricity in Yunnan province reached 0.22257 yuan/kWh in 2024, reflecting a 0.66% increase year-on-year due to tightening supply and demand [2] - The gross profit margin for 2024 was 56.13%, a decrease of 0.23 percentage points year-on-year, attributed to increased depreciation costs from new units [2] - Financial expenses for 2024 decreased to 2.675 billion yuan, down 2.04% year-on-year, due to the replacement of high-interest loans [2] Q1 2025 Performance - In Q1 2025, the company achieved a total electricity output of 21.292 billion kWh, a year-on-year increase of 31.22%, with hydropower generation increasing by 30.47% to 19.733 billion kWh [3][4] - The company’s wind power generation decreased by 10.43% to 1.46 billion kWh, while solar power generation surged by 50.64% to 1.413 billion kWh [4] - The financial expenses for Q1 2025 were 647 million yuan, a reduction of 5.00% year-on-year, reflecting ongoing debt structure optimization [4] Investment Outlook - The company is projected to have an EPS of 0.50 yuan, 0.52 yuan, and 0.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 19.04, 18.27, and 17.62 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In 2024, the company is expected to achieve a revenue growth of 6.05% year-on-year, reaching 24.882 billion yuan, driven by a 4.62% increase in power generation and a 0.66% rise in electricity prices. The net profit attributable to the parent company is projected to be 8.297 billion yuan, reflecting an 8.63% year-on-year increase [2][6]. - For the first quarter of 2025, the company anticipates a significant revenue increase of 21.84% year-on-year, amounting to 5.385 billion yuan, with a net profit of 1.508 billion yuan, representing a 41.56% year-on-year growth [2][6]. - The company is focusing on cost reduction and efficiency improvement, with financial expenses decreasing by 2.04% in 2024 and 5.00% in the first quarter of 2025 [2][12]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 24.882 billion yuan in 2024, with a net profit of 8.297 billion yuan. For Q1 2025, the revenue is 5.385 billion yuan, and the net profit is 1.508 billion yuan [6][12]. Power Generation and Pricing - The total power generation for 2024 is expected to be 112.012 billion kWh, a 4.62% increase year-on-year. The average electricity price is projected to reach 0.22257 yuan/kWh, up 0.66% from the previous year [12]. - In Q1 2025, the company anticipates a power generation increase of 31.22% year-on-year, totaling 21.292 billion kWh, driven by strong demand and optimized scheduling [12]. Cost Management - The company has successfully reduced financial expenses, with a decrease of 2.04% in 2024 and 5.00% in Q1 2025. R&D expenses also saw a reduction of 19.49% in 2024 [12][2]. Future Earnings Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.50 yuan, 0.52 yuan, and 0.54 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.04, 18.27, and 17.62 [12].