证券研究报告|公司动态点评 2025 年 06 月 06 日 中闽能源（600163.SH） 一季度风电放量提升盈利，集团持续推进资产注入 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,732 | 1,741 | 1,838 | 1,903 | 1,927 | | 增长率 yoy（%） | -3.3 | 0.5 | 5.6 | 3.5 | 1.2 | | 归母净利润（百万元） | 678 | 651 | 761 | 808 | 849 | | 增长率 yoy（%） | -6.9 | -4.0 | 16.9 | 6.1 | 5.2 | | ROE（%） | 11.2 | 10.0 | 10.6 | 10.3 | 9.9 | | EPS 最新摊薄（元） | 0.36 | 0.34 | 0.40 | 0.42 | 0.45 | | P/E（倍） | 15.0 | 15.6 | 13.4 | 12.6 | 12.0 | | P/B（倍） | 1.6 | 1.5 ...

"#$%&'()*! +,-./0123456! 7879 ::;1<=>?! @&ABC 地址 ADD：福州市鼓楼区工业路 572 号凤凰望郡三楼 邮政编码 ZIP：350004 电话 TEL：+86-591-87563807/87563808/87563809 传真 FAX：+86-591-87530756 二〇二五年五月 ! 福建君立律师事务所 关于中闽能源股份有限公司 2024 年年度股东大会的法律意见书 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规 范性文件的要求，福建君立律师事务所（以下简称"本所"）接受中闽能源股份 有限公司（以下简称"公司"）的委托，指派律师参加公司 2024 年年度股东大 会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员 资格、召集人资格、表决程序、表决结果及会议决议发表法律意见，并不对本次股 东大会所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025-022 中闽能源股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：福建省福州市五四路 210 号国际大厦 22 层第一会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 317 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,343,974,177 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 70.6241 | (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 表决情况： | 股东 | 同意 | | 反对 | | 弃权 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The recent share reduction by a major shareholder due to operational issues is not a cause for concern, and any short-term emotional impact on the stock price may present a good investment opportunity. Historical analysis shows that the emotional impact from previous reductions has diminished over time, and the current safety margin is sufficient with a price-to-earnings ratio (PE) of 12.88x after considering asset injections [2][6] - The company is expected to benefit from favorable policies regarding offshore wind resources in Fujian Province, with potential asset injections from the parent group that could enhance earnings per share (EPS) significantly. The projected EPS for 2025-2027 is 0.46, 0.49, and 0.73 respectively, corresponding to PE ratios of 11.76, 11.02, and 7.36 [2][6] Summary by Sections Event Description - The company announced that a major shareholder, "Huaxing New Ventures," plans to reduce its holdings by up to 5,325,381 shares through trading methods. This reduction is attributed to the expiration of operational terms and is not related to the company's performance [6] Event Commentary - The reduction is seen as non-fundamental, and the long-term value of the company remains intact. The previous reduction in August 2024 did not lead to significant long-term impacts, and the current market conditions suggest that any emotional market reactions will be short-lived. The company’s valuation remains attractive with a PE ratio of 12.88x, and upcoming asset injections are expected to contribute positively to earnings [2][6] Financial Projections - The company’s total revenue is projected to grow significantly from 1,741 million in 2025 to 6,218 million by 2027. The net profit is expected to increase from 692 million in 2024 to 1,916 million in 2027, indicating strong growth potential [17]

证券代码：600163 证券简称：中闽能源 公告编号：2025-021 中闽能源股份有限公司 本公司董事会、全体董事及相关股东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： 大股东及董监高持股的基本情况 截至本公告披露日，中闽能源股份有限公司（以下简称"公司"）股东福建 华兴新兴创业投资有限公司（以下简称"华兴新兴"）持有公司股份 5,325,381 股，占公司总股本的 0.28%。上述股份来源于公司 2015 年重大资产重组及发行 股份购买资产并募集配套资金事项公司非公开发行股份购买资产取得。华兴新兴 系公司控股股东福建省投资开发集团有限责任公司的一致行动人。 减持计划的主要内容 因经营期限即将到期，华兴新兴计划通过集中竞价交易和大宗交易方式减持 其持有的公司股份不超过 5,325,381 股。 本次减持计划自本公告披露之日起 15 个交易日后的 3 个月内实施，上述期 间如遇法律法规、规范性文件规定的窗口期，则不减持。若在减持计划期间公司 发生派发红利、送红股、资本公积金转增股本、增发新股或配股等股本除权、除 息事项，上述减持股 ...

中闽能源股份有限公司 ZHONGMIN ENERGY CO.,LTD. 2024 年年度股东大会 会 议 资 料 2025 年 5 月 20 日 中闽能源 2024 年年度股东大会会议资料 | | | | 2024 | 年年度股东大会会议须知 | 2 | | | | --- | --- | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 4 | | | | 议案 | 1：2024 年度董事会工作报告 | | | 6 | | 议案 | 2：2024 年度监事会工作报告 | | | 12 | | 议案 | 3：公司 2024 年度财务决算报告 | | 15 | | | 议案 | 4：公司 2024 年度利润分配预案 | | 18 | | | 议案 | 5：关于聘请公司 2025 | 年度审计机构的议案 | | 19 | | 议案 | 6：公司 2024 年年度报告及摘要 | | 22 | | | 议案 | 7：关于公司使用自有闲置资金进行现金管理的议案 | | | 23 | | 议案 | 8：关于公司 2025 | 年度日常关联交易预计情况的议案 | | 25 | | 议案 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue showed a slight increase year-on-year, while the net profit attributable to shareholders decreased due to impairment losses [1][7] - The company is expected to achieve further growth in performance as power projects are being implemented [2][18] - Asset injection from shareholders is anticipated to enhance the profitability of the listed company [3][19] Revenue and Profitability - In 2024, the company achieved a revenue of 1.741 billion yuan (+0.54%) and a net profit of 651 million yuan (-4.03%) [1][4] - The increase in revenue was primarily driven by a rise in power generation, which reached 3.008 billion kWh (+2.47%) [1][7] - The net profit decline was attributed to increased credit impairment losses and asset impairment losses [1][7] Future Growth Prospects - The company has secured development rights for several renewable energy projects, including offshore wind and solar power projects, which are expected to drive future revenue growth [2][18] - The company plans to accelerate project implementation and expand its market presence in resource-rich areas outside Fujian province [2][18] Financial Forecasts - The company’s net profit forecasts for 2025-2027 are 700 million yuan, 760 million yuan, and 840 million yuan, representing year-on-year growth rates of 7.8%, 8.0%, and 10.2% respectively [19] - The earnings per share (EPS) for the same period are projected to be 0.37 yuan, 0.40 yuan, and 0.44 yuan [19] Financial Metrics - The company's gross margin for 2024 is reported at 57.64%, an increase of 0.96 percentage points year-on-year [12] - The return on equity (ROE) for 2024 is expected to be 9.6%, down from 10.9% in 2023 [16] - The price-to-earnings (PE) ratio for the company is projected to be 15.7, 14.5, and 13.2 for 2025-2027 [19]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a total revenue of 514 million yuan in Q1 2025, representing a year-on-year growth of 10.43%, with a net profit attributable to shareholders of 251 million yuan, up 18.1% year-on-year [6][9] - The company's wind power generation in the Fujian region grew by 19.25% year-on-year, contributing significantly to revenue growth, while the average comprehensive electricity price remained stable at 0.586 yuan per kilowatt-hour, slightly down by 1 fen compared to the previous year [2][11] - The company successfully controlled costs, with financial expenses decreasing by 24.88% year-on-year to 18.8 million yuan, leading to improved profitability with gross and net profit margins of 68.16% and 51.36%, respectively, both showing year-on-year increases [2][11] Summary by Sections Financial Performance - In Q1 2025, the company generated 899 million kilowatt-hours of electricity, a 12.40% increase year-on-year, with the Fujian region being the primary driver of this growth [2][11] - The total operating costs decreased by 4.16% year-on-year, amounting to 1.64 billion yuan, while the company’s financial expenses were reduced significantly [11][12] Growth Potential - The company is positioned for future growth with several projects in the pipeline, including the potential asset injection from the group, which could enhance earnings per share [11][12] - The report forecasts EPS for 2025-2027 to be 0.46 yuan, 0.49 yuan, and 0.73 yuan, respectively, with corresponding PE ratios of 12.37, 11.59, and 7.74 [11][12]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.46 [6]. Core Views - The company is expected to achieve a revenue of RMB 1.741 billion in 2024, reflecting a year-on-year increase of 0.5%, while the net profit attributable to shareholders is projected to be RMB 651 million, down 4% year-on-year [1]. - The company is set to commence new offshore wind power projects, with expectations of a slight increase in wind power profitability in 2025 [2][3]. - The major shareholder's quality power assets are anticipated to be injected into the company, which could enhance performance [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of RMB 514 million, up 10% year-on-year, and a net profit of RMB 251 million, up 18% year-on-year [1]. - The company’s net profit for 2025 is expected to increase by 4.8% year-on-year, with a net profit per kilowatt-hour projected to decrease by 1.1% to RMB 0.260 [2]. Project Developments - The company has new projects in the pipeline, including the Changle B area offshore wind power and the Changle offshore concentrated collection station, expected to start construction in 2025 and be operational by the end of 2026 [2]. - The major shareholder's Pinghai Bay offshore wind power phase III project is awaiting subsidy verification results, which are crucial for asset injection [3]. Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been revised down by 9% to RMB 730 million and RMB 807 million, respectively, due to adjustments in wind power prices and an increase in photovoltaic installations [4]. - The target price has been adjusted to RMB 6.46 from RMB 6.72, based on a 17x PE for 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Viewpoints - The company achieved a revenue of 1.741 billion yuan in 2024, a year-on-year increase of 0.54%, while the net profit attributable to shareholders decreased by 4.03% to 651 million yuan due to asset impairment and subsidy receivable provisions [6][8]. - The performance of the company's offshore wind projects is highlighted, with a significant contribution to net profit, indicating the core position of offshore wind in the company's operations [2][6]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.741 billion yuan, with a slight increase of 0.54% year-on-year. The net profit attributable to shareholders was 651 million yuan, reflecting a decrease of 4.03% [6][8]. - The average utilization hours for Fujian land wind reached 2,848 hours, an increase of 104 hours year-on-year, while offshore wind utilization hours reached 4,344 hours, up by 439 hours, both significantly above the national average of 2,127 hours [2][11]. Growth Potential - The report suggests that despite short-term fluctuations in performance, the company is positioned for long-term growth due to internal and external expansion opportunities [2][11]. - The company is expected to see earnings per share (EPS) of 0.46 yuan, 0.49 yuan, and 0.73 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 12.61, 11.81, and 7.89 [8][11]. Project Contributions - The offshore wind project, 中闽海电, contributed 76.07% to the company's net profit, showcasing its importance to overall performance [2][11]. - Future projects, including the 永泰抽蓄电站 and other offshore wind initiatives, are anticipated to enhance the company's earnings and support sustained growth [2][11].