丨证券研究报告丨 公司研究丨点评报告丨中闽能源（600163.SH） [Table_Title] 站在当前成长起点，内延外伸空间广阔 报告要点 [Table_Summary] 在所有东南沿海地区中，福建省所处的台湾海峡得益于"狭管效应"蕴藏着丰富的风力资源， 根据福建省工信厅数据福建省海上风电年均可利用小时数达 4000 小时以上，福建风电是我们 长期以来坚定看好的优质稀缺资产。而且对于公司而言，资产盈利能力领跑全行业，在一季度 福建来风优于全国背景下，盈利展望同样积极。展望长期，无论是潜在海风以及已经启动的抽 蓄资产注入，还是当前已经在建或拟建项目，公司未来外延、内生增长空间显著，这将助力公 司十五五持续增长。 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 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中闽能源（600163.SH） cjzqdt11111 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's wind power generation in Fujian reached 838 million kWh in Q1 2025, a year-on-year increase of 19.25%. Overall, the company achieved a total power generation of 899 million kWh, up 12.40% year-on-year, driven by stable growth in electricity generation [2][10] - The company is expected to benefit from the injection of high-quality assets from its parent group, which will enhance earnings per share. The injection includes a 51% stake in Yongtai Pumped Storage, which had a net profit of 218 million yuan in 2023 and a return on equity of 16.49% [10][10] - The approval of the ChangLe B District project and the convergence station project is anticipated to contribute to future earnings growth. The ChangLe B District project has a total installed capacity of 114,000 kW and is expected to operate efficiently due to favorable wind conditions [10][10] Summary by Sections Power Generation Performance - In Q1 2025, the company achieved a total power generation of 899 million kWh, a 12.40% increase year-on-year, with grid-connected power generation of 876 million kWh, up 12.89% [6][10] - The performance in different regions showed mixed results, with a significant decrease in Heilongjiang's wind power generation by 35.79% and biomass power generation down by 52.67% [10] Future Growth Potential - The company has a robust pipeline of projects awaiting approval or meeting injection conditions, which is expected to accelerate growth [2][10] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.36 yuan, 0.47 yuan, and 0.51 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13.95, 10.70, and 9.86 [10][10]

证券代码：600163 证券简称：中闽能源 公告编号：2025－009 特此公告。 中闽能源股份有限公司董事会 2025 年 4 月 10 日 中闽能源股份有限公司 2025 年第一季度发电量完成情况的公告 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。 据中闽能源股份有限公司（以下简称"公司"）统计，截至 2025 年 3 月 31 日，公司下属各项目累计完成发电量 89,880.48 万千瓦时，比去年同期 79,967.90 万千瓦时增加 12.40%；累计完成上网电量 87,619.25 万千瓦时，比去年同期 77,618.10 万千瓦时增加 12.89%，详情如下： | 经营地区/ 发电类型 | | 发电量(万千瓦时) | | | 上网电量(万千瓦时) | | | --- | --- | --- | --- | --- | --- | --- | | | 本期 | 上年同期 | 同比 | 本期 | 上年同期 | 同比 | | 福建省 | | | | | | | | 风电 | 83,839.38 | 70,308.42 ...

中闽能源（600163）公告，截至2025年3月31日，公司下属各项目累计完成发电量8.99亿千瓦时，比去 年同期8亿千瓦时增加12.40%；累计完成上网电量8.76亿千瓦时，比去年同期7.76亿千瓦时增加 12.89%。其中，福建省风电发电量为8.38亿千瓦时，上网电量为8.18亿千瓦时，同比分别增长19.25%和 19.49%。黑龙江省风电发电量为4569.93万千瓦时，上网电量为4431.71万千瓦时，同比分别下降35.79% 和35.78%。生物质发电发电量为888.3万千瓦时，上网电量为782.92万千瓦时，同比分别下降52.67%和 50.41%。新疆哈密光伏发电发电量为582.87万千瓦时，上网电量为569.21万千瓦时，同比分别下降 12.42%和12.37%。 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－008 中闽能源股份有限公司 关于副总经理辞职的公告 2025 年 4 月 3 日 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。 中闽能源股份有限公司（以下简称"公司"） 董事会于近日收到副总经理林滨 牧先生提交的辞职报告，林滨牧先生因工作变动原因申请辞去公司副总经理职务。 根据《中华人民共和国公司法》、《公司章程》等有关规定，林滨牧先生的辞职 报告自送达公司董事会之日起生效。 林滨牧先生在担任公司副总经理期间，恪尽职守、勤勉尽责，在公司工程管 理、生产运营和安全管理等方面发挥了积极作用。在此，公司及董事会对其在任 职期间为公司发展所做出的突出贡献表示衷心的感谢！ 特此公告。 中闽能源股份有限公司董事会 ...

Summary of Conference Call on Fujian Energy Sector Companies Involved - Zhongmin Energy (中闽能源) - Funiu Co., Ltd. (福能股份) Key Points and Arguments Industry Overview - Fujian Province has a significant advantage in electricity supply and demand, with a 100% full consumption rate of wind and solar energy, a condition met by only four provinces in China as of now [2][3] - The province has not approved new onshore wind projects since 2017, leading to future growth in offshore wind energy [2][3] - The share of renewable energy in Fujian's total electricity generation is only 11% as of 2024, indicating low volatility and manageable grid absorption [3] Zhongmin Energy - Zhongmin Energy focuses primarily on wind energy, with 60% of its total profit in 2023 derived from offshore wind energy [2][6] - The company has a total installed capacity of 960,000 kW, with a strong focus on clean energy development [6] - Historical ROE for Zhongmin's offshore wind projects ranges from 23% to 26%, outperforming industry averages [8] - Expected profit for 2025 is around 700 million yuan, with a potential increase of 12% to 800 million yuan in 2026 due to new wind and solar projects [2][8] - Current valuation corresponds to a PE ratio of 14, indicating over 30% upside potential [2][8] Funiu Co., Ltd. - Funiu is the largest comprehensive power company in Fujian, with a total installed capacity of 6.05 million kW [9] - The company derives 60% of its profits from wind energy, 30% from thermal power, and 10% from nuclear power [9] - Funiu's historical ROE ranges from 11% to 15%, with thermal power potentially reaching 25% in favorable years [9] - Expected profit for 2025 is approximately 2.9 billion yuan, with a projected 12% increase to 3.2 billion yuan in 2026 due to enhanced thermal competitiveness [2][9] - Current valuation is below 9 times PE, suggesting a 20% upside potential [2][9] Market Dynamics - Both companies are well-positioned in the market, with Zhongmin holding a 24% market share and Funiu holding 10% [2][5] - The profitability of offshore wind projects is enhanced by lower cost per kilowatt-hour and additional green certificate revenues [4][5] - The upcoming projects in 2026-2027 are expected to significantly boost both companies' profitability, with IRR estimates of 8% or higher for Zhongmin and 10%-12% for Funiu [2][9] Risks and Considerations - The companies face potential risks from declining thermal power prices and the impact of coal price fluctuations on their competitive load [9] - Monitoring the release of new offshore wind resources and subsidy progress in Fujian is crucial for both companies' future performance [2][9] Conclusion - Zhongmin Energy and Funiu Co., Ltd. are positioned to benefit from the stable electricity market in Fujian, with strong fundamentals and growth potential in renewable energy projects [2][9]

Investment Rating - The report initiates coverage with a "Hold" rating for the company [4][52]. Core Views - The company, a state-owned enterprise under the Fujian Investment Development Group, has a strong performance in offshore wind power and is well-positioned for future growth due to its advantageous location and abundant wind resources in Fujian Province [2][12]. - The company is expected to benefit from the optimization of competitive allocation rules for offshore wind projects, which will enhance its revenue potential [3][39]. - The Fujian Investment Development Group plans to inject quality renewable energy assets into the company, which could significantly increase its installed capacity and market competitiveness [3][42]. Summary by Sections Company Overview - Established in May 1998, the company focuses on wind power while also engaging in photovoltaic and biomass energy projects. It ranks among the top in annual power generation in Fujian Province, particularly excelling in offshore wind projects [2][12]. Market and Competitive Landscape - In 2024, the national wind power generation reached 9360.5 billion kWh, marking an 11.1% year-on-year increase. Fujian Province has maintained a zero wind abandonment rate, indicating strong demand for wind energy [3][19]. - The provincial government has initiated competitive allocation for offshore wind projects, with a total installed capacity of 2 million kW, which is expected to lower costs and improve efficiency for companies like the report's subject [3][39]. Financial Performance and Projections - The company forecasts revenues of 1.784 billion, 1.816 billion, and 1.818 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 725 million, 750 million, and 774 million yuan for the same years [4][46]. - The earnings per share (EPS) are projected to be 0.38, 0.39, and 0.41 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 12.9, 12.5, and 12.1 [4][52]. Asset Injection and Growth Potential - The Fujian Investment Development Group has committed to injecting renewable energy assets into the company, which could add approximately 240.8 million kW of installed capacity, significantly enhancing the company's scale and profitability [3][42]. - The company is expected to leverage its strong position in offshore wind energy, with projects anticipated to have high utilization hours and profitability [3][42].

证券代码：600163 证券简称：中闽能源 公告编号：2025－007 中闽能源股份有限公司 关于 2025 年度"提质增效重回报"行动方案的公告 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。 中闽能源股份有限公司（以下简称"公司"）为深入贯彻党的二十大、二十 届二中、三中全会和中央金融工作会议精神，落实国务院《关于进一步提高上市 公司质量的意见》要求，积极响应上海证券交易所《关于开展沪市公司"提质增 效重回报"专项行动的倡议》，以实际行动推动公司高质量发展及提升公司投资 价值，增强投资者获得感，结合公司经营实际和发展战略，特制定公司 2025 年 度"提质增效重回报"行动方案。公司于 2025 年 3 月 4 日召开第九届董事会第 十八次临时会议，以 9 票同意，0 票反对，0 票弃权审议通过了《关于制定公司 2025 年度"提质增效重回报"行动方案的议案》，方案具体内容如下： 一、聚焦做强主业，提升经营质量 公司以风力发电、光伏发电等清洁能源发电项目的投资、建设、运营为主业， 立足福建并实施"走出去"发展战略，多措并举获 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－006 中闽能源股份有限公司 关于变更签字注册会计师的公告 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。 中闽能源股份有限公司（以下简称"公司"）于 2024 年 10 月 15 日召开第 九届董事会第十五次临时会议，审议通过了《关于公司变更会计师事务所暨聘任 2024 年度审计机构的议案》，同意聘任希格玛会计师事务所（特殊普通合伙）为 公司 2024 年度审计机构，负责公司财务报告审计、验证及公司内部控制审计等 业务，聘期一年。该议案已经公司 2024 年第二次临时股东大会审议通过。具体 内容详见公司于 2024 年 10 月 16 日、2024 年 11 月 2 日在上海证券交易所网站 （www.sse.com.cn）披露的《中闽能源关于变更会计师事务所暨聘任 2024 年度 审计机构的公告》（公告编号：2024－043）、《中闽能源 2024 年第二次临时股 东大会决议公告》（公告编号：2024－049）。 一、签字注册会计师变更情况 希格玛会计师事务所（ ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－005 中闽能源股份有限公司 关于 2024 年度利润分配事项征求投资者意见的公告 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。 2025 年 2 月 28 日 中闽能源股份有限公司 2024 年度利润分配事项征集意见表 股东信息 证券账户名称 证 件 号 码 证券账户号码 持 股 数 量 联 系 方 式 2024 年度利润分配意见或建议 根据中国证券监督管理委员会《上市公司监管指引第 3 号—上市公司现金分 红》及中闽能源股份有限公司（以下简称"公司"）《章程》的有关规定和要求， 为做好公司 2024 年度利润分配工作，增强公司利润分配决策的透明度，保护广 大投资者尤其是中小投资者的利益，现就公司 2024 年度利润分配事项向广大投 资者征求意见。 本次征求意见时间从 2025 年 2 月 28 日起至 2025 年 3 月 10 日止，公司股东 可以通过电子邮件将按要求格式填写的《2024 年度利润分配事项征集意见表》 （附后）反馈至公司邮箱：zmzqb@z ...