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] 电量优异护航业绩增长，外延扩张打开向上空间 报告要点 [Table_Summary] 2024 年度公司累计完成发电量 30.08 亿千瓦时，同比增加 2.47%，四季度公司完成发电量 11.10 亿千瓦时，同比增加 12.81%，其中福建区域风电单四季度完成发电量 10.26 亿千瓦时，同比 增加 20.15%，强势扭转前三季度电量下滑的态势，全年发电量实现稳健增长。在四季度电量 优异表现的拉动下，公司单季业绩展望积极，全年预计实现稳健的业绩表现。在集团以及上市 公司体内大量储备项目陆续核准或满足注入条件的背景下，公司成长斜率有望进一步加速。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 %% %% research.95579.com 1 [Table_Author] SFC：BQT627 公司发布 2024 年度发电 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.72 [13]. Core Insights - The company is expected to undergo a value reassessment, with anticipated growth in profitability. The injection of high-quality power assets from the major shareholder is expected, and new projects in offshore wind power and complementary fishing-solar initiatives are set to commence [13]. - The company is projected to achieve a year-on-year growth in net profit of 5.3% in 2024, 12.4% in 2025, and 10.9% in 2026, with earnings per share (EPS) expected to be RMB 0.38, RMB 0.42, and RMB 0.47 respectively [15]. - The company’s offshore wind projects are expected to contribute significantly to net profit, with a total of 268 MW of offshore wind capacity anticipated to be operational by the end of 2026 [13][14]. Financial Summary - Revenue for 2024 is estimated at RMB 1,769 million, with a projected increase to RMB 2,195 million by 2026, reflecting a compound annual growth rate (CAGR) of 16.0% [3][15]. - The net profit attributable to the parent company is forecasted to be RMB 714.28 million in 2024, RMB 803.03 million in 2025, and RMB 890.56 million in 2026 [3][15]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 16.92 in 2024 to 13.57 in 2026, indicating an improving valuation as earnings grow [3][15]. Operational Insights - The company’s wind power generation is expected to see a year-on-year increase of 15% to 25% in the last quarter of 2024, driven by strong wind resource performance in October and November [14]. - The company has received approval for its offshore wind projects, which are expected to start construction in 2025 and be operational by the end of 2026 [14].

Investment Rating - The report maintains a "Buy" rating for Zhongmin Energy (600163 SH) [5] Core Views - The approval of the Changle B Zone offshore wind power project is expected to significantly enhance the company's profitability [2][6] - The project has a total installed capacity of 114 MW with a total investment of 1 177 billion yuan and a unit investment of 10 325 yuan per kW [2][6] - The project is expected to achieve a capital internal rate of return (IRR) of 8 21% based on 4 250 utilization hours and an on grid electricity price of 0 27 yuan per kWh [2][6] - The company's offshore wind power installed capacity will expand to 410 MW upon the completion of the Changle B Zone project [7] - The company's 2024 2026 earnings are forecasted to be 734 million yuan 1 019 billion yuan and 1 114 billion yuan respectively with corresponding EPS of 0 39 yuan 0 54 yuan and 0 59 yuan [9] Project Details - The Changle B Zone project is located in the eastern sea area of Zhanggang Street Changle District and will install 6 16 MW wind turbines and 1 18 MW wind turbine [7] - The project will utilize the existing 220 kV offshore booster station submarine cable and onshore control station from the Changle Outer Sea C Zone wind farm for grid connection [7] - The project's capital accounts for 20% of the total investment with the remaining financed through loans [6][7] - The project is expected to generate an annual profit of 131 yuan per kW before depreciation expires [7] Group Resources and Expansion - The company's parent group has committed to injecting offshore wind and pumped storage assets into the company once they meet listing conditions [8] - Potential assets for injection include the Yongtai pumped storage project with a 2023 net profit of 218 million yuan and a ROE of 16 49% [8] - The Pinghai Bay Phase III offshore wind project could achieve a ROE exceeding 30% if subsidies are confirmed [8] - The company has invested 51 million yuan to establish a joint venture for the centralized grid connection of offshore wind projects in the Changle area [8] Financial Projections - The company's 2024 2026 revenue is projected to be 1 745 billion yuan 2 63 billion yuan and 2 865 billion yuan respectively [20] - Net profit attributable to shareholders is expected to be 734 million yuan 1 019 billion yuan and 1 114 billion yuan for 2024 2026 [20] - The company's PE ratios for 2024 2026 are forecasted at 16 07x 11 58x and 10 59x respectively [20]

证券代码：600163 证券简称：中闽能源 中闽能源股份有限公司 投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |------------------------------|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：600163 证券简称：中闽能源 中闽能源股份有限公司 投资者关系活动记录表 编号：2024‐004 | --- | --- | --- | |------------------------------|--------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券时报e公司讯，企查查APP显示，近日，福建诏安闽投光伏发电有限公司成立，法定代表人为刘靖 武，经营范围包含太阳能发电技术服务；储能技术服务；机械设备租赁等。 企查查股权穿透显示，该公司由中闽能源(600163)、福州金钠科技有限公司共同持股。 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2024 年 11 月 06 日 SAC：S1350524060004 zhahao@huayuanstock.com SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 福建风电电量略有增长，毛利增长或因生物质燃料成本下降。2024Q3 公司实现上网电量 4.65 亿千瓦时，同比几乎持平，其中福建风电实现上网电量 4.23 亿千瓦时，同比小幅增长 3.4%， 从福建省风资源来看，7、8 月份风况比较一般，9 月份显著好转，从而使得三季度风电电量 增速转正。受福建风电增长影响，公司营业收入小幅增长，同时 Q3 公司营业成本同比下滑 3.94%，推测或为生物质项目燃料下降，受此影响 Q3 公司毛利率提升 3.3 个百分点，Q3 公 司毛利提升约 0.1 亿元，成为公司利润增长的主要原因。 新增核准 10 万千瓦海风项目，期待未来海风持续审批带来的成长性。2023 年在福建省海上 风电市场化竞争配置（ ...

%% %% 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] 福建风电强势引领增长，控股汇流站或扩充版图 | --- | |-------| | | | | | | | | | | | | | | 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 中闽能源（600163.SH） cjzqdt11111 相关研究 [Table_Title 福建风电强势引领增长，控股汇流站或扩充版 2] 图 [Table_Summary2] 事件描述 公司披露 2024 年第三季度报告：2024 年前三季度，公司实现营业收入 10.95 亿元，同比下降 0.90%；实现归母净利润 4.09 亿元，同比增长 6.34%。 事件评论 ⚫ 电量下滑无碍营收增长，福建风电强势引领增长。截止 2024 年 9 月 30 日，公司下属各 项目累计完成发电量 18.98 ...

证券研究报告|公司动态点评 2024 年 10 月 30 日 中闽能源（600163.SH） 盈利能力持续改善，看好区域优质海风+确定性增量 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|-------------------------|-------------------------------------|-----------------------------------|-----------------|------------------------------------------------------------------------------------|---- ...

中闽能源股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600163 证券简称：中闽能源 中闽能源股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人郭政、主管会计工作负责人柳上莺及会计机构负责人（会计主管人员）俞宙保证季度 报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|----------------|--------------------------------------|------------------|------------------ ...