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（ ...

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

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 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－004 中闽能源股份有限公司 ●是否会对上市公司损益产生负面影响：由于该案件尚未开庭审理，最终裁 决结果尚不确定，对公司损益的影响存在不确定性。 一、本次重大仲裁申请的基本情况 公司全资子公司福清风电因与西门子歌美飒可再生能源科技（中国）有限公 司（以下简称"西门子歌美飒"）有关马头山、王母山、大帽山三个风电场项目 的风电机组及附属设备采购合同纠纷向中国国际经济贸易仲裁委员会福建分会 （以下简称"仲裁委"）提出仲裁申请。因案涉三个独立合同，福清风电按照三 个案件申请立案。2024 年 9 月 24 日，福清风电收到仲裁委关于三个案件的仲裁 通知；11 月 5 日，仲裁委出具（2024）中国贸仲闽字第 000562 号文件，将三个 案件合并仲裁；11 月 8 日，福清风电向仲裁委提交《合并仲裁请求确认及增加 仲裁请求申请书》；11 月 25 日，福清风电收到仲裁委出具的变更请求受理通知。 具体情况详见公司于 2024 年 9 月 25 日、11 月 26 日在上海证券交易所网站 关于子公司重大仲裁进展公告 （www.sse.com.cn）披露的《中 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Viewpoints - The company achieved a total power generation of 30.08 billion kWh in 2024, representing a year-on-year increase of 2.47%. In the fourth quarter, the power generation reached 11.10 billion kWh, up 12.81% year-on-year, with significant contributions from wind power in Fujian province, which saw a 20.15% increase in the same period [2][11]. - The company is expected to maintain stable performance in 2024, supported by a strong fourth-quarter performance and a pipeline of approved projects within the group [2][11]. - The injection of high-quality resources from the parent group is anticipated to enhance earnings per share, with the announcement of the injection of 51% equity in Yongtai Pumped Storage, which reported a net profit of 218 million yuan in 2023 [11]. - The approval of the Chang Le B District project and the convergence station project is expected to contribute to future earnings growth, with the Chang Le B District project having a total installed capacity of 114,000 kW and a projected internal rate of return of approximately 8.21% [11]. Summary by Sections Power Generation Performance - In 2024, the company completed a total power generation of 30.08 billion kWh, a 2.47% increase from the previous year. The total on-grid power generation was 29.24 billion kWh, up 2.83% year-on-year. The fourth quarter saw a power generation of 11.10 billion kWh, a 12.81% increase compared to the same period last year [5][11]. Project Approvals and Future Growth - The company has received approvals for the Chang Le B District project and the convergence station project, which are expected to provide additional earnings. The Chang Le B District project is projected to operate smoothly due to favorable wind conditions in Fujian [11]. Financial Projections - The company is projected to have earnings per share (EPS) of 0.39 yuan, 0.50 yuan, and 0.54 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 13.47, 10.61, and 9.71 [11].

财联社12月31日电，中闽能源公告，公司收到控股股东福建投资集团通知，将启动并筹划涉及公司的资 产注入事项。 本次资产注入涉及的标的资产为福建投资集团拥有的闽投抽水蓄能51%股权，初步预计不构成重大资产 重组。 该交易正处于启动和初步筹划阶段，尚需履行相应的决策和审批程序，具体收购方式、交易金额及交易 进度存在不确定性。 ...

近日，中闽能源股份有限公司（以下简称公司）控股子公司福建福州闽投海 上风电汇流站有限公司收到福建省发展和改革委员会《关于长乐外海集中统一送 出工程项目核准的批复》（闽发改网审能源函〔2024〕200号）。现将该批复的 主要核准事项公告如下： 一、项目单位为福建福州闽投海上风电汇流站有限公司。 二、项目建设地点：位于长乐区松下镇及其外海海域。 三、项目主要建设内容及建设规模：新建输出容量为210万千瓦，建设±525 千伏的海上柔性直流换流站和陆上集控站(含储能、容量21万千瓦/42万千瓦时) 各1座、±525千伏直流电缆、控制保护和施工辅助工程等。 四、项目总投资73.35亿元，其中项目资本金占项目总投资的比例为20%。 证券代码：600163 证券简称：中闽能源 公告编号：2024－057 中闽能源股份有限公司 关于长乐外海集中统一送出工程项目核准的公告 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。 公司将根据核准文件，积极推进相关工作，并及时履行信息披露义务，敬请 广大投资者注意投资风险。 特此公告。 中闽能源股份有限公司 ...

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].