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 report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Investment Rating - The investment rating for the public utility sector is "Positive" and is maintained [8]. Core Insights - The new public offering regulations are expected to drive capital inflows into the long-underweighted public utility sector, which has a current allocation of only 0.94% in actively managed public funds, significantly lower than the weights in the CSI 300 and CSI A500 indices [2][10]. - The sector's earnings have shown signs of recovery, with expectations for continued performance improvement in the second quarter and throughout the year [2][10]. Summary by Sections Public Offering Regulations - The implementation of new public offering regulations is likely to provide marginal support for the public utility sector, which has been significantly underweighted in fund allocations. The sector's weight in the CSI 300 index is 3.53%, while the allocation in actively managed funds is only 0.94%, indicating a shortfall of 2.59 percentage points compared to the index [2][10]. Earnings Recovery - The public utility sector's earnings recovery has been validated by first-quarter performance, with expectations for continued improvement. Specific insights include: - Coal prices have decreased, alleviating pressure on thermal power generation, which is expected to enhance earnings in the second quarter [10]. - Hydropower assets are becoming increasingly attractive due to declining interest rates, with companies like Yangtze Power showing a high dividend yield compared to government bond yields [10]. - Nuclear power is anticipated to recover as new units come online, mitigating previous earnings pressures [10]. - Green energy companies are expected to benefit from policy support and asset value reassessment [10]. Investment Recommendations - The report suggests focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower leaders like Yangtze Power and Guotou Power. In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [10][13][15].

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].

证券代码：600163 证券简称：中闽能源 公告编号：2025－020 中闽能源股份有限公司 关于参加 2025 年福建辖区上市公司投资者网上集体接待日活动 暨召开 2024 年度和 2025 年第一季度业绩说明会的公告 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: 会议时间：2025 年 5 月 14 日(星期三)15:30-17:00 3、会议平台：投资者可登录"全景路演"网站（http://rs.p5w.net），或 关注微信公众号"全景财经"，或下载全景路演 APP,参与本次互动交流。 三、参加人员 会议方式：网络互动方式 会议平台: 投资者可登录"全景路演"网站（http://rs.p5w.net），或 关注微信公众号"全景财经"，或下载全景路演 APP，参与互动交流。 投资者可于 2025 年 5 月 13 日（星期二）16：00 前通过中闽能源股份有限 公司（以下简称"公司"）邮箱 zmzqb@zmny600163.com 进行提问，公司将在本 次集体接待日活动暨业绩说明会中对投资者普遍关注的问 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－019 中闽能源股份有限公司 关于聘任副总经理及变更董事会秘书、证券事务代表的公告 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 2025 年 5 月 6 日召开第九 届董事会第二十次临时会议，审议通过了《关于聘任公司副总经理的议案》、《关 于聘任公司董事会秘书、总法律顾问（首席合规官）的议案》、《关于聘任公司 证券事务代表的议案》，现将具体情况公告如下： 一、关于董事会秘书、证券事务代表辞职的情况 公司董事会于近日收到公司董事会秘书、总法律顾问（首席合规官）纪志国 先生递交的书面辞职报告，纪志国先生因工作分工调整原因，申请辞去公司董事 会秘书、总法律顾问（首席合规官）职务，其辞职报告自送达董事会之日起生效。 纪志国先生在任职期间，恪尽职守、勤勉尽责，在公司信息披露、投资者关 系管理和规范治理等方面发挥了积极作用，公司及公司董事会对纪志国先生为公 司发展所做出的贡献表示衷心感谢！ 三、关于聘任董事会秘书、总法律顾问（首 ...