证券代码：600163 证券简称：中闽能源 公告编号：2025-018 中闽能源股份有限公司 第九届董事会第二十次临时会议决议公告 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。 一、董事会会议召开情况 中闽能源股份有限公司（以下简称"公司"或"中闽能源"）第九届董事会 第二十次临时会议通知和材料于 2025 年 4 月 30 日以电子邮件的方式送达全体董 事，会议于 2025 年 5 月 6 日以通讯方式召开。本次会议由董事长郭政先生主持， 会议应出席董事 9 名，实际出席董事 9 名，公司全体监事、部分高级管理人员列 席了会议，会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的有关规定。 二、董事会会议审议情况 经公司总经理提名、董事会提名委员会审核，会议同意聘任纪志国先生为公 司副总经理，任期自董事会审议通过之日起至第九届董事会届满之日止。 具体内容详见上海证券交易所网站 http://www.sse.com.cn《中闽能源关于 聘任副总经理及变更董事会秘书、证券事务代表的公告》（公告编号：2 ...

证券研究报告·公司点评报告·电力 中闽能源（600163） 2024 年报&2025 一季报点评：福建风电表现 良好，关注新项目获取与集团资产注入 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,732 | 1,741 | 2,444 | 2,841 | 2,964 | | 同比（%） | (3.30) | 0.54 | 40.36 | 16.24 | 4.33 | | 归母净利润（百万元） | 678.47 | 651.15 | 922.84 | 998.68 | 1,040.61 | | 同比（%） | (6.91) | (4.03) | 41.72 | 8.22 | 4.20 | | EPS-最新摊薄（元/股） | 0.36 | 0.34 | 0.48 | 0.52 | 0.55 | | P/E（现价&最新摊薄） | 15.54 | 16.19 | 11.42 | 10.56 | 10.13 | [Ta ...

证券研究报告·公司点评报告·电力 中闽能源（600163） 2024 年报&2025 一季报点评：福建风电表现 良好，关注新项目获取与集团资产注入 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,732 | 1,741 | 2,444 | 2,841 | 2,964 | | 同比（%） | (3.30) | 0.54 | 40.36 | 16.24 | 4.33 | | 归母净利润（百万元） | 678.47 | 651.15 | 922.84 | 998.68 | 1,040.61 | | 同比（%） | (6.91) | (4.03) | 41.72 | 8.22 | 4.20 | | EPS-最新摊薄（元/股） | 0.36 | 0.34 | 0.48 | 0.52 | 0.55 | | P/E（现价&最新摊薄） | 15.54 | 16.19 | 11.42 | 10.56 | 10.13 | [Ta ...

公司研究 证 券 研 究 报 告 中闽能源（600163）2024 年报及 2025 年一季报点评 强推（维持） 25Q1 归母净利+18%，看好公司长期海风发 展潜力 事项： 公司 2024 年实现总营业收入 17.41 亿元，同比增长 0.54%；实现归母净利润 6.51 亿元，同比减少 4.03%。2025 年一季度公司实现总营业收入 5.14 亿元， 同比增长 10.43%；实现归母净利润 2.51 亿元，同比增长 18.1%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,741 | 1,830 | 2,095 | 2,697 | | 同比增速(%) | 0.5% | 5.1% | 14.5% | 28.7% | | 归母净利润(百万) | 651 | 741 | 864 | 1,070 | | 同比增速(%) | -4.0% | 13.8% | 16.5% | 23.9% | | 每股盈利(元) | 0.34 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][17]. Core Views - The company achieved a total revenue of 1.741 billion yuan in 2024, a year-on-year increase of 0.54%, while the net profit attributable to shareholders was 651 million yuan, a decrease of 4.03%. In Q1 2025, the company reported total revenue of 514 million yuan, a year-on-year increase of 10.43%, and a net profit of 251 million yuan, an increase of 18.1% [1][3]. - The report highlights the company's long-term potential in offshore wind development, particularly in Fujian province, where it is a significant player. The growth in offshore wind capacity is expected to accelerate, with only 41 GW installed as of 2024, representing just 1.2% of total capacity [7][8]. - The report emphasizes the importance of project allocation and asset injection for future growth, particularly the potential benefits from the third phase of the offshore wind project [7][8]. Financial Summary - The company's total revenue is projected to grow from 1.741 billion yuan in 2024 to 2.697 billion yuan by 2027, with corresponding year-on-year growth rates of 0.5%, 5.1%, 14.5%, and 28.7% [3][8]. - Net profit is expected to increase from 651 million yuan in 2024 to 1.07 billion yuan in 2027, with growth rates of -4.0%, 13.8%, 16.5%, and 23.9% respectively [3][8]. - Earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2024 to 0.56 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 16x to 10x over the same period [3][8]. Market Performance - The company's stock price target is set at 7.8 yuan, representing a 41% upside from the current price of 5.54 yuan [3][7]. - The report notes that the company has a total market capitalization of 10.543 billion yuan and a debt-to-equity ratio of 54.6% in 2024, indicating a relatively stable financial position [4][8].

Market Analysis - Historical reference to the market performance post-2018 tariffs indicates that industries focused on self-sufficiency, domestic demand expansion, and stable dividends performed well[4] - Future market risk appetite is expected to rise, contingent on policy changes, including potential liquidity releases from the Federal Reserve due to U.S. bond and stock market liquidity issues[4] Recommended Industries - Key industries recommended for investment include metals, chemicals, electricity, military, non-banking financials, banking, retail, social services, automotive, and computing[4] - The report emphasizes the importance of focusing on industries with self-sufficiency, domestic demand expansion, and stable dividends amid macroeconomic disturbances[4] Stock Recommendations - **Metals**: Chifeng Jilong Gold Mining Co., Ltd. (EPS forecast: 1.92 in 2025, PE: 13.8) shows strong performance potential[22] - **Chemicals**: Yara International ASA (EPS forecast: 2.42 in 2025, PE: 12.2) is positioned for significant growth due to its overseas potassium mining operations[22] - **Electricity**: Zhongmin Energy (EPS forecast: 0.36 in 2025, PE: 15.7) benefits from favorable wind resources in Fujian Province[22] - **Military**: AVIC Shenyang Aircraft Corporation (EPS forecast: 1.44 in 2025, PE: 29.7) is expected to see steady growth driven by new aircraft models[22] - **Non-Banking Financials**: New China Life Insurance Co., Ltd. (EPS forecast: 7.36 in 2025, PE: 6.5) has a strong leverage position in the market[22] - **Banking**: Jiangsu Bank (EPS forecast: 1.74 in 2025, PE: 6.0) offers high dividend yield and stable growth prospects[22] - **Retail**: Yiwu Small Commodity City (EPS forecast: 0.75 in 2025, PE: 20.7) is set to benefit from international trade reforms[22] - **Social Services**: Core International (EPS forecast: 1.46 in 2025, PE: 22.5) is leveraging AI for enhanced operational efficiency[22] - **Automotive**: Xiaomi Group (EPS forecast: 1.37 in 2025, PE: 34.7) is expected to see significant sales growth in electric vehicles[22] - **Computing**: Cambricon Technologies (EPS forecast: 2.74 in 2025, PE: 257.5) is positioned to benefit from the growing AI chip market[22]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 04 日 请务必仔细阅读正文之后的评级说明和重要声明 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 中闽能源(600163.SH) 投资评级： 买入（维持） ——24 年业绩下滑主因减值 2025Q1 风资源表现优异 投资要点： 风险提示。电价波动风险，电量波动风险，新增项目投产进度不及预期 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 1,732 | 1,741 | 1,880 | 2,032 | 2,113 | | 同比增长率（%） | -3.30% | 0.54% | 7 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 第一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 单位：元 币种：人民币 (二) 非经常性损益项目和金额 证券代码：600163 证券简称：中闽能源 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、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 □适用 √不适用 二、 股东信息 (一) 普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表 单位：股 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 513,845,212.01, representing a 10.43% increase compared to CNY 465,302,225.71 in the same period last year[5] - Net profit attributable to shareholders was CNY 251,211,954.52, an increase of 18.10% from CNY 212,703,632.88 year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 245,209,354.36, reflecting a 20.01% increase compared to CNY 204,317,024.26 in the previous year[5] - Basic and diluted earnings per share were both CNY 0.1320, up 18.07% from CNY 0.1118 in the previous year[5] - The net profit for Q1 2025 was CNY 263,891,306.30, an increase of 17.7% compared to CNY 224,294,036.14 in Q1 2024[19] - The total operating profit for Q1 2025 was CNY 341,003,423.96, up from CNY 262,415,037.66 in Q1 2024, reflecting a growth of 30%[19] - The total profit before tax for Q1 2025 was CNY 341,001,650.44, compared to CNY 262,517,942.92 in Q1 2024, indicating a growth of 30%[19] Cash Flow and Assets - The net cash flow from operating activities was CNY 184,776,526.47, showing a 5.74% increase from CNY 174,747,486.57 in the same period last year[5] - The company's cash and cash equivalents increased to ¥1,255,681,701.94 as of March 31, 2025, compared to ¥1,093,814,936.03 at the end of 2024, a rise of 14.8%[12] - The total cash and cash equivalents at the end of Q1 2025 were CNY 1,254,916,708.92, compared to CNY 738,437,687.07 at the end of Q1 2024[23] - Total assets at the end of the reporting period were CNY 11,841,972,287.71, a 1.37% increase from CNY 11,682,373,175.48 at the end of the previous year[6] - Total assets amounted to ¥11,841,972,287.71 as of March 31, 2025, compared to ¥11,682,373,175.48 at the end of 2024, reflecting a growth of 1.4%[15] - Total liabilities decreased slightly to ¥4,640,930,908.74 in Q1 2025 from ¥4,748,737,031.69 in Q4 2024, a decline of 2.3%[14] Shareholder Information - Shareholders' equity attributable to shareholders was CNY 7,024,759,335.76, representing a 3.77% increase from CNY 6,769,701,330.26 at the end of the previous year[6] - The total number of common shareholders at the end of the reporting period was 41,647[9] - The largest shareholder, Fujian Investment Development Group Co., Ltd., holds 64.14% of the shares, totaling 1,220,547,834 shares[9] Operating Costs and Expenses - Total operating costs decreased to ¥206,399,436.17 in Q1 2025 from ¥215,353,450.22 in Q1 2024, reflecting a reduction of 4.4%[18] - Operating income for Q1 2025 was ¥307,445,775.84, up from ¥249,948,775.49 in Q1 2024, indicating a growth of 23%[18] - Research and development expenses were reported at ¥436,893.21 in Q1 2024, indicating a focus on innovation and product development[18] Cash Flow Activities - Cash flow from operating activities for Q1 2025 was CNY 184,776,526.47, slightly up from CNY 174,747,486.57 in Q1 2024[22] - Cash flow from investing activities generated a net inflow of CNY 86,655,991.97 in Q1 2025, compared to CNY 442,092,307.20 in Q1 2024[23] - The company received CNY 2,400,582,191.78 from investment recoveries in Q1 2025, significantly higher than CNY 950,000,000.00 in Q1 2024[23] - The company’s cash flow from financing activities showed a net outflow of CNY 110,330,745.55 in Q1 2025, compared to a net outflow of CNY 122,899,456.48 in Q1 2024[23] Future Plans - The company plans to continue expanding its market presence and exploring potential mergers and acquisitions to enhance growth opportunities[18]

（二）风控措施 1、公司使用自有闲置资金进行现金管理，是在保证公司日常经营需求和资金安全的前提下实施，风险 可控。 2、为控制投资风险，公司使用自有闲置资金进行现金管理的投资范围为低风险、安全性高和流动性好 的投资产品。公司现金管理选择资信状况与财务状况良好、盈利能力强的金融机构作为受托方，并与受 托方明确现金管理的金额、期间、投资品种、双方的权利义务及法律责任等。 3、公司独立董事、监事会有权对资金使用情况进行监督与检查，必要时可以聘请专业机构进行审计。 四、投资对公司的影响 在保证公司日常经营需求和资金安全的前提下，公司使用自有闲置资金进行现金管理，有利于提高资金 使用效率，增加公司现金资产的投资收益，不会影响公司主营业务的正常开展，不存在损害公司和股东 利益的情形。 公司购买具体现金管理产品及到期结算后，根据财政部发布的新金融工具确认和计量准则的规定，进行 金融资产分类和相应的会计处理。 特此公告。 中闽能源股份有限公司董事会 2025年4月29日 证券代码：600163 证券简称：中闽能源 公告编号：2025-016 中闽能源股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不 ...