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].

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].

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 公告编号：2024-056 中闽能源股份有限公司 关于控股股东的一致行动人减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，中闽能源股份有限公司（以下简称"公司"）股东福 建华兴创业投资有限公司（以下简称"华兴创投"）持有公司股份 18,641,243 股，占公司总股本的 0.98%；福建省铁路投资有限责任公司（以下简称"铁路投 资"）持有公司股份 16,101,977 股，占公司总股本的 0.85%；福建华兴新兴创业 投资有限公司（以下简称"华兴新兴"）持有公司股份 5,325,381 股，占公司总 股本的 0.28%。上述股份来源于公司 2015 年重大资产重组及发行股份购买资产 并募集配套资金事项公司非公开发行股份购买资产取得。 减持计划的实施结果情况 2024 年 12 月 5 日，公司收到股东华兴创投、铁路投资和华兴新兴《关于减 持计划到期暨减持结果的告知函》。在本次减持计划实施期间，华兴创投 ...

证券代码：600163 证券简称：中闽能源 公告编号：2024-055 重要内容提示： 投资标的名称：福建莆田闽投光伏发电有限公司（暂定名，最终以市场 监督管理部门核准的名称为准）。 投资金额：全资子公司注册资本为人民币 42,200 万元。 相关风险提示：标的公司经营受宏观经济环境、政策变化、市场竞争等 不确定因素影响，可能面临投资收益不达预期的风险。标的公司筹建项目在前期 工作和建设阶段，受制于多方面的不确定性因素，可能存在项目审批手续办理迟 缓、未能按计划进度开工建设及投产发电的风险。 一、对外投资概述 （一）对外投资的基本情况 近日，福建省发展和改革委员会发布《关于印发福建省 2024 年度光伏电站 开发建设方案的通知》（闽发改新能〔2024〕502 号），中闽能源股份有限公司 （以下简称"公司"）申报的中闽北岸 400MW 渔光互补光伏电站列入福建省 2024 年度光伏电站开发建设方案项目清单，具体内容详见公司于 2024 年 11 月 1 日在 上海证券交易所网站 http://www.sse.com.cn 披露的《中闽能源关于公司申报的 光伏电站项目列入福建省 2024 年度光伏电站开发建设方案 ...

四、项目总投资11.77亿元。其中项目资本金占项目总投资的比例为20%。 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 上风电有限公司收到福建省发展和改革委员会《关于长乐B区（调整）海上风电 场项目核准的批复》（闽发改网审能源函〔2024〕187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有限公司。 二、项目建设地点：位于长乐区漳港街道东侧海域。 三、项目主要建设内容及建设规模：建设总装机容量114兆瓦。建设内容包 括7台海上风电机组、陆上集控站、35千伏场内海缆敷设、控制保护和辅助工程、 扩建长乐C区海上升压站35千伏开关柜间隔和陆上集控站35千伏配电装置开关柜 间隔等。 证券代码：600163 证券简称：中闽能源 公告编号：2024－054 中闽能源股份有限公司 关于长乐 B 区（调整）海上风电场项目核准的公告 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 ...

| 序号 | 沟通方式 | 次数 | | --- | --- | --- | | 1 | 业绩说明会、实地调研、线下交流 | 4 | | 2 | 接听投资者咨询热线 | 10 | | 3 | 回复投资者问题（上证 e 互动） | 2 | 中闽能源 2024 年 11 月投资者沟通情况 中闽能源股份有限公司 2024 年 11 月与投资者在信息披露范围内互动交流情 况：11 月 20 日召开 2024 年第三季度业绩说明会（线上）；组织项目实地调研 1 次（长江证券、建信保险资管、国投瑞银、海富通、兴证全球等 11 家机构参加）； 接待线下交流 2 次（浙商证券、富国基金）；投资者来电 10 次及上证 e 互动线 上问答 2 次，主要关注公司发展战略、新项目进展、生产经营情况、未来海风装 机增量、研发情况、现金分红安排等。 ...

证券代码：600163 证券简称：中闽能源 公告编号：2024－053 中闽能源股份有限公司 ●上市公司所处的当事人地位：中闽能源股份有限公司（以下简称"公司"） 全资子公司中闽（福清）风电有限公司（以下简称"福清风电"）为仲裁申请人。 ●涉案的金额：三个仲裁案件合并及增加仲裁请求后的涉案金额暂定为 185,975,526 元。 ●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。具体情况详见公司于 2024 年 9 月 25 日在上海证券交易所网站（www.sse.com.cn）披露的《中闽能源关于 子公司重大仲裁公告》(公告编号：2024－037）。 二、本次重大仲裁事项的进 ...

Group 1: Investor Relations Activities - The investor relations activity was an earnings briefing held on November 20, 2024, from 9:00 to 10:00 AM at the Shanghai Roadshow Center [2] - Participants included retail and institutional investors, with key personnel from the company such as the Chairman and General Manager, Guo Zheng, and the Chief Financial Officer, Liu Shangying [2] Group 2: Dividend Policy - The company has implemented its first interim dividend distribution on November 14, 2024, following the guidelines from the China Securities Regulatory Commission and the Shanghai Stock Exchange [2] - The company aims to maintain an active, continuous, and stable profit distribution policy to share operational results with investors [2] Group 3: R&D Advantages - The company specializes in clean energy generation, particularly in wind power, and has developed a professional technical and management team through self-exploration and training [2] - It has obtained 1 invention patent and 20 utility model patents, showcasing its commitment to technological advancement [2] Group 4: Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.095 billion yuan, a decrease of 0.9% year-on-year, and a net profit attributable to shareholders of 409 million yuan, an increase of 6.34% year-on-year [2] - The company is focused on achieving its annual performance targets in the fourth quarter [2]