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： 二、本次会计政策变更的具体情况及对公司的影响 （一）本次会计政策变更的主要内容 财政部于 2024 年 12 月 6 日发布《企业会计准则解释第 18 号》（财会〔2024〕 24 号），规定对不属于单项履约义务的保证类质量保证产生的预计负债，应当 按确定的金额计入"主营业务成本"和"其他业务成本"等科目。 公司自 2024 年 12 月 6 日起执行《解释第 18 号》文中 "关于不属于单项履 约义务的保证类质量保证的会计处理"的内容。 （二）变更前采用的会计政策 本次变更前，公司按照财政部颁布的《企业会计准则—基本准则》和各项具 体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定 执行。 （三）变更后采用的会计政策 ●中闽能源股份有限公司（以下简称"公司"）根据财政部2024年12月6日 发布《企业会计准则解释第18号》（财 ...

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] 站在当前成长起点，内延外伸空间广阔 报告要点 [Table_Summary] 在所有东南沿海地区中，福建省所处的台湾海峡得益于"狭管效应"蕴藏着丰富的风力资源， 根据福建省工信厅数据福建省海上风电年均可利用小时数达 4000 小时以上，福建风电是我们 长期以来坚定看好的优质稀缺资产。而且对于公司而言，资产盈利能力领跑全行业，在一季度 福建来风优于全国背景下，盈利展望同样积极。展望长期，无论是潜在海风以及已经启动的抽 蓄资产注入，还是当前已经在建或拟建项目，公司未来外延、内生增长空间显著，这将助力公 司十五五持续增长。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中闽能源（600163.SH） cjzqdt11111 ...

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's wind power generation in Fujian reached 838 million kWh in Q1 2025, a year-on-year increase of 19.25%. Overall, the company achieved a total power generation of 899 million kWh, up 12.40% year-on-year, driven by stable growth in electricity generation [2][10] - The company is expected to benefit from the injection of high-quality assets from its parent group, which will enhance earnings per share. The injection includes a 51% stake in Yongtai Pumped Storage, which had a net profit of 218 million yuan in 2023 and a return on equity of 16.49% [10][10] - The approval of the ChangLe B District project and the convergence station project is anticipated to contribute to future earnings growth. The ChangLe B District project has a total installed capacity of 114,000 kW and is expected to operate efficiently due to favorable wind conditions [10][10] Summary by Sections Power Generation Performance - In Q1 2025, the company achieved a total power generation of 899 million kWh, a 12.40% increase year-on-year, with grid-connected power generation of 876 million kWh, up 12.89% [6][10] - The performance in different regions showed mixed results, with a significant decrease in Heilongjiang's wind power generation by 35.79% and biomass power generation down by 52.67% [10] Future Growth Potential - The company has a robust pipeline of projects awaiting approval or meeting injection conditions, which is expected to accelerate growth [2][10] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.36 yuan, 0.47 yuan, and 0.51 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13.95, 10.70, and 9.86 [10][10]

证券代码：600163 证券简称：中闽能源 公告编号：2025－009 特此公告。 中闽能源股份有限公司董事会 2025 年 4 月 10 日 中闽能源股份有限公司 2025 年第一季度发电量完成情况的公告 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。 据中闽能源股份有限公司（以下简称"公司"）统计，截至 2025 年 3 月 31 日，公司下属各项目累计完成发电量 89,880.48 万千瓦时，比去年同期 79,967.90 万千瓦时增加 12.40%；累计完成上网电量 87,619.25 万千瓦时，比去年同期 77,618.10 万千瓦时增加 12.89%，详情如下： | 经营地区/ 发电类型 | | 发电量(万千瓦时) | | | 上网电量(万千瓦时) | | | --- | --- | --- | --- | --- | --- | --- | | | 本期 | 上年同期 | 同比 | 本期 | 上年同期 | 同比 | | 福建省 | | | | | | | | 风电 | 83,839.38 | 70,308.42 ...

中闽能源（600163）公告，截至2025年3月31日，公司下属各项目累计完成发电量8.99亿千瓦时，比去 年同期8亿千瓦时增加12.40%；累计完成上网电量8.76亿千瓦时，比去年同期7.76亿千瓦时增加 12.89%。其中，福建省风电发电量为8.38亿千瓦时，上网电量为8.18亿千瓦时，同比分别增长19.25%和 19.49%。黑龙江省风电发电量为4569.93万千瓦时，上网电量为4431.71万千瓦时，同比分别下降35.79% 和35.78%。生物质发电发电量为888.3万千瓦时，上网电量为782.92万千瓦时，同比分别下降52.67%和 50.41%。新疆哈密光伏发电发电量为582.87万千瓦时，上网电量为569.21万千瓦时，同比分别下降 12.42%和12.37%。 ...

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report emphasizes the central government's commitment to advancing electricity price reforms and the expectation of a more refined market mechanism [11][12] - The market-oriented reform of electricity pricing is expected to benefit various power sources, particularly thermal power, which is anticipated to gain significantly from these changes [11][12] - The report highlights the importance of green electricity price reforms and the acceleration of environmental value realization [11][12] Summary by Sections Event Description - The Central Committee and the State Council issued an opinion on improving price governance mechanisms, advocating for a gradual and systematic market-oriented reform of electricity pricing across various power sources [6][11] Event Commentary - The report notes that the elevation of electricity reform to the central government level indicates a strong commitment to market-oriented reforms, with a focus on establishing a supportive system for smooth reform progression [11] - It discusses the potential for capacity and ancillary service price reforms to create systemic benefits for stable output and flexible adjustment capabilities, particularly for thermal and nuclear power [11] - The report also mentions the need to eliminate unreasonable price competition and government interference in price formation, which could lead to a more orderly market environment [11] - The emphasis on green electricity pricing reform suggests that the environmental value of green power is expected to be realized more rapidly [11] Investment Recommendations - The report suggests that the "carbon neutrality" era and electricity market reforms will redefine the intrinsic value of power operators throughout the 14th Five-Year Plan period [11] - It recommends focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11] - For the renewable energy sector, it highlights companies like Longyuan Power, China Nuclear Power, and China Three Gorges Energy as potential investment opportunities [11]

证券代码：600163 证券简称：中闽能源 公告编号：2025－008 中闽能源股份有限公司 关于副总经理辞职的公告 2025 年 4 月 3 日 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"） 董事会于近日收到副总经理林滨 牧先生提交的辞职报告，林滨牧先生因工作变动原因申请辞去公司副总经理职务。 根据《中华人民共和国公司法》、《公司章程》等有关规定，林滨牧先生的辞职 报告自送达公司董事会之日起生效。 林滨牧先生在担任公司副总经理期间，恪尽职守、勤勉尽责，在公司工程管 理、生产运营和安全管理等方面发挥了积极作用。在此，公司及董事会对其在任 职期间为公司发展所做出的突出贡献表示衷心的感谢！ 特此公告。 中闽能源股份有限公司董事会 ...