证券代码：600483 证券简称：福能股份 公告编号：2025-027 福建福能股份有限公司 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： ●投资者可于 2025 年 5 月 13 日（星期二）16:00 前通过福建福能股份有限公司（以 下简称公司）邮箱 zhengy2@fjec.com.cn 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题进行回答。 公司已分别于 2025 年 4 月 25 日和 4 月 26 日发布 2024 年年度报告和 2025 年第一 季度报告，为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营 成果、财务状况，进一步加强与投资者的互动交流，公司将参加由福建证监局指导,福 建省上市公司协会主办与深圳市全景网络有限公司联合举办的 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 ...

福建福能股份有限公司 FUJIAN FUNENG CO．，LTD. | 年年度股东大会会议须知 | 2024 | 3 | | --- | --- | --- | | 年年度股东大会会议议程 | 2024 | 5 | | 年度董事会工作报告 | 议案一：2024 | 6 | | 年度监事会工作报告 | 议案二：2024 | 9 | | 年度财务决算报告 | 议案三：2024 | 13 | | 年度全面预算草案 | 议案四：2025 | 16 | | 2024 年度利润分配的议案 | 议案五：关于 | 17 | | 年年度报告全文及摘要 | 议案六：2024 | 18 | | 2025 年度日常关联交易预计的议案 | 议案七：关于 | 19 | | 2025 年度信贷计划的议案 | 议案八：关于 | 26 | | 议案九：关于与福建省能源石化集团财务有限公司续签《金融服务协议》（关联交易） | | | | 27 | 的议案 | | | 议案十：关于续聘致同会计师事务所（特殊普通合伙）为 2025 年度财务审计机构和内 | | | | 控审计机构的议案 29 | | | | 议案十一：关于修订公司《章程》的议案 | ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 13.08, compared to the current price of RMB 9.96 [1][6][13]. Core Insights - The company is expected to benefit from improved wind conditions, with onshore and offshore wind utilization hours increasing by 152 and 421 hours year-on-year, respectively, leading to a positive outlook for performance recovery [1][6][13]. - For 2024, the company is projected to achieve revenue of RMB 14.56 billion, a slight decrease of 0.9% year-on-year, while net profit attributable to shareholders is expected to rise by 6.5% to RMB 2.79 billion [6][13]. - The first quarter of 2025 shows promising results with revenue of RMB 3.1 billion, up 0.3% year-on-year, and net profit attributable to shareholders increasing by 42.8% to RMB 750 million, driven by strong wind resources [6][13]. Financial Summary - The financial summary indicates that the company’s revenue is projected to decline slightly in 2024 but is expected to grow significantly in the following years, reaching RMB 18.44 billion by 2027, representing a growth of 17.6% [4][7]. - Net profit attributable to shareholders is forecasted to increase from RMB 2.79 billion in 2024 to RMB 3.73 billion in 2027, reflecting a compound annual growth rate of approximately 13.1% [4][7]. - The earnings per share (EPS) is expected to rise from RMB 1.00 in 2024 to RMB 1.34 in 2027, indicating a positive trend in profitability [4][7]. Future Growth Potential - The company has a robust pipeline of future projects, including a combined heat and power (CHP) project and offshore wind projects, which are expected to contribute significantly to net profits in 2026 and 2027 [6][14]. - The anticipated internal rates of return (IRR) for the CHP projects are 12.55% and 17.73%, indicating strong potential for profitability [6][14]. - The company plans to initiate a mid-term dividend of no less than 10% in 2025, reflecting a commitment to shareholder returns while pursuing growth [6][14].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 13.08, compared to the current price of RMB 9.96 [1][6][13]. Core Insights - The company is expected to see a recovery in performance due to improved wind conditions, with onshore and offshore wind utilization hours increasing by 152 and 421 hours year-on-year, respectively [1][6][13]. - For 2024, the company is projected to achieve revenue of RMB 14.56 billion, a slight decrease of 0.9% year-on-year, and a net profit attributable to shareholders of RMB 2.79 billion, an increase of 6.5% year-on-year [6][13]. - The first quarter of 2025 shows promising results with revenue of RMB 3.1 billion, up 0.3% year-on-year, and a net profit of RMB 750 million, up 42.8% year-on-year, driven by strong wind resources [6][13]. Financial Summary - The financial summary indicates that the company’s revenue is expected to grow from RMB 14.56 billion in 2024 to RMB 18.44 billion by 2027, reflecting a compound annual growth rate (CAGR) of 17.6% [4][7]. - Net profit attributable to shareholders is projected to increase from RMB 2.79 billion in 2024 to RMB 3.73 billion in 2027, with a CAGR of 13.1% [4][7]. - The earnings per share (EPS) is expected to rise from RMB 1.00 in 2024 to RMB 1.34 in 2027 [4][7]. Future Growth Potential - The company has a robust pipeline of future projects, including a combined heat and power (CHP) project with an expected internal rate of return (IRR) of 12.55% for Phase I and 17.73% for Phase II, projected to commence in 2026 and 2027, respectively [6][14]. - The offshore wind project in Changle J Zone is expected to be operational by early 2027, with an IRR of 5.03% [6][14]. - The company plans to initiate a mid-term dividend of no less than 10% in 2025, indicating a commitment to shareholder returns while pursuing growth [6][14].

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 [1][6]. Core Views - The company achieved a year-on-year growth of 43% in net profit attributable to shareholders in Q1 2025, showcasing strong performance and growth potential [1][6]. - The report highlights significant growth in wind power generation, particularly in offshore and onshore projects, driven by improved wind conditions in Fujian province [6]. - The company is well-positioned for future growth in the renewable energy sector, particularly in offshore wind and solar energy, with a robust pipeline of projects [6]. Financial Summary - Total revenue for 2024 is projected at 145.63 billion, with a slight decline of 0.9% year-on-year, but expected to grow by 3.3% in 2025 [2][7]. - Net profit attributable to shareholders is forecasted to be 27.93 billion in 2024, reflecting a growth of 6.5% year-on-year, with further increases expected in subsequent years [2][7]. - Earnings per share (EPS) is projected to increase from 1.00 in 2024 to 1.29 by 2027, indicating a positive trend in profitability [2][7]. Market Performance - The company's stock price target is set at 13.1 yuan, representing a potential upside of 32% from the current price of 9.96 yuan [2][6]. - The company has a total market capitalization of 276.90 billion, with a price-to-earnings (P/E) ratio of 10 for 2024, which is expected to decrease to 8 by 2027 [2][7]. Operational Insights - The company’s total installed capacity as of the end of 2024 is approximately 6.096 million kilowatts, with a significant portion dedicated to clean energy sources [6]. - The report notes that 75.7% of the company's total power generation comes from market-based transactions, indicating a strong focus on competitive pricing and efficiency [6].

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 [6][16]. Core Views - The company achieved a significant year-on-year growth of 43% in net profit attributable to shareholders in Q1 2025, showcasing strong growth potential for the long term [1][6]. - The report highlights the company's robust performance in the wind power sector, particularly in offshore and onshore projects, driven by improved wind conditions in Fujian province [6][7]. - The report anticipates a structural adjustment in the renewable energy sector, particularly in wind and solar power, which could lead to substantial growth opportunities for the company [6][7]. Financial Summary - Total revenue for 2024 is projected at 145.63 billion, with a slight decline of 0.9% year-on-year, while net profit is expected to reach 27.93 billion, reflecting a growth of 6.5% [2][6]. - The company’s earnings per share (EPS) are forecasted to increase from 1.00 in 2024 to 1.29 by 2027, indicating a positive growth trajectory [2][6]. - The target price for the company's stock is set at 13.1 yuan, representing a 32% upside from the current price of 9.96 yuan [2][6]. Operational Data - The company’s total installed capacity as of the end of 2024 is approximately 6.096 million kilowatts, with a clean energy generation capacity accounting for 56.35% [6][7]. - The report notes that the company’s market-based electricity trading volume reached 173.88 billion kilowatt-hours in 2024, constituting 75.70% of total electricity generated [6][7]. - The company has signed contracts with 400 users for electricity sales, achieving a total sales volume of 10 billion kilowatt-hours in 2024 [6][7]. Growth Projections - The report revises the profit forecast for 2025 to 30.43 billion and for 2026 to 33.70 billion, with a new projection for 2027 at 35.93 billion [6][7]. - The expected growth rates for net profit are 8.9% in 2025, 10.8% in 2026, and 6.6% in 2027, indicating a stable growth outlook [2][6]. - The report emphasizes the potential for growth in the offshore wind sector, which is currently underdeveloped, with only 41GW of installed capacity as of 2024 [6][7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's thermal power business continues to improve, with a net profit of 573 million yuan from Hongshan Thermal Power and Long'an Thermal Power, representing a year-on-year increase of 22.90%. The net profit per kilowatt-hour for thermal power reached 0.078 yuan, up 0.014 yuan year-on-year. The company's new energy business also saw growth, with Funiu New Energy's net profit increasing by 14.72% and Funiu Haixia's net profit rising by 23.28% [2][6][12] - Despite a decline in investment income due to reduced contributions from the invested company Guoneng Shishi, the company achieved a total net profit attributable to shareholders of 2.793 billion yuan, a year-on-year increase of 6.47% [2][12] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.563 billion yuan, a decrease of 0.90% year-on-year, and a net profit attributable to shareholders of 2.793 billion yuan, an increase of 6.47% [6][12] - The thermal power business achieved a net profit of 782 million yuan, up 12.64% year-on-year, driven by improved operational performance [12] - The new energy segment, particularly offshore wind power, demonstrated strong profitability, with a net profit of 1.148 billion yuan, reflecting a 23.30% increase [12] Operational Highlights - The company’s thermal power generation hours were 5,932 hours, a slight decrease of 1.36% year-on-year, while the total electricity generated was 7.37 billion kilowatt-hours, up 1.14% year-on-year [12] - The wind power utilization hours reached 3,324 hours, a year-on-year increase of 9.41%, with significant growth in both offshore and onshore wind power generation [12] Future Outlook - The company plans to distribute a dividend of 0.31 yuan per share for 2024, with a payout ratio of 30.85%. It also aims to maintain a cash dividend of at least 10% of the net profit attributable to shareholders in the first half of 2025 [12] - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 1.03 yuan, 1.04 yuan, and 1.43 yuan, with corresponding price-to-earnings (PE) ratios of 9.50, 9.38, and 6.86 [12]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 9/8/7 for the years 2025/2026/2027 respectively [6][12]. Core Views - The company's performance in 2024 met expectations, with revenue of 14.563 billion yuan, a slight decrease of 0.90% year-on-year, while net profit attributable to shareholders increased by 6.47% to 2.793 billion yuan [1]. - The company benefited from improved wind conditions in Fujian province, leading to a 42.83% increase in net profit in Q1 2025 compared to the previous year [1][2]. - The company is expected to see stable growth driven by high-quality assets in offshore wind and cogeneration projects, with projected net profits of 2.916 billion yuan, 3.372 billion yuan, and 3.725 billion yuan for 2025, 2026, and 2027 respectively [4][5]. Revenue and Profitability - In Q4 2024, the company reported a revenue of 4.08 billion yuan, a decrease of 6.0% year-on-year, while net profit was 1.02 billion yuan, an increase of 3.3% [1]. - For Q1 2025, the company generated a revenue of 3.097 billion yuan, a slight increase of 0.31% year-on-year, with net profit reaching 752 million yuan, up 42.83% [1][2]. - The average utilization hours for the company's wind power projects reached 3,323.98 hours in 2024, significantly higher than the national average [4]. Financial Forecasts - The company forecasts revenues of 14.853 billion yuan in 2025, 15.565 billion yuan in 2026, and 16.420 billion yuan in 2027, with respective growth rates of 2.0%, 4.8%, and 5.5% [5][10]. - The projected net profit for 2025 is 2.916 billion yuan, with an EPS of 1.05 yuan, and a PE ratio of 9 [5][10]. - The report indicates a stable gross margin improvement, with expected gross margins of 27.60% in 2025 and 30.98% in 2026 [9][10]. Operational Highlights - The company’s cogeneration project in Jinjiang achieved a net profit of 109 million yuan in 2024, despite a year-on-year decrease of 27.25% [3]. - The company has a robust project pipeline, with ongoing investments in offshore wind projects and cogeneration, which are expected to contribute positively to future earnings [4][5]. Market Conditions - The report notes that coal power prices are under pressure, while wind power prices remain relatively stable, with a slight increase in offshore wind pricing [2][4]. - The company is positioned to benefit from the competitive allocation of offshore wind resources in Fujian province, enhancing its growth prospects [4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 9 for 2025, 8 for 2026, and 7 for 2027 [6][12]. Core Views - The company's performance in 2024 met expectations, with revenue of 14.563 billion and a net profit of 2.793 billion, showing a year-on-year increase of 6.47% [1]. - The company benefits from high-quality assets, particularly in wind power and combined heat and power generation, which are expected to drive steady growth in profits [4]. - The company is projected to achieve net profits of 2.916 billion, 3.372 billion, and 3.725 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.05, 1.21, and 1.34 [5][10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 30.97 billion, a slight increase of 0.31% year-on-year, and a net profit of 7.52 billion, up 42.83% due to improved wind conditions in Fujian province [1][2]. - The company's total revenue for 2024 was 145.63 billion, a decrease of 0.90% compared to the previous year, while Q4 2024 revenue was 40.8 billion, down 6.0% year-on-year [1][2]. Power Generation - In 2024, the company saw a 9.41% increase in wind power generation, while thermal power generation decreased by 3.05% [2]. - For Q1 2025, the total power generation was 53.40 billion kWh, a slight increase of 0.26% year-on-year, with wind power generation rising by 30.95% [2]. Asset Development - The company has invested in 1.809 million kW of wind power, with an average utilization of 3,323.98 hours in 2024, exceeding the national average [4]. - New projects, such as the offshore wind project in Changle, are expected to contribute to future capacity and profitability [4]. Profitability Forecast - The report forecasts revenue growth rates of 2.0%, 4.8%, and 5.5% for 2025, 2026, and 2027 respectively, with net profit growth rates of 4.4%, 15.6%, and 10.4% [5][10]. - The projected PE ratios for the next three years are 10, 9, and 8 respectively, indicating a favorable valuation trend [5][10].

Core Viewpoint - The company ensures the authenticity, accuracy, and completeness of its quarterly report, taking legal responsibility for any misleading statements or omissions [2]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, including the consolidated balance sheet, income statement, and cash flow statement [3][5]. - The company has not identified any non-recurring gains or losses that are significant enough to warrant special mention [3][4]. Shareholder Information - There are no changes in the top ten shareholders or significant shareholders due to the transfer of shares for margin trading [4]. Other Important Reminders - The company has not indicated any other important information regarding its operational performance during the reporting period [5].