Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance met expectations, with ongoing growth driven by the construction of combined heat and power projects and offshore wind energy [5][7] - The company plans to start construction on 656,000 kW of offshore wind power and the second phase of the Quanhui combined heat and power project in 2025, which will lay a foundation for future performance growth [7] Financial Performance Summary - In 2024, the company achieved operating revenue of 14,563 million yuan, a year-on-year decrease of 0.9%, and a net profit attributable to shareholders of 2,793 million yuan, a year-on-year increase of 6.47% [7][8] - The company forecasts net profits of 2,751 million yuan in 2025, with a corresponding P/E ratio of 9.90 [6][8] - The company plans to distribute a cash dividend of 0.31 yuan per share for 2024, with a payout ratio of 30.85% [7] Earnings Forecast and Valuation - The projected operating revenues for 2025-2027 are 14,647 million yuan, 14,765 million yuan, and 16,359 million yuan, respectively, with expected growth rates of 0.57%, 0.81%, and 10.80% [6][8] - The estimated net profit for 2025 is 2,751 million yuan, with a projected EPS of 0.99 yuan [6][8] - The company is expected to maintain a dividend payout ratio of around 30% in the coming years, resulting in dividend yields of 3.1%, 3.2%, and 3.4% for 2025-2027 [7]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,097,486,250.80, a slight increase of 0.31% compared to CNY 3,087,813,995.95 in the same period last year[5] - Net profit attributable to shareholders increased by 42.83% to CNY 751,806,063.16 from CNY 526,374,296.24 year-on-year[5] - Basic earnings per share increased by 28.57% to CNY 0.27 from CNY 0.21 in the same period last year[5] - The net profit for Q1 2025 was CNY 989,032,610.69, representing a 48.7% increase from CNY 665,255,959.36 in Q1 2024[19] - The total revenue for Q1 2025 was CNY 1,182,647,517.97, compared to CNY 745,401,260.79 in Q1 2024, indicating a growth of 58.6%[19] - The total comprehensive income for Q1 2025 was CNY 986,802,300.59, compared to CNY 673,525,467.01 in Q1 2024, marking an increase of 46.6%[20] Cash Flow and Assets - The net cash flow from operating activities rose by 23.99% to CNY 1,086,910,944.33 compared to CNY 876,644,334.66 in the previous year[5] - Cash and cash equivalents increased to CNY 6,055,170,647.71 as of March 31, 2025, up from CNY 5,645,206,897.15 at the end of 2024, reflecting a growth of approximately 7.3%[12] - Accounts receivable rose to CNY 5,990,015,749.27 in Q1 2025 from CNY 5,545,486,239.49 in Q4 2024, an increase of about 8.0%[12] - Total assets at the end of the reporting period were CNY 53,041,900,732.62, reflecting a 2.25% increase from CNY 51,873,417,871.29 at the end of the previous year[6] - Total assets amounted to CNY 53,041,900,732.62 as of March 31, 2025, up from CNY 51,873,417,871.29 at the end of 2024, reflecting an increase of about 2.3%[15] - Total liabilities increased to CNY 20,038,881,742.96 as of March 31, 2025, compared to CNY 19,969,612,070.07 at the end of 2024, a rise of approximately 0.3%[14] Operating Costs and Income - Total operating costs decreased to CNY 2,272,976,321.28 in Q1 2025 from CNY 2,624,229,985.09 in Q1 2024, representing a reduction of about 13.4%[18] - Operating income for Q1 2025 was CNY 1,024,509,929.52, compared to CNY 463,584,010.86 in Q1 2024, showing a significant increase[18] - The total operating expenses for Q1 2025 were CNY 2,022,560,526.56, down from CNY 2,237,945,414.16 in Q1 2024, indicating a reduction of 9.6%[23] Equity and Returns - The weighted average return on equity improved to 2.93%, up from 2.41%, an increase of 0.52 percentage points[5] - The total equity attributable to shareholders increased by 3.06% to CNY 26,050,179,963.47 from CNY 25,276,572,915.46 at the end of the previous year[6] Government Support and Other Income - Government subsidies recognized in the current period amounted to CNY 5,257,801.97, contributing to the overall profit[7] - The company recorded investment income of CNY 307,989,784.45 in Q1 2025, an increase from CNY 259,507,143.27 in Q1 2024[19] Research and Development - The company plans to continue investing in research and development, with R&D expenses rising to CNY 35,894,822.66 in Q1 2025 from CNY 30,034,082.72 in Q1 2024, an increase of about 19.6%[18] Other Comprehensive Income - The company’s other comprehensive income for Q1 2025 was a loss of CNY 2,230,310.10, compared to a gain of CNY 8,269,507.65 in Q1 2024[19] Profitability - The company reported a net profit margin improvement due to reduced operating costs and increased revenue, although specific margin percentages were not disclosed[18] - The net profit excluding non-recurring gains and losses was CNY 741,948,549.52, a year-on-year increase of 41.89%[5] - The company reported a significant increase in wind power generation due to favorable weather conditions in Fujian Province, which positively impacted profitability[7]

Core Viewpoint - The company reported a slight decline in revenue for 2024 but showed growth in net profit, with strong performance in the renewable energy sector and expectations for improved profitability in thermal power due to falling coal prices [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 14.563 billion yuan, a year-over-year decrease of 0.9%, and a net profit attributable to shareholders of 2.793 billion yuan, an increase of 6.5% year-over-year [1]. - The fourth quarter of 2024 saw revenue of 4.078 billion yuan, down 6% year-over-year, but net profit increased by 3.3% to 1.020 billion yuan [1]. - The company plans to distribute a dividend of 0.31 yuan per share for 2024, with a payout ratio of 31%, and aims to implement a mid-term dividend in 2025 with a minimum payout ratio of 10% [1]. Group 2: Renewable Energy - In 2024, the company's wind power generation increased by 9.4% year-over-year to 6.013 billion kWh, with offshore wind power rising by 12% to 3.537 billion kWh [2]. - The contribution of renewable energy profits is expected to grow significantly, with a projected year-over-year increase of 21% in 2024, accounting for 62% of total profits [2]. - For the first quarter of 2025, wind power generation is expected to continue high growth at 28% year-over-year, with a forecasted profit increase of 2% for the full year if wind resources remain favorable [2]. Group 3: Thermal Power - The company's thermal power generation in 2024 decreased by 3.1% year-over-year to 18.077 billion kWh, with coal-fired generation down by 9.7% [3]. - Despite a decline in generation and electricity prices, falling coal prices are anticipated to enhance profitability in 2025, with a projected profit increase of 22% for thermal power and other businesses [3]. - The company has a robust project pipeline, targeting installed capacity of 15 GW by 2025 and 20 GW by 2030, with several projects currently under construction or approved [3]. Group 4: Profit Forecast Adjustments - The company has made slight adjustments to profit forecasts, predicting net profits of 3.071 billion yuan, 3.310 billion yuan, and 3.717 billion yuan for 2025-2027, with EPS estimates of 1.10, 1.19, and 1.34 yuan respectively [4]. - The target price has been adjusted to 13.67 yuan, based on a 13x PE for thermal power and a 12x PE for renewable energy, aligning with comparable industry averages [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.67 [8]. Core Views - The company is expected to achieve performance growth driven by dual engines, with profitability anticipated in 2025. The 2024 revenue is projected at RMB 14.563 billion, a year-on-year decrease of 0.9%, while the net profit attributable to the parent company is expected to be RMB 2.793 billion, reflecting a year-on-year increase of 6.5% [1][5]. Summary by Sections Financial Performance - In 2024, the company is expected to generate revenue of RMB 145.63 billion, with a net profit of RMB 27.93 billion, and a non-recurring net profit of RMB 27.58 billion, both showing positive growth compared to the previous year [1]. - The fourth quarter of 2024 is projected to have revenue of RMB 40.78 billion, a year-on-year decrease of 6%, but a net profit increase of 3.3% to RMB 10.20 billion [1]. New Energy Sector - The company's wind power generation is expected to increase by 9.4% year-on-year to 60.13 billion kWh in 2024, with offshore wind power growing by 12% to 35.37 billion kWh. The profit from new energy is projected to rise by 21% year-on-year, accounting for 62% of total profits [2]. - In the first quarter of 2025, wind power generation is expected to continue its high growth, with a year-on-year increase of 28% [2]. Thermal Power Sector - The company's thermal power generation is expected to decline by 3.1% year-on-year to 180.77 billion kWh in 2024. However, the decrease in coal prices is anticipated to offset the impact of declining generation and prices, leading to a projected profit increase of 22% in 2025 [3]. - The company plans to implement a mid-term dividend policy in 2025, with a payout ratio of no less than 10% [1]. Project Pipeline - The company has a robust project pipeline, with ongoing projects including Dongqiao Thermal Power (1.32 GW) and Mulan Pumped Storage (1.4 GW). The goal is to achieve installed capacity of 15 GW by 2025 and 20 GW by 2030 [4]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been slightly adjusted, with net profits projected at RMB 3.071 billion, RMB 3.310 billion, and RMB 3.717 billion respectively. The earnings per share (EPS) are expected to be RMB 1.10, RMB 1.19, and RMB 1.34 [5][22].

Group 1 - The company plans to submit the expected daily related transactions for 2025 to the shareholders' meeting for approval [2][3] - The transactions are normal business activities and comply with relevant regulations, ensuring fair pricing and no adverse impact on the company's financial and operational status [2][3] - The board of directors approved the expected daily related transactions with a unanimous vote, and independent directors confirmed that these transactions do not harm the interests of shareholders, especially minority shareholders [3][6] Group 2 - The company is investing in the construction of the ChangLe offshore wind farm project, which aims to utilize offshore wind resources and develop clean energy [19][21] - The project has received approval from the Fujian Provincial Development and Reform Commission and is expected to have a total installed capacity of 656 MW, generating approximately 2.985 billion kWh annually [21] - The investment is aligned with national industrial policies and the company's development strategy, contributing to the increase of clean energy in the company's portfolio [22] Group 3 - The company is also investing in the second phase of the QuanHui cogeneration project to meet the growing thermal load demand in the QuanHui petrochemical industrial park [25][27] - This project is expected to have an annual power generation of 6.11 billion kWh and a thermal supply of 14.7556 million GJ, enhancing the company's position in the cogeneration market [25][27] - The investment is projected to yield a capital internal rate of return of 17.73% and a payback period of 10.65 years [26] Group 4 - The company will hold the 2024 annual shareholders' meeting on May 15, 2025, to discuss various proposals, including the approval of the 2024 annual report and the 2025 budget [30][31] - The meeting will utilize a combination of on-site and online voting methods to facilitate shareholder participation [30][31] - The company aims to ensure that minority shareholders are informed and able to participate in the voting process effectively [34]

Group 1 - The company plans to distribute a cash dividend of 3.10 yuan per 10 shares (including tax) to all shareholders, totaling approximately 861.84 million yuan based on a total share capital of 2,780,137,800 shares as of December 31, 2024 [1] - The company operates a diverse power generation portfolio, with a total installed capacity of 6,096,000 kW, of which 56.35% is from clean energy sources [2][4] - In 2024, the company's total power generation in Fujian province was 17.84 billion kWh, accounting for 5.03% of the province's total power generation [4] Group 2 - The company has obtained approvals for significant projects, including a 656,000 kW offshore wind farm and a 1,300,000 kW cogeneration project, which are expected to become new profit growth points [3] - The company maintains a leading position in the industrial heating market in Fujian province, with a focus on centralized heating solutions [5] - The company's performance is influenced by factors such as installed capacity, power generation, fuel costs, wind resources, and electricity prices [6] Group 3 - The company reported a total power generation of 62.62 billion kWh in Guizhou province, representing 2.42% of the province's total power generation [4] - The company has a strong presence in renewable energy, particularly in wind power, with an installed capacity of 1,809,000 kW in Fujian province [4] - The company plans to distribute dividends based on a profit distribution proposal that requires approval from the shareholders' meeting [31][32]

证券代码：600483 证券简称：福能股份 公告编号：2025-026 福建福能股份有限公司 关于召开2024年年度股东大会的通知 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： 股东大会召开日期：2025年5月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 15 日 14 点 30 分 召开地点：福州市晋安区塔头路 396 号福建省能源石化大厦 3A 层会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 15 日 至2025 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会 召开 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-017 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的规定。 （二）本次会议的通知和材料已于 2025 年 4 月 13 日由董事会办公室以短信和电子 邮件方式送达全体监事。 （三）本次会议于 2025 年 4 月 23 日 17:00 在福建省能源石化大厦 3A 层第五会议 室以现场结合通讯表决方式召开。 （四）本次会议应出席监事 5 人，实际出席监事 5 人。其中，出席现场会议监事 3 人，监事会主席陈演先生和监事彭家清先生因公务无法出席现场会议，以通讯方式参会。 福建福能股份有限公司 第十届监事会第八次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 经与会监事认真审议，以记名和书面方式，逐项表决通过了以下议案。 （一）以 5 票同意、0 票反对、0 票弃权，表决通过了《2024 年度监事会工作报告》， 本议案尚需提交公司股东大会审议。 （二）以 5 票同意、0 票反对、0 票弃权，表决 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-016 福建福能股份有限公司 第十届董事会第八次会议决议公告 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。 （三）本次会议于2025年4月23日14:30在福建省能源石化大厦3A层第五会议室以现 场结合通讯表决方式召开。 （四）本次会议应出席董事9人，实际出席董事9人。其中，出席现场会议董事8人， 董事邓瑞普女士因公务无法出席现场会议，以通讯方式参会表决。 （五）本次会议由董事长桂思玉先生召集并主持，公司监事和高级管理人员列席了 会议。 二、董事会会议审议情况 （一）经与会董事认真审议，以记名和书面方式，逐项表决通过了以下议案： 1.以9票同意、0票反对、0票弃权的表决结果，审议通过了《2024年度董事会工作 报告》。 一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的相关规定。 （二）本次会议的通知和材料已于2025年4月13日由董事会办公室以短信和电子邮 件方式提交全体董事和监事。 本议案尚需提交公司股 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-018 福建福能股份有限公司 关于 2024 年度利润分配方案及 2025 年度 中期现金分红规划的公告 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： ●每股分配比例：每股派发现金红利 0.31 元人民币（含税）。 ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权 益分派实施公告中明确。 ●如在实施权益分派的股权登记日前福建福能股份有限公司（以下简称公司）总股 本发生变动的，拟维持每股分配现金红利 0.31 元人民币（含税）不变，相应调整分配 总额，并将在相关公告中披露具体调整情况。 ●公司不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》第 9.8.1 条第 一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配议案的具体内容 本次利润分配方案尚需提交公司股东大会审议。 （二）不触及其他风险警示情形的说明 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | ...