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 [9]. Core Views - In 2024, the company is expected to achieve a net profit attributable to shareholders of 2.793 billion yuan, representing a year-on-year growth of 6.47%. For the first quarter of 2025, the estimated net profit is projected to be between 733 million yuan and 771 million yuan, indicating a year-on-year increase of 39% to 47% [2][6]. Summary by Sections Performance Overview - The company reported a significant increase in wind power generation, achieving 23.51 billion kWh in Q4 2024, a year-on-year growth of 27.97%. The total wind power generation for the year reached 60.13 billion kWh, up 9.41% year-on-year. Despite a decrease in thermal power generation due to reduced electricity demand, the company managed to improve its operational performance through cost reductions [12][12]. Q1 2025 Performance - In Q1 2025, the company continued to benefit from favorable wind conditions, generating 19.13 billion kWh of wind power, a 27.96% increase year-on-year. However, thermal power generation fell to 34.06 billion kWh, a decrease of 10.71% year-on-year. The average price of coal at Qinhuangdao Port decreased by 180.52 yuan/ton, which is expected to mitigate the pressure on thermal power performance [12][12]. Financial Projections - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.00 yuan, 1.04 yuan, and 1.15 yuan, respectively. The corresponding price-to-earnings (PE) ratios are expected to be 9.34, 9.02, and 8.17 [12].

证券代码：600483 证券简称：福能股份 公告编号：2025-015 福建福能股份有限公司 2025年第一季度业绩预增公告 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个别及连带责任。 重要内容提示： 2. 预计2025年第一季度实现归属于母公司所有者的扣除非经常性损益的净利润72,360万元到76,122万 元，与上年同期（法定披露数据）相比，将增加20,069万元到23,831万元，同比增加38%到46%。 二、上年同期经营业绩和财务状况 （一）利润总额：74,716万元。归属于母公司所有者的净利润：52,637万元。归属于母公司所有者的扣 除非经常性损益的净利润：52,291万元。 （二）每股收益：0.21元。 ●经福建福能股份有限公司（以下简称公司）财务部门初步测算，预计2025年第一季度实现归属于母公 司所有者的净利润73,346万元到77,108万元，与上年同期（法定披露数据）相比，将增加20,709万元到 24,471万元，同比增加39%到47%。 ●预计2025年第一季度实现归属于母公司所有者的扣除非经常性损益的净利 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's first-quarter performance is expected to be strong due to improved wind power generation and reduced coal costs, despite a slight decline in electricity demand [5][11] - The company's total power generation for Q1 2025 reached 5.34 billion kWh, a year-on-year increase of 0.26%, while the on-grid electricity volume was 5.07 billion kWh, up 0.18% [5] - The company’s coal price at Qinhuangdao Port Q5500 averaged 721.22 yuan/ton in Q1, a decrease of 180.52 yuan/ton year-on-year, which is expected to positively impact operational performance [11] Summary by Sections Power Generation Performance - The company's thermal power generation was 3.406 billion kWh in Q1, down 10.71% year-on-year, with gas power down 44.88% and coal power down 3.72% [11] - The thermal power segment's main contributor, the combined heat and power generation, faced less pressure compared to gas and coal power [11] Wind Power Growth - Wind power generation increased significantly by 27.96% year-on-year, reaching 1.913 billion kWh in Q1, with offshore wind power growing by 30.95% [11] - The company’s investments in renewable energy assets in Fujian province are expected to improve alongside its controlled renewable energy performance [11] Investment and Growth Prospects - The company’s controlling shareholder initiated a buyback plan, indicating confidence in the company's long-term development [11] - The company has secured approvals for a total installed capacity of 6.07 million kW, including various thermal and wind power projects, which will enhance growth potential [11] - The company is also actively expanding into pumped storage projects, which are expected to further open up growth opportunities [11] Financial Projections - The projected EPS for 2024-2026 is 1.01, 1.05, and 1.16 yuan, with corresponding PE ratios of 9.00, 8.65, and 7.85 [11]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for Q1 2025 to be between 733.46 million and 771.08 million CNY, an increase of 207.09 million to 244.71 million CNY compared to the same period last year, representing a year-on-year increase of 39% to 47%[2] - The expected net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is projected to be between 723.60 million and 761.22 million CNY, an increase of 200.69 million to 238.31 million CNY year-on-year, reflecting a growth of 38% to 46%[3] - The total profit for the same period last year was 747.16 million CNY, with a net profit attributable to shareholders of the parent company of 526.37 million CNY[4] - The company reported earnings per share of 0.21 CNY for the same period last year[4] Performance Drivers - The increase in performance is primarily due to better wind conditions in Fujian Province compared to the same period last year, leading to an increase in electricity generation from wind turbines and higher investment income from associated companies[6] Forecast Reliability - There are no significant uncertainties affecting the accuracy of this performance forecast[7] - The financial data provided in the performance forecast has not been audited by an accounting firm[8] - The forecast data is preliminary and the specific financial data will be subject to the official Q1 2025 report[8] Investor Awareness - The performance forecast period is from January 1, 2025, to March 31, 2025[3] - The company emphasizes the importance of investors being aware of investment risks[8]

Financial Performance - Total revenue for 2024 was CNY 14.56 billion, a decrease of 0.90% year-on-year[4] - Operating profit reached CNY 4.05 billion, an increase of 9.95% compared to the previous year[4] - Net profit attributable to shareholders was CNY 2.79 billion, reflecting a year-on-year growth of 6.47%[4] - Basic earnings per share increased to CNY 1.07, up 3.88% from the previous year[4] Assets and Equity - Total assets at the end of 2024 amounted to CNY 51.87 billion, a growth of 2.34% from the beginning of the year[6] - Shareholders' equity rose to CNY 25.28 billion, marking a 15.30% increase compared to the start of the year[6] Production and Efficiency - The company generated 24.15 billion kWh of electricity and 10.32 million tons of heat in 2024[6] - Improved wind conditions in Fujian province contributed to increased profitability from wind power generation[7] - The company experienced a decrease in coal costs, positively impacting overall profitability[7] Data Integrity - There are no significant uncertainties affecting the accuracy of the reported financial data[8]

福能股份（600483）公告，预计2025年第一季度实现归属于母公司所有者的净利润为7.33亿元到7.71亿 元，同比增加39%到47%。扣除非经常性损益后的净利润预计为7.24亿元到7.61亿元，同比增加38%到 46%。业绩预增主要由于福建省风况良好，风力发电量增加以及参股公司投资收益增加。 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-013 福建福能股份有限公司 2025 年第一季度经营信息公告 | 电源类别 | | 发电量（亿千瓦时） | | 上网电量（亿千瓦时） | | --- | --- | --- | --- | --- | | | 1-3 | 月 | 1-3 | 月 | | | 完成值 | 同比% | 完成值 | 同比% | | 1.风电 | 19.13 | 27.96 | 18.72 | 28.07 | | 其中：海上风电 | 11.27 | 30.95 | 10.99 | 30.92 | | 陆上风电 | 7.86 | 23.90 | 7.73 | 24.23 | | 2.光伏 | 0.21 | 25.84 | 0.21 | 26.28 | | 3.火电 | 34.06 | -10.71 | 31.80 | -11.30 | | 其中：天然气发电 | 3.56 | -44.88 | 3.49 | -44.89 | | 热电联产 | 11.01 | -3.78 | 10.17 | -4.09 | | 燃煤发电 | 19.49 | -3.72 | 18.14 | - ...

证券代码：600483 证券简称：福能股份 公告编号：2025-012 福建福能股份有限公司 关于福建省南安抽水蓄能电站项目获得核准的公告 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。 近日，福建福能股份有限公司（以下简称公司）控股子公司福建省东田抽水蓄能有 限公司收到福建省发展和改革委员会下发的《关于福建省南安抽水蓄能电站项目核准的 批复》（闽发改网审能源函〔2025〕52 号）。为促进能源结构调整，构建新型电力系统， 缓解福建电网调峰困难，提高电网运行经济性与安全可靠性，同意建设福建省南安抽水 蓄能电站项目。主要内容如下： 一、项目单位：福建省东田抽水蓄能有限公司。 二、项目建设地点：福建省南安市东田镇。 三、项目建设规模和主要建设内容：建设 4 台单机容量为 30 万千瓦的可逆式水泵 水轮发电机组，总装机容量 120 万千瓦。电站枢纽工程主要包括上水库、下水库、地下 厂房、输水系统等。 2025 年 4 月 8 日 四、项目总投资 801,943 万元。其中，项目资本金占总投资的 20%。 五、项目在核准决定之日起 2 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the electricity sector, including Sanxia Energy, Changjiang Electric Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [24][25]. Core Insights - The electricity sector outperformed the market this week, with the public utility sector index rising by 2.55% and the electricity sub-sector by 2.81%, ranking first among 31 primary sectors [1][9]. - The report highlights the recent government policy aimed at optimizing pricing mechanisms for electricity, gas, and water, which is expected to enhance the sustainability of public utility pricing [2][22]. - The national carbon market has stabilized at a price of 100 yuan per ton, with increased trading activity and mandatory green certificate consumption, indicating a maturing green certificate market [2][22]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2346.99 points, up 58.31 points, while the electricity sub-sector closed at 3129.43 points, up 85.49 points, outperforming the Shanghai and Shenzhen 300 index [1][9]. - Sub-sector performance included increases in wind power (3.49%), thermal power (3.61%), and hydropower (2.92%) [1][16]. Policy Developments - The Central Committee and State Council issued guidelines to improve pricing mechanisms for public utilities, focusing on market-driven pricing for electricity, gas, and water [2][22]. - The guidelines propose a phased approach to market-oriented pricing reforms for various power sources and emphasize the establishment of a unified green power certificate trading system [2][22]. Investment Recommendations - The report suggests focusing on defensive sectors with strong dividend yields, highlighting companies like Jiantou Energy, Huadian International, and Funiu Co., which are expected to maintain good growth in Q1 2025 [3][22]. - Specific recommendations include favoring companies with significant wind power assets and low-cost thermal power operations, while also monitoring potential mergers and acquisitions in the sector [22][23]. Key Company Forecasts - The report provides earnings per share (EPS) forecasts for key companies, with Sanxia Energy projected at 0.25 yuan for 2023, Changjiang Electric Power at 1.11 yuan, and China Nuclear Power at 0.55 yuan [24][25].