证券代码：600483 证券简称：福能股份 公告编号：2025-011 福建福能股份有限公司 关于控股子公司开展 2025 年基数合同转让交易的公告 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）接到控股子公司福建晋江天然气发 电有限公司（以下简称晋江气电）报告，其已申报确认 2025 年基数合同转让交易。转 让替代上网电量为 22.8402 亿千瓦时，转让价格为 0.3911 元/千瓦时，交易履约时间为 2025 年 4 月 1 日至 2025 年 11 月 30 日。以上交易由晋江气电与国家电网福建省电力有 限公司按价格主管部门批复的上网电价扣除转让电价后进行差额结算。 上述交易有利于改善公司天然气发电业务经营情况，公司将依据《企业会计准则》 按实际转让电量及结算电价进行相关会计处理。敬请广大投资者注意投资风险。 特此公告。 福建福能股份有限公司董事会 2025 年 3 月 22 日 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The controlling shareholder, Fujian Energy Group, plans to increase its stake in the company by investing between RMB 100 million and RMB 200 million within six months from the announcement date, demonstrating confidence in the company's long-term development [2][5]. - As of March 13, the company's PE (TTM) valuation has decreased to 9.08 times, which is at the 7.94% percentile of the past ten years, while the PB valuation has fallen to 1.03 times, at the 8.29% percentile, indicating that the stock price is close to breaking net asset value [2][10]. - The company has a robust project reserve, with a total installed capacity of 6.07 million kilowatts approved by the National Development and Reform Commission, which is expected to significantly enhance its growth potential [10]. Summary by Sections Shareholder Actions - Fujian Energy Group and its affiliates plan to increase their holdings in the company through centralized bidding, with no set price range for the purchase, reflecting a strong commitment to maintaining the company's market value [5][10]. Financial Performance - The company reported total revenue of RMB 14.695 billion for 2023, with projected revenues of RMB 14.455 billion, RMB 14.043 billion, and RMB 15.439 billion for 2024, 2025, and 2026 respectively [13]. - The net profit for 2023 was RMB 3.197 billion, with forecasts of RMB 3.510 billion, RMB 3.531 billion, and RMB 3.918 billion for the following three years [13]. Growth Potential - The company is actively expanding its project portfolio, including offshore wind power and thermal power projects, which are expected to contribute significantly to revenue growth [10]. - The company’s EPS is projected to be RMB 1.04 for 2024 and 2025, and RMB 1.16 for 2026, with corresponding PE ratios of 8.71, 8.66, and 7.81 [10][13].

丨证券研究报告丨 公司研究丨点评报告丨福能股份（600483.SH） [Table_Title] 控股股东计划增持，彰显长期发展信心 报告要点 [Table_Summary] 公司控股股东福建省能源集团及其一致行动人计划于公告披露之日起 6 个月内以集中竞价方式 增持公司 A 股股份，增持总金额不低于人民币 1 亿元，不超过人民币 2 亿元。截至 3 月 13 日， 公司 PE（TTM）估值已经回落至 9.08 倍，处于过去十年 7.94%分位点；PB 估值也回落至 1.03 倍，处于过去十年 8.29%分位点，公司股价濒临破净。当前时点控股股东的大额增持彰显出对 公司远期发展和长期投资价值的坚定信心，也表明了能源集团对公司资本市场表现的高度重 视，同时本次增持计划不设定价格区间，凸显控股股东增持维护市值的强烈信心和决心。 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 福能股份（600483.SH） cjzq ...

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for various companies based on their performance and market conditions [3][20][21]. Core Insights - The power sector outperformed the broader market, with the public utility sector index rising by 2.19% and the electricity sub-sector by 2.21% during the week ending March 14, 2025 [1][7]. - Significant investments are being made in renewable energy projects, particularly in the "Shagou Desert" area, with major state-owned enterprises planning substantial capacity expansions [2][23]. - The report emphasizes the acceleration of the electricity spot market construction and the establishment of a unified national electricity market system [2][28]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2287.91 points, up 49.11 points, while the electricity sub-sector closed at 3042.41 points, up 65.87 points, indicating strong performance compared to the Shanghai and Shenzhen 300 index, which rose by 1.59% [1][7]. - Among the electricity sub-sectors, photovoltaic power generation saw a rise of 4.68%, followed by thermal services at 3.80%, and comprehensive energy services at 3.57% [14][19]. Investment Recommendations - For thermal power, the report recommends companies like Sheneng Co. and Funeng Co., while cautiously recommending Waneng Power and Huadian International [3][19]. - In the green energy sector, it suggests investing in Three Gorges Energy and keeping an eye on new energy companies like Xintian Green Energy [3][19]. - The report highlights the stable performance of large hydropower companies, recommending Changjiang Electric Power, and notes the growth potential in nuclear power with a recommendation for China Nuclear Power [3][19]. Industry Developments - The report discusses the ongoing construction of the "Shagou Desert" renewable energy base and the promotion of cross-regional energy dispatch projects to enhance energy supply security [2][22]. - It notes that Xinjiang's electricity export volume reached 126.4 billion kilowatt-hours in 2024, marking a continuous increase over five years [2][23]. - The establishment of a national carbon market and the first cross-regional green electricity transaction are highlighted as significant steps towards market integration [28][29].

证券代码：600483 证券简称：福能股份 公告编号：2025-010 一、增持主体的基本情况 重要内容提示： （一）增持主体的名称及与公司的关系：能源集团为公司控股股东；永安煤业、 漳平煤业和股权公司为控股股东一致行动人。 关于控股股东及一致行动人首次增持公司股份 暨增持计划进展的公告 （二）在首次增持实施前，能源集团持有公司股份 1,531,925,937 股，占公司总 股本的 55.10%；永安煤业、漳平煤业和股权公司均未持有公司股份。 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。 ●福建福能股份有限公司（以下简称公司）于 2025 年 3 月 14 日披露了《福建福 能股份有限公司关于控股股东及一致行动人增持公司股份计划的公告》（公告编号： 2025-009），公司控股股东福建省能源集团有限责任公司（以下简称能源集团）及其 一致行动人福建省永安煤业有限责任公司（以下简称永安煤业）、福煤（漳平）煤业 有限公司（以下简称漳平煤业）和福建省福能兴业股权投资管理有限公司（以下简称 股权公司）拟自上述公告披露之日起 6 个月内 ...

证券代码：600483 证券简称：福能股份 公告编号：2025-009 福建福能股份有限公司 关于控股股东及一致行动人增持公司股份计划的公告 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： ●福建福能股份有限公司（以下简称公司）于近日收到控股股东福建省能源集团 有限责任公司（以下简称能源集团）告知函，能源集团及其一致行动人福建省永安煤 业有限责任公司（以下简称永安煤业）、福煤（漳平）煤业有限公司（以下简称漳平 煤业）和福建省福能兴业股权投资管理有限公司（以下简称股权公司）拟自本公告披 露之日起 6 个月内通过上海证券交易所交易系统以集中竞价交易方式增持公司 A 股股 份，增持总金额不低于人民币 1 亿元，不超过人民币 2 亿元。 ●本次增持计划不设定价格区间，增持主体将根据对公司股票价值判断及二级市 场波动情况实施增持计划。 ●本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其他风险 因素，导致增持计划延迟实施或无法完成实施的风险。如增持计划实施过程中出现相 关风险情形，信息披露义务人将及时履行信息 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...