事件：公司发布2025 年半年度报告，2025 年H1 公司实现营业收入63.69亿元，同比-4.44%；实现归母 净利润13.37 亿元，同比+12.48%。其中，2025年Q2 公司实现营业收入32.72 亿元，同比-8.54%；实现 归母净利润5.85 亿元，同比-11.65%。 成本改善提升火电盈利，气电项目扭亏为盈。根据公司披露的2025 年上半年经营信息公告，报告期内 公司累计完成上网电量102.30 亿千瓦时，同比-3.56%,其中风电累计完成上网电量28.01 亿千瓦时，同比 +8.41%；火电累计完成上网电量73.88 亿千瓦时，同比-7.59%。分季度来看，2025 年Q2 公司上网电量 为51.57 亿千瓦时，同比-6.95%，其中风电累计上网电量为9.29亿千瓦时，同比-17.10%，主要系受风况 变化影响导致电量环比减少；火电累计上网电量则为42.07 亿千瓦时，同比-4.56%，环比呈现改善趋 势。尽管电量减少导致公司发电业务营收承压，但我们推测由于25H1 煤价下跌带动公司火电业务燃料 成本改善，使得公司25H1 整体毛利率有所提升。气电业务方面，2025H1 晋江气电实现净利润 ...

金融界消息 截至2025年8月25日收盘，福能股份（600483）报收于9.79元，上涨0.82%，换手率1.01%， 成交量28.08万手，成交金额2.74亿元。 资金流向方面，今日主力资金净流出3169.22万元，占比成交额11.56%。其中，超大单净流出3401.88万 元、占成交额12.41%，大单净流入232.66万元、占成交额0.85%，中单净流出流入1971.98万元、占成交 额7.19%，小单净流入1197.24万元、占成交额4.37%。 福能股份最新一期业绩显示，截至2025中报，公司营业总收入63.69亿元、同比减少4.44%，归属净利润 13.37亿元，同比增长12.48%，扣非净利润13.17亿元，同比增长12.84%，流动比率2.126、速动比率 2.031、资产负债率39.44%。 来源：金融界 天眼查商业履历信息显示，福建福能股份有限公司，成立于1994年，位于南平市，是一家以从事电力、 热力生产和供应业为主的企业。企业注册资本278013.78万人民币，实缴资本3766.08万人民币。公司法 定代表人为桂思玉。 通过天眼查大数据分析，福建福能股份有限公司共对外投资了28家企业， ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com | 基本数据 | | | 2025 | 年 | 08 | 月 22 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 9.71 | | 一 年 内 / 最 低 | 最 | 高 | | | | 11.35/8.78 | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | 26,995.14 | | | | 流通市值（百万元） | | | | | | 26,995.14 | | | | 总股本（百万股） | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In the first half of 2025, the company achieved a net profit attributable to shareholders of 1.337 billion yuan, a year-on-year increase of 12.48%. However, the second quarter saw a decline in net profit to 585 million yuan, down 11.65% year-on-year. Despite short-term pressures, the major shareholder continues to increase holdings, and the company announced its first mid-year dividend since listing, reflecting confidence from the major shareholder and the company's commitment to shareholder returns [2][6][11]. - The company is expected to benefit from the gradual commissioning of ongoing and approved projects, which will further enhance growth potential. With the resumption of approvals for offshore wind projects in Fujian, the company's offshore wind growth is anticipated to receive new catalysts, leading to a positive long-term growth outlook [2][11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 6.369 billion yuan, a decrease of 4.44% year-on-year. The net profit attributable to shareholders was 1.337 billion yuan, an increase of 12.48% [6]. - The company's thermal power generation completed 3.254 billion kWh, down 6.1% year-on-year, while coal power generation was 3.238 billion kWh, down 2.73% year-on-year. The net profit from the wholly-owned subsidiary Hongshan Thermal Power was 199 million yuan, a decrease of 5.09% year-on-year [11]. - The company's wind power generation reached 2.867 billion kWh, an increase of 8.37% year-on-year, with offshore wind generation growing by 10.42% [11]. Investment and Growth Potential - The major shareholder has cumulatively increased holdings by 205 million yuan, enhancing market recognition of the company's long-term investment value. The company aims to have a controllable operating and construction capacity of 15 million kW by the end of 2025 and 20 million kW by the end of 2030 [11]. - The company expects earnings per share (EPS) for 2025-2027 to be 1.05 yuan, 1.07 yuan, and 1.34 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9.28, 9.18, and 7.29 [11].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the ongoing "anti-involution" efforts in the photovoltaic sector, with government initiatives aimed at regulating low-price competition and promoting product quality [1] - In the electric vehicle sector, the report anticipates continued high growth in domestic sales driven by new model releases and the upcoming sales peak, which will boost demand for batteries and materials [1] - The solid-state battery industry is showing clear trends towards industrialization, with significant advancements reported by leading companies [1] Industry Overview - The electric equipment and new energy sector saw a weekly increase of 2.28%, with notable performances in various sub-sectors: industrial automation up 3.84%, new energy vehicles up 3.69%, and photovoltaic sector up 3.39% [2][10] - The report notes that the penetration rate of new energy vehicles is expected to reach a new high of 56.7% in August, with retail sales projected to hit around 1.1 million units [2][25] - The Ministry of Industry and Information Technology held a meeting to further regulate competition in the photovoltaic industry, emphasizing the need for self-discipline and fair competition [2][25] Company Performance - Major companies reported varying profit results for the first half of 2025: - Huayou Cobalt reported a net profit of 2.711 billion yuan, up 62.26% year-on-year [27] - Tianqi Lithium reported a net profit of 3.07 billion yuan, up 27.76% year-on-year [27] - However, Tongwei Co. reported a net loss of 4.955 billion yuan [27] - The report also highlights significant partnerships, such as Chuangneng New Energy signing a battery development agreement with Dongfeng Liuzhou Automobile to supply over 30 GWh of battery products over the next five years [25][27]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Group 1 - The core viewpoint is that recent brokerage recommendations signal potential mid-to-long-term investment opportunities, with 213 stocks rated as "buy" and some target prices suggesting increases of over 50% [1][3] - Notable stocks include HaiSiKe with a target increase of 50.56%, DongA AJiao at 48%, and FuNeng Shares at 47%, indicating strong institutional interest in these companies due to their respective breakthroughs and market conditions [3] - The sectors with the most brokerage activity are Materials II, Capital Goods, and Food & Beverage, highlighting a focus on "hard technology" and consumer recovery as key investment themes [3] Group 2 - Two stocks received upgraded ratings and six received initial ratings, indicating new discoveries of value and validated investment logic, respectively [3] - Yangnong Chemical is under close observation by six brokerages, while Huali and Muyuan are followed by five and four brokerages, respectively, suggesting a high level of consensus among institutions [3] - It is advised to consider performance and policy factors when evaluating stocks, particularly in Materials II and Food & Beverage sectors, to identify those with solid growth logic [3][4]

Core Viewpoint - On August 22, a total of 213 stocks received buy ratings from brokerages, with 53 stocks announcing target prices, indicating a positive sentiment in the market [1] Group 1: Stock Performance - The stocks with the highest target price increases are Haishike, Dong'a Ejiao, and Funeng Shares, with target price increases of 50.56%, 48.55%, and 47.27% respectively [1] - Among the stocks rated, 205 maintained their ratings, 2 stocks had their ratings upgraded, and 6 stocks received their ratings for the first time [1] Group 2: Brokerage Attention - A total of 36 stocks received attention from multiple brokerages, with Yangnong Chemical, Huali Group, and Muyuan Foods leading in the number of ratings, receiving 6, 5, and 4 ratings respectively [1] Group 3: Industry Distribution - The sectors with the most stocks receiving buy ratings include Materials II, Capital Goods, and Food, Beverage & Tobacco, with 40, 36, and 18 stocks respectively [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][28]. Core Views - The company's revenue decreased year-on-year, while the net profit attributable to shareholders increased. In the first half of 2025, the company achieved revenue of 6.369 billion yuan (-4.44%) and a net profit of 1.337 billion yuan (+12.48%) [1][7]. - The decline in revenue was primarily due to a decrease in thermal power generation, while the increase in net profit was attributed to better wind conditions in Fujian province and an increase in gas power generation settlement [1][7]. - The company plans to continue focusing on "green energy" and aims to increase its installed capacity to 15 million kilowatts by the end of 2025 and 20 million kilowatts by the end of 2030 [3][24]. Financial Performance Summary - In Q2 2025, the company reported a total revenue of 3.272 billion yuan (-8.54%) and a net profit of 585 million yuan (-11.65%) [2][7]. - The company's wind power generation decreased by 17.00% year-on-year, with offshore wind power down by 15.96% and onshore wind power down by 18.45% [2][16]. - The company plans to distribute a cash dividend of 203 million yuan, which accounts for approximately 15.18% of its net profit for the first half of 2025 [3][24]. Earnings Forecast and Financial Indicators - The company is expected to achieve net profits of 2.93 billion yuan, 3.02 billion yuan, and 3.35 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.0%, 3.1%, and 10.9% [4][5][24]. - The earnings per share (EPS) are projected to be 1.06 yuan, 1.09 yuan, and 1.21 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 9.3, 9.0, and 8.1 [4][5][24]. - The company's gross margin improved to 28.31%, an increase of 4.89 percentage points year-on-year, primarily due to lower coal prices and increased wind power generation [17][20].