Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 29.619 billion yuan in 2024, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04%, aligning with expectations [7] - The company plans to distribute a dividend of 0.45 yuan per share, with a payout ratio of 56.27%, resulting in a dividend yield of 5.08% based on the closing price on May 7 [7] - The report highlights a continued reduction in coal-fired power costs, leading to improved profitability, with a gross margin increase of 4.89 percentage points to 15.57% in 2024 [7] - The company’s renewable energy capacity reached 6.732 million kilowatts, accounting for 36.3% of its total installed capacity, with significant growth in wind and solar power generation [7] - The oil and gas segment showed stable gross profit growth, with revenue from oil and gas pipeline transportation increasing by 19.87% year-on-year [7] - The issuance of low-interest perpetual bonds has significantly reduced financing costs, with financial expenses decreasing by 7.4% year-on-year in 2024 and 22.3% year-on-year in Q1 2025 [7] - The profit forecast for 2025 and 2026 has been adjusted to 4.106 billion yuan and 4.313 billion yuan respectively, with a new forecast for 2027 at 4.520 billion yuan, maintaining a favorable price-to-earnings ratio [7] Financial Summary - The company’s total revenue is projected to be 29.776 billion yuan in 2025, with a slight year-on-year growth of 0.5% [6] - The gross margin is expected to improve to 21.0% in 2025, reflecting ongoing cost management efforts [6] - The return on equity (ROE) is forecasted to be 10.2% in 2025, indicating stable profitability [6]

Investment Rating - The report maintains a rating of "Add" for the company [3] Core Views - The company achieved a revenue of 29.619 billion yuan in 2024, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year [6][7] - In Q1 2025, the company reported a revenue of 7.337 billion yuan, a decrease of 9.09% year-on-year, and a net profit of 1.011 billion yuan, down 12.82% year-on-year [6][7] - The company's coal-fired power generation volume in 2024 was 58.623 billion kWh, an increase of 6.4% year-on-year, benefiting from increased electricity demand [6][7] - The company is accelerating its transition to renewable energy, with significant progress in wind and solar power projects [6][7] Financial Data and Valuation - The company is projected to achieve net profits of 4.109 billion yuan, 4.296 billion yuan, and 4.432 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4%, 5%, and 5% [6][7] - The current stock price corresponds to a PE ratio of 10.5x for 2025, 10.0x for 2026, and 9.7x for 2027 [6][7] - The company has a total market capitalization of 43.2 billion yuan and a circulating market capitalization of 43.0 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Views - The company continues to expand its green energy segment, showcasing a high dividend yield that reflects its investment value [1]. - In 2024, the company achieved a revenue of 29.619 billion yuan, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year [1]. - The first quarter of 2025 saw a decline in revenue to 7.337 billion yuan, down 9.09% year-on-year, with a net profit of 1.011 billion yuan, down 12.82% year-on-year [2]. Summary by Sections Financial Performance - In 2024, the company completed a total power generation of 586.23 billion kWh, an increase of 6.4% year-on-year, with coal power generation at 416.05 billion kWh, up 3.5% [1]. - The coal power segment's fuel cost was 8.931 billion yuan, with a corresponding cost per kWh of 0.278 yuan, a decrease of 0.019 yuan per kWh year-on-year [1]. - The gross profit margin for coal power improved by 4.89 percentage points to 15.57% in 2024 [1]. Growth and Expansion - The company has made significant progress in its green energy projects, including the commissioning of a 600,000 kW offshore wind power project in Hainan and obtaining construction indicators for additional wind and solar projects [3]. - By the end of 2024, the installed capacity for wind and solar power reached 2.825 million kW and 2.441 million kW, respectively, with year-on-year increases of 18.36% and 14.53% [1]. Dividend and Shareholder Returns - The company plans to distribute a dividend of 0.45 yuan per share in 2024, totaling 2.202 billion yuan, which represents 55.84% of the net profit attributable to shareholders for the year [3]. - The current dividend yield stands at 5.1% as of April 30, 2025 [3]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 projects net profits of 4.024 billion yuan, 4.239 billion yuan, and 4.370 billion yuan, respectively, with corresponding EPS of 0.82 yuan, 0.87 yuan, and 0.89 yuan [4]. - The report indicates a stable fundamental outlook for the company, maintaining a price-to-earnings ratio (PE) of 11 for 2025 and 10 for 2026 and 2027 [4].

Group 1 - The liquidity of the green power ETF showed a turnover of 2.76% with a transaction volume of 10.0083 million yuan [2] - The green power ETF experienced a significant growth in scale, increasing by 165 million yuan over the past three months [2] - In terms of shares, the green power ETF saw an increase of 18.4 million shares in the last month, indicating substantial growth [2] Group 2 - The latest net inflow of funds into the green power ETF was 9.3737 million yuan, with a total of 19.8745 million yuan accumulated over the last 18 trading days [2] - The price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is currently at 18.37, which is in the 12.08% percentile over the past three years, indicating a historical low valuation [2] - As of April 30, 2025, the top ten weighted stocks in the National Green Power Index account for 58.04% of the index, including major companies like Yangtze Power and China Nuclear Power [2] Group 3 - The domestic public bidding market for wind power in Q1 2025 saw a new bidding volume of 28.6 GW, representing a year-on-year increase of 22.7% [3] - Wind turbine exports from China reached 14.6 million USD in March, with a month-on-month increase of 86.81% and a year-on-year increase of 50.54% [3] - The international bidding volume for Chinese wind turbine manufacturers is projected to reach 27.63 GW in 2024, showing a nearly 200% year-on-year growth [3]

证券研究报告·公司点评报告·电力 申能股份（600642） 2024 年报&2025 一季报点评：业绩稳健分红 率 56%，关注燃料成本优化与新项目投产 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 29,142 | 29,619 | 28,512 | 28,760 | 28,862 | | 同比（%） | 3.36 | 1.64 | (3.74) | 0.87 | 0.35 | | 归母净利润（百万元） | 3,459 | 3,944 | 4,052 | 4,144 | 4,301 | | 同比（%） | 219.52 | 14.04 | 2.72 | 2.28 | 3.77 | | EPS-最新摊薄（元/股） | 0.71 | 0.81 | 0.83 | 0.85 | 0.88 | | P/E（现价&最新摊薄） | 12.48 | 10.94 | 10.65 | 10.42 | 10.04 | [Table ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 29.619 billion yuan in 2024, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year [7] - The company proposed a cash dividend of 2.202 billion yuan, resulting in a dividend payout ratio of 55.84% and a dividend yield of 5.1% [7] - The company’s power generation increased by 6.4% in 2024, with coal power generation reaching 416.05 billion kWh, a 3.5% increase [7] - Fuel costs have decreased, supporting profitability in the coal power sector, with coal and natural gas costs down by 3.17% and 1.98% respectively [7] - The company’s Q1 2025 net profit decreased by 12.82% year-on-year, attributed to fair value changes and a 7.2% decline in power generation [7] - The report forecasts net profits of 40.5 billion yuan for 2025, 41.4 billion yuan for 2026, and 43.0 billion yuan for 2027, with corresponding P/E ratios of 10.7, 10.4, and 10.0 [7] Financial Summary - Total revenue for 2023 is projected at 29.142 billion yuan, with a forecasted decline to 28.512 billion yuan in 2025 [8] - The company’s net profit is expected to grow from 3.944 billion yuan in 2024 to 4.301 billion yuan in 2027 [8] - The latest diluted EPS is projected to increase from 0.81 yuan in 2024 to 0.88 yuan in 2027 [8] - The company’s total assets are expected to grow from 101.666 billion yuan in 2024 to 111.314 billion yuan in 2027 [8] - The debt-to-asset ratio is projected to decrease from 54.83% in 2024 to 50.29% in 2027 [8]

Investment Rating - The industry investment rating is "Buy" [5][9]. Core Viewpoints - By the end of this year, the electricity spot market is expected to achieve comprehensive coverage, indicating a deepening of electricity marketization and an anticipated increase in demand for ancillary services. It is recommended to focus on the value of flexible adjustment power sources [3][12]. - The State Council has approved 10 new nuclear power units, enhancing growth certainty. From 2019 to 2025, the number of approved nuclear power units in China has been consistently high, with a total of 56 units approved over seven years. Predictions suggest that by 2030, China's operational nuclear power capacity will rank first globally [3][12]. - The recent drop in coal prices to approximately 657 RMB/ton is expected to improve profitability for thermal power generation, highlighting excess opportunities in thermal power [3][12]. Summary by Sections Industry Viewpoints - The electricity spot market is set for full coverage by the end of this year, with a focus on the value of flexible power source configurations [3][12]. - The approval of 10 new nuclear power units by the State Council adds certainty to growth in the nuclear sector [3][12]. - Coal prices have decreased to 657 RMB/ton, which supports improved profitability for thermal power [3][12]. - Hydropower inflow and outflow at the Three Gorges Dam have decreased significantly, with inflow down 40% year-on-year and outflow down 39.73% [30]. - Silicon material prices remain stable, while mainstream silicon wafer prices have decreased, potentially enhancing the profitability of photovoltaic projects [37]. - The national carbon market saw a 5.68% decrease in trading prices, with a total trading volume of 171.11 million tons for the week [49]. Market Review - The Shanghai Composite Index closed at 3,279.03 points, down 0.49%, while the CSI 300 Index closed at 3,770.57 points, down 0.43%. The CITIC Power and Utilities Index closed at 2,846.13 points, down 1.68%, underperforming the CSI 300 Index by 1.24 percentage points [54][55]. Key Companies - Recommended stocks include Huadian International, Waneng Power, Zheneng Power, Huaneng International, and Jiantou Energy, all rated as "Buy" [9]. - The report also suggests focusing on undervalued green electricity sectors, particularly in Hong Kong, and highlights companies like Xintian Green Energy and Longyuan Power [3][9].

Investment Rating - The report maintains a "Recommended" rating for the company, with expected earnings per share (EPS) for 2025, 2026, and 2027 being 0.83, 0.90, and 0.93 respectively, corresponding to price-to-earnings (PE) ratios of 11, 10, and 9 times based on the closing price on April 30 [4][6]. Core Views - The company has diversified its energy portfolio, including coal, gas, oil, nuclear, and renewable energy sources, which supports its performance. The total power generation in 2024 reached 491.24 billion kWh, a year-on-year increase of 6.84% [2][3]. - The company is actively developing large-scale projects, including a significant wind and solar project in Xinjiang and a 600,000 kW offshore wind project in Hainan, which are expected to contribute to future growth [3][4]. - The company reported a revenue of 29,619 million yuan in 2024, with a year-on-year growth of 1.64%, and a net profit attributable to shareholders of 3,944 million yuan, reflecting a growth of 14.04% [5][7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 73.37 billion yuan, a decrease of 9.09% year-on-year, and a net profit of 10.11 billion yuan, down 12.82% year-on-year. The fourth quarter of 2024 saw a revenue of 72.47 billion yuan, with a net profit of 6.64 billion yuan, down 30.54% year-on-year [1][2]. - The forecast for 2025 estimates total revenue of 30,310 million yuan, with a growth rate of 2.3%, and a net profit of 4,067 million yuan, reflecting a growth rate of 3.1% [5][8]. Operational Highlights - The company’s installed capacity reached 17,955 MW by the end of 2024, an increase of 5.95% year-on-year. The breakdown of power generation includes coal power at 405.72 billion kWh, gas power at 22.04 billion kWh, wind power at 54.17 billion kWh, and solar power at 31.35 billion kWh, with solar power showing a significant growth of 26.55% year-on-year [2][3]. - The average on-grid electricity price in 2024 was 479.29 yuan/MWh, with a slight decrease in Q1 2025 to 0.501 yuan/kWh [2][3]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 40.67 billion yuan in 2025, 44.03 billion yuan in 2026, and 45.60 billion yuan in 2027 [4][5].

Group 1 - The report presents the "Shenwan Hongyuan Top Ten Gold Stocks" as a monthly updated selection reflecting market trends and research capabilities, aiming to provide solid research support for investors [1][12] - The previous gold stock combination experienced a decline of 4.02% from April 1 to April 30, 2025, with the A-share average dropping by 3.56%, underperforming the Shanghai Composite Index and the CSI 300 Index by 1.86 and 0.56 percentage points respectively [7][16] - Since the first release on March 28, 2017, the gold stock combination has cumulatively increased by 251.26%, with the A-share combination rising by 194.10%, outperforming the Shanghai Composite Index and the CSI 300 Index by 193.73 and 185.68 percentage points respectively [7] Group 2 - The strategy judgment for the second quarter maintains a view of a fluctuating market, with recent political meetings emphasizing support for foreign trade, which is expected to stabilize market expectations [15] - The report recommends focusing on AI computing and applications, highlighting the importance of high dividend yields, and suggests a bottom-up selection of stocks with improving supply-demand dynamics [15] - The top three recommended stocks, referred to as the "Iron Triangle," are Newland, Chipbond, and Feilihua, each with specific growth drivers and market positioning [18][19] Group 3 - The current gold stock combination includes Newland, Chipbond, Feilihua, Sheneng Co., Junxin Co., Conch Cement, Binjiang Group, China Merchants Energy, Alibaba-W (Hong Kong), and CSPC Pharmaceutical (Hong Kong) [18] - Newland is focusing on localizing hardware in overseas markets, particularly in Latin America and Europe, while leveraging AI applications for customer operations [21] - Chipbond is advancing in the semiconductor field with strong demand for high-end equipment driven by AI computing, and Feilihua is positioned well in the military quartz fiber market with significant growth potential in semiconductor products [21][19]

核心观点 2024 年公司实现营业收入296.19 亿元，同比增加1.64%，主要系发售电量同比上升所致； 归母净利润 39.44 亿元，同比增加14.04%，主要系煤价下行后煤电业绩改善。2024Q1 营收73.37亿元，同比减少 9.09%，主要系发电量减少所致；归母净利润10.11亿元，同比减少12.82%，主要系售电量减少及投资收 益同比减少。 截至2024 年底，公司控股装机容量为1795.5 万千瓦，同比增加5.95%，其中公司新能源控股装机容量 612.96 万千瓦，占公司控股装机容量的34.1%。2024 年公司完成发电量586.23 亿千瓦时，同比增加 6.4%。公司2024 年公司现金分红22.02 亿元，股利支付率为55.84%，对应股息率为4.74%，高分红高股 息优势明显。 我们预期公司2025 年至2027 年归母净利润分别为43.73 亿元、46.03 亿元、46.91 亿，维持"买入"评级。 事件 简评 高分红高股息优势明显，维持"买入"评级 公司加快绿色低碳发展步伐，海南CZ2 项目实现首批风机并网，新疆大基地项目实现突破，市内海上 风电项目取得重要进展。2024 年公司现金 ...