3月31日，申能股份今日收盘8.91元，上涨2.77%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到10.29倍，总市值436.06亿元。 从行业市盈率排名来看，公司所处的电力行业行业市盈率平均18.86倍，行业中值17.70倍，申能股份排 名第17位。 申能股份有限公司主要从事电力、石油天然气的开发建设和经营管理,作为能源项目开发主体,公司提供 电力、石油、天然气项目的勘探开发、投资建设、运营维护以及节能环保技术、燃料贸易等多种服务。 公司主要的产品及服务为煤电业务、气电业务、风电业务、光伏发电业务、油气管输业务、煤炭销售 等。 最新一期业绩显示，2024年三季报，公司实现营业收入223.72亿元，同比2.21%；净利润32.81亿元，同 比31.05%，销售毛利率19.36%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)17申能股份10.2912.611.25436.06亿行业平均 18.8620.522.10380.24亿行业中值17.7017.841.51138.48亿1华电辽能-876.471.769.3737.70亿2绿能慧 充-627.58387.9012.7067. ...

截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

Group 1 - The core viewpoint of the news highlights the positive performance of the green power sector, with the Guozheng Green Power Index rising by 0.65% and several constituent stocks showing significant gains, such as Jiangsu Xinneng up by 6.12% and Longyuan Power up by 5.99% [1] - The latest scale of the Green Power ETF reached 330 million yuan, marking a one-year high, with the number of shares also reaching 299 million, indicating strong investor interest [2] - The Green Power ETF has seen continuous net inflows over the past nine days, totaling 55.07 million yuan, with a single-day peak inflow of 15.56 million yuan, reflecting robust demand for green energy investments [2] Group 2 - The Guozheng Green Power Index's price-to-earnings ratio (PE-TTM) stands at 17.34, which is in the lowest 0.4% of its historical range, suggesting that the index is undervalued compared to the past year [2] - The top ten weighted stocks in the Guozheng Green Power Index account for 57.74% of the index, with major players including Changjiang Power and China Nuclear Power [2] - The recent joint issuance of the "Opinions on Promoting the High-Quality Development of the Renewable Energy Green Power Certificate Market" by five government departments is expected to enhance the long-term growth potential of the green certificate market and support the strategic transition of renewable energy in China [3]

Core Viewpoint - The China Securities Index for Shanghai State-Owned Enterprises has shown a downward trend, with a decline of 2.66% over the past month, 6.86% over the past three months, and 6.09% year-to-date [2]. Group 1: Index Performance - The Shanghai State-Owned Enterprises Index opened lower and closed down by 0.57%, reaching 1326.05 points with a trading volume of 19.232 billion yuan [1]. - The index is designed to reflect the overall performance of listed companies that are state-controlled or significantly held by state-owned enterprises in Shanghai [2]. Group 2: Index Composition - The top ten weighted companies in the index include China Pacific Insurance (8.31%), Shanghai Airport (6.28%), Guotai Junan Securities (5.49%), Shanghai Bank (4.85%), and Shanghai Electric (3.52%) [2]. - The index is composed entirely of companies listed on the Shanghai Stock Exchange, with the financial sector representing 28.45% of the index, followed by industrial (23.76%) and consumer discretionary (12.54%) sectors [3]. Group 3: Index Adjustment and Management - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or handling mergers and acquisitions according to specific maintenance guidelines [3].

Group 1 - The core viewpoint of the news is that Sheneng Co., Ltd. has shown a slight increase in stock price and maintains a lower rolling P/E ratio compared to the industry average, indicating potential undervaluation [1] - As of March 25, Sheneng's stock closed at 8.88 yuan, up 1.02%, with a rolling P/E ratio of 10.26 times and a total market capitalization of 43.46 billion yuan [1] - The average P/E ratio for the power industry is 19.75 times, with a median of 18.95 times, positioning Sheneng at 15th place within the industry rankings [1] Group 2 - As of September 30, 2024, Sheneng has 85,312 shareholders, a decrease of 1,993 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - Sheneng Co., Ltd. primarily engages in the development and management of electricity, oil, and natural gas, offering services such as exploration, investment, operation, maintenance, and energy-saving technologies [1] - The latest financial results for the third quarter of 2024 show that the company achieved an operating income of 22.372 billion yuan, a year-on-year increase of 2.21%, and a net profit of 3.281 billion yuan, reflecting a year-on-year growth of 31.05% with a gross profit margin of 19.36% [1]

证券代码：600642 股票简称：申能股份 编号：2025-010 俞雪纯先生因到龄，不再担任公司监事会主席、监事职务。 俞雪纯先生在任期间恪尽职守、勤勉尽责，为公司经营发展和规 范运作做出积极的贡献，公司监事会对俞雪纯先生表示衷心的感谢! 特此公告。 申能股份有限公司监事会 2025 年 3 月 26 日 1 申能股份有限公司 第十一届监事会第八次会议决议公告 申能股份有限公司第十一届监事会第八次会议于 2025 年 3 月 25 日以通讯表决方式召开。公司于 2025 年 3 月 18 日以法律规定方式通 知全体监事。会议应参加表决监事 5 名，实际参加表决监事 5 名。会 议符合《公司法》和《公司章程》有关规定。会议审议并全票通过了 如下决议： ...

证券代码：600642 证券简称：申能股份 公告编号：2025-009 申能股份有限公司 关于完成 2025 年度第一期绿色中期票据（碳中和债） 的公告 日前，公司 2025 年度第一期绿色中期票据（碳中和债）发行完 成。经 2023 年 5 月 23 日召开的公司第四十三次（2022 年度）股东 大会审议通过，公司本次中期票据的注册金额为人民币 80 亿元。本 期绿色中期票据（碳中和债）发行总额为人民币 9 亿元，发行期限为 3 年，发行利率为年利率 2.05%。 特此公告。 申能股份有限公司 2025 年 3 月 25 日 ...

申能股份最新一期业绩显示，截至2024三季报，公司营业总收入223.72亿元、同比增长2.21%，归属净 利润32.81亿元，同比增长31.05%，扣非净利润29.38亿元，同比增长18.63%，流动比率1.109、速动比率 1.071、资产负债率54.23%。 天眼查商业履历信息显示，申能股份有限公司，成立于1993年，位于上海市，是一家以从事专业技术服 务业为主的企业。企业注册资本489433.2526万人民币，实缴资本489433.2526万人民币。公司法定代表 人为华士超。 通过天眼查大数据分析，申能股份有限公司共对外投资了62家企业，参与招投标项目302次，知识产权 方面有商标信息43条，专利信息22条，此外企业还拥有行政许可7个。 来源：金融界 申能股份（600642）3月24日主力资金净流入 2219.81万元 金融界消息 截至2025年3月24日收盘，申能股份（600642）报收于8.79元，上涨0.92%，换手率0.45%， 成交量22.14万手，成交金额1.94亿元。 资金流向方面，今日主力资金净流入2219.81万元，占比成交额11.45%。其中，超大单净流入452.87万 元、占成交额 ...

Summary of Shenneng Co., Ltd. Conference Call Company Overview - Shenneng Co., Ltd. is a major power supplier in Shanghai, holding over one-third of the thermal power market share and significant natural gas supply. The total installed capacity is nearly 18 million kilowatts, with thermal power accounting for 80% [doc id='8'][doc id='9']. Industry Insights - The public utility sector currently shows clear investment value, with significant dividend yields compared to ten-year government bonds. For instance, Changjiang Electric Power has a dividend yield of 3.5% [doc id='3']. - The coal price has decreased significantly year-on-year, benefiting regions with favorable competition, such as Shanghai, where electricity prices are well-supported [doc id='4']. Key Financial Metrics - Shenneng's financial health is strong, with a declining debt-to-asset ratio and a free cash flow of 7.3 billion yuan in 2023, maintaining positive cash flow since 2015 [doc id='7'][doc id='10']. - The company distributed 2 billion yuan in cash dividends in 2023, representing 56.6% of its annual profit, indicating robust distributable capacity [doc id='7']. Growth and Development - Shenneng's renewable energy business is growing significantly, particularly with the attractive planning of the deep-sea wind project in Shanghai. The company plans to further develop offshore wind projects, providing new growth momentum [doc id='6'][doc id='22']. - The projected profits for Shenneng from 2024 to 2026 are 3.98 billion, 4.05 billion, and 4.14 billion yuan, respectively, with a current PE ratio of about 11 times and a dividend yield of approximately 4.6% [doc id='23']. Market Position and Competitive Advantage - Shenneng's thermal power utilization hours are significantly higher than national competitors, with lower coal consumption than the national average by 21 grams per kilowatt-hour. This reflects the company's superior infrastructure and lower power supply costs [doc id='21']. - The company is a key player in the Shanghai electricity market, contributing to 85% of the city's power generation alongside three other companies [doc id='12']. Regional Demand and Supply Dynamics - Shanghai's electricity consumption ranks among the top in China, with a projected GDP exceeding 5 trillion yuan in 2024 and electricity consumption reaching 198.4 billion kilowatt-hours, a year-on-year growth of over 7% [doc id='12']. - The supply-demand situation in Shanghai is critical, with limited new coal power installations expected in the next three years, maintaining competitive pricing and utilization hours [doc id='15']. Regulatory and Market Changes - The capacity compensation policy in Shanghai will increase from 30% to 50% by 2026, potentially enhancing revenue per kilowatt-hour by approximately 0.016 yuan [doc id='20']. - The current trial operation of the Shanghai spot market shows promising results, with lower loss rates for electricity companies compared to other regions [doc id='19']. Conclusion - Shenneng Co., Ltd. is positioned as a benchmark company in the thermal power sector, with strong financials, a growing renewable energy portfolio, and a favorable market outlook driven by regional demand and supply dynamics. The company is expected to see further asset value appreciation and should be closely monitored by investors [doc id='23'].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Views - The company is positioned as a benchmark for high dividend yield in thermal power, with a strong focus on core assets in quality regions [9]. - The company has a diversified business model, primarily engaged in electricity and oil and gas, with thermal power maintaining a high proportion and renewable energy contributing incremental growth [17][19]. - The company benefits from a robust operational efficiency and a favorable supply-demand balance in the Shanghai region, which supports electricity prices [9][44]. Summary by Sections 1. Diversified Business Operations - The company operates in both electricity and oil and gas sectors, with thermal power accounting for nearly 80% of its installed capacity [19]. - As of Q4 2024, the company’s total installed capacity reached 17.96 million kW, with coal power at 8.4 million kW and gas power at 3.43 million kW [19]. - The company has maintained a high dividend payout ratio, exceeding 55% since 2020, with a TTM dividend yield of 4.41% as of March 17, 2025 [9]. 2. Thermal Power Positioning - The company’s thermal power capacity in Shanghai accounts for 82.7% of its total, indicating a strong regional focus [9][47]. - Shanghai's electricity demand is robust, with a projected GDP of over 5 trillion yuan in 2024 and electricity consumption of 198.4 billion kWh, reflecting a year-on-year increase of over 7% [51]. - The company’s coal power generation efficiency is superior, with a coal consumption rate of 281 grams per kWh, which is 21 grams lower than the national average [9][35]. 3. Renewable Energy Expansion - The company’s renewable energy capacity has increased to 34% of its total installed capacity, with ongoing projects in offshore wind and solar energy [9][19]. - The company is actively participating in Shanghai's offshore wind and solar energy projects, with significant capacity planned for the coming years [9][19]. - The company’s renewable energy projects are expected to contribute to its revenue starting in 2025, with major projects in Xinjiang and Hainan [9][19]. 4. Financial Performance and Forecast - The company’s revenue for 2023 was 29.142 billion yuan, a 3.36% increase year-on-year, with net profit soaring to 3.459 billion yuan, up 219.52% [21]. - The report forecasts net profits of 39.8 billion yuan, 40.5 billion yuan, and 41.4 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11.1, 11.0, and 10.7 [9][21]. - The company’s financial health is strong, with a decreasing debt-to-asset ratio, which was 54.23% as of the latest report [6][35].