Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a benchmark for high dividends in thermal power, with a strong focus on core assets in quality regions. It has a diversified energy supply business, primarily engaged in electricity and oil and gas operations [9][17]. - The company has a robust financial outlook, with projected net profits increasing from 39.8 billion yuan in 2024 to 41.4 billion yuan in 2026, corresponding to a P/E ratio of 11.1, 11.0, and 10.7 respectively [9][11]. Summary by Sections 1. Diversified Business Operations - The company operates in both electricity and oil and gas sectors, with thermal power maintaining a high proportion of its operations while renewable energy contributes incrementally [17][19]. - As of Q4 2024, the company's installed capacity reached 17.96 million kilowatts, with coal power accounting for 8.4 million kilowatts, representing 46.8% of the total capacity [19][21]. 2. Thermal Power Positioning - The company benefits from strong electricity demand in Shanghai, with a projected GDP growth of 5% in 2024, leading to an expected electricity consumption of 198.4 billion kilowatt-hours, a year-on-year increase of over 7% [51][58]. - The company’s thermal power generation capacity in Shanghai is significant, with 71.5% of its controlled capacity located in the region, ensuring a stable supply amidst limited new installations [47][49]. 3. Renewable Energy Expansion - The company is actively expanding its renewable energy portfolio, with renewable energy accounting for 34% of its total installed capacity by the end of 2024 [9][11]. - New projects in wind and solar energy are expected to contribute to the grid by 2025, including a 2GW solar project in Xinjiang and a 0.6GW offshore wind project in Hainan [9][11]. 4. Financial Performance and Forecast - The company reported a revenue of 29.142 billion yuan in 2023, a 3.36% increase year-on-year, with net profit soaring to 3.459 billion yuan, a 219.52% increase due to falling coal prices [21][30]. - The company maintains a high dividend payout ratio, with a dividend yield of 6.23% in 2023, reflecting its commitment to shareholder returns [40][41].

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].

关于完成 2025 年度第三期超短期融资券发行的公告 日前，公司 2025 年度第三期超短期融资券发行完成。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， 公司本次超短期融资券注册金额为人民币 120 亿元。本期超短期融资 券发行总额为人民币 7.5 亿元，发行期限为 180 日，发行利率 2.09%。 证券代码：600642 证券简称：申能股份 公告编号：2025-008 特此公告。 申能股份有限公司 申能股份有限公司 2025 年 3 月 15 日 ...

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 ...

日前，公司 2025 年度第二期超短期融资券发行完成。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， 公司本次超短期融资券注册金额为人民币 120 亿元。本期超短期融资 券发行总额为人民币 15 亿元，发行期限为 180 日，发行利率 1.85%。 特此公告。 申能股份有限公司 2025 年 2 月 20 日 证券代码：600642 证券简称：申能股份 公告编号：2025-007 申能股份有限公司 关于完成 2025 年度第二期超短期融资券发行的公告 ...

证券代码：600642 证券简称：申能股份 公告编号：2025-006 关于完成 2025 年度第一期超短期融资券发行的公告 日前，公司 2025 年度第一期超短期融资券发行完成。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， 公司本次超短期融资券注册金额为人民币 120 亿元。本期超短期融资 券发行总额为人民币 15 亿元，发行期限为 180 日，发行利率 1.94%。 特此公告。 申能股份有限公司 2025 年 1 月 28 日 申能股份有限公司 ...

公司将根据项目进展情况及时履行信息披露义务。 证券代码：600642 股票简称：申能股份 公告编号：2025-005 申能股份有限公司关于 获得临港 1#海上光伏项目竞争配置建设指标的公告 近日，上海市发展和改革委员会下发了《上海市第一批"风光同 场"海上光伏项目竞争配置结果的通知》（沪发改能源〔2025〕17 号)， 公司获得临港 1#海上光伏项目竞争配置建设指标。 临港 1#海上光伏项目（以下简称"项目"）规模为 49.95 万千瓦， 位于上海市浦东新区上海临港海上风电一期示范项目海域内。场址离 岸距离 10-16 公里，场址面积约 14.8 平方公里，场址水深约 10 米。 特此公告。 申能股份有限公司 2025 年 1 月 25 日 ...

Investment Rating - The investment rating for the company is maintained at "Hold" [4] Core Views - The company reported a 6.4% year-on-year increase in controlled power generation for 2024, reaching 58.623 billion kWh [2][3] - The average on-grid electricity price for 2024 is projected to be 0.511 yuan per kWh, reflecting a 2.3% decrease compared to the previous year [3] - The company’s coal-fired power generation increased by 3.5% year-on-year to 41.605 billion kWh, while natural gas generation saw a significant rise of 17.6% to 8.442 billion kWh [3] - The growth in electricity demand in Shanghai, which increased by 7.78% year-on-year, has positively impacted the company's output levels [3] - The company’s renewable energy generation, including wind and solar, has also shown significant growth, with wind power generation increasing by 4.3% and solar generation rising by 24.9% year-on-year [4] Financial Forecasts and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are adjusted to 29.9 billion, 30.145 billion, and 31.465 billion yuan respectively, with corresponding net profits of 3.874 billion, 3.897 billion, and 3.979 billion yuan [4] - The price-to-earnings (P/E) ratios for the next three years are estimated at 11.1, 11.0, and 10.8 times [4] - The company is expected to maintain a stable financial performance with a slight increase in net profit over the forecast period [4]

上海市锦天城律师事务所 关于申能股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于申能股份有限公司 第四十五次（2025 年第一次临时）股东大会的 法律意见书 第四十五次（2025 年第一次临时）股东大会的 致：申能股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受申能股份有限公司（以下 简称"公司"）委托，就公司召开第四十五次（2025 年第一次临时）股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称《公司法》）、《上市公司股东大会规则》等法律、法规、其他规范性文件及《申 能股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了 ...