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].

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 ...