Core Viewpoint - The company aims to enhance operational efficiency and accelerate green low-carbon development, achieving a record net profit of 3.944 billion yuan in 2024 and 1.011 billion yuan in Q1 2025 [1] Group 1: Operational Performance - The company plans to solidify safety and supply foundations while improving management efficiency and developing new production capabilities [1] - The company achieved a net profit of 1.011 billion yuan in Q1 2025, maintaining stable and orderly production operations [1] Group 2: Fuel Cost Management - The company has seen a significant year-on-year decrease in fuel costs and is actively optimizing procurement strategies to increase the proportion of low-cost coal [1] Group 3: Electricity Market Participation - The company is enhancing its marketing system to actively participate in the Shanghai electricity spot market, leveraging the performance advantages of its power generation units [1] Group 4: Renewable Energy Development - The company has made progress in large-scale renewable energy development, including the Hainan CZ2 project (Phase I) with 600,000 kW connected to the grid and ongoing preparations for 3.35 million kW wind and solar projects in Xinjiang [1] - Future plans include focusing on large-scale renewable energy development and expanding into comprehensive energy services, CCUS, green hydrogen production, and biomass [1] Group 5: Dividend Policy - The company emphasizes stable and sustainable cash dividends, proposing a cash dividend of 0.45 yuan per share for 2024, with a payout ratio of 55.8% and a total cash dividend of 2.2 billion yuan, marking a historical high [1]

2024年面对错综复杂的外部形势，公司积极应对困难和挑战，不 断夯实安全保供基础，加速绿色低碳发展，全力提升经营质效，持续 增强管理效能，加快发展新质生产力，圆满完成各项目标任务，全年 实现归母净利润39.44亿元，续创新高。 2025年一季度，公司继续主动有为，抓住行业机遇，克服不利因 素，生产经营保持平稳有序，重点项目开发建设取得积极进展，实现 净利润10.11亿元。 证券代码：600642 证券简称：申能股份 公告编号：2025-019 申能股份有限公司投资者交流会议纪要 时 间：2025年5月16日 地 点：申能股份有限公司会议室 交流会形式：线下调研 公司参与人员：杨波（副总裁、董事会秘书）、 周鸣（证券部 总经理、证券事务代表） 参会机构：华源证券、中信建投证券、华泰证券、申万证券、国 泰海通、长江证券、天风证券、华福证券、招商证券、华泰保险、摩 根基金、泰康资产、上银基金、兴全基金。 本次投资者交流会中，投资者重点关注的问题及公司的回答要点 如下： Q1:公司2024年及2025年一季度经营情况 申能股份有限公司 2025年5月17日 Q2：近期燃料成本变动情况 2025年以来，燃料成本继续保持 ...

Group 1 - The core viewpoint highlights the significant growth and low valuation of the green power ETF, indicating a potential investment opportunity in the renewable energy sector [3] - The green power ETF has seen a trading turnover of 3.91% and a transaction volume of 14.43 million yuan, with an average daily transaction of 24.55 million yuan over the past week [3] - The ETF's scale has increased by 131 million yuan over the past six months, ranking first among comparable funds, while its share count has grown by 10.6 million shares in the last three months, also leading in its category [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the index tracked by the green power ETF is 18.81, which is in the 15.99% percentile over the past three years, indicating a valuation lower than 84.01% of the historical period [3] - The top ten weighted stocks in the index account for 58.04% of the total, including major companies such as Yangtze Power, China Nuclear Power, and Three Gorges Energy [3] - The recent recognition of China's green certificate by the global renewable energy consumption initiative (RE100) marks a significant advancement in the country's renewable energy transition [3] Group 3 - The value of green electricity and energy storage is expected to be reassessed, with the intrinsic value of renewable energy adjusted for its volatility and enhanced by its green attributes [4] - Investors can access investment opportunities through the corresponding green power ETF linked fund (017057) [4]

Group 1 - The report highlights that Meta's capital expenditure (CapEx) for Q1 2025 has doubled to $13.7 billion, reflecting a year-on-year increase of 103.90% and an upward revision of the 2025 full-year CapEx forecast to between $64 billion and $72 billion, driven by increased investments in AI and data centers [2] - Several national-level computing center projects in China are expected to be launched, with companies like Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years, marking the largest investment in this sector by a private company in China [2] - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, with strong demand from data centers and consumer electronics, leading to increased orders for major companies like Nvidia and Qualcomm [3][4] Group 2 - The report indicates that Henggong Precision has achieved a compound annual growth rate (CAGR) of 14.5% in revenue and 10.9% in net profit from 2018 to 2023, although a significant decline in performance is expected in 2024 due to asset impairment [4][6] - The company is leveraging its technical advantages in ductile iron materials and continuous casting processes to improve product quality and yield, positioning itself for growth in the machinery sector [4][6] - Zhejiang Dingli has reported a significant improvement in its Q1 2025 performance, with revenue of 1.898 billion yuan, a year-on-year increase of 30.72%, and a net profit of 429 million yuan, reflecting a 41.83% increase [18][30] Group 3 - The report notes that the gold industry achieved total revenue of 291.588 billion yuan in 2024, with a year-on-year increase of 2.83%, and a significant rise in net profit by 51.56% to 12.305 billion yuan [9] - Copper supply and demand remain tight, with high production levels maintained by smelters, and the report suggests monitoring companies like Zijin Mining and China Nonferrous Mining for potential investment opportunities [9] - The report emphasizes the importance of the semiconductor sector, particularly in AI and data center applications, as a key area for growth and investment in the upcoming quarters [3][11]

事件：公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 296.19 亿元，同比增长 1.64%，实现归母净利润 39.44 亿元，同比增长 14.04%； 2025Q1 实现营业收入 73.37 亿元，同比降低 9.09%，实现归母净利润 10.11 亿元，同比降低 12.82%。 公司报告 | 年报点评报告 申能股份（600642） 证券研究报告 多业务板块支撑业绩，新能源装机增速有望提高 煤价快速下滑，煤电板块盈利显著修复 2024 年公司煤电板块完成控股发电量 416.05 亿千瓦时，同比增长 3.5%， 秦皇岛港 Q5500 煤炭均价约 855 元/吨，同比降低约 110 元/吨，煤价下滑 带动公司板块盈利显著改善，2024 年煤电板块实现营业收入 134.28 亿元， 同比增长 2.57%，实现毛利 20.91 亿元，同比增长 49.58%。2025Q1 煤电板 块电量承压，单季度完成控股发电量 99.02 亿千瓦时，同比降低 12.5%，但 煤价仍处于下行通道，秦皇岛港 Q5500 煤炭一季度均价约 721 元/吨，同 比降低约 181 元/吨，截至 5 月 12 日，其 ...

公司报告 | 年报点评报告 申能股份（600642） 证券研究报告 多业务板块支撑业绩，新能源装机增速有望提高 事件：公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 296.19 亿元，同比增长 1.64%，实现归母净利润 39.44 亿元，同比增长 14.04%； 2025Q1 实现营业收入 73.37 亿元，同比降低 9.09%，实现归母净利润 10.11 亿元，同比降低 12.82%。 煤价快速下滑，煤电板块盈利显著修复 2024 年公司煤电板块完成控股发电量 416.05 亿千瓦时，同比增长 3.5%， 秦皇岛港 Q5500 煤炭均价约 855 元/吨，同比降低约 110 元/吨，煤价下滑 带动公司板块盈利显著改善，2024 年煤电板块实现营业收入 134.28 亿元， 同比增长 2.57%，实现毛利 20.91 亿元，同比增长 49.58%。2025Q1 煤电板 块电量承压，单季度完成控股发电量 99.02 亿千瓦时，同比降低 12.5%，但 煤价仍处于下行通道，秦皇岛港 Q5500 煤炭一季度均价约 721 元/吨，同 比降低约 181 元/吨，截至 5 月 12 日，其 ...

紧急提醒！ 如今，中央汇金再次出手，将目光锁定6家极具成长潜力的企业。这些企业均为各自领域的龙头，在未 来市场中极可能成为耀眼之星： 第一家：国电电力 业务多元化，在水电领域有一定规模和发展，且在核电方面有技术研发和商用化探索。 最近，国家金融监督管理总局、中国证券监督管理委员会宣布了"一揽子金融政策支持稳市场稳预期"的 系列政策措施。 中央汇金，妥妥的副部级央企，今年年初，三大AMC并入中投，中央汇金的资产规模将超过10万亿 元。 而作为顶级投资机构，中央汇金的投资眼光屡次得到市场验证。 例如，2016年中央汇金重仓恒瑞医药，恒瑞股价一度暴涨8倍； 在北方华创仅10元时重仓出手，随后股价飙升至495元，回报率让人惊讶！ 第二家：歌华有线 拥有全球规模最大的高清交互数字电视平台，通信基建类"稳健型资产"。 第三家：申能股份 同时深耕天然气和电力两大领域，在上海地区燃气业务中占据主导地位。 第四家：中恒集团 心脑血管及肿瘤治疗药品具有较强影响力，低估值医药资产，未来具估值修复潜力。 第五家：苏州高新 苏州高新区政府旗下唯一A股上市公司，新兴产业投资运营和产城综合开发服务商。 第六家：全球最大工业索具制造商：需知 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Group 1 - The core viewpoint of the articles highlights the performance and market position of Sheneng Co., Ltd. in the power industry, noting its stock price increase and financial metrics [1][2] - As of May 9, Sheneng's stock closed at 9.15 yuan, up 3.16%, with a rolling PE ratio of 11.80 times and a total market capitalization of 44.781 billion yuan [1] - In comparison to the industry, Sheneng's PE ratio is significantly lower than the industry average of 22.53 times and the median of 20.11 times, ranking 17th among its peers [1][2] Group 2 - As of March 31, 2025, Sheneng had 79,774 shareholders, an increase of 1,028 from the previous period, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The company primarily engages in the development and management of electricity, oil, and natural gas projects, offering services such as exploration, investment, construction, operation maintenance, energy-saving technology, and fuel trading [1] - The latest financial report for Q1 2025 shows Sheneng achieved an operating revenue of 7.337 billion yuan, a year-on-year decrease of 9.09%, and a net profit of 1.011 billion yuan, down 12.82%, with a gross profit margin of 20.08% [1]