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].

截至2025年5月6日 13:10，国证绿色电力指数上涨0.75%，成分股京运通、华银电力10cm涨停，晓程科技上涨5.83%，乐山电力上涨5.26%，西昌电力上涨 4.10%。绿色电力ETF(159625)上涨0.81%。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅18.37倍，处于近3年12.08%的分位，即估值低于近3年87.92%以上的时 间，处于历史低位。 数据显示，截至2025年4月30日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、华 能水电、国电电力、申能股份，前十大权重股合计占比58.04%。 东方证券指出，招中标延续增长趋势，行业景气度有望继续提升。、2025Q1国内公开招标市场新增招标量28.6GW，同比增长22.7%。由于24年国内招标数 据亮眼，市场普遍对于25年国内风电景气度抱有积极预期，但同时也会担忧景气度的持续性，随着25Q1招标数据展现较为稳健的同比增长，一定程度对风 电后续景气度给到支撑。 据国内海关数据统计，我国风机3月出口1.46亿美元，环比+86.81%，同比+50.54 ...

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 ...

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 "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].

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 ...

Financial Performance - The company's operating revenue for 2024 reached CNY 29,619,325,998.90, an increase of 1.64% compared to CNY 29,141,612,184.37 in 2023[21] - Net profit attributable to shareholders was CNY 3,944,332,272.25, reflecting a 14.04% increase from CNY 3,458,659,109.38 in the previous year[21] - The net profit after deducting non-recurring gains and losses was CNY 3,478,410,919.81, up 12.77% from CNY 3,084,395,912.38 in 2023[21] - The company's total assets at the end of 2024 amounted to CNY 101,665,731,911.61, a 7.91% increase from CNY 94,209,348,651.19 in 2023[22] - The net assets attributable to shareholders increased to CNY 37,766,085,640.89, representing a 12.61% rise from CNY 33,538,079,771.36 in 2023[21] - Basic earnings per share for 2024 were CNY 0.803, a 13.10% increase from CNY 0.710 in 2023[23] - The diluted earnings per share also rose to CNY 0.802, marking a 13.12% increase compared to CNY 0.709 in the previous year[23] - The cash flow from operating activities was CNY 7,164,477,967.39, a decrease of 2.46% from CNY 7,344,946,949.14 in 2023[21] - The weighted average return on equity for 2024 was 11.33%, an increase of 0.58 percentage points from 10.75% in 2023[23] - The company achieved a record revenue of 29.619 billion RMB and a net profit of 3.944 billion RMB for the fiscal year 2024, marking a historical high[34] Quarterly Performance - The first quarter revenue was 8.071 billion RMB, with a net profit attributable to shareholders of 1.159 billion RMB[25] - The second quarter revenue was 5.609 billion RMB, with a net profit attributable to shareholders of 1.032 billion RMB[25] - The third quarter revenue was 8.693 billion RMB, with a net profit attributable to shareholders of 1.090 billion RMB[25] - The fourth quarter revenue was 7.247 billion RMB, with a net profit attributable to shareholders of 664 million RMB[25] Renewable Energy Development - The company has made significant progress in large-scale and base-oriented development of renewable energy, with the Hainan CZ2 project achieving its first batch of wind turbines connected to the grid[35] - The company has secured construction indicators for 3.35 million kW of wind and solar projects in Xinjiang, with an additional 1.4 million kW wind project in the approval process[35] - The total installed capacity of renewable energy exceeded 6 million kW, with a steady increase in the proportion of installed capacity[36] - The installed capacity of renewable energy reached 6.1296 million kW, accounting for 34.1% of the company's total installed capacity[40] - The company is actively expanding its clean energy projects across multiple regions, including Anhui, Ningxia, Qinghai, Xinjiang, and Inner Mongolia[39] Business Segments Performance - The coal power business generated revenue of approximately ¥13.43 billion with a gross margin of 15.57%, reflecting a year-on-year increase of 4.89 percentage points[50] - The gas power business reported revenue of about ¥5.97 billion, achieving a gross margin of 12.98%, with a year-on-year increase of 1.18 percentage points[50] - The wind power business achieved revenue of approximately ¥2.80 billion, with a gross margin of 53.04%, marking a year-on-year increase of 3.53 percentage points[50] - The photovoltaic power business generated revenue of around ¥1.13 billion, with a gross margin of 44.86%, but experienced a year-on-year decrease of 3.05 percentage points[50] - The oil and gas pipeline transportation business reported revenue of approximately ¥3.38 billion, with a gross margin of 24.61%, reflecting a year-on-year increase of 19.87 percentage points[51] Operational Efficiency and Management - The company has implemented a digital transformation plan to enhance business development and operational efficiency[37] - The company has made significant progress in risk management and fuel management systems to mitigate operational risks[37] - Research and development expenses increased by 28.35% to CNY 21.75 million, indicating a strong focus on innovation[48] - The company is committed to improving operational efficiency by enhancing market awareness and optimizing cost management to strengthen its competitive edge[86] Governance and Compliance - The company held 1 shareholders' meeting, 7 board meetings, and 4 supervisory board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[94] - The company maintains independence from its controlling shareholder, Shenneng (Group) Co., Ltd., in business, personnel, assets, institutions, and finance[95] - The company has established a comprehensive internal control system to effectively manage and mitigate various risks[94] - The independent directors are actively involved in protecting the interests of minority investors and ensuring compliance with operational regulations[94] Environmental and Social Responsibility - The company invested approximately 73.81 million yuan in environmental protection during the reporting period[135] - All power generation units achieved ultra-low emissions, with average emissions of particulate matter, sulfur dioxide, and nitrogen oxides below national standards[137][138] - The company has established an environmental self-monitoring plan, utilizing automatic monitoring systems to ensure real-time tracking of environmental indicators[141] - The company is actively participating in low-carbon and green development research, including a CO2 capture project[144] Shareholder and Equity Management - The company completed the repurchase and cancellation of 237,850 A-share restricted stocks, reducing the total share capital to 4,894,094,676 shares[127] - The total number of ordinary shareholders at the end of the reporting period was 78,746, down from 79,774 at the end of the previous month[174] - The largest shareholder, Sheneng Group Co., Ltd., holds 2,626,545,766 shares, representing 53.67% of the total shares[176] - The company has implemented an equity incentive plan, resulting in 1,474,300 restricted shares held by key individuals, with a vesting period of 36 to 48 months[179] Financing and Investment - The company issued green corporate bonds in January 2022, with a total balance of 1.2 billion RMB and an interest rate of 2.65%[188] - The total amount raised from the green bonds is 22 billion RMB, with all funds allocated for repaying existing green project debts[196][197] - The company has maintained compliance with regulations regarding the management of raised funds[200]

证券代码：600642 股票简称：申能股份 公告编号：2025-014 申能股份有限公司 七、以全票同意，一致通过了《关于公司注册发行可续期公司债 券的报告》，并同意提交股东大会审议。 八、以全票同意，一致通过了《关于公司向银行间交易商协会申 请统一注册发行非金融企业债务融资工具的报告》，并同意提交股东 大会审议。 第十一届监事会第九次会议决议公告 申能股份有限公司第十一届监事会第九次会议于 2025 年 4 月 28 日以通讯方式召开。公司于 2025 年 4 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 4 名，实际参加表决监事 4 名。会议符 合《公司法》和《公司章程》有关规定，审议并通过了以下事项： 一、以全票同意，一致通过了《申能股份有限公司 2024 年度报 告》及其摘要。 二、以全票同意，一致通过了《申能股份有限公司 2024 年度财 务决算报告》，并同意提交股东大会审议。 三、以全票同意，一致通过了《申能股份有限公司 2024 年度利 润分配预案》，并同意提交股东大会审议。 四、以全票同意，一致通过了《申能股份有限公司 2025 年第一 季度报告》。 五、以全票同意，一致通过了 ...