公司报告 | 半年报点评 川投能源（600674） 证券研究报告 雅砻江水电为业绩增量主力，控股资产盈利稳健 事件 公司公布 2025 年半年报。2025 年上半年，公司实现营业收入 7.12 亿元， 同比+18%；实现归母净利润 24.6 亿元，同比+6.9%。 控股资产盈利能力稳步提升 随着银江水电站机组的陆续投产发电，公司上半年完成发电量 23.6 亿千瓦 时，同比+17.8%，电量增速与营业收入增速基本一致。 上半年公司主营业务毛利率 46.6%，相较于去年同期提升 2pct，控股资产 的盈利能力在稳步提升。 参股：雅砻江水电为业绩增量主力 ①雅砻江水电： 2025 年上半年雅砻江水电发电量 430 亿千瓦时，同比+12.7%；营业收入 121.7 亿元，同比+7%；净利润 49.2 亿元，同比+11.7%；其中 Q2 营业收入 55.05 亿元，同比+4.2%；净利润 19.19 亿元，同比+4.7%。 雅砻江水电营业收入增速低于电量增速主要原因或为电价下滑。根据我们 估算，雅砻江水电 25 年上半年不含税上网电价相较于去年同期下浮约 1.5 分/千瓦时。四川省 2025 年电力交易取消综合一口价， ...

在建水电项目有望陆续投产，看好参控股公司长期增长。根据公司在建项目规划，其控股的银江水电站 1、2、3 号机组已在今年上半年陆续投产，预计剩余3 台6.5 万千瓦机组将在年内全面投产。参股公司在 建项目方面，雅砻江公司的卡拉、孟底沟、牙根一级水电站等多个水电与新能源项目均在科学推进；国 能大渡河公司则规划以双江口、猴子岩、瀑布沟三大水电站为中心，形成水风光一体化项目集群，目前 仍有在建352 万千瓦，筹建295 万千瓦，后续有望积极保障公司长期成长。此外，公司四川宜宾平山抽 蓄项目已步入可研阶段，湖北远安抽蓄电站项目也已在报告期成功摘牌，后续开工建成后有望进一步拓 展公司业务布局。 盈利预测与估值： 我们预计2025-2027 年公司分别实现归母净利润49/50/52 亿元，同比分别变化 +7.74%/+3.94%/+2.09%， 2025 年8 月20 日股价对应PE 分别为15.42/14.83/14.53 倍。首次覆盖，给予"强 烈推荐"评级。 事件：公司发布2025 年半年度报告，2025 年H1 公司实现营业收入7.12 亿元，同比+17.95%；实现归母 净利润24.61 亿元，同比+6.90%； ...

Group 1 - The core viewpoint of the article highlights the decline in China's hydropower generation, with a reported production of 139.1 billion kilowatt-hours in June 2025, representing a year-on-year decrease of 4% [1] - In the first half of 2025, China's cumulative hydropower generation reached 539.79 billion kilowatt-hours, showing a cumulative decline of 2.9% [1] - The article references a market analysis report by Zhiyan Consulting, which covers the development status and market forecast of the hydropower industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the hydropower sector include Changjiang Electric Power, Huaneng Hydropower, Guotou Power, Chuan Investment Energy, Gui Guan Electric Power, Qian Yuan Electric Power, Hubei Energy, Mindong Electric Power, Leshan Electric Power, and Hunan International Power [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][31]. Core Views - The company reported a stable growth in investment income, with a significant dividend support from Yalong River Hydropower [1][7]. - In the first half of 2025, the company achieved an operating revenue of 712 million yuan, a year-on-year increase of 17.95%, and a net profit attributable to shareholders of 2.461 billion yuan, up 6.90% year-on-year [7][8]. - The company received dividends from Yalong River Hydropower amounting to 3.216 billion yuan, a substantial increase compared to the same period in 2024 [8]. Summary by Sections Financial Performance - In H1 2025, the company’s investment income grew by 5.75% year-on-year, totaling 2.551 billion yuan, with equity investment income from associates increasing by 7% [8]. - The company’s power generation volume reached 2.361 billion kWh, a year-on-year increase of 17.76%, with hydropower generation contributing 2.228 billion kWh, up 17.82% [8][9]. - The average on-grid electricity price increased by 8.17% year-on-year to 0.278 yuan/kWh, with hydropower prices rising by 11.62% [9]. Operational Highlights - The total installed capacity of the company reached 37.41 million kW by the end of H1 2025, with equity capacity at 17.65 million kW [9]. - The company holds a 48% stake in Yalong River Hydropower, which has a total installed capacity of 20.83 million kW, including 19.2 million kW of hydropower [9]. Dividend and Shareholder Actions - The company has maintained a stable dividend of 0.4 yuan per share from 2021 to 2024, with the 2024 annual equity distribution completed in July 2025 [12]. - The controlling shareholder, Sichuan Energy Development Group, increased its stake in the company to 50.19% between April 9 and July 17, 2025 [12]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 5.201 billion yuan, 5.503 billion yuan, and 5.780 billion yuan, respectively, with corresponding earnings per share of 1.07 yuan, 1.13 yuan, and 1.19 yuan [13][14]. - The price-to-earnings ratios for the same period are estimated at 14.40X, 13.60X, and 12.95X, indicating a favorable valuation outlook [13].

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Power Index reported at 2572.78 points [1] - The CSI 300 Power Index has decreased by 3.70% in the past month, 5.87% in the past three months, and 6.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Power Index are: Changjiang Electric (48.32%), China Nuclear Power (10.65%), Three Gorges Energy (8.79%), Guodian Power (5.75%), State Power Investment (5.02%), Huaneng International (4.56%), Chuanwei Energy (4.27%), China General Nuclear Power (4.15%), Zhejiang Energy (2.98%), and Huadian International (2.79%) [1] - The market segment of the CSI 300 Power Index is dominated by the Shanghai Stock Exchange at 95.49%, while the Shenzhen Stock Exchange accounts for 4.51% [1] Group 3 - In terms of industry composition within the CSI 300 Power Index, hydropower accounts for 59.96%, thermal power for 16.09%, nuclear power for 14.80%, and wind power for 9.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index [2]

长江商报消息●长江商报记者 徐佳 参控股资产共同发力，驱动川投能源（600674.SH）盈利提升。 半年报显示，2025年上半年，川投能源实现营业收入7.12亿元，同比增长17.95%；归属于上市公司股东 的净利润（净利润，下同）24.61亿元，同比增长6.9%；扣除非经常性损益的净利润（扣非净利润，下 同）24.55亿元，同比增长7.2%。 一直以来，川投能源主要依托具有独特资源优势的雅砻江、大渡河、田湾河流域，以及金沙江、青衣 江、天全河流域等水电站进行开发、投资、建设和运营。参股公司投资收益以及控股子公司利润增加， 成为川投能源业绩的重要支撑。 2025年上半年，川投能源的投资收益为25.51亿元，同比增长5.75%。其中，公司持股48%的雅砻江公司 实现营业收入121.66亿元，净利润49.16亿元。报告期内，川投能源收到雅砻江公司分红款32.16亿元。 值得关注的是，上市以来，川投能源多次借助资本市场力量，助力雅砻江、大渡河等流域水电资源开 发。继上半年增资雅砻江公司之后，日前川投能源计划对参股公司国能大渡河公司增资3.34亿元，助其 加速推进大渡河流域水风光一体化基地建设。 半年投资收益增5.75 ...

Summary of Key Points Core Viewpoint - As of August 18, a total of 90 stocks received "buy" ratings from brokerages, with 20 of these stocks announcing target prices, indicating a positive sentiment in the market [1] Group 1: Stock Performance - The stocks with the highest target price increases are Tubaobao, ChuanTou Energy, and Small Commodity City, with target price increases of 36.59%, 33.96%, and 32.41% respectively [1] Group 2: Rating Adjustments - Out of the 90 stocks, 89 maintained their ratings, while 1 stock received its first rating [1] - A total of 13 stocks attracted attention from multiple brokerages, with Dongfang Cable, Huayou Cobalt, and Stone Technology receiving the most ratings, at 4, 3, and 3 ratings respectively [1] Group 3: Industry Distribution - The sectors with the highest number of stocks receiving "buy" ratings include Technology Hardware and Equipment, Materials II, and Capital Goods, with 17, 16, and 12 stocks respectively [1]

Core Viewpoint - The financial performance of ChuanTou Energy (600674.SH) has improved significantly in the first half of 2025, driven by the growth in investment income from its subsidiaries and joint ventures [1][3]. Financial Performance - In the first half of 2025, ChuanTou Energy achieved an operating income of 712 million yuan, a year-on-year increase of 17.95% [1][3]. - The net profit attributable to shareholders was 2.461 billion yuan, reflecting a growth of 6.9% year-on-year [1][3]. - The net profit after deducting non-recurring gains and losses was 2.455 billion yuan, up 7.2% year-on-year [1][3]. - Investment income for the first half of 2025 was 2.551 billion yuan, an increase of 5.75% compared to the previous year [3]. Operational Highlights - ChuanTou Energy's controlled enterprises completed a total power generation of 2.361 billion kWh, representing a year-on-year growth of 17.76% [3]. - The average on-grid electricity price was 0.278 yuan per kWh, which is an increase of 8.17% year-on-year [3]. - As of June 30, 2025, the total installed capacity of ChuanTou Energy's subsidiaries and joint ventures reached 37.41 million kW, ranking among the top in Sichuan province [3]. Investment Strategy - ChuanTou Energy has been actively increasing its investment in joint ventures, including a recent plan to invest 334 million yuan in Guoneng Dadu River Company to support the development of integrated wind and solar energy projects [1][7]. - The company has utilized capital market tools such as bonds and short-term financing to support the development of hydropower resources [5][6]. Shareholder Returns - In July 2025, ChuanTou Energy completed a cash dividend distribution of 1.95 billion yuan for the 2024 fiscal year, continuing its commitment to shareholder returns [7]. - Since its listing in 1993, the company has distributed a total of 16.793 billion yuan in cash dividends, ranking high among listed companies in Sichuan province [7]. Shareholding Structure - The controlling shareholder, Sichuan Energy Development Group, is currently in the process of increasing its stake in ChuanTou Energy, having already acquired 45.239 million shares, which represents 0.93% of the total share capital [8].

本周市场表现： 截至8月15日收盘，本周公用事业板块下跌0.5%，表现劣于大盘。其中，电力板块下跌0.78%，燃气板块上涨1.75%。 电力行业数据跟踪： 截至8月15日收盘，本周公用事业板块下跌0.5%，表现劣于大盘；沪深300上涨2.4%到4202.35；涨跌幅前三的行业分别是通信（7.7%）、电子（7.0%）、非银金融（6.5%），涨跌幅后三的 图 1：各行业板块一周表现（%） 截至8月15日收盘，电力板块本周下跌0.78%，燃气板块上涨1.75%。各子行业本周表现：火力发电板块下跌1.55%，水力发电板块下跌1.26%，核力发电下跌0.95%，热力服务上涨1.71%，电 图 2：公用事业各子行业一周表现（%） 截至8月15日收盘，本周电力板块主要公司涨跌幅前三名分别为：上海电力(8.99%)、深圳能源（2.53%）、浙江新能（-0.13%），主要公司涨跌幅后三名分别为：华能国际（-4.61%）、华电 图 3：电力板块重点个股表现（%） 1、动力煤价格：秦港动力煤价格周环比上涨。截至8月15日，秦皇岛港动力煤(Q5500)山西产市场价695元/吨，周环比上涨17元/吨。截至8月15日，广州港印尼煤(Q5 ...