中证报中证网讯(记者刘丽靓)国家电投4月29日消息，27日，第十六届中国国际核电工业展览会在北京 国家会议中心开幕。国家电投国核自仪和睿全系列产品亮相第十六届中国国际核电工业展览会。 在中国核学会副秘书长高克立，中国电机工程学会核能发电分会专家委主任周士荣，上海市核电办公室 党组书记、主任陆海宾及媒体的见证下，国家电投集团国家核电党委书记、董事长叶元伟，国家电投集 团国核自仪党委书记、董事长方舟，国家电投集团核能部副主任张鹏飞，国家电投集团电投核能党委副 书记、工会代主席刘志达，共同开启"和睿"品牌产品矩阵发布的高光时刻。这标志着"和睿"品牌布局三 大平台、八大产品体系战略已迈入成熟化产业应用全新阶段，不仅在核电站数字化仪控系统这一核心产 品领域高效落地，也已在大型火电机组、风能等多元能源产业领域完成了产品战略布局。 "自主可控、性能卓越、安全可靠"是"和睿"产品品牌的核心价值。此次发布的八大产品，已实现从核心 部件国产化到全面国产化的重大跨越。全球首个基于FPGA技术的高安全性、高可靠性、可验证性的核 电站反应堆保护系统平台(和睿保护)、首个内置商密技术的智能化控制系统(和睿控制)、国内首个应用 到三代非能 ...

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Utilities Index reported at 2662.05 points [1] - The CSI 300 Utilities Index has increased by 5.17% over the past month, 3.49% over the past three months, and has decreased by 1.65% year-to-date [1] Index Composition - The CSI 300 Utilities Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.06%) - China Nuclear Power (10.21%) - Three Gorges Energy (8.19%) - Guodian Power (5.41%) - State Power Investment Corporation (4.87%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.22%) - China General Nuclear Power (3.74%) - Zhejiang Energy Power (3.11%) - Huadian International (2.71%) [1] Market Distribution - The market distribution of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.91% and the Shenzhen Stock Exchange accounts for 4.09% [2] - In terms of industry composition within the index: - Hydropower accounts for 59.59% - Thermal power accounts for 15.45% - Nuclear power accounts for 13.96% - Wind power accounts for 8.54% - Gas accounts for 2.47% [2] Sample Adjustment - The index samples are adjusted every six months, 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 samples [2]

Core Viewpoint - The company reported a decline in revenue for Q1 2025, primarily due to lower electricity sales and the transfer of a subsidiary, but managed to increase net profit slightly [1] Financial Performance - Q1 revenue was 39.81 billion yuan, a year-on-year decrease of 12.6% [1] - Net profit attributable to shareholders was 1.81 billion yuan, up 1.5% year-on-year [1] - Non-recurring net profit was 1.61 billion yuan, down 7.4% year-on-year [1] - Operating cash flow net amount was 14.026 billion yuan, a significant increase of 92.8% year-on-year [1] Operational Metrics - Q1 electricity generation was 100.217 billion kWh, down 5.67% year-on-year [2] - On-grid electricity volume was 94.935 billion kWh, down 5.72% year-on-year [2] - Average on-grid electricity price was 425.41 yuan per thousand kWh, a slight decrease of 0.03 yuan per thousand kWh [2] - Coal prices fell, leading to a 13.19% reduction in operating costs [2] Growth Potential - As of March 31, 2025, the company had a controllable installed capacity of 116.3914 million kW, with significant growth in both thermal and renewable energy capacities [3] - Upcoming projects in the Dadu River basin are expected to contribute to capacity growth, with planned installations of 1.365 million kW in 2025 and 2.155 million kW in 2026 [3] - The company has secured 16.79 million kW of new energy resources domestically and has 18.04 million kW in nuclear preparation [3] Investment Outlook - The company is positioned as a leading player in the national power sector with cost advantages and diversified operations [4] - Projected revenues for 2025-2027 are 183.901 billion yuan, 191.671 billion yuan, and 198.593 billion yuan, reflecting year-on-year growth rates of 2.6%, 4.2%, and 3.6% respectively [4] - Expected net profits for the same period are 7.651 billion yuan, 9.039 billion yuan, and 9.563 billion yuan, with corresponding EPS of 0.43, 0.51, and 0.54 yuan per share [4]

Core Viewpoint - The company reported a decline in revenue and electricity generation in Q1 2025, but managed to achieve a slight increase in net profit due to cost control and non-operating income [1][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 39.813 billion yuan, a year-on-year decrease of 12.61% [1]. - The net profit attributable to shareholders was 1.811 billion yuan, an increase of 1.45% year-on-year [1]. - The non-deductible net profit was 1.608 billion yuan, down 7.42% year-on-year [1]. Electricity Generation - The company completed a total electricity generation of 100.217 billion kWh in Q1 2025, a decrease of 5.67% year-on-year [2]. - The on-grid electricity volume was 94.935 billion kWh, down 5.72% year-on-year [2]. - Excluding the impact of transferring Guodian Construction Investment, the generation and on-grid electricity volumes decreased by 4.36% and 4.42% respectively [2]. - The on-grid electricity volumes for thermal, hydro, wind, and solar power changed by -9.34%, -6.95%, +11.23%, and +123.78% year-on-year respectively [2]. Cost and Profitability - The decline in coal prices partially offset the drop in sales volume and price, leading to an operating profit of 3.966 billion yuan, down 8.03% year-on-year [3]. - The company effectively controlled costs, with sales, management, R&D, and financial expenses decreasing by 63.88%, 16.86%, 18.08%, and 13.46% respectively [3]. - Non-operating income from the disposal of Guoneng Electric Power Engineering Management Co., Ltd. and the bankruptcy of Guodian Shouxian Wind Power Co., Ltd. contributed to the net profit increase [3]. Project Development - As of the end of 2024, the company has 8.35 million kW of thermal power projects and 4.9235 million kW of hydroelectric projects under construction [4]. - The Dadu River Basin hydropower station is expected to contribute 1.365 million kW in 2025, enhancing the company's capacity [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 6.5 billion yuan, 7.7 billion yuan, and 8.0 billion yuan for 2025-2027, with year-on-year changes of -34.36%, +19.41%, and +3.97% respectively [4]. - The corresponding price-to-earnings ratios for April 25, 2025, are estimated to be 12.66, 10.60, and 10.20 times [4].

Summary of Guodian Power's Q1 2025 Earnings Call Company Overview - **Company**: Guodian Power - **Date**: Q1 2025 Earnings Call Key Points Financial Performance - Q1 net profit attributable to shareholders reached **1.811 billion yuan**, a year-on-year increase of **1.45%**, primarily due to the transfer of Guoneng Power's equity, which contributed **145 million yuan** to profits [2][3] - Total assets amounted to **500.28 billion yuan**, reflecting a **1.28%** increase from the beginning of the year, while the debt-to-asset ratio decreased to **73.05%**, down **0.35 percentage points** [2][3] Segment Performance - Q1 profits by segment: - Thermal power: **2.141 billion yuan** - Hydropower: **352 million yuan** - Wind power: **587 million yuan** - Solar power: **274 million yuan** - Other segments incurred a loss of **144 million yuan** [2][4] - Thermal power remains the main profit source, but the share of renewable energy is increasing, necessitating attention to profit distribution changes across segments [2] Generation and Pricing - Q1 electricity generation totaled **100.217 billion kWh**, and grid-connected electricity was **94.935 billion kWh**, both down **5.67%** and **5.72%** year-on-year, respectively [2][8] - The average grid-connected electricity price was **425 yuan/MWh**, reflecting a **6%** year-on-year decline [2][8] - The proportion of long-term coal contracts was **96%**, with the benchmark coal price at **857 yuan/ton**, down **8%** year-on-year [2][8] Renewable Energy Developments - New renewable energy installations in Q1 reached **3.69 million kW**, with a significant contribution from the **3 million kW** photovoltaic project in the Wumeng West region [5][13] - The wind power grid-connected electricity price was **44.37 yuan/MWh**, down **46.14 yuan/MWh** year-on-year, while the solar power price was **31.527 yuan/MWh**, down **123.26 yuan/MWh** [2][9] Cost Management - The cost of coal procurement showed effective control, with a funding cost rate of **2%**, down **24 percentage points** year-on-year [2][6] - The company managed to reduce management, sales, and R&D expenses due to the previous year's financial restructuring [6] Market Dynamics - The Q1 abandonment rate for wind power increased by **0.2 percentage points**, particularly in Gansu, Inner Mongolia, and Ningxia, impacting wind power utilization hours and project revenues [5][17] - The competitive pricing for thermal power decreased by **27.73 yuan/MWh**, while hydropower prices increased by **4.98%** year-on-year due to contract structure adjustments [11][12] Future Outlook - The company plans to continue its investment in renewable energy, with potential adjustments following policy clarifications expected in June [5][13] - The overall market price for coal is expected to remain stable or slightly decrease in Q2, influenced by policy and market trends [6] Dividend Considerations - The company is exploring ways to enhance dividend payouts, considering its capital expenditure and reduced debt ratio, indicating potential for increased absolute and relative dividend amounts [23] Additional Insights - The company is closely monitoring the impact of coal price fluctuations and the sustainability of cost control measures [2][6] - The performance of various regions, such as Jiangsu and Anhui, showed significant declines in electricity generation, attributed to increased external transmission and large-scale renewable energy production [20]

Core Viewpoint - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Utilities Index reported at 2638.18 points, reflecting a 3.14% increase over the past month, a 4.64% increase over the past three months, and a 2.53% decline year-to-date [1] Group 1: Index Performance - The CSI 300 Utilities Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weights in the CSI 300 Utilities Index are: - Changjiang Electric Power (48.17%) - China Nuclear Power (10.24%) - Three Gorges Energy (8.19%) - Guodian Power (5.45%) - State Power Investment (4.79%) - Sichuan Investment Energy (4.38%) - Huaneng International (4.21%) - China General Nuclear Power (3.7%) - Zhejiang Energy Power (3.12%) - Huadian International (2.67%) [1] Group 3: Market Composition - The market composition of the CSI 300 Utilities Index shows that the Shanghai Stock Exchange accounts for 95.94%, while the Shenzhen Stock Exchange accounts for 4.06% [2] - In terms of industry composition, hydropower constitutes 59.60%, thermal power 15.45%, nuclear power 13.94%, wind power 8.55%, and gas power 2.46% [2] Group 4: Sample Adjustment - The index samples are 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 samples or special events affecting sample companies [2]

Core Viewpoint - The integration of AI technology with sustainable development is driving industrial upgrades and green transformation, enhancing energy efficiency and operational effectiveness across various sectors [1][3]. Group 1: AI in ESG Reporting and Management - Companies are leveraging AI technology to innovate ESG management practices, making it a highlight in their 2024 ESG disclosures [1]. - Guodian Power has released its first ESG report compiled using AI, which enhances the quality and efficiency of ESG reporting by improving research and topic identification processes [1]. - DNV's director noted that AI can reduce disclosure costs and reliance on professional ESG analysts, minimizing repetitive human input [1]. Group 2: AI Empowering Corporate Governance - Keda Intelligent has upgraded its ESG practice system by creating an "ESG+AI" innovation platform, optimizing energy management and providing smart industrial solutions [2]. - China Ping An has established a unified ESG evaluation standard and an AI-ESG platform to enhance ESG management and risk control [2]. - Kain Co. has integrated AI into its manufacturing processes, creating a responsible production system that promotes green and smart factories [2]. Group 3: AI Driving Efficiency and Sustainability - A Deloitte report indicates that 78% of surveyed companies plan to increase AI investments by 2025, focusing on generative AI for supply chain management and compliance [3]. - Kingdee International collaborates with HeSteel Digital to enhance steel waste quality verification and carbon asset management using AI, achieving over 90% accuracy in identifying medium and heavy steel waste types [3]. - WanGuo Data is utilizing AI to improve energy efficiency in data center operations, addressing high energy consumption challenges [3]. Group 4: AI Applications Across Industries - In logistics, SF Technology is using its self-developed AI model to enhance green logistics supply chains, achieving cost reduction and energy savings [4]. - In finance, Bank of China Hong Kong is enhancing its fraud detection capabilities through AI, improving transaction monitoring [4]. - In insurance, China Ping An's AI platform has served over 6,000 personnel in risk control, achieving over 92% accuracy in financial risk warnings [4][5]. Group 5: AI Ethics and Data Security - Industry experts emphasize the need for data compliance and security in AI applications for ESG governance, highlighting the challenges of data legality and privacy [5]. - Kingdee International has established an algorithm safety studio to manage AI risks and ensure responsible technology innovation through ethical review mechanisms [6]. - China Ping An has committed to ethical governance in AI development and application, forming committees to ensure information security and privacy protection [6].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company is expected to benefit from new installed capacity and cost advantages, with significant growth potential in hydropower projects in the Dadu River basin [4][3] - The company's Q1 2025 performance aligns with expectations, showing a decline in revenue but an increase in net profit, driven by improved cash flow [1][2] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 39.81 billion yuan, a year-on-year decrease of 12.6%, while net profit attributable to shareholders was 1.81 billion yuan, an increase of 1.5% [1] - The operating cash flow net amount was 14.026 billion yuan, reflecting a significant year-on-year growth of 92.8% [1] - The average on-grid electricity price in Q1 was 425.41 yuan per megawatt-hour, showing a slight decrease compared to the previous year [2] Installed Capacity and Growth Potential - As of March 31, 2025, the company's total installed capacity was 116.39 million kilowatts, with significant contributions from thermal, hydropower, wind, and solar energy [3] - The company plans to commission 1.365 million kilowatts of hydropower capacity in 2025 and 2.155 million kilowatts in 2026, indicating a robust growth trajectory [3] Revenue and Profit Forecast - Projected operating revenues for 2025, 2026, and 2027 are 183.90 billion yuan, 191.67 billion yuan, and 198.59 billion yuan, respectively, with expected year-on-year growth rates of 2.6%, 4.2%, and 3.6% [4][5] - The forecasted net profit attributable to shareholders for the same years is 7.65 billion yuan, 9.04 billion yuan, and 9.56 billion yuan, with corresponding EPS of 0.43 yuan, 0.51 yuan, and 0.54 yuan [4][5]

Core Viewpoint - The company has reported its first-quarter financial results for 2025, highlighting significant changes in its financial position and operations, including a non-public transfer of equity and the impact of a bankruptcy proceeding on its financials [1][4]. Financial Data - The first-quarter financial statements for 2025 have not been audited [2]. - The company has recognized a non-recurring gain of 145 million yuan from the transfer of 100% equity in Guoneng Power Engineering Management Co., Ltd. to its controlling shareholder, State Energy Investment Group [4]. - The bankruptcy of Guodian Shouxian Wind Power Co., Ltd. has resulted in a loss of 25 million yuan, as it will no longer be included in the consolidated financial statements [4]. Shareholder Information - The company has provided details regarding its major shareholders and the status of its stock, although specific data on shareholder changes was not applicable [3]. Other Important Information - The board of directors has confirmed the authenticity and completeness of the quarterly report, ensuring no misleading statements or omissions [1][6]. - The board meeting held on April 25, 2025, approved the first-quarter report and a revision of the management regulations, with unanimous support from all attending directors [6].