登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600863证券简称：内蒙华电公告编号：临2026-006 债券代码：240364债券简称：23蒙电Y2 内蒙古蒙电华能热电股份有限公司 2025年销售量完成情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第3号一一行业信息披露》要求，现将内蒙古蒙电华能热 电股份有限公司（以下简称"公司"）2025年度主要经营数据公告如下： 一、电力 2.近期，公司全资子公司内蒙古北联电辉腾能源有限公司建设的察右中旗灵改配置新能源项目中全部15 万千瓦光伏已陆续并网发电。 3.上述数据为公司内部统计数据，可能与相关期间定期报告披露数据存在一定差异。 4.尾数差由四舍五入原因造成。 二、煤炭 公司2025年度煤炭产销量数据表： ■ 三、说明 2025年，公司发电量完成582.19亿千瓦时，较上年同期公告数据下降0.73%，较追溯调整后的上年同期 数据下降8.38%。公司上网电量完成540.75亿千瓦时，较上年同期公告数据下降0.41%， ...

2025年，受煤矿采区间生产接续影响，公司煤炭产量实现1,349.35万吨，同比减少6.58%。受煤价结算 价格下降及煤炭热值阶段性下降的综合影响，公司煤炭外销价格完成300.65元/吨（不含税），同比减 少101.56元/吨（不含税），同比下降25.25%，煤炭外销量实现588.80万吨，同比减少19.12%。 格隆汇1月30日丨内蒙华电(600863.SH)公布，2025年，公司发电量完成582.19亿千瓦时，较上年同期公 告数据下降0.73%，较追溯调整后的上年同期数据下降8.38%。公司上网电量完成540.75亿千瓦时，较上 年同期公告数据下降0.41%，较追溯调整后的上年同期数据下降8.32%。2025年公司全年发电量及上网 电量下降的主要原因为新能源装机容量持续增加，公司火电机组利用小时下降。市场化交易电量完成 527.61亿千瓦时，占上网电量比例为97.57%。公司平均售电单价完成333.10元/千千瓦时（不含税），较 上年同期公告数据下降0.97%，较追溯调整后的上年同期数据下降0.94%。 ...

证券代码：600863 证券简称：内蒙华电 公告编号：临 2026-006 债券代码：240364 债券简称：23 蒙电 Y2 内蒙古蒙电华能热电股份有限公司 2025 年销售量完成情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第3号——行业信 息披露》要求，现将内蒙古蒙电华能热电股份有限公司（以下简称"公 司"）2025年度主要经营数据公告如下： 一、电力 | | 内蒙古聚达发电有限 责任公司 | 火电 | 53.83 | 58.58 | -8.11% | 49.17 | 53.73 | -8.49% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 内蒙古蒙达发电有限 | | | | | | | | | | 责任公司 | 火电 | 60.79 | 72.74 | -16.43% | 56.08 | 67.16 | -16.50% | | | 兴和县察尔湖海润生 态光伏发电有限公司 | 光伏 | 0. ...

2025年，公司发电量完成582.19亿千瓦时，较上年同期公告数据下降0.73%，较追溯调整后的上年同期 数据下降8.38%。公司上网电量完成540.75亿千瓦时，较上年同期公告数据下降0.41%，较追溯调整后的 上年同期数据下降8.32%。2025年公司全年发电量及上网电量下降的主要原因为新能源装机容量持续增 加，公司火电机组利用小时下降。市场化交易电量完成527.61亿千瓦时，占上网电量比例为97.57%。 ...

2020-2025年中国发电量产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：华能国际（600011）,大唐发电（601991）,国电电力（600795）,华电国际（600027）,长江电 力（600900）,国投电力（600886）,川投能源（600674）,桂冠电力（600236）,内蒙华电（600863）,浙 能电力（600023） 相关报告：智研咨询发布的《2026-2032年中国电力行业投资潜力研究及发展趋势预测报告》 根据国家统计局数据显示：2025年12月中国发电量产量为8586亿千瓦时，同比增长0.1%；2025年中国 发电量累计产量为97158.8亿千瓦时，累计增长2.2%。 ...

内蒙华电股息率较高，预计 2026 年可达 4.8%甚至更高，业绩稳健， 煤电一体化运营模式降低了煤价波动风险，且控股煤电机组具备等容替 代潜力，增强了盈利能力。 魏家峁热值下降曾影响内蒙华电业绩，若热值修复，预计增厚归母净利 润 1.8 亿元。注入风电资产后，高 ROE 将显著提升公司整体盈利能力。 内蒙华电定价模式灵活，依据落地省份市场化交易价格调整，通过多签 高电价省份电量合同，对冲电价下行风险，有效控制下行风险。 魏家峁发电厂盈利能力突出，2023-2024 年度电净利润可达每度 0.2 元，主要得益于自有煤矿降低燃料成本，且基准电价较低，降价风险较 小。 华能集团交易能力较强，能有效应对蒙西区域复杂的结算机制，实际降 幅小于预期。预计内蒙西区域电力市场已见底并开始反弹。 等容替代项目通过引入超超临界机组，可显著降低单位燃料成本，每度 电净利润提升 4.2 分，并减少碳排放支出，提升盈利能力。 预计 2026 年归母净利润同比增长 7.2%，受送华北电价和蒙西地区电 价下降影响，每度电下降 5 厘钱将分别导致归母净利润同比增速减少 1%和 2.8%。 Q&A 如何判断中国电力供需景气度，尤其是在新型电 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]

我们与市场观点不同之处 市场对公司收购正蓝旗风电/北方多伦70%/75.51%股权表示担忧，我们认为标的资产并表将提升股东回 报，原因：1）考虑配套融资，我们测算收购后公司2024 年EPS 将较收购前增厚6.4%；收购后2025E 股 息率将较收购前提升近0.3pp 至4.5%；2）标的资产电量送华北，已100%市场化，虽电价有下行风险， 但集团承诺标的资产2025-27 年净利润8.71/8.95/8.90 亿元。 盈利预测与估值 我们预计公司2025-27 年归母净利润为27.02/28.95/29.63 亿元，较前次预期上调15.8/12.5/8.2%，主要是 公司本次注入风电资产已于2025/12/31 完成过户， 我们对公司2025-27 年盈利预测已考虑注入资产； 对 应EPS0.37/0.40/0.41 元，参考可比公司26E Wind 一致预期PE 均值12.7x，给予公司14.0x 2026E PE，较 可比公司均值溢价主要考虑公司分红能力高于可比公司，但仅溢价10%主要考虑公司本次资产注入配套 融资尚未完成，目标价5.55 元（前值4.93 元基于12.5x 2026E PE），维持"买 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 5.55 [7]. Core Views - The company is considered a robust high-dividend stock with a dividend payout ratio exceeding 60% since 2018, and projected dividend yields of 4.5% and 4.8% for 2025E and 2026E, respectively [1][16]. - Concerns regarding the risk of declining coal power electricity prices are addressed, with the report suggesting that the company's asset resilience and potential for "capacity replacement" in high-energy-consuming small units will enhance profitability [1][4]. - The report forecasts a 7.2% year-on-year increase in attributable net profit for 2026, supported by relatively stable electricity prices [2][17]. Summary by Sections Company Overview - The company is a key player in coal-electricity integration in Inner Mongolia, under the Huaneng Group, with a focus on maintaining high dividend payouts and stable profitability [21][24]. Financial Performance - The projected attributable net profits for 2025-2027 are RMB 27.02 billion, RMB 28.95 billion, and RMB 29.63 billion, respectively, reflecting an upward adjustment of 15.8%, 12.5%, and 8.2% from previous estimates [6][49]. - The report anticipates a slight increase in the coal power on-grid electricity price in Inner Mongolia by 0.2 cents per kilowatt-hour in 2026, despite expected declines in other regions [2][17]. Profitability and Risks - The company's exposure to coal price fluctuations is relatively low, with projected equity coal demand exposure of 32%, 17%, and 16% for 2025-2027, indicating a stable operational environment [3][18]. - The report highlights the potential for profitability enhancement through the restoration of coal quality at the Weijia Mine, expected to contribute an additional RMB 180 million to net profit [4][19]. Market Position and Strategic Moves - The acquisition of wind power assets is expected to enhance shareholder returns, with projected increases in EPS and dividend yield post-acquisition [5][20]. - The company is positioned to benefit from the integration of wind power assets, which are expected to deliver high returns on equity and contribute positively to overall profitability [4][20].