事件描述 得益于装机增长的拉动，上半年风电和光伏分别完成上网电量26.14 亿千瓦时、19.74 亿千瓦时，同比分 别增长0.85%、88.90%，其中风电增幅较弱主要受到一季度沿海地区海风强度同比减弱影响。但新增装 机的投产也推高了折旧、运维等各项成本，上半年公司可再生能源板块营业成本同比增长22.41%，远 高于收入增幅。因此，上半年公司新能源业务实现归母净利润1.03 亿元，同比减少48.15%。此外，投 资收益的明显下降也共同压制了公司业绩表现，上半年公司实现投资收益4.14 亿元，同比降低 24.16%。综合来看，公司火电及清洁能源板块均明显承压，叠加投资收益贡献同比下降，上半年公司 实现归母净利润0.32 亿元，同比降低96.40%。单二季度来看，随着二季度煤炭成本降幅扩大、新增发 电产能释放以及风况的边际改善，公司盈利能力有所修复，二季度公司实现归母净利润4.15 亿元，同比 减少46.52%，但环比一季度扭亏为盈。 投资建议与估值：根据公司最新财务数据，我们调整盈利预测，预计公司2025-2027 年EPS 分别为0.11 元、0.22 元和0.30 元，对应PE 分别为43.02 倍和20. ...

丨证券研究报告丨 公司研究丨点评报告丨粤电力 A（000539.SZ） [Table_Title] 偏弱量价限制营收表现，业绩压力环比有所释放 报告要点 [Table_Summary] 燃料成本的优化难以对冲煤电量价双弱的压力，上半年煤电业务实现归母净利润 2910 万元， 同比下降 90.48%；受营业成本大幅抬升影响，气电业务实现归母净利润-21790 万元，同比大 幅转亏。新能源板块上半年归母净利润 1.03 亿元，同比减少 48.15%。整体来看，火电及清洁 能源板块均明显承压，叠加投资收益同比下降，上半年公司归母净利润 0.32 亿元，同比降低 96.40%。单二季度来看，随着二季度新增发电产能的释放以及风况的边际改善，公司盈利能力 有所修复，二季度公司实现归母净利润 4.15 亿元，同比减少 46.52%，但环比一季度扭亏为盈。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 %% %% %% %% research.95579 ...

转自：前瞻产业研究院 行业主要上市公司：华能国际(600011.SH)、国电电力(600795.SH)、广州发展(600098.SH)、粤电力 A(000539.SZ)、广西能源(600310.SH)等 本文核心数据：产业链生态图谱;代表性企业业务业绩 产业链剖析：中游为核心环节 售电公司的上游购电渠道主要包括发电厂直购电(双边交易)，电网企业购电以及集中竞价交易购电;中游 售电主体包括发电售电公司、电网售电公司、配电售电公司、独立售电公司以及虚拟电厂;下游销售渠 道主要有：直接销售给用户，通过经纪人或代理商销售，通过电力交易平台销售。 在售电产业中进行生产-销售-消费链条连接的是电力输配主要由电网公司进行，虽然国家推动有序放开 配电网业务，鼓励社会资本积极参与增量配电网业务，但是难以在短时间内对电网企业造成重大冲击。 售电是电力生产与消费的核心环节，其既是电力生产的出口，又是用户服务的入口。由于电力生产的特 性，无法对已生产的电力进行大规模储备，电力生产与消费必须处于基本均衡的状态才可以提高经济 性，避免资源大量浪费。随着技术和体制的双重革新，在未来的产业链中，必定是消费决定生产，消费 将处于产业链的优势地 ...

格隆汇9月3日丨粤电力Ａ(000539.SZ)于近期投资者关系活动表示，目前公司在建煤电装机800万千瓦， 其中2025年内预计投产约300-500万千瓦，其余预计在2026-2027年投产；在建大南海、云河等气电装机 约294.2万千瓦，预计在2026-2027年投产。上述项目实际投产时间可能根据建设情况而有所调整。 ...

格隆汇9月3日丨粤电力Ａ(000539.SZ)于近期投资者关系活动表示，2025年上半年，公司新增新能源装 机119.36万千瓦，其中风电50万千瓦，光伏69.36万千瓦；在建新疆克拉玛依等光伏项目合计装机容量 91.5万千瓦，在建山西、甘肃等风电项目20万千瓦；完成决策拟建的项目67.2万千瓦。 ...

Group 1: Company Performance - In Q2 2025, the company’s profitability has recovered due to the gradual release of power generation capacity, with the overall performance turning from a loss to a profit compared to Q1 2025 [2] - The company achieved a net profit of 3,248 million yuan in the first half of 2025, significantly down year-on-year due to a sharp decline in electricity prices amid intensified market competition [2][3] Group 2: Business Segment Performance - In the first half of 2025, the coal power segment reported a net profit of 2,910 million yuan, while the gas power segment incurred a net loss of 21,790 million yuan [3] - The hydro power segment recorded a net loss of 527 million yuan, whereas the renewable energy segment achieved a net profit of 10,288 million yuan [3] Group 3: Fuel Procurement and Cost - The procurement ratio of domestic and imported coal is approximately 50% each, with fuel costs decreasing by 11.48% year-on-year in the first half of 2025 due to falling coal prices [3] Group 4: Power Generation Capacity Plans - The company has 8 million kilowatts of coal power capacity under construction, with an expected 3-5 million kilowatts to be operational in 2025, and the remainder in 2026-2027 [3] - Approximately 294.2 million kilowatts of gas power capacity is also under construction, anticipated to be operational in 2026-2027 [3] Group 5: Renewable Energy Expansion - In the first half of 2025, the company added 119.36 million kilowatts of renewable energy capacity, including 50 million kilowatts of wind power and 69.36 million kilowatts of solar power [3] - Ongoing projects include 91.5 million kilowatts of solar capacity and 20 million kilowatts of wind capacity, with planned projects totaling 67.2 million kilowatts [3]

快查APP显示，粤电力相关公司广东能源茂名热电厂有限公司于2025年8月30日发布一则招标信息，项 目名称为2025年度全厂钢结构、检修平台腐蚀治理，预算金额为150.00万元。 快查股权穿透数据显示，该公司由粤电力持股，出资比例为46.54%。 （来源：快查一企业中标了） ...

Investment Rating - The report maintains a "Buy" rating for the company, citing expectations of profit recovery despite current challenges [4][7]. Core Views - The company's performance has been significantly impacted by a notable decline in electricity prices in Guangdong, leading to a substantial drop in revenue and net profit [1][2]. - The company is actively expanding its renewable energy capacity, which is expected to contribute positively to its financials in the future [3]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 23.141 billion yuan, a year-on-year decrease of 11.26%, and a net profit attributable to shareholders of 32.4742 million yuan, down 96.4% [1]. - The average on-grid electricity price in the first half of 2025 was 480.01 yuan per megawatt-hour, a decrease of 11.02% compared to the previous year [2]. - The total fuel cost for the first half of 2025 was 14.988 billion yuan, accounting for 71.07% of operating costs, with a year-on-year reduction of 19.44 billion yuan [2]. Renewable Energy Expansion - The company added 500,000 kilowatts of wind power and 690,000 kilowatts of solar power capacity in the first half of 2025, with wind and solar generation increasing by 0.89% and 90.61% respectively [3]. - Ongoing projects include a total of 915,000 kilowatts of solar and wind capacity under construction, indicating a strong commitment to energy transition [3]. Future Projections - Revenue projections for 2025-2027 are 56.895 billion yuan, 63.293 billion yuan, and 68.280 billion yuan, with expected growth rates of -0.5%, 11.2%, and 7.9% respectively [4]. - The forecasted net profit for the same period is 684 million yuan, 1.183 billion yuan, and 1.463 billion yuan, with corresponding EPS of 0.13 yuan, 0.23 yuan, and 0.28 yuan per share [4].

Group 1 - The company, Guangdong Power A, reported a revenue of approximately 23.141 billion yuan for the first half of 2025, representing a year-on-year decrease of 11.26% [1] - The net profit attributable to shareholders of the listed company was approximately 32.47 million yuan, showing a significant year-on-year decline of 96.4% [1] - The basic earnings per share were 0.0062 yuan, which also reflects a year-on-year decrease of 96.4% [1]

智通财经APP讯，粤电力A(000539.SZ)发布2025年半年度报告，报告期内，公司实现营业收入231.41亿 元，同比下降11.26%。实现归属于上市公司股东的净利润3247.42万元，同比下降96.40%。归属于上市 公司股东的扣除非经常性损益净亏损2187.18万元。基本每股收益0.0062元。 ...