Investment Rating - The report maintains a "Recommended" rating for companies like Funiu Co., Huaneng Water Power, and China Nuclear Power, while giving a "Cautious Recommendation" for companies like China General Nuclear Power and Longyuan Power [4][7]. Core Viewpoints - The electricity sector shows resilience with a strong performance in Q1 2025, driven by stable demand and a transition towards peak electricity consumption in Q2 and Q3 [1][11]. - The coal price drop significantly benefits thermal power companies, leading to improved profitability despite a decrease in revenue due to falling electricity prices [2][3]. - Hydropower companies are experiencing stable growth, supported by favorable water conditions and new capacity additions, although they face some pressure from tax payments [2][54]. - Nuclear power continues to expand in capacity, but faces short-term fluctuations in profitability due to tax expenses and market price changes [2][71]. Summary by Sections 1. Electricity Sector Performance - The electricity index has shown strength, with the sector outperforming the broader market in early 2025, despite initial underperformance compared to growth stocks [1][11]. - The sector is expected to maintain steady growth as it enters the peak electricity consumption season in Q2 and Q3 [1][11]. 2. Thermal Power - Thermal power revenue decreased by 1% in 2024 to 1,218.9 billion yuan, with Q1 2025 revenue down 8% year-on-year to 286.9 billion yuan [2][36]. - Despite revenue declines, net profit for thermal power companies increased by 31% in 2024 to 65.6 billion yuan, and by 8% in Q1 2025 to 21.9 billion yuan, benefiting from lower coal prices [2][38]. 3. Hydropower - Hydropower revenue grew by 8.98% in 2024 to 194.4 billion yuan, with Q1 2025 revenue increasing by 8.63% to 417.7 billion yuan [2][54]. - The net profit for hydropower companies rose by 17.48% in 2024 to 56.4 billion yuan, with a significant increase of 28.11% in Q1 2025 to 113.5 billion yuan [2][57]. 4. Nuclear Power - The nuclear power sector achieved a revenue of 164.1 billion yuan in 2024, a 4.17% increase, but net profit fell by 8.23% to 19.6 billion yuan [2][71]. - In Q1 2025, nuclear power revenue rose by 8.42% to 40.3 billion yuan, while net profit decreased by 7.51% to 6.2 billion yuan [2][71]. 5. Green Energy - The green energy sector faced challenges with revenue growth not translating into profit, with 2024 revenue at 143.5 billion yuan, a slight increase of 0.27%, but net profit decreased by 6.48% to 239.9 billion yuan [2][3]. - In Q1 2025, green energy revenue fell by 3.35% to 350.5 billion yuan, with net profit down 6.32% to 77.4 billion yuan [2][3].

Investment Rating - The industry investment rating is "Buy" [5][9]. Core Viewpoints - By the end of this year, the electricity spot market is expected to achieve comprehensive coverage, indicating a deepening of electricity marketization and an anticipated increase in demand for ancillary services. It is recommended to focus on the value of flexible adjustment power sources [3][12]. - The State Council has approved 10 new nuclear power units, enhancing growth certainty. From 2019 to 2025, the number of approved nuclear power units in China has been consistently high, with a total of 56 units approved over seven years. Predictions suggest that by 2030, China's operational nuclear power capacity will rank first globally [3][12]. - The recent drop in coal prices to approximately 657 RMB/ton is expected to improve profitability for thermal power generation, highlighting excess opportunities in thermal power [3][12]. Summary by Sections Industry Viewpoints - The electricity spot market is set for full coverage by the end of this year, with a focus on the value of flexible power source configurations [3][12]. - The approval of 10 new nuclear power units by the State Council adds certainty to growth in the nuclear sector [3][12]. - Coal prices have decreased to 657 RMB/ton, which supports improved profitability for thermal power [3][12]. - Hydropower inflow and outflow at the Three Gorges Dam have decreased significantly, with inflow down 40% year-on-year and outflow down 39.73% [30]. - Silicon material prices remain stable, while mainstream silicon wafer prices have decreased, potentially enhancing the profitability of photovoltaic projects [37]. - The national carbon market saw a 5.68% decrease in trading prices, with a total trading volume of 171.11 million tons for the week [49]. Market Review - The Shanghai Composite Index closed at 3,279.03 points, down 0.49%, while the CSI 300 Index closed at 3,770.57 points, down 0.43%. The CITIC Power and Utilities Index closed at 2,846.13 points, down 1.68%, underperforming the CSI 300 Index by 1.24 percentage points [54][55]. Key Companies - Recommended stocks include Huadian International, Waneng Power, Zheneng Power, Huaneng International, and Jiantou Energy, all rated as "Buy" [9]. - The report also suggests focusing on undervalued green electricity sectors, particularly in Hong Kong, and highlights companies like Xintian Green Energy and Longyuan Power [3][9].

公司发布2025 年一季度报告。公司一季度实现营业收入64.20 亿元，同比下降8.1%；实现归母净利润 4.44 亿元，同比下降1.98%；扣非归母净利润4.37 亿元，同比下降2.91%。整体业绩符合预期。 一季度需求偏松量价承压，成本下跌及装机增量对冲部分压力。电量方面，安徽省1-2 月累计用电量 560 亿千瓦时，同比下滑1.46%；1-2 月安徽省火电利用小时数平均累计753 小时，同比下滑144 小时； Q1 安徽省火电发电量718 亿千瓦时，同比下滑71 亿千瓦时。考虑到公司2024 年12 月新疆新投产132 万 千瓦机组，以及钱营孜二期新建100 万千瓦火电机组于2025 年3 月投产，装机增量或对冲部分安徽省内 电力需求下滑影响。 电价方面，根据南方能源观察信息，安徽2025 年度交易双边协商价412.97元/兆瓦时、集中竞价成交加 权均价408.80 元/兆瓦时、代理购电（工商业）挂牌交易成交加权均价412.74 元/兆瓦时，分别较2024 年 下降5.35%、6.32%、5.4%，电价下跌及电量承压或影响公司营收下滑。成本方面，今年Q1 北港5500k 市场煤均价733 元，同比去年Q ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown stable performance with a revenue of 6.42 billion yuan in Q1 2025, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 444 million yuan, down 1.98% year-on-year [1] - The decline in electricity demand and prices has been partially offset by falling costs and new installed capacity, with the average coal price in Q1 2025 dropping to 733 yuan per ton, down 174 yuan year-on-year [2] - The company is expanding its installed capacity with new projects, including a 1.32 million kW unit in Xinjiang and a 1 million kW coal-fired unit that began operation in March 2025, which are expected to contribute to revenue growth [3] Financial Summary - Projected revenues for 2025-2027 are 29.06 billion yuan, 29.63 billion yuan, and 29.58 billion yuan, with year-on-year growth rates of -3.4%, 1.9%, and -0.2% respectively [3] - The net profit attributable to shareholders is expected to be 2.12 billion yuan, 2.35 billion yuan, and 2.41 billion yuan for the same period, with corresponding EPS of 0.94, 1.04, and 1.06 yuan per share [3] - The company’s P/E ratios for 2025-2027 are projected to be 7.9, 7.2, and 7.0 times [3] Market Context - The company is positioned as a leading power provider in Anhui Province, with ongoing expansion in both traditional and renewable energy sectors [3] - The average electricity price in Anhui for 2025 is projected to decline by approximately 5.35% to 412.97 yuan per MWh compared to 2024 [2]

Core Viewpoint - The company reported a solid performance in 2024 with a revenue increase and significant growth in net profit, while facing challenges in Q1 2025 due to declining revenue and electricity prices [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 30.094 billion yuan, a year-on-year increase of 7.99% [1] - The net profit attributable to shareholders reached 2.064 billion yuan, up 44.36% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 2.045 billion yuan, reflecting a 59.38% increase year-on-year [1] - For Q1 2025, the company reported operating revenue of 6.420 billion yuan, a decline of 8.10% year-on-year [1] - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses were 444 million yuan and 437 million yuan, respectively, showing decreases of 1.98% and 2.91% year-on-year [1] Project Development - The company has a robust pipeline of projects, with a total installed capacity of 17.36 million kilowatts as of the end of 2024, including 13.66 million kilowatts in operation and 2.1 million kilowatts under construction [1] - New projects such as the 300,000-kilowatt wind power project in Suzhou and the 800,000-kilowatt photovoltaic project in Xinjiang have commenced construction [1] - The company’s Longfeng gas power plant achieved dual operation, and the Jiangbu power plant participated in peak shaving for the first time, contributing to power supply stability [1] Electricity Generation and Pricing - In 2024, the company generated 60.15 billion kilowatt-hours of electricity, a year-on-year increase of 17.34%, with grid-connected electricity reaching 56.70 billion kilowatt-hours, up 17.59% year-on-year [1] - The average on-grid electricity price for 2024 was 0.4491 yuan per kilowatt-hour, a slight decrease of 1.43% year-on-year [2] - Despite the decline in electricity prices, the overall drop in coal prices helped reduce cost pressures, leading to a gross margin increase of over 6 percentage points to 13.90% [2] Future Outlook - The company anticipates challenges in Q1 2025 due to a decline in both volume and price, with local thermal power demand showing slight decreases [3] - The company expects new units to contribute positively to revenue in the future, particularly with the recent commissioning of the Qianyingzi Company’s second phase expansion project [3] - Profit forecasts for 2025-2027 indicate expected net profits of 2.539 billion, 2.732 billion, and 2.826 billion yuan, representing year-on-year growth of 23.02%, 7.63%, and 3.44% respectively [3]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to lower electricity prices, reduced electricity consumption, and increased operating expenses [1][2]. Financial Performance - The company achieved revenue of 6.42 billion yuan, a year-on-year decrease of 8.1% - The net profit attributable to shareholders was 444 million yuan, down 1.98% year-on-year [1]. Operational Analysis - Electricity prices in Anhui province decreased slightly by over 0.02 yuan/kWh compared to 2024, leading to a 6% drop in the company's purchasing price [2]. - The company’s electricity generation cost fell by approximately 7% due to a decline in coal prices, with long-term and market coal prices dropping by 2.6% and 17.5% respectively [2]. - Despite an increase in installed capacity, electricity consumption in Anhui province fell by 1.5% year-on-year, which negatively impacted the utilization hours of thermal power plants [2][3]. Expense Analysis - Management and R&D expenses increased significantly by 35.3% and 195.6% respectively, leading to a rise in the expense ratio by 1.1 percentage points [3]. - Investment income from associates decreased by 42.1% due to similar pressures from electricity prices and consumption [3]. Future Outlook - The company anticipates potential growth in performance for the remainder of 2025, supported by ongoing declines in coal prices and the commissioning of new power generation units [3]. - The company projects net profits of 2.19 billion, 2.32 billion, and 2.39 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.96, 1.03, and 1.05 yuan [4]. - The current stock price corresponds to PE ratios of 8.05, 7.57, and 7.37 for the years 2025, 2026, and 2027, maintaining a "buy" rating [4].

Core Viewpoint - The company reported a steady increase in revenue and net profit for 2024, with a significant rise in net profit in Q4 2024, while facing a decline in Q1 2025 revenue and net profit [1][4]. Financial Performance - In 2024, the company's operating revenue was 30.09 billion yuan, an increase of 8.0% year-on-year; net profit attributable to shareholders was 2.06 billion yuan, up 44.4% year-on-year [1]. - Q4 2024 revenue was 7.55 billion yuan, a decrease of 1.3% year-on-year; net profit was 481 million yuan, a significant increase of 285.7% year-on-year [1]. - In Q1 2025, revenue was 6.42 billion yuan, down 8.1% year-on-year and 15.01% quarter-on-quarter; net profit was 444 million yuan, a decrease of 1.98% year-on-year and 7.76% quarter-on-quarter [1]. Capacity and Production Growth - By the end of 2024, the company's controlled power generation capacity was 17.36 million kilowatts, with operational capacity at 13.66 million kilowatts, under construction at 2.1 million kilowatts, and approved but not yet built at 1.6 million kilowatts [2]. - The controlled power generation volume was 60.15 billion kilowatt-hours, an increase of 17.34% year-on-year [2]. - New operational units include two 660,000-kilowatt units in Xinjiang and a 1 million-kilowatt project expected to be operational in March 2025 [2]. Pricing and Cost Dynamics - The average on-grid electricity price for coal power in 2024 was 0.4491 yuan per kilowatt-hour, down 0.06 yuan due to a higher proportion of lower-priced electricity from Xinjiang [3]. - The coal price has remained weak, with a year-on-year decrease of 172 yuan per ton in Q1 2025, a drop of 19% [3]. - The company benefits from a long-term coal supply agreement, with approximately 75% of coal sourced through long-term contracts [3]. Future Outlook - The company is expected to see continued profitability due to the gradual commissioning of new units and low coal prices [4]. - Profit forecasts for the company are 2.16 billion yuan, 2.20 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 0.97, and 1.03 yuan [4].

2024 年度监事会工作报告 2024 年，公司监事会严格按照《公司法》《证券法》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》等法律法规 及《公司章程》《监事会议事规则》等公司管理制度的相关 要求，依法对公司规范运作、合规经营、内控建设、董事和 高级管理人员履职情况等进行了监督，切实维护了公司和全 体股东的利益。现将 2024 年度监事会工作情况报告如下： 一、会议召开情况 报告期内，公司监事会共召开了 7 次会议。具体如下： （一）2024 年 1 月 15 日，公司监事会十届二十次会议 审议通过《关于选举高明任公司第十届监事会主席的议案》。 （二）2024 年 2 月 2 日，公司监事会十届二十一次会议 审议通过《关于公司与安徽省皖能电力运营检修股份公司关 联交易的议案》。 （三）2024 年 4 月 12 日，公司监事会十届二十二次会 议审议通过《2023 年监事会工作报告》《2023 年年度报告全 文及其摘要》《关于 2023 年末资产减值测试的议案》《公司 2023 年度内部控制自我评价报告》《关于同一控制下企业合 并追溯调整财务数据的议 ...

2024 年度董事会工作报告 2024 年，公司董事会严格按照《中华人民共和国公司法》 《中华人民共和国证券法》《深圳证券交易所股票上市规则》 等法律法规、规范性文件及《公司章程》等有关规定，认真 履行股东大会赋予的职责，规范运作、科学决策，积极推动 公司各项业务发展，持续提升公司经营及治理水平。 报告期内，公司荣获第二十六届上市公司金牛奖"金信 披奖"、第十八届中国上市公司价值评选榜单中国上市公司 成长百强，沈春水同志荣获中国上市公司阳光董秘奖。 现就公司董事会 2024 年度主要工作情况汇报如下： 一、2024 年公司总体经营情况 报告期内，按照《公司法》和《公司章程》赋予的职责， 董事会充分发挥在公司治理体系中的作用，及时研究和决策 公司重大事项，确保规范运作和务实高效。公司全年共召开 8 次董事会，历次会议的召集召开、表决程序及决议内容等 均符合相关法律法规的要求，会议审议和听取了公司董事会 工作报告、财务预决算、利润分配、定期报告、修订章程等 议案。除因存在关联关系，部分关联董事回避表决有关事项 外，公司全体董事出席会议，对 2024 年度董事会审议的所 有事项均投赞成票，没有出现弃权或投反对票的情 ...