全面加快建设电力现货市场，疆电外送促绿电消纳 2025 年 03 月 16 日 ➢ 本周（20250310-20250314）电力板块行情：本周电力板块走势优于大盘。 截至 2025 年 03 月 14 日，本周公用事业板块收于 2287.91 点，上涨 49.11 点， 涨幅 2.19%；电力子板块收于 3042.41 点，上涨 65.87 点，上涨 2.21%，沪深 300 本周上涨 1.59%，公用事业走势优于大盘。公用事业（电力）板块涨跌幅在 申万 31 个一级板块中排第 21 位。从电力子板块来看：本周光伏发电上涨 4.68%， 热力服务上涨 3.80%，电能综合服务上涨 3.57%，火力发电上涨 3.39%，风力 发电上涨 2.09%，水力发电上涨 0.88%。 ➢ 本周专题：各大电力央企，也是"沙戈荒"大基地的投资主力，其中华电集 团规划超 80GW，华能集团规划 28.5GW，国家能源集团规划超 31GW，三峡 集团规划超 35GW。2025 年《政府工作报告》中提到：推进"疆电外送"第三、 第四通道、"西气东输"四线等跨区域能源调配工程，提升能源供应保障能力。加 快建设"沙戈荒"新能源基地和 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-02 1.公司名称：新疆皖能江布发电有限公司 2.统一社会信用代码：91652325MA77584B03 3.类型：其他有限责任公司 4.注册资本：玖亿捌仟万元整 安徽省皖能股份有限公司 关于控股子公司变更名称暨完成工商变更登记的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 一、基本情况 安徽省皖能股份有限公司（以下简称"公司"）的控股子公司新疆潞安协鑫准 东能源有限公司（以下简称"准东公司"），原控股股东为山西潞安矿业（集团） 有限责任公司（以下简称"山西潞安"）。2021 年，公司收购山西潞安持有的准东 公司全部股权，成为准东公司的控股股东，持股 53%。目前准东公司机组已正式投 产，为规范管理，现更名为新疆皖能江布发电有限公司。近期该子公司已完成工商 变更登记手续，并取得了由昌吉回族自治州市场监督管理局核发的新版《营业执照》。 具体变更事项如下： | 变更内容 | 变更前 | 变更后 | | --- | --- | --- | | 公司名称 | 新疆潞安协鑫准东能源有限 ...

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

皖能电力 20250226 摘要 • 皖能电力池州二期百万千瓦机组首次并网成功，预计下月中下旬投产，将 增强发电竞争力。但受春节、暖冬及高温影响，安徽 1 月全社会用电量同 比下降 6.3%，发电量总体下降。 • 2025 年安徽省内中长期电价同比下降约 2.3 分/千瓦时，但皖能电力通过 现货市场合理布置，1 月份现货综合收益高于中长期合同价格，实现超额 收益，预计 2 月收益减少。 • 安徽省内月度交易价格略降，现货市场波动大，但通过合同布置，皖能电 力结算电价仍高于中长期合同价。新疆江布电厂外送华东电量占比高，新 英业达电厂结算电价更高。 • 市场煤价下跌，皖能电力考虑调整长协煤基准价并引入市场联动机制，同 时增加市场协议煤，进行差异化管理和价格重谈，统筹长协煤与现货市场 应对变化。 • 新能源入市后纳入全省统一偏差考核，考核资金进入统一大盘子，通过现 货市场或辅助服务市场重新分配，类似于现货未运行时补偿火电腾出发电 空间。 Q&A 请简要介绍一下皖能电力近期的运营情况。 目前皖能电力的总装机容量为 1,736 万千瓦，其中在建项目为 1,366 万千瓦， 核准项目为 160 万千瓦。值得更新的数据是安 ...

Group 1: Power Generation and Pricing - The company's controlled power generation for 2024 is projected to be 60.15 billion kWh, representing a year-on-year increase of over 17% [1] - The increase in power generation is primarily attributed to new projects, including gas power generation in Hefei and coal power generation in Xinjiang, which are expected to contribute significantly to the overall output [1] - The annual trading electricity price in Anhui Province is expected to decrease slightly by over 0.02 CNY/kWh in 2025 [1] Group 2: Coal Supply and Taxation - The expected structure of coal supply is anticipated to remain stable, with long-term contracts and market structure maintaining their respective proportions year-on-year [2] - New power plants in Xinjiang benefit from three tax exemption policies, with the income tax rate expected to be 15% after the exemptions end [2] Group 3: Ongoing Projects and Market Operations - The company has three major projects under construction: Qianyingzi Coal Power Phase II (1,000 MW) expected to be operational this year, a large-scale photovoltaic project in Xinjiang aiming for full capacity connection by Q3, and a wind power project in Suzhou expected to achieve full capacity by the end of the year [2] - The trial operation of continuous spot market settlement began this month, with the proportion of spot electricity expected to be significant [2] - The auxiliary service revenue for 2024 is projected to be slightly over 1.2 billion CNY, primarily from peak-shaving auxiliary services [2]

Summary of the Conference Call for WanNeng Electric Power Company Overview - WanNeng Electric Power has a total installed capacity of 17.36 million kilowatts, with 13.66 million kilowatts in operation and 2.1 million kilowatts under construction [2][5]. Key Points and Arguments 2024 Performance Expectations - The company expects a strong performance in 2024, with projected earnings between 2 billion to 2.2 billion yuan. The total power generation is anticipated to exceed 60 billion kilowatt-hours, representing a year-on-year growth of over 17% [3][8]. Renewable Energy Projects - The 800,000-kilowatt solar project in Xinjiang is expected to be connected to the grid by the end of June 2025, with full capacity expected by the third quarter. Additionally, a 300,000-kilowatt wind power project is projected to achieve full capacity by the end of 2025 [3][6]. - The company is also advancing 1.4 million kilowatts of pumped storage and 200,000 kilowatts of wind power projects that are currently in the approval process [3][6]. Clean Coal Power Initiatives - WanNeng is actively promoting the clean transformation of coal power, with a 300,000-kilowatt unit undergoing wide-load adjustment experiments, which have received national patents. The company plans to extend this technology to larger capacity units [3][7]. Market Dynamics and Pricing - The average benchmark electricity price for offshore wind power has dropped below 900 yuan per kilowatt-hour, while the price for units in Anhui has fallen below 1,000 yuan per kilowatt-hour [3]. - The current electricity market in Anhui has led to lower prices, with January 2025 spot prices dropping below long-term prices, indicating a slight increase in overall revenue compared to long-term prices, although excess returns have narrowed compared to 2024 [12]. Operational Challenges - Approximately 50% of the units were offline or operating at reduced capacity during the Spring Festival. The company anticipates a balanced maintenance schedule for the year, with major repairs planned for both the first and second halves of 2025 [13][14]. Future Development Plans - The company is focusing on technological innovation, including research in controllable nuclear fusion and hydrogen production from green electricity in Xinjiang, aiming for breakthroughs during the 14th Five-Year Plan period [7][8]. Additional Important Information - The company has made significant progress in its heating business, with heating volume and prices continuing to rise, surpassing the profitability of electricity on a per-unit basis [4]. - The pricing mechanism for the Xinjiang solar project is set at 0.262 yuan per kilowatt-hour, which is considered favorable and does not participate in market bidding [17]. - The average settlement price for concentrated solar projects in Xinjiang participating in the market is approximately 0.14 to 0.15 yuan per kilowatt-hour [18]. This summary encapsulates the key insights from the conference call, highlighting the company's performance expectations, renewable energy initiatives, market dynamics, and future development strategies.

Core Viewpoint - The company expects its power generation capacity to continue growing by 2025, driven by new production capacity coming online [1] Group 1: Company Performance - The company's coal-fired power units have achieved full profitability [1] - The total capacity of the company's coal-fired power units is 13.17 million kilowatts, including units under construction [1] Group 2: Future Projects - A major coal-fired power unit at the Yanjinzi Phase II is expected to be operational in the first half of this year [1] - Three coal-fired power projects, namely Guoan Phase II, Anqing Phase III, and Zhongmei Liu'an, are expected to be completed by 2026 [1] - The Chizhou Phase II project is anticipated to be operational by mid-2025 [1]

投资者关系活动 类别 特定对象调研 分析师会议 □媒体采访 □业绩说明会 新闻发布会 □路演活动 现场参观 其他 线上会议 参与单位名称及 人员姓名 1.鹏华基金 王禹萱； 2.华源证券 邓思平； 3.兴业证券 蔡屹；兴业证券 蔡屹；国盛证券 高紫明；国泰君安 孙 辉贤；海通证券 吴杰、闫石；西南电力 巢语欢；华源证券 邓思平； 中金 刘佳妮、刘砺寒；光大证券 宋黎超； 银河证券 陶贻功、梁 悠南；中信资管 袁智志；保银基金 余泽；光大保德信 岳子曈； 4.民生证券 黎静； 5.华福电力 闫燕燕； 6.国泰君安 孙辉贤。 地点 公司 上市公司接待人 员姓名 李天圣、张增智、董佳文 投资者关系活动 主要内容介绍 一、电价&电量 Q：安徽省电价情况？ A：电量电价较为平稳。 Q：安徽省供电的情况如何？ A：安徽省全社会装机容量达到 1.2 亿千瓦时，其中火电占比约 为 50%。 | Q：容量电价目前回收比例是 30%吗？会逐年提高吗？ | | | | --- | --- | --- | | A：安徽省 2025 年的比例约为 30%，即 100 元/千瓦，2026 | 年 | | | 50%左右，逐步到 100% ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 2 billion to 2.25 billion RMB in 2024, representing a year-on-year increase of 40% to 57% [7] - The increase in profit is primarily driven by a rise in electricity generation, a decrease in coal prices, and improved profitability of controlled power generation enterprises [7] - The company has accelerated the commissioning of high-quality thermal power units in Anhui and is strategically positioned in the "Xinjiang Electricity into Anhui" initiative [7] Financial Performance Summary - Total revenue for 2024 is projected to be around 28.32 billion RMB, with a slight year-on-year growth of 1.62% [1] - The net profit attributable to shareholders for 2024 is forecasted at 2.08 billion RMB, reflecting a significant year-on-year growth of 45.66% [1] - The earnings per share (EPS) for 2024 is estimated to be 0.92 RMB, with a price-to-earnings (P/E) ratio of 7.72 based on the latest diluted EPS [1][8] Operational Highlights - As of December 31, 2023, the company had a total installed capacity of 11.38 million kilowatts, which is expected to increase to 12.28 million kilowatts by June 30, 2024, following the commissioning of new gas peak-shaving projects [7] - The electricity demand in Anhui province has shown robust growth, with a cumulative electricity consumption of 327.85 billion kilowatt-hours in the first eleven months of 2024, up 12.8% year-on-year [7] - The company is leveraging its strategic advantages in Xinjiang, with ongoing projects expected to contribute significantly to future earnings [7]

Investment Rating - Buy (maintained) [5] Core Views - The company's 2024-2026 net profit attributable to the parent company is expected to be RMB 2,135/2,304/2,431 million, with year-on-year growth rates of 49%/8%/6% respectively [5] - The current stock price corresponds to a P/E ratio of 7/7/6 times for 2024-2026 [5] - The stock price has corrected by approximately 18% since December 18, 2024, due to lower-than-expected long-term contract electricity prices in Anhui Province [5] - Despite short-term impacts on asset returns, the company is expected to achieve growth in performance through volume compensation in the medium term [5] - The current valuation is at a historically low level, supporting the "Buy" rating [5] Financial Performance - The company's 2024 annual performance forecast predicts a net profit attributable to the parent company of RMB 2,000-2,250 million, a year-on-year increase of 39.91%-57.40% [7] - The non-GAAP net profit attributable to the parent company is expected to be RMB 1,977-2,227 million, a year-on-year increase of 54.09%-73.57% [7] - The fourth quarter of 2024 saw a net profit attributable to the parent company of RMB 417-667 million, significantly higher than the RMB 125 million in the same period of 2023 [7] - The fourth quarter's performance exceeded market expectations, partly due to a low base in 2023 and reduced pressure from asset impairment provisions [7] Operational Highlights - Anhui Province's electricity supply-demand situation remains tight, with a projected power shortage exceeding 20,000 MW in 2025 [7] - The launch of the electricity spot market in Anhui Province may provide excess returns, potentially becoming a catalyst for the company's performance and stock price in 2025 [7] - The company's new power plants, such as the Xinjiang Yingema Power Plant (2*660 MW), are expected to contribute to future growth [7] - Additional power plants, including Banji Phase II and others, are scheduled to be operational between 2025 and 2027, further boosting installed capacity [7] Financial Projections - Revenue for 2024-2026 is projected to be RMB 28,368/29,436/30,513 million, with year-on-year growth rates of 1.80%/3.77%/3.66% [6] - EPS for 2024-2026 is expected to be RMB 0.94/1.02/1.07 per share [6] - ROE for 2024-2026 is forecasted at 14.01%/13.77%/13.27% [6] - The company's P/E ratio for 2024-2026 is estimated at 7.27/6.74/6.39 times [6] Market Performance - The closing price on January 22, 2025, was RMB 6.85 [3] - The total market capitalization is RMB 15,528.01 million, with a circulating market capitalization of RMB 15,528.01 million [3] - The company's asset-liability ratio is 65.71%, and the net asset value per share is RMB 6.80 [3]