Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The recent rebound in market coal prices, with Qinhuangdao 5500 kcal thermal coal prices rising from 609 CNY/ton in early June to 698 CNY/ton by August 15, indicates that coal power profitability is expected to continue growing in the second half of the year. Long-term, there is significant potential for improved stability in coal power profitability with the anticipated increase in capacity electricity prices in 2026 and beyond [2]. - The company reported a revenue of 11.113 billion CNY in the first half of 2025, a year-on-year decrease of 3.28%, while the net profit attributable to shareholders reached 899 million CNY, reflecting a substantial year-on-year increase of 157.96% [5]. - The company plans to raise up to 2 billion CNY through a private placement to fund the construction of the Xibaipo Power Plant Phase IV project, which will add significant coal power capacity [5]. Financial Performance Summary - In the first half of 2025, the company achieved a gross margin of 23.40% and a net margin of 11.82%, both showing significant year-on-year improvements [5]. - The company’s return on equity (ROE) was 8.18%, up by 4.89 percentage points year-on-year, and cash flow from operations increased by 130.57% to 1.728 billion CNY [5]. - The company’s total installed coal power capacity is currently 11.77 million kW, with plans for significant increases in capacity by 2026 [5]. Financial Forecasts - The company is projected to achieve net profits of 1.403 billion CNY, 1.545 billion CNY, and 1.672 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 9.6, 8.7, and 8.1 [5][6]. - Revenue is expected to decline slightly in 2025 and 2026 before rebounding in 2027, with a forecasted revenue of 22.881 billion CNY in 2025 [6][8].

东吴证券研报指出，建投能源受益区位优势火电高增长，定增20亿建设西柏坡火电项目。中报业绩亮 眼，区位优势下火电稳增长，加速推进光伏发展：2025年上半年，公司火电业务收入达101.12亿元，占 总收入的90.99%，其中电量收入87.78亿元，热量收入13.34亿元，体现出火电与供热业务的稳定贡献。 同时，公司积极拓展新能源领域，光伏业务收入达9,547.99万元，同比增长90.69%。受益于无核贫水电 源供给结构，预计未来三年（2025-2027）河北省火电电价、电量领先行业。该行维持预计2025-2027年 公司实现归母净利润为13.40亿元、15.59亿元、15.95亿元，同比增速为152.2%、16.4%、2.3%；对应 2025-2027年PE为10、9、8倍，维持"买入"评级。 ...

东吴证券研报指出，建投能源受益区位优势火电高增长，定增20亿建设西柏坡火电项目。中报业绩亮 眼，区位优势下火电稳增长，加速推进光伏发展：2025年上半年，公司火电业务收入达101.12亿元，占 总收入的90.99%，其中电量收入87.78亿元，热量收入13.34亿元，体现出火电与供热业务的稳定贡献。 同时，公司积极拓展新能源领域，光伏业务收入达9,547.99万元，同比增长90.69%。受益于无核贫水电 源供给结构，预计未来三年（2025-2027）河北省火电电价、电量领先行业。该行维持预计2025-2027年 公司实现归母净利润为13.40亿元、15.59亿元、15.95亿元，同比增速为152.2%、16.4%、2.3%；对应 2025-2027年PE为10、9、8倍，维持"买入"评级。 ...

记者：衣韵潼 周倜然 编辑：刘卓 建投能源拟定增募资20亿元支持煤电项目发展 建投能源表示，西柏坡电厂四期工程项目建成后，不仅可以满足电力需求和供热需求，还能增强电网调峰能力，丰富电源结构，提高电 网稳定水平和抵御风险能力。公司拟通过本次募投项目持续扩大清洁高效的优质火电装机规模，充分发挥火电作为基础负荷的兜底保障 和灵活性调节作用。 据了解，建投能源是河北省国资委旗下上市主体，火电业务为营收主导。据该公司同日发布的半年报，建投能源上半年营收111.13亿 元，同比下降3.28%；盈利8.97亿元，同比增长157.96%。其中火力发电电量、热量销售占总营收的比重为97.10%。 财报显示，截至6月底，建投能源控股装机总计1245.65万千瓦，其中火电装机容量1177万千瓦，光伏装机容量68.65万千瓦。上半年，该 公司控股运营的14家火电公司共完成发电量242.69亿千瓦时、上网电量225.34亿千瓦时。得益于国内煤炭供应宽松、价格下行，建投能源 综合标煤单价同比降低124.51元/吨，推动净利润增长。 8月16日，河北建投能源投资股份有限公司（以下简称"建投能源"）公告，拟向不超过35名特定投资者发行A股股 ...

中国经济网北京8月18日讯 建投能源(000600.SZ)15日晚披露2025年度向特定对象发行股票预案，本 次向特定对象发行股票的对象不超过35名（含35名）特定投资者，包括符合中国证监会规定条件的证券 投资基金管理公司、证券公司、信托公司、财务公司、保险机构投资者、合格境外机构投资者以及其他 符合相关法律、法规规定条件的法人、自然人或其他机构投资者。证券投资基金管理公司、证券公司、 合格境外机构投资者、人民币合格境外机构投资者以其管理的二只以上产品认购的，视为一个发行对 象；信托公司作为发行对象，只能以自有资金认购。本次发行的所有发行对象均以人民币现金方式并按 同一价格认购本次发行的股票。 本次向特定对象发行股票通过竞价方式确定发行价格，本次发行的定价基准日为本次向特定对象发 行股票发行期的首日。发行价格不低于定价基准日前20个交易日公司股票交易均价的80%。 本次向特定对象发行股票的种类为境内上市人民币普通股（A股），每股面值为人民币1.00元。本 次向特定对象发行的股票将在深圳证券交易所上市交易。本次向特定对象发行的股票数量按照本次向特 定对象发行股票募集资金总额除以最终发行价格计算得出，不超过本次发 ...

8月15日晚间，建投能源（000600）(000600.SZ)披露2025年上半年业绩报告。报告期内，公司紧扣高质 量发展目标，全面精细化管理，通过优化机组运行、强化成本管控、加速绿色低碳转型等举措，实现了 经营绩效显著提升。数据显示，公司上半年实现营业收入111.13亿元，同比微降3.28%；归属于上市公 司股东的净利润达8.97亿元，同比增长157.96%，盈利弹性进一步释放。 同日，公司发布《2025年度向特定对象发行股票预案》，计划募集资金不超过20亿元，全额用于西柏坡 电厂四期工程项目，以进一步优化区域电源结构、增强能源保供能力，并推动公司自身绿色转型与财务 结构改善。 煤价下行叠加成本优化，盈利空间持续拓宽 作为河北省能源供应的重要力量，建投能源主营业务涵盖高效清洁燃煤火力发电、城镇集中供热，同时 布局光伏、核电、海上风电、水电等新能源项目投资。上半年，公司盈利大幅增长，其核心驱动力源于 燃料成本的大幅下降。国内煤炭市场"供应宽松、价格震荡下行"的格局，为公司成本优化创造了有利条 件。从年初至7月16日，秦港5500大卡动力煤市场均价为671元/吨，同比下跌201元/吨。 在此背景下，建投能源深化 ...

Core Viewpoint - The report highlights that JianTou Energy (000600) benefits from its advantageous location and high growth in thermal power, with a buy rating given by Dongwu Securities based on the company's strong performance in the first half of 2025 and plans for a 2 billion yuan capital increase for the Xibaipo thermal power project [1][2]. Group 1: Financial Performance - In the first half of 2025, JianTou Energy achieved operating revenue of 11.113 billion yuan, a year-on-year decrease of 3.3% [1]. - The company reported a net profit attributable to shareholders of approximately 897 million yuan, reflecting a year-on-year increase of 158.0% [1]. - The net profit after deducting non-recurring items was about 880 million yuan, showing a year-on-year growth of 182.5% [1]. Group 2: Capital Increase and Project Development - JianTou Energy plans to raise up to 2 billion yuan through a private placement to no more than 35 investors, primarily for the construction of the Xibaipo Power Plant Phase IV project [1]. - The Xibaipo Power Plant Phase IV project will consist of two 660,000 kW ultra-supercritical coal-fired combined heat and power units, aimed at supplying power to the southern Hebei power grid and providing centralized heating to Shijiazhuang and surrounding towns [1]. Group 3: Business Segmentation and Growth - The thermal power business generated 10.112 billion yuan in revenue, accounting for 90.99% of total revenue, with electricity revenue at 8.778 billion yuan and heat revenue at 1.334 billion yuan [2]. - The company is actively expanding its renewable energy sector, with photovoltaic business revenue reaching 95.48 million yuan, a year-on-year increase of 90.69% [2]. - The report anticipates that the thermal power price and output in Hebei province will lead the industry over the next three years, with a projected tight supply trend [2]. Group 4: Profit Forecast and Investment Rating - The profit forecast for JianTou Energy is as follows: 1.34 billion yuan in 2025, 1.56 billion yuan in 2026, and 1.60 billion yuan in 2027, with year-on-year growth rates of 152.2%, 16.4%, and 2.3% respectively [2]. - The corresponding price-to-earnings ratios for 2025-2027 are projected to be 10, 9, and 8 times, maintaining a "buy" rating [2].

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Jiantou Energy (000600.SZ) based on several positive factors [2] - The company plans to raise 2 billion yuan through a private placement to fund the Xibaipo Phase IV project, which primarily supplies electricity and centralized heating to Hebei Southern Power Grid [2] - Jiantou Energy's interim performance is strong, benefiting from its advantageous location, with stable growth in thermal power and accelerated development in photovoltaic energy [2] - The company is expected to benefit from the supply structure of non-nuclear and hydropower resources, with forecasts indicating that Hebei Province's thermal power prices and output will lead the industry from 2025 to 2027 [2]

证券研究报告·公司点评报告·电力 建投能源（000600） 2025半年报点评：受益区位优势火电高增长， 定增 20 亿建设西柏坡火电项目 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 19,583 | 23,517 | 23,046 | 24,840 | 24,051 | | 同比（%） | 6.98 | 20.09 | (2.00) | 7.78 | (3.18) | | 归母净利润（百万元） | 188.63 | 531.16 | 1,339.60 | 1,559.29 | 1,594.83 | | 同比（%） | 77.13 | 181.59 | 152.20 | 16.40 | 2.28 | | EPS-最新摊薄（元/股） | 0.10 | 0.29 | 0.74 | 0.86 | 0.88 | | P/E（现价&最新摊薄） | 71.36 | 25.34 | 10.05 | 8.63 | 8.44 ...

Financial Performance - The company reported total revenue of 11.113 billion yuan for the first half of 2025, a decrease of 3.28% year-on-year [1] - The net profit attributable to shareholders was 897 million yuan, an increase of 157.96% year-on-year [1] - In Q2 2025, total revenue was 4.538 billion yuan, up 0.68% year-on-year, while net profit was 453 million yuan, up 374.71% year-on-year [1] - The gross margin increased by 69.34% year-on-year to 23.4%, and the net margin increased by 244.20% year-on-year to 11.82% [1] Key Financial Ratios - The company’s operating expenses, including sales, management, and financial expenses, totaled 760 million yuan, accounting for 6.84% of revenue, a decrease of 2.92% year-on-year [1] - Earnings per share (EPS) increased by 157.51% year-on-year to 0.5 yuan, while operating cash flow per share rose by 130.57% year-on-year to 0.95 yuan [1] - The company’s return on invested capital (ROIC) was 3.68% last year, indicating weak capital returns [3] Debt and Cash Flow - The company’s cash and cash equivalents increased by 49.72% year-on-year to 1.884 billion yuan, while interest-bearing liabilities decreased by 5.56% year-on-year to 21.196 billion yuan [1] - The cash flow situation is a concern, with cash to current liabilities ratio at 16.35% [3] Market Position and Management - The company is held by a prominent fund manager, Liu Changchang from Huazhang Fund, who has recently increased his stake [4] - The company has seen new entries in its top holdings from several funds, indicating growing interest [5] Operational Metrics - In Q2 2025, the company achieved a power generation of 11.615 billion kWh, a year-on-year increase of 0.67%, while total power generation for the first half was 24.573 billion kWh, a decrease of 3.66% year-on-year [6]