抽水蓄能概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600905 | 三峡能源 | -1.15 | 0.41 | -9232.77 | | 000875 | 吉电股份 | -6.76 | 4.28 | -8821.35 | | 000600 | 建投能源 | -4.39 | 7.97 | -8240.78 | | 300040 | 九洲集团 | -4.81 | 24.61 | -6882.99 | | 000899 | 赣能股份 | -8.56 | 6.00 | -4946.42 | | 600795 | 国电电力 | -1.74 | 0.88 | -4860.93 | | 600886 | 国投电力 | -0.78 | 0.47 | -4695.00 | | 000543 | 皖能电力 | -2.37 | 2.35 | -4586.74 | | 002202 | 金风科技 | 0.00 | 1.45 | -4065.78 | | 001896 | 豫能控股 | -4.97 | ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 23.517 billion yuan, up 20.09% year-on-year, and net profit attributable to shareholders increasing by 181.59% to 531 million yuan [1] - The company’s operational performance in the power generation sector showed a substantial increase in electricity output, with a total of 50.366 billion kWh generated, reflecting a year-on-year growth of 27.79% [2] - The company is actively advancing its construction projects, which are expected to ensure long-term growth in electricity generation capacity [3] Financial Performance - In 2024, the company achieved a total operating revenue of 23.517 billion yuan, a year-on-year increase of 20.09% [1] - The net profit attributable to shareholders reached 531 million yuan, marking a significant increase of 181.59% compared to the previous year [1] - The company’s net profit excluding non-recurring items was 399 million yuan, showing an extraordinary growth of 5401.22% year-on-year [1] Operational Highlights - The company’s controlled power generation companies completed a total electricity output of 50.366 billion kWh, an increase of 27.79% year-on-year, primarily due to acquisitions and expanded capacity [2] - The average on-grid electricity price decreased by over 0.1 yuan to 438.22 yuan per MWh (including tax), yet the revenue from thermal power generation still grew by 18.50% year-on-year [2] - The company’s coal procurement reached 34.01 million tons, with an average coal price of 822.02 yuan per ton, down 92.02 yuan per ton year-on-year, leading to a 4.28% reduction in fuel costs [2] Project Development - The company is progressing with several construction projects, including the Xibaipo Power Plant Phase IV and Renqiu Thermal Power Phase II, which are expected to be operational by 2026 [3] - There are ongoing projects in distributed energy storage, pumped storage, and offshore wind, which are anticipated to contribute to long-term electricity generation growth [3] Future Outlook - In Q1 2025, the company reported a slight decline in electricity output to 12.073 billion kWh, down 7.22% year-on-year, with heating output also decreasing by 2.94% [4] - Despite the decline in output, the company’s cost structure may improve due to continued decreases in coal prices, potentially enhancing profitability [4] - Profit forecasts for 2025-2027 indicate expected net profits of 1.031 billion yuan, 1.227 billion yuan, and 1.277 billion yuan, representing year-on-year growth rates of 94.02%, 19.10%, and 4.04% respectively [4]

Financial Performance - The company's operating revenue for Q1 2025 was ¥6,575,511,055.07, a decrease of 5.84% compared to the same period last year[4] - Net profit attributable to shareholders increased by 75.94% to ¥443,801,639.54, compared to ¥251,548,839.90 in the previous year[4] - Basic earnings per share rose to ¥0.248, up 75.89% from ¥0.140 in the same period last year[5] - Operating profit increased significantly to approximately $739 million, compared to $380 million in the previous period, reflecting an increase of 94.3%[27] - Net profit for the current period reached approximately $628 million, up 104.5% from $308 million in the previous period[28] Cash Flow - The net cash flow from operating activities reached ¥829,563,640.35, representing a significant increase of 128.00% year-on-year[5] - Cash flow from operating activities generated approximately $830 million, a substantial increase from $364 million in the previous period[30] - The net cash flow from investing activities was negative at ¥-1,148,137,810.72, indicating increased cash outflows for investments[14] - Cash and cash equivalents at the end of the period totaled approximately $2.54 billion, slightly down from $2.57 billion at the end of the previous period[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥47,110,009,108.71, a slight decrease of 0.06% from the previous year[5] - Total current assets decreased from 8.14 billion RMB to 7.73 billion RMB, a reduction of approximately 5.67%[21] - Total non-current assets increased from 39.00 billion RMB to 39.38 billion RMB, an increase of approximately 0.97%[22] - Total liabilities decreased from 29.56 billion RMB to 28.85 billion RMB, a reduction of approximately 2.40%[23] - The company's total assets slightly decreased from 47.14 billion RMB to 47.11 billion RMB, a reduction of approximately 0.06%[22] - The company's cash and cash equivalents increased from 1.97 billion RMB to 2.57 billion RMB, an increase of approximately 30.25%[21] Research and Development - Research and development expenses increased by 110.27% to ¥169,502,445.53, reflecting a rise in R&D projects[12] - Research and development expenses rose to approximately $170 million, up 109% from $81 million in the previous period, indicating a strong focus on innovation[26] Investment Income - Investment income grew by 54.66% to ¥83,573,869.93, attributed to increased profits from associated companies[12] - The company reported a significant increase in investment income to approximately $84 million, compared to $54 million in the previous period, marking a growth of 55.6%[27] Operational Metrics - In Q1 2025, the company's power generation reached 12.958 billion kWh, a decrease of 7.23% year-on-year[18] - The average on-grid electricity price was 433.65 RMB/MWh (including tax), down 1.39% year-on-year[19] - The average comprehensive standard coal price was 775.12 RMB/ton, a decrease of 11.43% year-on-year[19] - The average utilization hours of generating units decreased by 101 hours year-on-year to 1,059 hours[18] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32]

Core Viewpoint - The company, Jiantou Energy, has demonstrated strong growth momentum as a regional energy leader, highlighted by its impressive 2024 annual report amid the dual backdrop of energy structure transformation and deepening electricity market reforms [1] Financial Performance - In 2024, the company achieved a record revenue of 23.517 billion yuan, a year-on-year increase of 20.09% [2] - The net profit attributable to shareholders reached 531 million yuan, a significant year-on-year growth of 181.59% [2] - The non-recurring net profit surged by 5401.22% to 399 million yuan, indicating a qualitative leap in core business profitability [2] - The proposed cash dividend is 1.30 yuan per 10 shares, totaling approximately 235 million yuan, which represents 44.28% of the net profit attributable to shareholders [3] Business Operations - The company focuses on traditional coal-fired power generation while actively expanding into renewable energy sectors such as solar and energy storage [4] - In 2024, the company operated 14 coal-fired power plants, generating 53.890 billion kWh, an increase of 116.24 billion kWh year-on-year [5] - The average on-grid electricity price was 438.22 yuan per MWh, a decrease of 12.57 yuan per MWh compared to the previous year [5] - Revenue from coal-fired power generation was 21.643 billion yuan, up 18.50% year-on-year, while solar power revenue exceeded 1.03 billion yuan, growing at 30.49% [5] Research and Development - The company increased its R&D investment to 1.152 billion yuan, a year-on-year growth of 34.13% [6] - It implemented 224 technology R&D projects and received 80 patent authorizations, including 27 invention patents [6] - The company has established several technology innovation centers and achieved international leading and advanced levels in various projects [7] Future Strategy - For 2025, the company aims to enhance its position as a leading comprehensive energy service provider, focusing on low-carbon, clean, and flexible development [8] - The strategy includes improving core competitiveness, expanding main business scale, ensuring safety and risk management, and leveraging the public listing for effective market value management [8][9] - The operational model will emphasize market-oriented and efficiency-centered approaches, enhancing asset performance and optimizing coal procurement [9]

4月24日，建投能源（000600）(000600.SZ)发布2024年度可持续发展报告，这是公司连续第二年披露 ESG实践成果。 国企高质量发展新范式经济效益与社会效益双提升 建投能源主营业务为投资、建设、运营管理以电力生产为主的能源项目，电力业务以燃煤火力发电和供 热为主，同时积极拓展光伏、储能等新能源板块，涉及核电、风电、水电等项目投资。数据显示，2024 年底，建投能源控股运营火电装机1,177万千瓦，新能源装机45.71万千瓦，供热覆盖面积2.85亿平方 米。全年实现火电发电量538.90亿千瓦时，光伏发电量3.65亿千瓦时，供热量7,166.60万吉焦。 报告显示，建投能源全年实现营业收入235.17亿元，同比增长20.09%；归母净利润5.31亿元，同比大幅 增长181.59%。报告期内，在火电行业盈利修复、新能源布局加速的背景下，公司通过深化ESG治理、 推动绿色低碳转型，实现了经济效益与社会价值的双赢，为国企高质量发展提供了新范式。 促进低碳转型共同迈向可持续未来 在全球能源转型加速与"双碳"目标深化的背景下，建投能源全面贯彻落实"源头治理、综合防治"的环保 方针，扎实开展环保监督、环境信息 ...

Group 1 - The company achieved a total operating revenue of 23.517 billion yuan in 2024, representing a year-on-year increase of 20.09% [1] - The net profit attributable to shareholders reached 531 million yuan, up 181.59% year-on-year, while the non-recurring net profit surged by 5401.22% to 399 million yuan [1] - The significant performance improvement was primarily driven by the decline in coal prices, expansion of installed capacity, and advancement of renewable energy projects [1][4] Group 2 - The average procurement price of thermal coal was 822.02 yuan per ton, a decrease of 10.07% year-on-year, which contributed to the increase in gross profit margin [4] - The company completed a total electricity generation of 50.366 billion kilowatt-hours, marking a 27.79% increase year-on-year, largely due to the acquisition of additional power generation assets [4] - Despite the positive impact of lower coal prices, the average on-grid electricity price fell by 2.82% to 437.37 yuan per megawatt-hour, indicating potential pressure on profitability from market reforms [4][6] Group 3 - The company has made progress in its renewable energy transition, with 457,100 kilowatts of renewable capacity installed and 600,000 kilowatts under construction [5] - The proportion of renewable energy capacity to total installed capacity remains low at 3.74%, indicating a continued reliance on traditional thermal power [5] - The company is actively developing energy storage projects, including pilot projects and distributed energy storage initiatives [5] Group 4 - The net cash flow from operating activities was 3.771 billion yuan, reflecting a year-on-year increase of 75.25%, indicating strong cash flow health [6] - The company faces challenges from electricity price fluctuations due to ongoing market reforms, which may impact future performance [6] - The need to balance traditional thermal power advantages while accelerating the renewable energy transition is crucial for long-term competitiveness [6]

Core Viewpoint - Hebei Jiantou Energy Investment Co., Ltd. reported significant growth in revenue and net profit for 2024, driven by a decrease in coal prices and an increase in electricity demand, marking a successful turnaround for the company [2][3]. Financial Performance - In 2024, the company achieved operating revenue of 23.517 billion yuan, a year-on-year increase of 20.09% [3]. - The net profit attributable to shareholders reached 531 million yuan, up 181.59% year-on-year [3]. - The non-recurring net profit soared to 399 million yuan, reflecting a staggering growth of 5401.22% [3]. - The company plans to distribute a cash dividend of 1.3 yuan per 10 shares, totaling 235 million yuan, which represents 44.28% of the net profit attributable to shareholders [3]. Cost Structure and Profitability - The fuel cost for thermal power generation accounted for 71.77% of the company's operating costs, making coal price fluctuations critical to profitability [4]. - The average procurement price of coal was 822.02 yuan per ton, a decrease of 10.07% year-on-year, leading to significant cost savings [5]. - Despite a slight decrease in the average on-grid electricity price by 2.82% to 437.37 yuan per megawatt-hour, the company's revenue still grew by 20% due to expanded installed capacity [5]. Market Dynamics - The coal market saw a price drop, with the average price of 5500 kcal thermal coal at northern ports being 863 yuan per ton, down 11% year-on-year, easing the cost pressure on the coal power industry [5]. - The company procured 34.01 million tons of coal in 2024, benefiting from a favorable supply situation due to increased domestic production and imports [5]. Future Growth and Strategic Direction - The company is exploring opportunities in renewable energy, participating in wind and solar projects, and aims to optimize its business structure to reduce reliance on traditional thermal power [6][7]. - The 2025 national energy work conference emphasized the need for a new energy system, which aligns with the company's strategic focus on expanding its renewable energy portfolio [6]. - The company plans to enhance its project management and pursue new energy projects, including pumped storage and flexible resources [7]. Competitive Landscape - The company's future competitiveness will depend on its ability to integrate coal and electricity operations, accelerate the transition to renewable energy, and adapt to market fluctuations [8]. - The company holds a regional monopoly in coal power but must strategically position itself in the renewable energy sector to capitalize on future growth opportunities [8].

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

证券研究报告 建投能源 (000600 CH) 火电+新能源协同开发，多能互补完善资产结构 煤价利好释放，多能互补驱动高增 华泰研究 年报点评 2025 年 4 月 24 日│中国内地 发电 建投能源公布业绩：2024 年实现营收 235.17 亿元（yoy+20%），归母净利 5.31 亿元（yoy+182%），扣非净利 3.99 亿元（yoy+5401%），均和业绩快 报一致。公司预告 1Q25 归母净利 4.47 亿元（yoy+77%），高于华泰预测区 间（2.85~3.15 亿元），得益于煤价和资金成本下降。电量增长与煤价下降 抬升火电盈利能力，煤电装机规模有望持续扩大，多能互补完善资产结构。 公司 2024 年拟派息 0.13 元/股，占当期可供分配利润比例 94%；公司 2025-26 年计划派息不低于当期可供分配利润的 50%。维持"增持"评级。 电量增长与煤价下降抬升火电盈利能力 2024 年公司控股发电量 yoy+28%至 504 亿千瓦时，得益于装机容量增长 （yoy+19%）和利用小时数提升（yoy+2%）。2024 年公司平均结算电价 yoy-2.8%至 388 元/兆瓦时（不含税）， ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000601 | 韶能股份 | 9.93 | 14.38 | 24239.40 | | 600310 | 广西能源 | 9.98 | 14.22 | 21205.56 | | 600505 | 西昌电力 | 9.97 | 15.62 | 17629.17 | | 600744 | 华银电力 | 10.00 | 3.80 | 14871.61 | | 600644 | 乐山电力 | 10.01 | 22.96 | 10936.78 | | 600969 | 郴电国际 | 9.95 | 11.30 | 9132.81 | | 000883 | 湖北能源 | 1.39 | 1.45 | 8923.37 | | 600900 | 长江电力 | 0.89 | 0.24 | 8257.50 | | 600979 | 广安爱众 | 5.34 | 11.65 | 7809.98 | | 000600 | 建投能源 | 4.78 | 12.90 | 5148.33 | ...