Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is positioned as a regional hydropower firm that is set to benefit from the growth of new energy in the context of becoming a "computing power city" [5][7]. - The company has diversified its operations into three main business segments: energy, ecological plant fiber products, and precision manufacturing, with respective revenue contributions of 35%, 47%, and 13% in 2023 [7][17]. - The company is expected to achieve significant revenue growth driven by its hydropower and ecological paper products, while also improving profitability in its biomass segment [10][41]. Summary by Sections Market Performance - The closing price of the company's stock is 5.90 yuan, with a total market capitalization of 6,375.25 million yuan [3]. Financial Forecast and Valuation - Projected revenues for 2024-2026 are 47.5 billion, 49.2 billion, and 51.2 billion yuan, with year-on-year growth rates of 15.67%, 3.65%, and 3.89% respectively [6][63]. - Expected net profits for the same period are 1.04 billion, 1.39 billion, and 1.65 billion yuan, with growth rates of 139.12%, 33.20%, and 19.35% for 2025-2026 [6][63]. - The current price-to-earnings ratios for 2024-2026 are projected to be 61, 46, and 39 times [8][63]. Business Segments Energy (Power Generation) - The company has a total installed capacity of 1.185 million kilowatts, with hydropower accounting for 680,000 kilowatts, primarily located in Guangdong and Hunan provinces [7][17]. - Hydropower is the main profit contributor, maintaining a gross profit margin of around 55% [10][25]. - The biomass segment has faced challenges, but there are expectations for improvement through the expansion of steam supply and heating services [10][37]. Ecological Paper Products - The ecological paper products segment, particularly disposable tableware, is expected to grow significantly due to increasing demand driven by environmental regulations [41][44]. - In 2023, the company sold 4.4 million tons of paper tableware, achieving a gross margin of 5.4% [43][44]. Precision Manufacturing - The precision manufacturing segment has shown stable growth, with a revenue increase of 4.22% in the first half of 2024, driven by the demand for components in the new energy vehicle sector [53][54]. New Energy Development - The company is actively developing new energy projects in response to the growing demand for clean energy in the context of the "East Data West Computing" initiative [10][60]. - The local government has set ambitious targets for renewable energy installations, including 8GW of solar and 4GW of wind power by 2035 [60][61].

股票交易异常波动暨风险提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整， 并对公告中的任何虚假记载、误导性陈述或者重大遗漏承担责任 一、股票交易异常波动情况介绍 广东韶能集团股份有限公司（下称"公司"，证券简称：韶 能股份，证券代码：000601）股票交易价格连续 2 个交易日累计 偏离 20.14％，根据《深圳证券交易所股票上市规则》（下称《股 票上市规则》）的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实的相关情况 针对公司股票异常波动，公司进行了自查，并向持有公司 5%以上股份股东就有关事项进行了核实，现就有关核实情况说明 如下： （一）公司前期披露的信息不存在需要更正、补充之处。 股票简称：韶能股份 股票代码：000601 编号：2025-024 广东韶能集团股份有限公司 买卖公司股票。 （六）经自查，公司不存在违反公平信息披露规定的情形。 三、是否存在应披露而未披露信息的说明 公司董事会确认：目前没有任何根据《股票上市规则》等有 关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、 意向、协议等；董事会也未获悉公司有根据《股票上市规则》等 有关规定应予以披露而未披露的 ...

Group 1 - The stock of Shaoneng Co., Ltd. reached the daily limit, with a turnover rate of 21.61% and a transaction amount of 1.379 billion yuan, showing a fluctuation of 8.10% [2] - Institutional investors net sold 10.0251 million yuan, while the Shenzhen Stock Connect saw a net sell of 38.5792 million yuan, with a total net buy from brokerage seats of 34.7961 million yuan [2] - The stock was listed on the daily limit deviation list due to a price increase of 10.19% [2] Group 2 - In the past six months, the stock has appeared on the daily limit list 8 times, with an average price increase of 1.29% the next day and an average decline of 2.18% over the following five days [3] - The main capital flow showed a net inflow of 76.029 million yuan today, with a significant single net inflow of 92.2096 million yuan, while large single funds saw a net outflow of 16.1806 million yuan [3] - The latest margin trading data indicates a total margin balance of 10.4 million yuan, with a financing balance of 10.4 million yuan and a securities lending balance of 43,000 yuan [3]

Core Viewpoint - A-shares in the power sector have shown strong fluctuations, with notable stocks such as Jiantou Energy, Chenzhou Electric, and Leshan Electric hitting the daily limit, while Shaoneng Co., Xichang Electric, and Mingxing Electric also experienced gains [1] Group 1 - Jiantou Energy, Chenzhou Electric, and Leshan Electric reached the daily limit increase [1] - Other companies like Shaoneng Co., Xichang Electric, and Mingxing Electric also saw upward movement in their stock prices [1]

广东韶能集团股份有限公司 关于公司股份回购完成暨股份变动的公告 本公司及董事会全体成员保证公告内容真实、准确和完整， 并对公告中的任何虚假记载、误导性陈述或者重大遗漏承担责任 广东韶能集团股份有限公司（下称"公司"）于 2024 年 10 月 25 日召开第十一届董事会第六次临时会议，审议通过了《关 于股份回购方案的议案》，同意公司以自筹资金及专项贷款资金 通过集中竞价交易方式回购公司股份，回购股份比例为公司总股 本的 3.00%，即 3,241.66 万股，回购价格不超过 6.00 元/股， 具体详见公司于 2024 年 10 月 29 日、11 月 16 日在巨潮资讯网 及《证券时报》披露的《广东韶能集团股份有限公司关于以集中 竞价交易方式回购股份方案的公告》（公告编号：2024-048）、 《广东韶能集团股份有限公司关于以集中竞价交易方式回购股 份的回购报告书》（公告编号：2024-060）。 截至本公告披露之日，公司本次回购股份方案已实施完成。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等相关规定，现将公司回购的实 施结果公告如下： 一、回购实施情况 （ ...

股票简称：韶能股份 股票代码：000601 公告编号：2025-022 广东韶能集团股份有限公司关于持股 5%以上股东 所持股份解除质押的公告 本公司及其董事、监事、高级管理人员保证公告内容真实、 准确和完整，公告不存在虚假记载、误导性陈述或者重大遗漏。 （一）截至本公告披露日，兆伟恒发能源所持公司股份累计 质押情况 1 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质押 股份数量（股） 占登记 在其名 下的股 份比例 占公司 总股本 比例 质 押 起 始日期 解 除 质 押日期 质权人 兆伟恒 发能源 否 109,465,534 77.30% 10.13% 2024 年 5 月 17 日 2025 年 4月8日 深圳新 一诺实 业有限 公司 一、本次解除质押基本情况 | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 情况 | | 情况 | | | | | | 累计 | 合计 | 合计 | 已质押 | | 未质押 | | ...

一、股票交易异常波动情况介绍 广东韶能集团股份有限公司（下称"公司"，证券简称：韶 能股份，证券代码：000601）股票交易价格连续 3 个交易日累计 偏离 21.35％，根据《深圳证券交易所股票上市规则》（下称《股 票上市规则》）的有关规定，属于股票交易异常波动的情况。 二、公司关注并核实的相关情况 针对公司股票异常波动，公司进行了自查，并向持有公司 5%以上股份股东就有关事项进行了核实，现就有关核实情况说明 如下： 股票简称：韶能股份 股票代码：000601 编号：2025-020 广东韶能集团股份有限公司 股票交易异常波动暨风险提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整， 并对公告中的任何虚假记载、误导性陈述或者重大遗漏承担责任 （一）公司前期披露的信息不存在需要更正、补充之处。 （二）公司未发现近期公共传媒报道了可能或已经对公司股 票交易价格产生较大影响的未公开重大信息。 （三）近期公司经营情况正常，内外部经营环境未发生重大 变化。 （四）公司、持有公司 5%以上股份的股东不存在关于公司 应披露而未披露的重大事项，或处于筹划阶段的重大事项。 （五）股票异常波动期间，持有公司 5%以 ...

Market Overview - The Shanghai Composite Index rose by 0.05% on April 2, with 18 out of 28 sectors experiencing gains, led by textiles and apparel (1.45%) and beauty and personal care (1.01%) [1] - The sectors with the largest declines were defense and military (1.17%) and non-ferrous metals (0.87%), with public utilities ranking third in terms of decline [1] Capital Flow Analysis - The main capital flow showed a net outflow of 8.051 billion yuan across the two markets, with 9 sectors seeing net inflows [1] - The non-bank financial sector led with a net inflow of 1.787 billion yuan and a daily increase of 0.58%, followed by the telecommunications sector with a net inflow of 963 million yuan and a daily increase of 0.97% [1] - A total of 22 sectors experienced net outflows, with the pharmaceutical and biological sector leading with a net outflow of 2.759 billion yuan, followed by the electronics sector with a net outflow of 2 billion yuan [1] Public Utilities Sector Performance - The public utilities sector declined by 0.80% with a net outflow of 1.09 billion yuan, comprising 132 stocks, of which 20 rose and 106 fell [2] - Among the stocks in this sector, 44 saw net inflows, with the top three being Shaoneng Co. (39.724 million yuan), Guangdong Electric Power A (27.7136 million yuan), and Hunan Development (20.6605 million yuan) [2] - The stocks with the highest net outflows included China General Nuclear Power (1.399735 billion yuan), Qianyuan Electric Power (1.218559 billion yuan), and China Nuclear Power (1.042745 billion yuan) [2] Public Utilities Sector Capital Inflow Rankings - The top stocks by capital inflow included: - Shaoneng Co. with a rise of 3.67% and a turnover rate of 17.31%, net inflow of 39.724 million yuan [3] - Guangdong Electric Power A with a rise of 1.95% and a turnover rate of 3.20%, net inflow of 27.7136 million yuan [3] - Hunan Development with a rise of 10.00% and a turnover rate of 0.70%, net inflow of 20.6605 million yuan [3] Public Utilities Sector Capital Outflow Rankings - The stocks with the highest capital outflows included: - China General Nuclear Power with a decline of 1.89% and a turnover rate of 0.44%, net outflow of 139.9735 million yuan [4] - Qianyuan Electric Power with a decline of 4.70% and a turnover rate of 6.81%, net outflow of 121.8559 million yuan [4] - China Nuclear Power with a decline of 0.96% and a turnover rate of 0.37%, net outflow of 104.2745 million yuan [4]

股票简称：韶能股份 股票代码：000601 编号：2025-019 广东韶能集团股份有限公司关于回购进展情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整， 并对公告中的任何虚假记载、误导性陈述或者重大遗漏承担责任 广东韶能集团股份有限公司（下称"公司"）于 2024 年 10 月 25 日召开第十一届董事会第六次临时会议，审议通过了《关 于股份回购方案的议案》，同意公司以自筹资金及专项贷款资金 通过集中竞价交易方式回购公司股份，回购股份比例为公司总股 本的 3.00%，即 3,241.66 万股，回购价格不超过 6.00 元/股， 具体详见公司于 2024 年 10 月 29 日、11 月 16 日在巨潮资讯网 及《证券时报》披露的《广东韶能集团股份有限公司关于以集中 竞价交易方式回购股份方案的公告》（公告编号：2024-048）、 《广东韶能集团股份有限公司关于以集中竞价交易方式回购股 份的回购报告书》（公告编号：2024-060）。 根据《上市公司股份回购规则》等有关规定，上市公司应在 每个月的前 3 个交易日内披露截至上月末的回购进展情况。现将 公司回购进展情况公告如下： 一、回购公司股份 ...