天风证券（601162）发布研报称，一方面，低电价背景下，广东省不同区域节点、发电类型、容量等级 火电机组盈利能力出现明显分化，其中，高容量等级煤电机组盈利表现较优;另一方面，2025年广东省 中长期交易电价已近相对底部，该行预计下跌空间有限，叠加未来容量电价提升，预期2026年广东省煤 电机组整体电价水平相对平稳。标的方面，建议关注宝新能源（000690）(000690.SZ)、华润电力 (00836)、粤电力A(000539.SZ)、广州发展（600098）(600098.SH)、深圳能源（000027）(000027.SZ)及 穗恒运A(000531.SZ)。 天风证券主要观点如下： 现状：低电价背景下火电资产盈利分化 区域差异：省内不同区域电力需求差异较大。广东电力现货市场采用节点边际电价，现货价格为其上网 节点对应的分时价格，与当地电力需求关系密切，而广东省内不同区域电力消费能力有较大差异，从而 导致现货电价出现差异，当供需相当时，节点电价相对稳定，当供大于需时，节点电价可能下降;当需 大于供时，节点电价会上涨。具体来看，根据广东电力交易中心数据，在部分日期，珠三角地区现货电 价水平明显较高，粤东及 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

证券日报网讯宝新能源8月20日在互动平台回答投资者提问时表示，截至2025年8月10日，公司股东总户 数为80249户。 （文章来源：证券日报） ...

据证券之星公开数据整理，近期宝新能源（000690）发布2025年中报。截至本报告期末，公司营业总收 入43.57亿元，同比上升17.33%，归母净利润5.59亿元，同比上升52.62%。按单季度数据看，第二季度 营业总收入23.77亿元，同比上升49.81%，第二季度归母净利润2.59亿元，同比上升60.51%。本报告期 宝新能源应收账款上升，应收账款同比增幅达74.01%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率17.78%，同比增12.41%，净利率12.82%，同比 增30.08%，销售费用、管理费用、财务费用总计1.15亿元，三费占营收比2.63%，同比减17.41%，每股 净资产5.7元，同比增4.69%，每股经营性现金流0.59元，同比增44.63%，每股收益0.26元，同比增 52.94% 经营活动产生的现金流量净额变动幅度为44.63%,原因:营业收入增加、原材料价格下降以及采购支付的 现金减少。 筹资活动产生的现金流量净额变动幅度为-313.57%,原因:本期无用于贷款质押的定期存款收回事项。 交易性金融资产变动幅度为694.7%,原因:期末持有的银行结构性存款增加。 其他应收款 ...

Financial Performance - The company's operating revenue for the reporting period is approximately 4.36 billion, an increase from 3.71 billion in the same period last year [1] - The net profit attributable to shareholders is approximately 558.58 million, up from 365.99 million year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is approximately 544.66 million, compared to 406.73 million in the previous year [1] - The net cash flow from operating activities is approximately 1.28 billion, a year-on-year increase of 44.63% [28] - The basic and diluted earnings per share are both 0.26, compared to 0.17 in the previous year [1] - The weighted average return on equity is 4.50%, up from 3.03% year-on-year [1] Asset and Liability Changes - As of the end of the reporting period, total assets amount to approximately 21.69 billion, an increase from 21.20 billion at the end of the previous year [1] - The net assets attributable to shareholders are approximately 12.41 billion, compared to 12.20 billion at the end of the previous year [1] - The company's cash and cash equivalents decreased by 9.55%, while trading financial assets increased by 694.7% [42] - The company's liabilities, specifically accounts payable, increased by 98.07%, while non-current liabilities due within one year decreased by 59.92% [45] Shareholder Structure - The top ten shareholders include new entrants such as Huatai Pine Value Mixed Securities Investment Fund and Hong Kong Central Clearing Limited, replacing previous shareholders [56] - The largest shareholder is Guangdong Baoli Group Co., Ltd., holding approximately 17.73% of the total shares [56] Valuation Metrics - As of August 18, the company's price-to-earnings ratio (TTM) is approximately 11.48, the price-to-book ratio (LF) is about 0.83, and the price-to-sales ratio (TTM) is around 1.21 [1]

Core Insights - The company reported a total revenue of 4.357 billion yuan for the first half of 2025, an increase of 643 million yuan or 17.33% year-on-year [1] - The net profit attributable to shareholders reached 559 million yuan, up by 193 million yuan or 52.62% compared to the same period last year, marking three consecutive years of growth [1] - The net cash inflow from operating activities was 1.282 billion yuan, an increase of 396 million yuan or 44.63% year-on-year, also achieving three consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 42.78%, a decrease of 0.92 percentage points from the same period last year [3] - The gross profit margin is reported at 17.78%, an increase of 1.96 percentage points year-on-year, achieving three consecutive years of growth [3] - The return on equity (ROE) is 4.50%, up by 1.41 percentage points compared to the previous year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.26 yuan, an increase of 0.09 yuan or 52.94% year-on-year, marking three consecutive years of growth [3] - The total asset turnover ratio is 0.20 times, an increase of 0.03 times or 14.54% year-on-year [3] - The inventory turnover ratio is 8.71 times, up by 2.72 times or 45.56% compared to the same period last year [3] Shareholder Information - The number of shareholders is reported at 84,500, with the top ten shareholders holding a total of 591 million shares, accounting for 27.16% of the total share capital [3] - The largest shareholder is Guangdong Baoli Group Co., Ltd., holding 177 million shares [3]

宝新能源2025半年报 ...

发电量提升叠加煤价下行，盈利空间大幅拓宽 8月18日晚间，宝新能源（000690）披露2025年中期业绩报告。报告期内，公司经营业绩实现大幅增 长，实现营业收入43.57亿元，同比增长17.33%；归母净利润录得5.59亿元，同比增长52.62%；经营活 动产生的现金流量净额达12.82亿元，同比增长44.63%，各项核心财务指标均表现亮眼，为全年高质量 发展奠定坚实基础。上半年，宝新能源始终坚持"稳中求进"工作总基调，以"稳健运营、高效决策"夯实 电力主业根基，同时进一步优化整合存量资产，提升资产运营效率。报告期内，梅州客商银行实现营业 收入6.3亿元，净利润录得1.95亿元。 值得关注的是，宝新能源于同日公告2025年中期利润分配方案，拟向全体股东每10股派发现金红利0.50 元（含税），共计派发现金红利1.09亿元，占当期归母净利润的19.48%。据统计，宝新能源上市以来已 累计分红达49.11亿元，本次半年报首次推出中期分红，反映出其稳健的经营风格、对股东回报的重 视，以及对监管政策的积极响应。 2025年上半年，广东省电力需求呈现"稳中有升、淡季不淡"的良好态势，全省用电量4333.22亿千瓦 时， ...

2025年8月19日，宝新能源(000690.SZ)发布2025年中报。 公司营业总收入为43.57亿元。归母净利润为5.59亿元。经营活动现金净流入为12.82亿元。 公司最新资产负债率为42.78%，较上季度资产负债率增加1.83个百分点。 公司最新毛利率为17.78%，较上季度毛利率减少2.39个百分点。最新ROE为4.50%。 公司摊薄每股收益为0.26元。 公司最新总资产周转率为0.20次。最新存货周转率为8.71次。 公司股东户数为8.45万户，前十大股东持股数量为5.91亿股，占总股本比例为27.16%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 广东宝丽华集团有限公司 | 17.7. | | 2 | 张惠强 | 2.22 | | 3 | 兴业银行股份有限公司-汇添富品质价值混合型证券投资基金 | 1.38 | | ব | 香港中央结算有限公司 | 0.99 | | 5 | 招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金 | 0.92 | | 6 | 广东宝丽华新能源股份有限公司-第七期员工持股计划 | ...

Group 1 - The company reported a revenue of 4.357 billion yuan for the first half of 2025, representing a year-on-year increase of 17.33% [5] - The net profit attributable to shareholders was 559 million yuan, showing a significant year-on-year growth of 52.62% [5] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling approximately 108.79 million yuan, which is 19.48% of the net profit [56][57] Group 2 - The electricity consumption in China reached 4.84 trillion kilowatt-hours in the first half of 2025, with a year-on-year growth of 3.7% [3] - The installed power generation capacity in the country was 3.65 billion kilowatts, reflecting a year-on-year increase of 18.7% [3] - Renewable energy sources, including wind and solar, accounted for 89.9% of the newly added power generation capacity [3] Group 3 - The company has maintained its core competitiveness without significant changes during the reporting period [4] - The company is focused on optimizing its financial investments and enhancing asset operation efficiency [7] - The company’s subsidiary, Meizhou Commercial Bank, reported total assets of 43.095 billion yuan and a net profit of 195 million yuan for the first half of 2025 [7]