Investment Rating - The report initiates coverage with an "Outperform" rating and sets a target price of RMB 5.61, based on a PE of 16.5x for 2025 [1][13]. Core Views - The company is expected to see revenue growth in 2024 of RMB 20 billion, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of RMB 1.81 billion, up 3.8% year-on-year [1][13]. - In Q1 2025, the company reported revenue of RMB 4.18 billion, a decline of 19.7% year-on-year, and a net profit of RMB 360 million, down 54.3% year-on-year, primarily due to poor water inflow affecting hydroelectric generation [1][13]. - The report highlights the long-term value release of the company's power generation assets, particularly with the expected transition of the Hubei spot market by June 2025 [1][13]. Financial Summary - The company’s financial performance shows a projected revenue increase from RMB 20.03 billion in 2024 to RMB 20.05 billion in 2025, with a slight growth forecast for subsequent years [3][5]. - Net profit attributable to shareholders is expected to rise from RMB 1.81 billion in 2024 to RMB 2.23 billion in 2025, reflecting a year-on-year growth of 23% [3][5]. - The report indicates that the company’s hydroelectric net profit is expected to decline due to lower utilization hours, while thermal power profits may increase with a decrease in coal prices [1][13]. Segment Performance - In 2024, the hydroelectric segment's net profit increased by RMB 380 million to RMB 1.12 billion, driven by higher generation in Peru and reduced purchase costs [1][13]. - The thermal power segment achieved a net profit of RMB 870 million, an increase of RMB 690 million, attributed to the new Yicheng plant's contribution [1][13]. - The new energy segment's net profit decreased by RMB 260 million to RMB 320 million, impacted by lower prices for wind and solar energy [1][13]. Construction and Future Outlook - The company has two 660,000 kW thermal units under construction, expected to commence operations by the end of 2025 and mid-2026, each projected to contribute RMB 110 million in annual net profit [1][13]. - The report anticipates a net profit of RMB 2.2 billion for 2025, with a PE ratio of 13.6x, reflecting a positive outlook for the company's financial performance [1][13].

Q1 来水不佳，湖北现货即将转正 湖北能源(000883) 2024 年报及 25Q1 季报点评 | [table_Authors] 吴杰(分析师) | 胡鸿程(研究助理) | [Table_Target] 目标价格： | 5.61 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880525040109 | S0880125042225 | | | 本报告导读： 公司 24 年和 25Q1 业绩分别受到减值和来水不佳影响，湖北现货市场推进，看好公 司电源长期价值释放。 投资要点： 风险提示。来水不及预期、电价下行、新能源盈利性下滑。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 18,669 | 20,031 | 20,045 | 21,655 | 21,980 | | (+/-)% | -9.3% | 7.3% | 0.1% ...

2024 年报及 25Q1 季报点评 股票研究 /Table_Date] 2025.05.12 2025-05-13 首次覆盖：Q1 来水不佳，湖北现货即将转正 湖北能源000883 [Table_Industry] 电力/公用事业 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 5.61 [Table_CurPrice] 当前价格： 4.66 [Table_Market] 交易数据 总市值（百万元） 30,292 总股本流通A 股（百万股） 6,500/6,480 本报告导读： 请务必阅读正文之后的免责条款部分 公司 24 年和 25Q1 业绩分别受到减值和来水不佳影响，湖北现货市场推进，看好公 司电源长期价值释放。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 18,669 | 20,031 | 20,045 | 21,655 | 21,980 | | (+/)% | 9 ...

湖北能源集团股份有限公司 关于 2025 年 4 月发电情况的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为便于投资者及时了解公司生产情况，现将湖北能源集团股份有 限公司（以下简称公司）2025年4月发电量情况公告如下： 2025年4月，公司完成发电量33.58亿千瓦时，同比减少5.73%。 其中水电发电量同比减少61.66%，火电发电量同比增加35.66%，新能 源发电量同比增加54.91%。 公司本年累计完成发电量133.32亿千瓦时，同比减少7.38%。其 中水电发电量同比减少50.83%，火电发电量同比增加6.99%，新能源 发电量同比增加55.67%。 公司2025年4月发电情况表 证券代码：000883 证券简称：湖北能源 公告编号：2025-036 单位：亿千瓦时 | 项目 | 本月发电量 | 同比变动 | 本年累计发电量 | 同比变动 | | --- | --- | --- | --- | --- | | 水电 | 6.18 | -61.66% | 24.97 | -50.83% | | 火电 | 19.67 | 35. ...

Core Insights - Hubei Energy (000883) reported a total electricity generation of 3.358 billion kWh in April 2025, representing a year-on-year decrease of 5.73% [1] - The company's cumulative electricity generation for the year reached 13.332 billion kWh, down 7.38% compared to the previous year [1] Breakdown by Energy Source - Hydropower generation in April 2025 decreased by 61.66% year-on-year [1] - Thermal power generation increased by 35.66% year-on-year [1] - Renewable energy generation saw a significant increase of 54.91% year-on-year [1] Year-to-Date Performance - Year-to-date hydropower generation decreased by 50.83% [1] - Year-to-date thermal power generation increased by 6.99% [1] - Year-to-date renewable energy generation increased by 55.67% [1]

证券代码：000883 证券简称：湖北能源 湖北能源集团股份有限公司投资者关系活动记录表 | | 编号：2025002 | | | | | --- | --- | --- | --- | --- | | | □特定对象调研 □分析师会议 | | | | | 投资者关系活 | □媒体采访 ☑业绩说明会 | | | | | 动类别 | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他（请文字说明其他活动内容） | | | | | 活动参与人员 | 参与投资者： | | | | | | 现场参会的投资机构长江证券、中信证券、国泰海通、兴业证 | | | | | | 券、华源证券、财通证券、华福证券、天风证券、国盛证券以 | | | | | | 及其他投资者 | | | | | | 公司接待人员： | | | | | | 董 龙先生 | 事 | 长 | 张 | | | 独立董事 杨汉明先生 | | | | | | 总会计师、董事会秘书、总法律顾问、首席合规官王军涛先生 | | | | | | 证券事务代表：熊维祥先生、刘晓女士 | | | | | | 公司办公室、资产财务部 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 6.11 RMB [7][8]. Core Insights - The company reported a revenue of 20.03 billion RMB in 2024, a year-on-year increase of 7.30%, and a net profit attributable to shareholders of 1.814 billion RMB, up 3.75% year-on-year. However, the net profit fell short of expectations due to higher-than-anticipated asset impairment losses [1][2]. - In Q1 2025, the company experienced a revenue decline of 19.65% year-on-year, primarily due to lower hydropower generation, which was down 45.77% year-on-year [1][3]. - The company expects improved profitability in thermal power generation in 2025 due to declining coal prices, despite challenges in hydropower generation [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total power generation of 44.04 billion kWh, a year-on-year increase of 23.21%. The breakdown includes hydropower down 0.36%, thermal power up 33.03%, wind power up 10.99%, and solar power up 53.97% [2]. - The company’s net profit for 2024 increased by 3.75%, driven by higher generation from the Peru Chagüa power station and reduced purchasing costs under long-term power purchase agreements [2]. Q1 2025 Performance - The company’s total power generation in Q1 2025 was 9.974 billion kWh, a decrease of 7.93% year-on-year, with hydropower generation significantly impacted by lower water inflow [3][4]. - The report indicates that the company’s hydropower generation is expected to face challenges in the near term, but thermal power profitability is projected to improve [3]. Adjustments and Forecasts - Due to higher-than-expected asset impairment losses, the report revised the 2025-2026 asset impairment loss estimates upward by 631.52% and 632.24% to 360 million RMB and 385 million RMB, respectively [4][13]. - The report also adjusted the 2025-2026 net profit estimates downward by 33.03% and 33.18% to 1.937 billion RMB and 2.049 billion RMB, respectively [4][14]. Valuation Metrics - The target market capitalization is set at 39.708 billion RMB, with a target price of 6.11 RMB per share, based on a comparative analysis with similar companies [4][19]. - The report provides a valuation comparison with peers, indicating that the company’s future growth in renewable energy capacity lags behind comparable firms [4][16].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大 遗漏。 重要内容提示： 1.会议召开时间：2025年5月9日（星期五）下午15:00-16:00； 2.会议召开方式：音频直播结合网络文字互动 "进门财经"网址：www.comein.cn/roadshow/home/369608 "进门财经"APP：搜索000883进入会议。 湖北能源集团股份有限公司（以下简称公司）于2025年4月25日在巨潮资讯网（www.cninfo.com.cn)披露 《2024年年度报告》。为便于广大投资者进一步了解公司发展战略、生产经营等情况，公司将于2025年 5月9日（星期五）召开2024年度业绩说明会，与投资者进行沟通与交流。具体情况如下： 一、 业绩说明会召开的时间和方式 （一）召开时间：2025年5月9日（星期五）下午3:00-4:00 （二）召开方式：音频直播结合网络文字互动方式 二、 公司参加人员 公司董事长张龙先生，独立董事杨汉明先生，总会计师、董事会秘书、总法律顾问、首席合规官王军涛 先生，相关部门负责人（如有特殊情况，公 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 重要内容提示： 1.会议召开时间：2025 年 5 月 9 日（星期五）下午 15:00-16:00； 2.会议召开方式：音频直播结合网络文字互动 "进门财经"网址：www.comein.cn/roadshow/home/369608 "进门财经"APP：搜索000883进入会议。 证券代码：000883 证券简称：湖北能源 公告编号：2025-035 湖北能源集团股份有限公司 关于举办 2024 年度业绩说明会的公告 公司董事长张龙先生，独立董事杨汉明先生，总会计师、董事会 秘书、总法律顾问、首席合规官王军涛先生，相关部门负责人（如有 特殊情况，公司可能对参会人员进行调整）。 三、 投资者参会方式 电脑端参会：https://www.comein.cn/roadshow/home/369608 手机端参会：下载"进门财经"APP，搜索"000883"进入"湖 北能源 2024 年度业绩说明会"，或扫描下方二维码参会。 四、 提问预征集方式 湖北能源集团股份有限公司（以下简称公司）于 2025 年 4 月 25 ...

证券代码：000883 证券简称：湖北能源 公告编号：2025-033 1.本次会议无否决或修改提案的情况； 湖北能源集团股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 2.本次股东大会无变更以往股东大会决议的情况。 一、会议基本情况 （一）会议召开情况 1.会议召开方式：现场表决和网络投票相结合的方式 2.会议召开的时间： （1）现场会议时间：2025 年 4 月 25 日下午 14:50 （2）网络投票时间：2025 年 4 月 25 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 4 月 25 日 9:15—9:25,9:30—11:30 和 13:00—15:00；通过深圳 证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票的 时间为 2025 年 4 月 25 日 9:15 至 15:00。 3.现场会议召开地点：武汉市洪山区徐东大街 137 号能源大厦 3706 会议室 4.会议召集人：公司董事会 5.会议主持人：公司副董事长、 ...