Financial Performance - The group reported a revenue of RMB 8.14 billion for the three months ending March 31, 2025, representing a 0.92% increase compared to the same period last year[2] - The net profit attributable to equity holders was RMB 1.98 billion, a decrease of 21.82% year-on-year[2] - The financial expenses net amount was RMB 825.26 million, a slight decrease from RMB 878.53 million in the previous year[6] - The group’s operating profit was RMB 3.63 billion, down from RMB 4.12 billion year-on-year[6] Energy Generation - Total electricity generation for the group was 20,286,104 MWh, a decline of 4.42% year-on-year, but an 8.81% increase when excluding coal power impacts[3] - For the three months ending March 31, 2025, the total renewable energy generation was 20,286,104 MWh, an increase of 8.81% compared to 18,643,992 MWh in the same period of 2024[12] - Wind power generation for the same period was 17,776,030 MWh, reflecting a growth of 4.37% from 17,030,932 MWh year-over-year[11] - The photovoltaic business generated 2,508,578 MWh, a significant increase of 55.65% compared to 1,611,658 MWh in the previous year[12] - The total thermal power generation was 2,581,257 MWh, which was not reported for the current period, indicating a potential shift in focus towards renewable sources[12] Installed Capacity - The group added 36.25 GW of new installed capacity, including 34.75 GW of wind power and 1.5 GW of solar power, while reducing biomass power capacity by 30 GW due to bankruptcy[4] - As of March 31, 2025, the total installed capacity was 41,149.45 GW, a 13.81% increase from 36,155.83 GW in the previous year[10] - The group’s solar power installed capacity increased by 65.53% to 10,699.83 GW compared to 6,464.09 GW in the previous year[10] Regional Performance - The company reported a notable increase in generation from Gansu, with a 54.53% rise to 1,080,965 MWh compared to 699,539 MWh in the previous year[11] - Jiangsu offshore wind generation decreased by 22.83% to 1,415,194 MWh from 1,833,878 MWh year-over-year[11] - The company experienced a 35.41% increase in Tianjin's generation, reaching 356,957 MWh compared to 263,618 MWh in the previous year[11] - The generation from Guangdong increased by 51.93% to 1,238,263 MWh from 815,025 MWh year-over-year[12] Strategic Focus - The company is focusing on expanding its renewable energy portfolio, as indicated by the significant growth in photovoltaic and wind power generation[12] - The overall performance indicates a strategic shift towards renewable energy, with a decrease in thermal power generation and a focus on sustainable growth[12]

Financial Performance - The company reported a profit of RMB 8.42 billion in 2024, a year-on-year increase of 20.2%[11]. - Revenue for 2023 is reported at RMB 39,862 million, a slight decrease from RMB 39,872 million in 2022[21]. - Net profit attributable to equity holders for 2023 is RMB 6,425 million, compared to RMB 7,432 million in 2022, reflecting a decline of approximately 13.6%[25]. - The company's operating revenue for 2024 was RMB 31.370 billion, a 5.9% increase from RMB 29.631 billion in 2023, driven by a 3.4% increase in wind power sales to RMB 28.666 billion and a 51.7% increase in solar power sales to RMB 2.441 billion[152]. - The group's operating profit for 2024 was RMB 12.615 billion, a 9.0% increase from RMB 11.571 billion in 2023, mainly due to higher sales volume and average selling prices in the wind division[176]. - Net profit for 2024 reached RMB 7.686 billion, reflecting a 14.5% increase from RMB 6.710 billion in 2023, driven by improved performance in the wind division[185]. Installed Capacity and Generation - In 2024, the company achieved a total installed capacity of 41.14 GW, with 30.41 GW from wind power, maintaining its industry-leading position[6]. - The total electricity generation for the year was 75.546 billion kWh, with an average wind power utilization of 2,190 hours, exceeding the industry average by 63 hours[11]. - The company secured new development indicators of 14.72 GW and added 7.48 GW of new installed capacity in 2024, setting a historical record for production scale[10]. - The total installed capacity for wind power reached 30,408.77 MW in 2023, with a significant increase from 28,667 MW in 2020[27]. - In 2024, the total installed capacity of renewable energy held by the company reached 41,143.20 MW, including 30,408.77 MW of wind power and 10,698.33 MW of solar power[131]. - The company's cumulative renewable energy generation in 2024 was 68,383,219 MWh, a year-on-year increase of 3.76%, with solar generation rising by 72.13%[121]. Operational Efficiency and Innovations - The company implemented a new operational inspection model, with long-cycle continuous operation units accounting for 60%, an increase of 14 percentage points year-on-year[7]. - The company has introduced a digital transformation plan, launching the "Longteng No. 1" smart management platform and achieving significant advancements in digital capabilities[13]. - The company is focusing on digital transformation with the launch of the "Longteng No. 1" smart management platform and the establishment of a comprehensive meteorological big data pool[145]. - The company has developed a smart production management system that has been recognized as an excellent case in equipment management within the power industry[63]. - The company is enhancing its marketing capabilities by analyzing market data to optimize trading strategies and improve risk management mechanisms[146]. Market Expansion and International Presence - The company has made significant progress in overseas market expansion, with projects in South Africa and Cambodia totaling 0.88 GW[10]. - The company has expanded its operations internationally, with projects in Canada, South Africa, and Ukraine, demonstrating its commitment to global renewable energy development[37]. - The company has established a presence in international markets with 100% ownership in subsidiaries like Longyuan Canada Renewable Energy and Longyuan South Africa Renewable Energy[50]. - The Canadian wind power project generated 239,880 MWh in 2024, while the South African project produced 784,509 MWh, demonstrating strong operational performance[139]. Sustainability and ESG Initiatives - The company aims to enhance its global competitiveness in the renewable energy sector, focusing on clean energy contributions and carbon neutrality goals[38]. - Longyuan Power was recognized as a "Pioneer 100" company in ESG by the State-owned Assets Supervision and Administration Commission, marking its continuous excellence in environmental, social, and governance performance[79]. - The company is committed to sustainability and aims to contribute to China's energy transition through its renewable energy initiatives[47]. - The company is committed to enhancing the utilization rate of renewable energy and reducing reliance on fossil fuels as part of its strategic goals[113]. - The company aims to integrate ESG indicators into project management to create exemplary projects in the power industry[129]. Challenges and Future Outlook - The average utilization hours for wind power in 2024 were 2,190 hours, a decrease of 156 hours from 2023, but still 63 hours above the industry average[121]. - The average wind speed in project areas decreased by 0.2 m/s in 2024, impacting wind generation performance[121]. - The company plans to enhance project construction management and implement new technologies to improve project profitability[129]. - Future outlook includes continued investment in renewable energy projects, with a focus on wind and solar power generation[54]. - The company is actively pursuing market expansion strategies, particularly in the renewable energy sector across various regions[54].

龙源电力完成发行20亿元中期票据 票面利率1.78% 金十数据4月21日讯，龙源电力(00916.HK)公布，公司已于2025年4月18日完成公司中期票据发行。该中 期票据发行总额为人民币20亿元，期限为3年，单位面值为人民币100元，票面利率为1.78%；利息自 2025年4月21日起开始计算。 ...

公司已于 2025 年 4 月 18 日发行 2025 年度第五期中期票据，所募集资金将 主要用于补充营运资金及偿还公司及子公司有息债务。相关发行情况如下： 证券代码：001289 证券简称：龙源电力 公告编号：2025-028 龙源电力集团股份有限公司 关于完成 2025 年度第五期中期票据发行的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 龙源电力集团股份有限公司（以下简称"公司"）于 2024 年 6 月 6 日召开 的 2023 年度股东大会审议通过了《关于龙源电力集团股份有限公司在境内申请 注册及发行债务融资工具一般性授权的议案》，批准并同意授权董事会决定及处 理公司以统一注册或分品种注册的形式在中国银行间市场交易商协会注册、发行 不超过人民币 800 亿元（含 800 亿元）的债务融资工具的相关事宜，类型包括但 不限于超短期融资券、短期融资券、中期票据（含中长期含权票据）、永续票据、 定向债务融资工具、资产支持票据、项目收益票据、权益出资型票据等在内的债 务融资工具；并同意董事会转授权公司经理层处理上述相关事宜。 董 事 会 2025 年 ...

最新一期业绩显示，2024年年报，公司实现营业收入370.70亿元，同比-2.58%；净利润63.45亿元，同比 0.66%，销售毛利率37.55%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)55龙源电力22.1722.171.921406.96亿行业平均 19.5420.632.16385.56亿行业中值17.7717.941.54145.36亿1华电辽能-924.401.869.8939.76亿2绿能慧 充-500.63309.4310.1353.88亿3深南电A-386.961182.683.4749.19亿4郴电国际-79.06-79.060.7928.68亿5豫 能控股-51.53-51.532.0162.56亿6韶能股份-49.80-25.181.4966.99亿7梅雁吉祥-49.21-59.632.6459.79亿8华银 电力-42.34-39.185.9773.32亿9大连热电-18.16-18.166.5826.50亿10晋控电力-11.89-16.191.4583.39亿11*ST 旭蓝-2.06-4.140.077.29亿 本文源自：金融界 作者：行情君 4月21日，龙源电 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [4][6]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric [3][6]. - Continuous government policies supporting renewable energy development are anticipated to stabilize profitability in the renewable energy sector. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies like Guangxi Energy and Funiu Co [3][6]. - The growth in installed capacity and power generation is expected to offset the downward pressure on electricity prices, with nuclear power companies like China Nuclear Power and China General Nuclear Power projected to maintain stable profitability [3][6]. - High-dividend hydropower stocks are highlighted for their defensive attributes in a global interest rate decline context, with recommendations for Changjiang Electric Power [3][6]. - The environmental sector, particularly water and waste incineration industries, is entering a mature phase with significant improvements in free cash flow. Recommended companies include China Everbright Environment and Zhongshan Public Utilities [3][6]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.59%, while the public utility index increased by 1.77%. The environmental index saw a slight increase of 0.04% [12][19]. - In March, the total electricity consumption reached 828.2 billion kWh, marking a year-on-year growth of 4.8% [13][49]. Important Policies and Events - The report notes that in March, the first industry electricity consumption was 10.6 billion kWh (up 9.9%), the second industry was 557.8 billion kWh (up 3.8%), and the third industry was 148.4 billion kWh (up 8.4%) [13][52]. Key Company Profit Forecasts and Investment Ratings - Huadian International, Jin Kai New Energy, Shanghai Electric, Longyuan Power, and others are rated as "Outperform" with specific EPS and PE forecasts provided [6]. Industry Dynamics - The report discusses the decline in the import of mass spectrometers from the US, with a significant drop in both import value and quantity from 2020 to 2024 [15][17]. Sector Performance - The report indicates that the public utility and environmental sectors ranked 7th and 23rd respectively among 31 industry classifications in terms of performance [12][19]. Electricity Industry Data - The report provides detailed statistics on electricity generation, noting a 1.8% year-on-year increase in industrial electricity production in March, with specific growth rates for different energy sources [42][49]. Carbon Market Overview - The report includes insights into the domestic carbon market, highlighting recent price trends and trading volumes [86][87]. Coal Price Trends - The report notes that the price of thermal coal remained stable, with the price at the port reported at 678 RMB/ton [99].

华泰柏瑞沪深300ETF基金经理为柳军。 简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上海汽车集团财务有限公 司财务,2001-2004年任华安基金管理有限公司高级基金核算员,2004年7月加入华泰柏瑞基金管理有限公 司,历任基金事务部总监、上证红利ETF基金经理助理。2009年6月起任上证红利交易型开放式指数证券 投资基金的基金经理。2010年10月起担任指数投资部副总监。2011年1月至2020年2月任华泰柏瑞上证中 小盘ETF基金、华泰柏瑞上证中小盘ETF联接基金基金经理。2012年5月起任华泰柏瑞沪深300交易型开 放式指数证券投资基金、华泰柏瑞沪深300交易型开放式指数证券投资基金联接基金的基金经理。2015 年2月起任指数投资部总监。2015年5月至2025年1月任华泰柏瑞中证500交易型开放式指数证券投资基金 及华泰柏瑞中证500交易型开放式指数证券投资基金联接基金的基金经理。2018年3月至2018年11月任华 泰柏瑞锦利灵活配置混合型证券投资基金和华泰柏瑞裕利灵活配置混合型证券投资基金的基金经理。 2018年3月至2018年10月任华泰柏瑞泰利灵活配置混合 ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)52龙源电力21.5821.581.871369.34亿行业平均 19.4020.482.17387.48亿行业中值17.0818.161.54135.22亿1华电辽能-893.591.809.5638.44亿2绿能慧 充-488.19301.749.8852.54亿3深南电A-377.951155.153.3948.04亿4郴电国际-78.14-78.140.7828.35亿5豫能 控股-50.77-50.771.9861.64亿6梅雁吉祥-48.43-58.682.6058.84亿7韶能股份-47.63-24.091.4364.08亿8华银电 力-41.17-38.095.8071.29亿9大连热电-17.83-17.836.4626.02亿10晋控电力-11.63-15.831.4181.54亿11*ST旭 蓝-2.06-4.140.077.29亿 本文源自：金融界 作者：行情君 龙源电力集团股份有限公司的主营业务是风力、光伏发电。公司的主要产品是电力、热力。 最新一期业绩显示，2024年年报，公司实现营业收入370.70亿元，同比-2.58%；净利 ...

Core Viewpoint - Longyuan Power reported a net profit of 6.345 billion yuan for 2024, reflecting a year-on-year growth of 0.66%, and plans to initiate new renewable energy projects totaling 5.5 million kilowatts in 2025 [1][2][3] Financial Performance - The net profit attributable to shareholders for 2024 was 6.345 billion yuan, with earnings per share increasing by 2.71% to 0.7535 yuan per share [2] - The company issued 25 bonds totaling 51.9 billion yuan in 2024, maintaining a competitive funding cost [7] Capacity Expansion - In 2024, Longyuan Power added 7,480.66 megawatts of controllable installed capacity, including 2,654.38 megawatts from wind and 4,826.28 megawatts from solar [3][6] - The total controllable installed capacity reached 41,143.20 megawatts by the end of 2024 [3] Project Development - The company emphasized project construction management, achieving significant milestones and receiving awards for various projects in 2024 [5][6] - Longyuan Power's wind power average utilization hours in 2024 were 2,190 hours, which is 63 hours higher than the industry average despite a decrease of 156 hours from 2023 [4] Cost Management - The average procurement cost of onshore wind turbines decreased, and the engineering cost of wind power projects fell by 9% year-on-year [10] - The company optimized its financing structure and actively replaced existing loans to reduce funding costs [7] Market Adaptation - Longyuan Power is adapting to the market-oriented reform of renewable energy pricing, which will impact future electricity prices and requires enhanced trading capabilities [8][9] - The company plans to closely monitor national and local policy changes to optimize its renewable energy market strategies [9] Environmental and Resource Management - Longyuan Power has initiated a wind turbine blade recycling project in Liaoning, aiming to process up to a thousand tons annually [12] - The company is also exploring the reuse of waste photovoltaic components and batteries, contributing to a circular economy [12] Shareholder Returns - The company has committed to a cash dividend policy, planning to distribute at least 30% of its net profit to shareholders from 2025 to 2027 [19] - In 2023, the dividend payout ratio was increased from 20% to 30%, with a planned payout of 0.2278 yuan per share for 2024 [19]

Financial Performance - The net profit attributable to shareholders for the year was 63.45 billion RMB, representing a growth of 0.66% compared to 2024 [1] - Earnings per share increased by 2.71% to 0.7535 RMB per share [1] Installed Capacity - In 2024, the company added 7,480.66 MW of new installed capacity, including 2,654.38 MW from wind power and 4,826.28 MW from solar power [1] - As of December 31, 2024, the total installed capacity reached 41,143.20 MW, with wind power accounting for 30,408.77 MW and solar power for 10,698.33 MW [1] Climate Risk Management - The average utilization hours for wind power in 2024 were 2,190 hours, a decrease of 156 hours from 2023, but still 63 hours above the industry average [2] - The company has diversified its project layout across 31 provinces to mitigate climate-related investment risks [2] Engineering and Construction Achievements - In 2024, the company focused on project management and quality control, leading to a 9% decrease in wind power project costs [3][9] - The company received recognition for several projects, including the Tianjin Haijing Salt and Light Complementary Project [3] Financing and Cost Management - The company issued 25 bonds totaling 51.9 billion RMB in 2024, maintaining a competitive funding cost [5] - It actively optimized its financing structure and utilized green finance policies to reduce costs [4] Market and Policy Adaptation - The company is adapting to the market-oriented pricing reforms for renewable energy, which will affect future revenue [6][7] - It plans to enhance its trading capabilities and cost control measures in response to the new pricing mechanisms [7][8] Digital Transformation - The company launched the "Longteng No. 1" smart management platform, enhancing operational efficiency and predictive maintenance capabilities [10] - It aims to leverage digital technologies to improve project management and reduce operational risks [10] Equipment Recycling and Sustainability - The company has initiated a pilot project for recycling wind turbine blades, with an expected processing capacity of 1,000 tons per year [12] - Plans for further research on the recycling of used photovoltaic components and batteries are underway [12] Future Development Directions - The company aims to accelerate the development of large-scale renewable energy bases and offshore projects [14][15] - It has secured development indicators for 14.72 GW, including 6.37 GW from wind and 8.35 GW from solar [16] Green Energy Market Participation - In 2024, the company completed green electricity transactions totaling 6.701 billion kWh, a year-on-year increase of 288.84% [18] - It also traded 10.2354 million green certificates, up 140.83% from the previous year [18] Shareholder Returns - The company plans to maintain a cash dividend ratio of no less than 30% of the annual net profit for 2025-2027 [20] - The dividend for 2024 is set at 0.2278 RMB per share (pre-tax) [20]