Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is expected to improve due to favorable water inflow, which will enhance earnings flexibility. The major shareholder's increase in holdings reflects confidence in the company's future [5][7] Financial Performance Summary - In 2024, the company achieved revenue of 1,933 million RMB, a decrease of 2.89% year-on-year, and a net profit attributable to shareholders of 218 million RMB, down 17.59% year-on-year, aligning with market expectations [7] - The company forecasts a significant increase in net profit for Q1 2025, estimating between 50 to 54 million RMB, representing a year-on-year growth of 330% to 365% [7] - The company plans to distribute a cash dividend of 0.06 RMB per share for 2024, with total dividends for the year accounting for 31.35% of the net profit [7] - The major shareholder, Huadian Group, plans to increase its stake in the company by 0.85% to 1.7% [7] Revenue and Profit Forecast - Revenue projections for 2025 are estimated at 2,423 million RMB, with a year-on-year growth rate of 25.34% [6] - The net profit attributable to shareholders is expected to reach 411 million RMB in 2025, reflecting an 88.42% increase compared to 2024 [6] - The earnings per share (EPS) is projected to be 0.96 RMB in 2025, with a price-to-earnings (P/E) ratio of 16.76 [6] Operational Data - The company has a total installed capacity of 4,106 MW, with hydropower accounting for 3,234 MW and photovoltaic power for 872.1 MW [7] - In 2024, hydropower generation is expected to be 6.33 billion kWh, a 3.35% increase from 2023, while photovoltaic generation is projected to decline by 12.3% [7] - The average utilization hours for hydropower from 2014 to 2024 are around 2,500 hours [7] Financial Health - The company's total assets are projected to be 15,563 million RMB in 2024, with a debt-to-asset ratio of 56.14% [3][8] - The company aims to reduce its debt-to-asset ratio to 54.14% by 2025 through ongoing debt repayment [7] Market Position - The company serves as the hydropower listing platform for Huadian Group, which is committed to enhancing shareholder returns and supporting the company's high-quality development [7]

Investment Rating - The report initiates coverage with an "OUTPERFORM" rating, projecting EPS for 2025-27 at RMB 0.96, 1.01, and 1.19 respectively [4][9]. Core Insights - The company is expected to see a revenue of RMB 1.93 billion in 2024, reflecting a year-over-year decrease of 2.9%, with a net profit attributable to shareholders of RMB 220 million, down 17.6% year-over-year [4][9]. - The report highlights that the company's performance is influenced by several factors, including a profit increase in 2023 due to fee reversals, a decrease in photovoltaic utilization hours, and lower finance expenses contributing positively to profits [4][9]. - The projected net profit for 2025 is estimated at RMB 410 million, representing an 87.5% year-over-year increase, driven by improved water inflow and reduced capital expenditures [4][9]. Financial Data and Forecast - Key financial metrics for the company include: - Revenue for 2023 is projected at RMB 1,990 million, with a significant decline of 23.8% [3]. - Net profit attributable to shareholders for 2023 is expected to be RMB 265 million, down 36.1% [3]. - The company anticipates a recovery in water inflow, estimating an increase in hydropower sector net profit by RMB 130 million in 2025 [4][9]. - The report also notes that the company's financial structure is expected to improve, with potential increases in dividends as a result of capital structure enhancements [4][9]. Comparable Company Valuation - The average PE ratio for comparable companies in 2025 is projected at 16.3x, with the report assigning a PE of 18.5x for the company, leading to a target price of RMB 17.76 [4][9]. - The report emphasizes the company's competitive positioning within the industry, particularly in relation to peers such as Guiguan Electric [4][9].

Investment Rating - The investment rating for the company is "Hold" [2] Core Views - The company is experiencing continuous expansion in photovoltaic installations and maintains stable dividends, with an active and comprehensive plan for 2025 [3] - The company's 2024 annual report shows a revenue of 1.933 billion yuan, a decrease of 2.89% year-on-year, and a net profit attributable to shareholders of 218 million yuan, down 17.59% year-on-year [4] - The company's total installed capacity reached 4.1056 million kilowatts by the end of 2024, with hydropower accounting for 3.2335 million kilowatts and photovoltaic power accounting for 872,100 kilowatts [5] - The average on-grid electricity price for hydropower in 2024 was 0.3052 yuan per kilowatt-hour, a decline of 3.6% year-on-year [5] - The company plans to distribute a cash dividend of 0.06 yuan per share for 2024, maintaining a stable dividend level [6] - The company is actively planning for green electricity trading in 2025, with expected related transactions amounting to 50 million yuan [6] Financial Summary - The company's revenue for 2024 is projected at 1.933 billion yuan, with a growth rate of -2.9% [9] - The net profit for 2024 is expected to be 218 million yuan, with a growth rate of -17.6% [9] - Earnings per share (EPS) for 2024 is estimated at 0.51 yuan [9] - The price-to-earnings (P/E) ratio for 2024 is projected at 30.2 [9] - The company anticipates net profits of 405 million yuan, 423 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.2, 15.6, and 14.8 [7]

每经记者 朱成祥 每经编辑 魏官红 丨 2025年4月18日 星期五 丨 NO.1 芳源股份：终止电池级碳酸锂生产及废旧磷酸铁锂电池综合利用项目 4月17日，芳源股份公告称，由于市场环境和公司经营发展战略变化，公司决定终止投资不超过30亿元 的"电池级碳酸锂生产及废旧磷酸铁锂电池综合利用项目"。该项目原计划分两期建设，一期包括年产3 万吨电池级碳酸锂及4.6万吨磷酸铁前驱体项目，二期包括年产4万吨磷酸铁锂正极材料项目。公司已实 际投资9700万元用于该项目，并已对项目土地进行退储处理。公司将办理芳源锂业的注销等后续事项。 点评：芳源股份终止投资30亿元的电池级碳酸锂生产项目，反映其对市场环境和经营战略的审慎评估。 公司已投入9700万元，并对项目土地进行退储处理，显示其在优化资源配置、降低经营风险方面的决 心。此举旨在提高运营效率，显示出公司在调整发展战略时的灵活性和前瞻性。 NO.2 黔源电力：预计一季度净利润同比增长330%~365% 4月17日，黔源电力公告称，预计2025年第一季度归母净利润盈利4972.15万元至5376.86万元，同比增长 330%~365%。主要原因是2025年第一季度来水较上年 ...

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

A股复盘 | 中国红 / 2025.04.17 老美没想到吧，沪指八连阳了！这含金量！都是A股稳定器——散户和国家队的 重大功劳！ 你的账户连红八天了吗？ 大家都想看再次探底，可能要让大家失望了，上周一的3040点就是这轮关税底！ 虽然鲍威尔拒绝救市重创美股，但是我们A股开盘前也迎来了坏消息。 据路透社消息，日本政府养老金投资基金（下称GPIF）近日宣布，已将其管理的 1.7 万亿美元海外股票投资所参照的基准指数，调整为剔除中国在岸股票的版 本。 紧接着，A股如期低开，但是也如期拉红！ 房地产今天反弹了，是不是"青岛市实施住房"以旧换新"促进住房领域消费工作 方案（试行）。其中提出，全市拟通过收购个人二手住房1200套以上用作保障性 租赁住房、长租房等，支持改善性需求，鼓励群众"卖旧房，买新房"，实现带动 销售新建商品住房1200套以上。"这个消息影响？ 紧接着彭博中午又发高盛的研究，在全球两大经济体发生金融脱钩的"极端情 形"下，美国投资者可能被迫抛售约8,000亿美元的中国股票。 目前，中国企业美国存托凭证（ADR）市值中约有7%由可能无法在香港交易的 美国机构持有。 在强制退市情境下，ADR和MSCI中 ...

Financial Performance - The company expects a net profit attributable to shareholders of 49.72 million to 53.77 million yuan, representing a growth of 330% to 365% compared to the same period last year, where the profit was 11.56 million yuan[3]. - The net profit after deducting non-recurring gains and losses is projected to be 48.64 million to 52.60 million yuan, also reflecting a growth of 330% to 365% year-on-year[3]. - Basic earnings per share are expected to be between 0.1163 yuan and 0.1258 yuan, compared to 0.0270 yuan per share in the previous year[3]. Electricity Generation - The electricity generation for Q1 2025 is reported at 1,463.32 million kWh, a 59.40% increase from 918.04 million kWh in the same period last year[5]. - The company experienced a 62.70% increase in water inflow compared to the same period last year, contributing to higher electricity generation and revenue[5]. - The electricity generation from various power stations includes: 47.03 million kWh from Guangzhao Hydropower Station and 39.87 million kWh from Dongqing Hydropower Station[5][6]. Earnings Forecast - The company has not yet audited the earnings forecast with an accounting firm[4]. - The earnings forecast is based on preliminary calculations by the company's finance department, with final figures to be confirmed in the Q1 2025 report[7]. - The earnings forecast period is from January 1, 2025, to March 31, 2025[3]. Investment Advisory - Investors are advised to be cautious regarding investment risks as the financial data is subject to change[7].

Core Viewpoint - Q1 2025 net profit attributable to shareholders is expected to be between 49.72 million and 53.77 million yuan, representing a growth of 330%-365% compared to the same period last year [1] Financial Performance - The net profit after deducting non-recurring gains and losses is projected to be between 48.64 million and 52.60 million yuan, also reflecting a growth of 330%-365% year-on-year [1] - Basic earnings per share are expected to be between 0.1163 yuan and 0.1258 yuan, compared to 0.027 yuan in the same period last year [1] Operational Metrics - The company's electricity generation for Q1 2025 is forecasted to be 1.463 billion kilowatt-hours, an increase of 59.40% from 918 million kilowatt-hours in the same period last year [1]

贵 州 黔 源电 力 股份 有 限 公司 内部控制审 计 报告 天职业字[2025]11944 号 目 录 内部控制审计报告 1 内部控制审计报告 天职业字[2025]11944 号 贵州黔源电力股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了贵州 黔源电力股份有限公司（以下简称"黔源电力"）2024 年 12 月 31 日的财务报告内部控制的有 效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》的 规定，建立健全和有效实施内部控制，并评价其有效性是黔源电力董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见，并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化可 能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，黔源电力于 ...