Group 1: Industry Outlook - Hydropower is recognized as a renewable and clean energy source, supported by national policies aimed at promoting sustainable development and improving energy structure [3] - The company focuses on the development and management of hydropower stations in Guizhou, emphasizing the "Two Rivers and One River" (Beipan River, Furong River, and Sancha River) for clean energy development [3] Group 2: Company Performance - The company has shown significant improvements in operational metrics, with water consumption rates and machine efficiency exceeding benchmarks set by China Huadian [3] - The company has been recognized as a leading example in sustainable development practices, being selected as a best practice case for 2024 [3] Group 3: Financial Performance - In Q1 2025, the company reported a profit forecast, with specific details available in the earnings announcement released on April 18, 2025 [4] - The company has maintained a stable dividend policy, balancing shareholder returns with future development needs [6] Group 4: Employee Compensation and Management - Employee compensation has increased significantly, with 2024 salaries reaching 177 million, accounting for 18.2% of operating expenses, compared to 83 million (7.16%) in 2015 [7] - Management expenses have also risen, indicating a focus on maintaining employee resources and development opportunities [7] Group 5: Taxation Issues - The company faced a tax penalty of nearly 40 million, which accounted for about 10% of its net profit, marking the second such incident [6][7] - The company has been urged to improve its compliance to avoid repeated penalties [7]

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 ...

长盈精密公告称，2024年公司实现营业总收入169.34亿元，同比增长23.40%；归属于上市公司股东的净 利润为7.72亿元，同比增长800.24%。公司向全体股东每10股派发现金红利1.3元（含税）。报告期内， 公司加快人形机器人相关产能的建设，加大研发投入，取得了多家国内外人形机器人客户的定点项目。 三安光电公告称，近日收到中国工商银行湖北省分行出具的《贷款承诺函》，承诺提供人民币10.00亿 元的回购专项贷款，期限三年，用于回购公司股票。该承诺函自出具之日起生效，有效期至公司与工行 正式签订《上市公司股票回购借款合同》之日、工行贷款审批书审批时效届满之日或公司公告的回购期 限届满之日先到之日止。此次贷款承诺函可为公司回购股份提供融资支持，但具体贷款事宜以双方签订 的借款合同为准。公司将根据相关规定另行开立股票回购专用证券账户，确保回购贷款专款专用。 长盈精密：2024年净利同比增长800%，取得多家国内外人形机器人客户定点项目 株冶集团：一季度净利润同比增长74.07%，主要原因是贵金属增利 今日焦点三安光电：收到中国工商银行10亿元回购贷款承诺函 株冶集团公告称，2025年第一季度营业收入48.03 ...

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 ...