证券代码：003035 证券简称：南网能源 公告编号：2025-018 南方电网综合能源股份有限公司 关于控股股东全资子公司增持股份计划的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 南方电网综合能源股份有限公司（以下简称"公司"）控股股东中国南方电 网有限责任公司（以下简称"南方电网公司"）基于对公司长期投资价值的认可 以及公司从综合能源向"综合能源+节能降碳"转型发展的信心，拟通过其全资 子公司南方电网资本控股有限公司（以下简称"南网资本"），自本公告披露之 日 2025 年 4 月 9 日起 6 个月内，以不限于集中竞价交易、大宗交易等深圳证券 交易所允许的方式增持公司股份，增持金额为不低于人民币 1.5 亿元且不超过 3 亿元，增持股份数量不超过公司总股本的 2%。 一、增持主体的基本情况 1.计划增持主体：南方电网资本控股有限公司 2.增持主体已持有本公司股份的数量、占公司总股本的比例：本次增持计划 实施前，控股股东南方电网公司持有公司 1,530,000,000 股，占公司已发行总股 本的 40.39%，南网资本未持有公司股 ...

证券代码：003035 证券简称：南网能源 公告编号：2025-017 南方电网综合能源股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日发布《2024 年年度报告》。为便于广大投资者更全面、更深入地了解公司 2024 年经营业绩和未来发展方向等内容，公司定于 2025 年 4 月 16 日（星期三）参加 中国南方电网有限责任公司控股上市公司 2024 年度集体业绩说明会，通过视频 与网络文字互动相结合的方式，与广大投资者进行互动交流。 一、会议主题及类型 本次业绩说明会将围绕国务院新"国九条"和国务院国资委加强央企控股上 市公司市值管理、提高上市工作质量工作部署，以"共建新型电力系统生态 共 促资本市场稳定发展"为主题，全方位展示公司在行业、业务、科研、技术等方 面的综合实力及发展规划、2024 年度生产经营业绩和未来的战略规划。 本次业绩说明会以视频与网络文字互动相结合的方式召开，公司将通过视频、 网络文字互动及云参观等形式，就 2024 年度的经营成果、财务指标、2025 年度 工作计划等内容与投资者进行互动交流和沟通，并在信息披露允许的范围内就投 资者关注的问题进行回答。 二、会议时 ...

南网能源（003035） 2024 年报点评：生物质减值落地，节能核心 业务增长稳定 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,988 | 3,155 | 3,576 | 3,985 | 4,500 | | 同比（%） | 3.46 | 5.58 | 13.36 | 11.44 | 12.90 | | 归母净利润（百万元） | 310.74 | (58.13) | 476.93 | 556.51 | 674.85 | | 同比（%） | (43.90) | (118.71) | 920.50 | 16.69 | 21.26 | | EPS-最新摊薄（元/股） | 0.08 | (0.02) | 0.13 | 0.15 | 0.18 | | P/E（现价&最新摊薄） | 52.42 | (280.22) | 34.15 | 29.27 | 24.14 | [Table_Tag] [Table_Summar ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.155 billion yuan in 2024, representing a year-on-year growth of 5.58%. However, the net profit attributable to shareholders was -58.13 million yuan, a decrease of 118.71% year-on-year [7] - The core business of industrial and building energy conservation showed stable growth, with industrial energy conservation revenue reaching 1.642 billion yuan, up 11.7% year-on-year, and building energy conservation revenue at 949 million yuan, up 4.89% year-on-year [7] - The company has decided to exit the biomass resource utilization business due to operational inefficiencies and is refocusing on its core energy-saving business, which is expected to enhance profitability [7] - The total installed capacity increased by 31.76% to 3.0846 million kilowatts, with sufficient project reserves for future growth [7] - The company’s operating cash flow improved by 38.62% to 1.428 billion yuan, indicating good cash flow management [7] - The profit forecast for 2025 and 2026 has been raised to 4.8 billion yuan and 5.6 billion yuan respectively, with a projected net profit of 6.7 billion yuan in 2027 [7] Financial Summary - In 2024, the company achieved a gross profit of 1.158 billion yuan, with a gross margin of 36.7%, an increase of 3.5 percentage points year-on-year [7] - The company’s total assets are projected to grow from 20.771 billion yuan in 2024 to 25.664 billion yuan by 2027 [8] - The debt-to-asset ratio is expected to remain stable around 64% over the forecast period [8] - The earnings per share (EPS) is projected to improve from -0.02 yuan in 2024 to 0.18 yuan in 2027 [8]

2025 年 4 月 3 日 公司研究 生物质资产减值拖累业绩，2025 年预算安排收入约 35 亿元 ——南网能源（003035.SZ）2024 年年报点评 要点 事件：公司发布2024年年报，2024年实现营业收入31.55亿元，同比增长5.58%， 实现归母净利润-0.58 亿元，同比减少 118.71%；2024Q4 实现营业收入 8.76 亿 元，同比增长 10.56%，实现归母净利润-2.10 亿元，亏损额增长 481.38%。 两大节能业务收入稳中有升，生物质综合资源利用业务亏损严重拖累公司业绩。 2024 年公司持续做强节能业务，两大核心主业工业节能和建筑节能的营业收入 均实现较好增长：工业节能业务 2024 年实现营业收入 16.42 亿元，同比增长 11.70%，毛利率同比下降 1.93 个 pct 至 52.56%；建筑节能业务 2024 年实现 营业收入 9.49 亿元，同比增长 4.89%，但受个别项目节电量减少、项目改造成 本增加等因素影响，毛利率同比下降 6.57 个 pct 至 14.78%。 另一方面，公司持续推进业务转型升级，战略性退出亏损压力较大的生物质资源 利用项目，使 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 南方电网综合能源股份有限公司（以下简称"公司"）已向法院申请孙公司 阳山南电生物质发电有限公司（以下简称"阳山南电公司"）和广西南能昌菱清 洁能源有限公司（以下简称"南能昌菱公司"）破产，具体情况详见公司于 2025 年 3 月 29 日披露的《关于孙公司申请破产的进展公告》（公告编号：2025-015）， 根据《深圳证券交易所股票上市规则》有关规定，现将有关进展情况公告如下： 一、进展情况 1、阳山南电公司申请破产进展情况 近日，公司收到广东省清远市中级人民法院（以下简称"清远中院"）出具 的《民事裁定书》[（2025）粤 18 破申 5 号]，清远中院认为公司提供的证据未 能充分证明阳山南电公司资产不足以清偿全部债务或者明显丧失清偿能力，不符 合受理条件，裁定不予受理南方电网综合能源股份有限公司的破产清算申请。公 司已于 2025 年 4 月 2 日向广东省高级人民法院（以下简称"广东高院"）提出 上诉。 证券代码：003035 证券简称：南网能源 公告编号：2025-016 南方电网综合能源股份有限公司 关 ...

营业收入同比增长，归母净利润大幅下降。2024 年，公司实现营业收入31.55 亿元（+5.58%），归母净 利润-0.58 亿元（-118.71%），扣非归母净利润-1.05 亿元（-134.40%）。公司营业收入增长主要系工业 节能和建筑节能业务收入增长，2024 年公司工业节能和建筑节能业务分别实现营业收入16.42、9.49 亿 元，分别同比增长11.70%、4.89%。公司归母净利润大幅下降主要受生物质综合资源利用业务等低效资 产相关影响，因生物质发电项目可再生能源电价附加补助核查、对应收可再生能源补贴款计提减值准 备，相应减少公司2024 年归母净利润约2.10 亿元；同时由于对生物质项目资产组确认资产减值损失并 计提相应减值准备，相应减少公司2024 年归母净利润约2.88 亿元。 投资建议：考虑到分布式光伏项目参与市场化交易将导致电价下降，下调盈利预测。预计2025-2027 年 归母净利润分别为5.72/6.50/7.44 亿元（2025-2026 年原预测值为5.87/6.54 亿元），EPS 分别为 0.15/0.17/0.20元，当前股价对应PE 分别为28.0/24.6/21.5x。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's operating revenue increased by 5.58% year-on-year to 3.155 billion yuan in 2024, while the net profit attributable to the parent company significantly decreased by 118.71% to -58 million yuan, primarily due to impairment losses related to biomass business [1][7] - The company is focusing on transforming its business structure towards "investment holding + high-end services," with an emphasis on energy comprehensive utilization and energy-saving projects [2][20] - Profit forecasts for 2025-2027 have been adjusted downwards due to expected declines in electricity prices from distributed photovoltaic projects, with projected net profits of 572 million yuan, 650 million yuan, and 744 million yuan respectively [3][21] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 3.155 billion yuan, a 5.58% increase, while the net profit attributable to the parent company was -58 million yuan, a decrease of 118.71% [1][7] - The decline in net profit was mainly due to impairment losses from the biomass resource utilization business, which reduced net profit by approximately 2.10 billion yuan and 2.88 billion yuan from various impairment provisions [1][7] - The company's gross margin increased to 36.71%, while the net profit margin decreased significantly to -2.17% due to rising expense ratios and increased impairment losses [13][16] Business Strategy - The company is advancing its business structure transformation by investing in new energy utilization models and expanding its comprehensive energy services [2][20] - Key areas of focus include energy-saving renovations for public institutions, green energy systems for transportation hubs, and energy management for major energy-consuming units [20][21] Profit Forecasts - The adjusted profit forecasts for 2025-2027 are 572 million yuan, 650 million yuan, and 744 million yuan, with corresponding EPS of 0.15, 0.17, and 0.20 yuan [3][21] - The current stock price corresponds to a PE ratio of 28.0, 24.6, and 21.5 for the years 2025-2027 [3][21]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.12, 0.15, and 0.18 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 35x, 28x, and 24x [5] Core Insights - The company reported a revenue of 3.16 billion RMB for the year 2024, reflecting a year-on-year growth of 5.6%. However, it faced a net loss attributable to shareholders of 0.06 billion RMB, a significant decline of 118.7% year-on-year, primarily due to impairment losses on biomass assets and subsidy reductions [3][10] - The company aims to accelerate its focus on energy-saving services while divesting from non-core biomass operations, which have been underperforming due to rising fuel prices and insufficient customer demand [10] - The energy-saving services segment showed stable growth, with revenues of 3.099 billion RMB and a net profit of 0.54 billion RMB in 2024, excluding the biomass business impact [10] Financial Projections - The company is projected to achieve net profits of 0.46 billion RMB, 0.56 billion RMB, and 0.66 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding net profit growth rates of 22.02% and 17.86% [9] - Revenue growth rates are expected to increase from 5.58% in 2024 to 15.69% by 2027, indicating a positive trend in the company's core business operations [9][11] Business Strategy - The company plans to expand into new energy utilization models, including integrated energy systems and carbon reduction projects, while also exploring value-added services in the energy sector [10] - As of the end of 2024, the company had installed 3.085 million kW of photovoltaic capacity, a year-on-year increase of 31.8%, indicating a strong position in the renewable energy market [10]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.12, 0.15, and 0.18 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 35x, 28x, and 24x [5][12]. Core Insights - The company reported a revenue of 3.16 billion yuan for the year 2024, reflecting a year-on-year increase of 5.6%. However, it faced a net loss attributable to shareholders of 0.06 billion yuan, a significant decline of 118.7% year-on-year, primarily due to impairment losses on biomass assets and subsidy reductions [3][10]. - The company is focusing on accelerating the disposal of non-core businesses and is concentrating on its energy-saving service main business, which has shown stable growth [10]. - The company plans to expand into new energy utilization models and integrated energy projects, including virtual power plants and hydrogen utilization [10]. Financial Summary - The company is projected to achieve net profits of 0.46 billion yuan, 0.56 billion yuan, and 0.66 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profit growth rates of 22.02% and 17.86% [5][9]. - The revenue for 2024 is expected to be 3.53 billion yuan, with a growth rate of 11.92%, and the revenue for 2025 is projected to reach 4.08 billion yuan, reflecting a growth rate of 15.69% [9][11]. - The company’s diluted EPS is expected to recover to 0.12 yuan in 2025, after a loss in 2024 [9][11].