Group 1 - The stock price of Southern Power Grid Energy (003035) closed at 4.3 yuan on April 30, 2025, with no change, a turnover rate of 0.29%, a trading volume of 108,500 shares, and a transaction amount of 46.82 million yuan [1] - The company confirmed that in its energy cost management business model, it uses the gross method to recognize revenue, which aligns with the relevant accounting standards [2] - On April 30, the net outflow of main funds was 705,500 yuan, accounting for 1.51% of the total transaction amount [3][4] Group 2 - The fund flow on April 30 showed a net outflow of 135,400 yuan from speculative funds, accounting for 0.29% of the total transaction amount, while retail investors had a net inflow of 841,000 yuan, representing 1.8% of the total transaction amount [4]

Core Viewpoint - The company reported a stable growth in its business operations for the first quarter of 2025, with a revenue of 692.92 million yuan, representing a year-on-year increase of 20.35%, and a net profit attributable to shareholders of 91.34 million yuan, up by 1.65% [3][6]. Financial Performance - The company's revenue growth was driven by stable performance in its industrial energy-saving and building energy-saving sectors, with industrial energy-saving revenue reaching approximately 370.88 million yuan, a year-on-year increase of about 26.49%, and building energy-saving revenue at approximately 199.21 million yuan, up by about 13.73% [3][6]. - The net profit growth was lower than revenue growth due to differences in investment income and impairment losses compared to the same period last year [3][6]. Business Strategy and Developments - The company is accelerating its business transformation by establishing a digital services company focused on comprehensive energy digital operation and maintenance services, transitioning from a single "investment holding" model to a dual focus on "investment holding + high-end services" [3][6]. - The company has successfully turned the Tencounty Xinlongyuan biomass project profitable in the first quarter [3]. Shareholder Actions - The controlling shareholder, China Southern Power Grid Co., Ltd., plans to increase its stake in the company through its wholly-owned subsidiary, South Grid Capital Holdings Co., Ltd., with a planned investment of no less than 150 million yuan and no more than 300 million yuan within six months [6][7]. - As of April 28, 2025, South Grid Capital has acquired 9.7953 million shares, representing 0.26% of the total share capital, with a total investment of approximately 41.64 million yuan [7]. Asset Impairment - The company has decided to recognize an asset impairment provision totaling 14.77 million yuan for the first quarter of 2025, which will reduce the profit for the period by the same amount [25][26]. - The impairment provision includes receivables and contract assets, with specific amounts detailed for each category [26][28].

证券代码：003035 证券简称：南网能源 公告编号：2025-022 南方电网综合能源股份有限公司 关于2025年一季度计提资产减值准备的公告 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。 南方电网综合能源股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 召开的二届三十一次董事会会议与二届十五次监事会会议审议通过了《关于南方 电网综合能源股份有限公司 2025 年一季度计提资产减值准备的议案》。根据《深 圳证券交易所股票上市规则》《南方电网综合能源股份有限公司章程》等有关规 定，现将具体情况公告如下： 一、本次计提资产减值准备情况概述 （一）本次计提资产减值准备的原因 根据《企业会计准则》《深圳证券交易所股票上市规则》及公司会计政策、 会计估计等相关规定，为真实、准确反映公司2025年1月1日至2025年3月31日的 财务状况、资产价值及经营成果，基于谨慎性原则，公司根据相关的政策要求， 对公司（含合并报表范围内子公司）的各类资产进行了全面检查和减值测试，判 断部分资产存在减值的迹象，需要计提减值准备。 （二）本次计提资产减值准备的资产范 ...

证券代码：003035 证券简称：南网能源 公告编号：2025-020 南方电网综合能源股份有限公司 关于二届十五次监事会会议决议的公告 本公司及监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。 一、监事会会议召开情况 南方电网综合能源股份有限公司（以下简称"公司"）二届十五次监事会会 议于 2025 年 4 月 18 日以电子邮件等形式发出会议通知，于 2025 年 4 月 28 日（星 期一）下午在广州市天河区华穗路 6 号楼会议室以现场的方式召开。 会议应出席监事 5 名，实际出席现场会议监事 4 名，委托出席监事 1 名（监 事会主席孙世奇先生因公出差，委托监事曹建东先生代为出席并行使表决权）。 根据《南方电网综合能源股份有限公司章程》的规定，由过半数监事共同推举监 事曹建东先生召集和主持本次会议，公司董事会秘书张恒阁先生列席了会议。本 次会议参与表决人数及召集、召开程序符合《中华人民共和国公司法》和《南方 电网综合能源股份有限公司章程》等有关规定。 二、监事会会议审议情况 （一）审议通过《关于<南方电网综合能源股份有限公司 2025 年第一季度 报告>的议案》 ...

证券代码：003035 证券简称：南网能源 公告编号：2025-019 南方电网综合能源股份有限公司 关于二届三十一次董事会会议决议的公告 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。 表决结果：9 票同意、0 票反对、0 票弃权。 （二）审议通过《关于南方电网综合能源股份有限公司 2025 年一季度内部 审计工作报告的议案》 一、董事会会议召开情况 南方电网综合能源股份有限公司（以下简称"公司"）二届三十一次董事 会会议于 2025 年 4 月 18 日以电子邮件形式发出会议通知，于 2025 年 4 月 28 日（星期一）下午 2:30 在广州市天河区华穗路 6 号楼会议室以现场的方式召 开。 会议应出席董事 9 名，实际出席董事 9 名。公司部分监事及高级管理人员 列席了会议，董事长宋新明先生召集并主持本次会议。本次会议为定期董事会 会议，会议参与表决人数及召集、召开程序符合《中华人民共和国公司法》和 《南方电网综合能源股份有限公司章程》等有关规定。 公司二届董事会审计与风险委员会第二十二次会议已于 2025 年 4 月 22 日审 议通过本议案。 二 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥692,918,407.74, representing a year-on-year increase of 20.35% compared to ¥575,766,774.58 in the same period last year[5]. - Net profit attributable to shareholders was ¥91,343,899.85, a slight increase of 1.65% from ¥89,865,532.23 in the previous year[5]. - The net cash flow from operating activities increased by 57.06%, amounting to ¥310,732,825.89, compared to ¥197,841,935.91 in the same period last year[5]. - Total operating revenue for the current period reached ¥692,918,407.74, an increase of 20.4% compared to ¥575,766,774.58 in the previous period[25]. - Net profit for the current period was ¥105,027,812.98, representing a 10.5% increase from ¥94,855,739.27 in the previous period[25]. - The net profit attributable to the parent company was ¥91,343,899.85, slightly up from ¥89,865,532.23 year-over-year[26]. - Cash flow from operating activities generated ¥719,357,004.97, compared to ¥673,026,026.75 in the previous period, reflecting a growth of 6.9%[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥21,199,661,258.12, up 2.06% from ¥20,771,416,254.52 at the end of the previous year[5]. - The total assets of the company as of March 31, 2025, amounted to CNY 21,199,661,258.12, an increase from CNY 20,771,416,254.52 at the beginning of the period[22]. - The company's cash and cash equivalents decreased to CNY 972,029,432.64 from CNY 1,195,065,360.01[22]. - The total current liabilities decreased from CNY 560,271,838.42 to CNY 425,311,782.88[22]. - Total liabilities increased to ¥13,695,409,645.82 from ¥13,379,322,469.23, marking a rise of 2.4%[23]. - Non-current liabilities totaled ¥9,009,857,613.67, up from ¥8,450,581,296.80, indicating a growth of 6.6%[23]. - The company's total equity reached ¥7,504,251,612.30, an increase from ¥7,392,093,785.29, reflecting a growth of 1.5%[23]. Cash Flow - The net cash inflow from operating activities was $310,732,825.89, an increase from $197,841,935.91 in the previous period, reflecting a growth of approximately 57%[29]. - Cash outflows from operating activities totaled $424,643,176.45, down from $487,668,061.71, indicating a reduction of about 13%[29]. - The net cash flow from investing activities was -$927,164,783.60, compared to -$383,975,901.31 previously, showing a significant increase in cash outflow[29]. - Cash inflows from financing activities amounted to $896,532,479.63, a decrease from $1,482,257,754.26, representing a decline of approximately 40%[29]. - The net cash flow from financing activities was $387,850,354.01, slightly down from $414,909,282.78, indicating a decrease of about 7%[30]. - The ending cash and cash equivalents balance was $953,880,160.11, down from $1,164,132,664.51, reflecting a decrease of approximately 18%[30]. - The company received $550,000,000.00 related to other financing activities, compared to $800,000,000.00 previously, indicating a decline of 31%[29]. Business Development - The industrial energy-saving business generated approximately ¥37,088,000 in revenue, reflecting a growth of about 26.49% year-on-year[5]. - The company established a digital service company to enhance its business transformation, focusing on digital operation and maintenance services[6]. - The company plans to continue expanding its business and enhancing its service offerings in line with its strategic goals for 2025[6]. - The company has a plan to transform from comprehensive energy to "comprehensive energy + energy conservation and carbon reduction"[19]. Inventory and Investments - The company reported a significant increase in inventory, up 97.29% to ¥33,651,576.09, primarily due to the recovery of biomass resource utilization projects[11]. - The company's long-term equity investments increased to CNY 719,552,644.24 from CNY 697,381,632.51[22]. - The company’s inventory increased to CNY 33,651,576.09 from CNY 17,056,780.41[22]. - The company’s fixed assets increased to CNY 13,314,371,123.43 from CNY 13,116,664,755.16[22]. - Investment income decreased by 58.70% to ¥11,701,581.02, attributed to the absence of significant gains from the previous year[14]. Research and Development - Research and development expenses for the current period were ¥2,351,655.31, compared to ¥1,168,512.27 in the previous period, showing a significant increase of 100.4%[25]. Shareholding - The company plans to increase its shareholding through its wholly-owned subsidiary, with a planned investment between CNY 150 million and CNY 300 million, representing up to 2% of the total share capital[19]. - As of April 28, 2025, the total shares held by the parent company and its subsidiary amounted to 153,979.53 million shares, accounting for 40.65% of the total share capital[20]. Earnings Per Share - The company reported a basic and diluted earnings per share of ¥0.02, consistent with the previous period[26].

Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The major shareholder, Southern Power Grid, plans to increase its stake in the company by no less than 150 million and no more than 300 million RMB, which will account for up to 2% of the total share capital, reflecting confidence in the company's long-term investment value [2][7] - The company is transitioning from comprehensive energy to a focus on "comprehensive energy + energy conservation and carbon reduction," which is expected to enhance its core competitiveness [7] - The company has experienced a significant reduction in asset impairment related to biomass projects, allowing it to refocus on its core energy-saving business [7] Financial Performance Summary - Total revenue for 2023 is projected at 2,988 million RMB, with a year-on-year growth of 3.46%, and is expected to reach 4,500 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 12.90% [1][8] - The net profit attributable to the parent company is forecasted to be 310.74 million RMB in 2023, with a significant recovery to 674.85 million RMB by 2027, indicating a strong rebound after a projected loss in 2024 [1][8] - The company's earnings per share (EPS) is expected to improve from 0.08 RMB in 2023 to 0.18 RMB in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 51.56 to 23.74 over the same period [1][8] Operational Highlights - The company's total installed capacity increased by 31.76% year-on-year to 3,084,600 kW in 2024, with a robust pipeline of distributed photovoltaic projects [7] - Operating cash flow for 2024 is projected to be 1,428 million RMB, reflecting a year-on-year increase of 38.62% [7][8] - The company plans to invest over 3 billion RMB in external investments in 2025, indicating a strong commitment to growth [7]

证券研究报告·公司点评报告·电力 南网能源（003035） 大股东增持彰显信心，继续立足优势打造核 心竞争力 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） | 51.56 | (275.66) | 33.60 | 28.79 | 23.74 | [Table_Tag] [ ...

4月16日，南网能源公司在广州正式挂牌成立数字服务公司，打造覆盖咨询、设计、建设、运营、电力 交易服务、能碳服务等全品类多维度的高端综合能源服务平台，提供综合能源服务系统性解决方案和规 模化复制商业模式。 随着国家双碳战略推进，新型能源体系加快建设，能源结构快速的变化，新能源主体和源荷互动用户呈 现海量的爆炸式增长，对安全、优质、高效的运营和市场化交易以及多能互补集成优化、绿色低碳解决 方案等产生大量的需求，以低碳化、数字化、服务型为特征的综合能源服务新业态新模式不断涌现，前 景广阔。南网能源公司积极顺应综合能源行业发展规律趋势，立足提升核心竞争力和坚持长期价值主 义，今年初提出了向"多能协同+高端服务"拓展、经营"投资与服务双驱动"的战略布局。 据悉，南网能源公司是国内首个综合能源公司，也是综合能源"第一股"，成立十五年来深耕综合能源领 域，是全国领先的工业节能和建筑节能服务商。 基于电网背景以及长期的综合能源行业积累和技术储备，南网能源公司对分布式新能源主体、源荷互动 与节能降碳用户的服务需求有更深入透彻的理解。此次成立数字服务公司，南网能源公司旨在整合集成 其在全国24个省区持有的800多个节能和综合能 ...