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 ...

Financial Performance - In 2024, the company achieved an operating revenue of CNY 3.099 billion, with a total profit of CNY 690 million and a net profit attributable to shareholders of CNY 543 million, excluding the impact of biomass business [2][3] - The company reported a loss in 2024 primarily due to impairment and losses related to low-efficiency assets, particularly in the biomass sector [3] - The asset-liability ratio for 2024 was 64.41%, with a net cash flow from operating activities of CNY 1.428 billion, indicating a healthy cash flow situation [6][7] Market Position and Strategy - The company is positioned as a leading player in the energy-saving service industry, focusing on comprehensive energy services and maintaining a competitive edge through project experience and a robust service system [4][5] - Future strategies include transitioning towards a model of "asset holding + high-end services" to enhance core competitiveness and technological innovation [5][14] Business Segments and Challenges - The gross profit margins for the industrial energy-saving and building energy-saving segments decreased in 2024 due to various factors, including reduced electricity generation from distributed photovoltaic projects and increased project costs [5] - The company plans to expand its energy-saving business significantly, aiming for rapid scale implementation and establishing benchmark demonstration projects [14] Bankruptcy and Asset Management - The company has applied for bankruptcy for its subsidiaries, with ongoing legal proceedings regarding the status of these applications [7][8] - Impairment losses for biomass projects were significant due to changes in expected cash flows and ongoing losses from these projects [8][9] Future Outlook and Investor Relations - The company expresses confidence in its long-term development, aligning its strategies with national energy policies and market demands [17] - Plans for 2025 include enhancing market recognition through improved asset management, increased dividend payouts, and proactive communication with investors [18][19][20]

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 ...