苏能股份：绿电转型持续推进 新能源建设动力强劲

Core Insights - Sunan Co., Ltd. has made significant progress in the renewable energy sector with the successful installation of the first wind turbine for the "Sunan Zhengxiang 400MW + 120MWh Wind-Solar-Storage Integrated Project," marking a transition to peak construction phase [1] - The company aims to enhance energy resource security in Jiangsu and is committed to building a modern energy resource industry system, focusing on green and low-carbon transformation [1][2] - The total investment for the mentioned project is approximately 1.42 billion yuan, and it is part of the national "Shagao Desert" renewable energy base project, expected to positively impact regional energy structure and local economic development [1][2] Renewable Energy Capacity and Projects - As of mid-July 2023, Sunan Co., Ltd. has a total installed renewable energy capacity of 601MW, with an additional 460MW under construction, indicating strong growth potential [2] - The company has successfully connected several projects to the grid, including the "Fish-Solar Complementary" project and the "Agricultural-Solar Complementary" project, both completed in May 2023 [2] - Upcoming projects include a 200MW energy storage project and a 50MW energy storage project, expected to be connected to the grid in May and December 2024, respectively [2] Financial Performance - The renewable energy business has become a high-growth segment for Sunan Co., Ltd., with sales revenue reaching 115 million yuan in 2024, a year-on-year increase of 385.33% [3] - In the first quarter of 2025, the sales revenue surged to 5360.65 million yuan, reflecting a staggering year-on-year growth of 935.89% [3] - The gross profit margin for the renewable energy business exceeded 55% in both 2024 and the first quarter of 2025, indicating strong profitability [3] Future Outlook - Sunan Co., Ltd. is expected to continue its deepening efforts in the renewable energy sector, enhancing its "Wind-Solar-Storage" integrated layout [4] - The ongoing expansion of renewable energy capacity will contribute to the company's growth and support regional energy structure optimization and local development [4]