电价政策调整减少收益 “大牛股”乐山电力：分时电价是让利于居民

Core Viewpoint - The recent adjustment of time-of-use electricity pricing by Sichuan power companies, including Leshan Electric Power, is aimed at benefiting residential users, which is expected to significantly impact the companies' earnings in 2025 [1][3][4]. Group 1: Impact of Time-of-Use Pricing Adjustment - Leshan Electric Power announced that the new low valley pricing for residential users will lead to an estimated reduction of approximately 16.6 million yuan in its electricity business revenue for 2025 [3][4]. - The low valley pricing will apply to residential users with a "one household, one meter" policy, with rates set at 0.175 yuan/kWh during the low valley period in the wet season and 0.2535 yuan/kWh in the dry and normal water periods [3][4]. - Other Sichuan power companies, such as Xichang Electric Power and Guang'an Aizhong, also reported expected impacts on their earnings due to the new pricing policy, with estimated reductions of 5.55 million yuan and 39.38 million yuan in net profit for 2025, respectively [4][3]. Group 2: Company Performance and Market Reaction - Leshan Electric Power's preliminary net profit for the first half of 2025 is reported to be approximately 7.90 million yuan, while Xichang Electric Power expects around 3.10 million yuan [5]. - Despite the announced impacts of the pricing adjustments on earnings, the capital market has shown strong interest in Leshan Electric Power, with its stock price rising significantly from around 7 yuan to a peak of 18 yuan [5]. - The companies are also exploring new business opportunities, such as Leshan Electric Power's investment in a new energy storage project and Guang'an Aizhong's establishment of an investment fund focused on renewable energy [7].