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天风证券-南网储能-600995-调峰水电来水增加带动利润增长,参与现货市场收益可期-250910

Group 1 - The company reported a revenue of 3.3 billion yuan for the first half of 2025, representing a year-on-year increase of 13.38% [1] - The net profit attributable to shareholders reached 832 million yuan, up 32.93% year-on-year, with Q2 net profit at 458 million yuan, increasing by 34.3% [1] - The pumped storage capacity is set to enter the production phase, with the company participating in the spot market, indicating potential revenue growth [1] Group 2 - As of the first half of 2025, the national pumped storage installed capacity reached 61.29 million kilowatts, with an addition of 2.83 million kilowatts [1] - The company has a total pumped storage capacity of 10.28 million kilowatts, with 10 plants under construction totaling 12 million kilowatts [1] - The company’s first phase of the Meixu power station began trading in the electricity spot market in October 2024, with continuous settlement trial operations starting on June 29, 2025 [1] Group 3 - The company’s peak regulation hydropower generation increased to 4.35 billion kilowatt-hours in the first half of 2025, a year-on-year increase of 23.3% [1] - The new energy storage capacity reached 654.2 thousand kilowatts and 129.83 million kilowatt-hours by the end of June 2025 [1] - Three new electrochemical energy storage stations were put into operation, including the Yunnan Wenshan Qiubei storage project [1] Group 4 - Increased water inflow contributed to the rise in hydropower generation, while revenue from the Meixu phase one spot market and new energy storage projects also boosted net profit [2] - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.35 billion, 1.53 billion, and 1.91 billion yuan respectively [2] - Corresponding price-to-earnings ratios are projected at 27.9, 24.6, and 19.7 times for the respective years [2]