福能股份（600483）：替代电量维持稳定，股东增持彰显信心

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company announced that its subsidiary, Jinjiang Gas Power, reported a replacement electricity volume of 2.28402 billion kWh for 2025, representing a year-on-year increase of 5.86%. The transfer price is set at 0.3911 yuan per kWh, a slight increase of 0.13% year-on-year. This stable volume and price level will further ensure the project's profitability, reflecting long-term policy support [2][12] - The controlling shareholder, Fujian Energy Group, has initiated a share buyback plan, demonstrating strong confidence in the company's long-term development and highlighting the importance of the company's market performance [2][12] - The company has a robust project reserve, with a total installed capacity of 6.07 million kW approved by the National Development and Reform Commission. This includes various thermal and wind power projects, which are expected to significantly enhance the company's performance [12] Summary by Sections Event Description - The company received confirmation from its subsidiary regarding the transfer of replacement electricity volume for 2025, which is 2.28402 billion kWh, with a transfer price of 0.3911 yuan per kWh. The transaction period is from April 1, 2025, to November 30, 2025 [6] Event Commentary - The stable replacement electricity volume and pricing are expected to support the company's profitability. The controlling shareholder's buyback plan indicates a commitment to maintaining the company's market value and reflects confidence in its future growth [12] - The company has a significant project pipeline, with approved projects expected to increase its installed capacity by 100.41%, enhancing growth potential. The recent approval of offshore wind projects is anticipated to catalyze further growth [12]