深圳能源分析师会议-20250912

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report focuses on the in - depth research of Shenzhen Energy in the power industry, covering aspects such as the company's installed capacity, coal - related conditions, and profit in the coal - power sector [23][24][26] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Shenzhen Energy, belonging to the power industry. The reception time was on September 12, 2025. The listed company's reception staff included Zhang Hongxing, General Manager of the Board of Directors' Office, Qu Tieshan, Deputy General Manager of the Board of Directors' Office, Wang Zhaoyi, and Shi Shi from the Board of Directors' Office [17] 3.2 Detailed Research Institutions - The research institutions and their related personnel are as follows:信达证券 (securities company) with Li Chunchi, Xing Qinhao, and Tang Chanyu; Yingda Investment (others) with Li Silu; and Cinda Asset Management (others) with Chen Rui and Chen Yuezhang [18] 3.3 Research Institution Proportion - No relevant information provided 3.4 Main Content Data - As of the end of the first half of 2025, the company's operating installed capacity was 2,531.44 million kilowatts, the under - construction installed capacity was 457.97 million kilowatts, and the approved but not - started installed capacity was 564.5 million kilowatts [23] - In the first half of 2025, the average coal consumption of the company's conventional coal - fired units was 305.77 grams per kilowatt - hour, and that of coal - fired thermal power units was 273.33 grams per kilowatt - hour. The company's Mawan Power Plant has removed 2 units of 320 megawatts and plans to build 2 units of 660 megawatt ultra - supercritical coal - fired units at the original site [24] - In the first half of 2025, the company's coal sources mainly included domestic seaborne coal, inland coal, and imported coal. The suppliers of domestic seaborne coal and inland coal included Guoneng Sales Group Guangzhou Co., Ltd., Guangzhou Pearl River Electric Power Fuel Co., Ltd., and Yitai Energy Supply Chain Service (Shenzhen) Co., Ltd. [25] - In the first half of 2025, the company's coal - power sector achieved a net profit attributable to the parent company of approximately RMB 329 million [26]