华能水电：来水加速改善，产业升级支撑绿电需求-20260119

来水加速改善，产业升级支撑绿电需求 华能水电(600025) 华能水电 2025 年发电量点评 股票研究 /[Table_Date] 2026.01.17 本报告导读： 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 23,461 | 24,882 | 26,732 | 27,068 | 28,028 | | (+/-)% | -0.5% | 6.1% | 7.4% | 1.3% | 3.5% | | 净利润(归母) | 7,638 | 8,297 | 8,810 | 9,217 | 9,661 | | (+/-)% | 5.6% | 8.6% | 6.2% | 4.6% | 4.8% | | 每股净收益(元) | 0.41 | 0.45 | 0.47 | 0.49 | 0.52 | | 净资产收益率(%) | 11.3% | 11.3% | 10.1% | 10.0% | 9.9% | | 市盈率(现价&最新股 ...