甘肃能源：常乐火电利润表现亮眼，“电算协同”项目有望改善板块收益-20260328

Investment Rating - The investment rating for Gansu Energy is "Buy" [1] Core Views - Gansu Energy reported a revenue of 9.065 billion yuan for 2025, a year-on-year increase of 4.26%, and a net profit attributable to shareholders of 2.051 billion yuan, up 24.77% year-on-year [1] - The company’s operational cash flow increased by 31.64% year-on-year to 5.152 billion yuan [1] - The report highlights the strong performance of the Changle thermal power project and the potential for improved sector profitability through the "Electricity Calculation Synergy" project [2][5] Financial Performance Summary - In 2025, the total revenue was 9.065 billion yuan, with a year-on-year growth of 4.3% [6] - The net profit attributable to shareholders was 2.051 billion yuan, reflecting a 24.8% increase year-on-year [6] - The gross margin improved to 41.7%, up 9.91 percentage points year-on-year [6] - The earnings per share (EPS) for 2025 was 0.63 yuan, with a projected PE ratio of 13.61 [6] Business Segment Analysis Thermal Power - The thermal power segment achieved a total electricity generation of 20.262 billion kWh in 2025, a 4.08% increase year-on-year [2] - The average electricity price for thermal power was 369.53 yuan/MWh, up 1.72 cents/kWh year-on-year [2] - The segment's operating costs decreased by 6.47% year-on-year, contributing to an increase in gross margin [2] Hydropower - Hydropower generation totaled 5.639 billion kWh in 2025, down 8.87% year-on-year due to lower water inflow [3] - The average electricity price for hydropower rose to 322.77 yuan/MWh, an increase of 5.38 cents/kWh year-on-year [3] New Energy - The new energy segment, including wind and solar power, faced slight losses due to decreased utilization hours and electricity prices [4] - Wind power generation was 1.602 billion kWh, down 3.96% year-on-year, while solar power generation was 0.975 billion kWh, down 4.79% year-on-year [4] - The average electricity price for wind power was 377.87 yuan/MWh, down 13.97 cents/kWh year-on-year, and for solar power, it was 305.14 yuan/MWh, down 5.67 cents/kWh year-on-year [4] Future Outlook - The report anticipates further growth in thermal power performance in 2026 due to the full operation of the Changle Phase II project [2] - The "Electricity Calculation Synergy" project is expected to enhance the profitability of the new energy segment by ensuring stable electricity demand from data centers [5] - The company has a significant pipeline of approved new energy projects, with a total capacity of 7 million kW, indicating strong growth potential [7]