国泰海通 · 晨报0530｜公用事业、批零社服

Power Generation Sector - The core viewpoint is that the northern thermal power sector shows resilience while hydropower maintains stable growth, leading to an "overweight" rating for the public utility sector [1] - In Q1 2025, the profitability of national thermal power companies continues to grow, with northern thermal power plants outperforming southern ones [1] - The median PE ratios for thermal power companies have decreased from 15.7 in Q1 2023 to 10.4 in Q1 2025, indicating a decline in market confidence regarding the sustainability of profit improvements [1][2] - Hydropower companies maintained a high growth rate in Q1 2025, with a median profit growth rate of 26%, driven by improved water storage and scheduling [2] - The median PE ratios for hydropower companies were 16.7, 18.8, and 18.1 for Q1 2023, Q1 2024, and Q1 2025 respectively, reflecting stable performance and improved valuations for leading companies [2] Green Energy Sector - Green energy companies are facing profit pressure due to declining electricity prices and unfavorable wind conditions, with median net profit growth rates of -12% in 2024 and -4% in Q1 2025 [3] - The overall industry is experiencing a situation of increasing revenue but not increasing profits, with expectations of recovery in 2025 as wind energy utilization hours improve [3] - Since 2022, the valuation of green energy companies has been continuously revised downwards, with a projected median net profit growth rate of around 12% for 2025 [3] Yiwu Trade Data - Yiwu's import and export total reached 231.31 billion yuan in the first four months of 2023, a year-on-year increase of 15.1%, with exports growing by 15.3% and imports by 13.5% [5] - The market procurement trade method accounted for 81.7% of Yiwu's total exports, indicating a strong contribution from this trade model [5][6] - Exports to major markets such as Latin America, the EU, and ASEAN showed strong growth, with increases of 18.3%, 15.5%, and 12.3% respectively [6] - The import structure is improving, with a significant increase in imports of mechanical and electrical products by 73.4% in the first four months [7]