FUNENG CO.,LTD(SH:600483) 市值风云·2025-12-30 10:11Core Viewpoint - The article emphasizes the growth potential of Funiu Co., Ltd. in the renewable energy sector, highlighting its strategic positioning in both traditional and green energy sources, and its robust financial performance. Group 1: Company Overview - Funiu Co., Ltd. is primarily engaged in clean energy generation and efficient cogeneration, focusing on the Fujian province, with a total installed capacity of 6.1252 million kilowatts as of mid-2025, including 1.809 million kilowatts of wind power and 1.56 million kilowatts of natural gas generation [4][5]. - The company has a clean energy installed capacity ratio of 56.55% [5]. Group 2: Financial Performance - In the first three quarters of 2025, Funiu Co., Ltd. achieved a net profit of 1.989 billion yuan, a year-on-year increase of 12.17%, despite a 4.29% decline in revenue to 10.035 billion yuan [10]. - The gross profit margin for 2024 is projected to be 26.6%, an increase of 2.7 percentage points year-on-year, while the gross profit margin for the first three quarters of 2025 reached 26.04%, up 4.05 percentage points from the previous year [10]. Group 3: Wind Power Business - The wind power segment, although not the largest in installed capacity, is a major profit contributor, with a projected gross margin of 64.1% in 2024, significantly higher than other energy sources [7]. - Funiu Co., Ltd. holds a 22.5% share of the total wind power capacity in Fujian province, positioning it as a leader in the local market [7]. Group 4: Project Pipeline and Future Growth - The company has a robust project pipeline, with plans to expand its installed capacity to 15 million kilowatts by the end of 2025, representing a 145% increase from current levels, and aims to reach 20 million kilowatts by 2030 [18][19]. - Key projects include a combined heat and power project with a total capacity of 2.64 million kilowatts and offshore wind projects totaling 656,000 kilowatts, with expected completion dates in 2025 and 2026 [15]. Group 5: Dividend Policy - Funiu Co., Ltd. has maintained a dividend payout ratio of 30% historically, with a planned mid-term dividend distribution of 203 million yuan in 2025, marking the first occurrence of such a distribution in the company's history [23].