证券研究报告 中闽能源 (600163 CH) 业绩低于预期，海上风电新项目启动 2025 年 8 月 28 日│中国内地 发电 中闽能源发布半年报，1H25 实现营收 7.94 亿元（yoy-3%），归母净利 3.14 亿元（yoy-8%），扣非净利 3.02 亿元（yoy-7%）。其中 Q2 实现营收 2.80 亿元（yoy-21%，qoq-45%），归母净利 6,325 万元（yoy-51%，qoq-75%）， 归母净利低于我们的预测（1.05~1.16 亿元）、主要是电价下降导致毛利率 低于预期。长乐 B 区海上风电项目完成投决，我们预计有望于 26 年底前投 运、27 年贡献利润增量。维持"买入"评级。 并网装机同比持平，来风资源影响净利表现 截至 2025 年 6 月末公司并网装机合计 95.73 万千瓦，较年初无变化。1H25 福建海上风电净利 yoy-3.5%至 2.22 亿元、福建陆上风电净利 yoy+20%至 1.55 亿元。来风大小是影响公司业绩的核心变量，1H25 公司的福建陆上/ 海上风电利用小时分别为 1,356/2,037 小时（yoy+6.6%/-1.6%），均好于国 内风电均 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but an increase in net profit, indicating improved profitability despite lower sales volume [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 6.369 billion yuan, a year-on-year decrease of 4.44%, while net profit attributable to shareholders was 1.337 billion yuan, an increase of 12.48% [1]. - For Q2 2025, the company reported operating revenue of 3.272 billion yuan, down 8.54% year-on-year, and a net profit of 585 million yuan, down 11.65% year-on-year [1]. Operational Highlights - The total electricity generated in H1 2025 was 10.230 billion kWh, a decrease of 3.56% year-on-year, with wind power generation increasing by 8.41% to 2.801 billion kWh, while thermal power generation decreased by 7.59% to 7.388 billion kWh [2]. - In Q2 2025, the total electricity generated was 5.157 billion kWh, down 6.95% year-on-year, with wind power generation at 929 million kWh, down 17.10% due to changes in wind conditions [2]. - The company’s thermal power business benefited from lower coal prices, improving overall gross margins despite reduced electricity sales [2]. Project Development - The company has a rich reserve of projects, including thermal, wind, solar, and nuclear power, with significant projects like the Chang Le offshore project and the Huaqiao thermal power project entering the construction phase [3]. - By the end of 2025, the company plans to have a total installed capacity of 15 million kW, increasing to 20 million kW by 2030, supporting long-term growth [3]. Dividend Announcement - The company announced its first interim dividend plan, proposing a cash dividend of 0.073 yuan per share, totaling 202 million yuan, which is approximately 15.18% of the net profit attributable to shareholders for H1 2025, aimed at boosting market confidence [3]. Profit Forecast and Valuation - The company is expected to achieve operating revenues of 13.987 billion yuan, 14.176 billion yuan, and 15.696 billion yuan for 2025-2027, with year-on-year changes of -3.96%, +1.35%, and +10.72% respectively [4]. - Net profit attributable to shareholders is projected to be 3.073 billion yuan, 3.241 billion yuan, and 3.576 billion yuan for the same period, with year-on-year changes of +10.01%, +5.46%, and +10.34% respectively [4]. - As of August 26, 2025, the stock price corresponds to a PE ratio of 8.90, 8.44, and 7.65 for the years 2025, 2026, and 2027 respectively [4].

扬子晚报网8月26日讯(通讯员刘雨桐吴启超记者万凌云姜天圣)8月26日，镇江丹阳市延陵镇行宫村的"太湖3号"青虾虾苗繁育基地内，负责人马明正指着 塘内欢快游动的青虾，向前来学习养殖技术和订购种苗的客户详细介绍当前"太湖3号"青虾的繁育情况、种苗存活率及养殖要点。 升级后的基地，年产青虾种苗从1万斤升至4万斤，种苗存活率也提升至90%以上，不仅能充分满足全市近500家青虾养殖户共3万余亩水面的种苗需求，还 远销浙江、宁夏等地，深受当地养殖户青睐。 眼见青虾养殖市场前景广阔，马明主动分享养殖经验，带动越来越多的行宫村人把养虾当成主业，养殖户从最初的十几户发展到如今的120余户。丹阳公 司针对涉青虾产业用电开辟绿色通道，大力推广"零上门、零审批、零投资"的"三零"服务，提前布局农网建设项目，为产业发展扫清电力障碍。 在可靠电力的守护下，2024年全村青虾养殖面积扩大到3000余亩，当年行宫村养殖户每亩青虾年收入达5000元，是此前养殖"四大家鱼"的6倍多，昔日 的"亏损塘"摇身一变成为村民的"聚宝盆"。村集体经营性收入超80万元，较上年实现翻倍，创下历史新高。 行宫村青虾养殖湖掠影 行宫村曾因农业发展水平不足、招商 ...

中银证券近日发布电力设备与新能源行业8月第4周周报：本周电力设备和新能源板块上 涨2.28%，其中工控自动化上涨3.84%，新能源汽车指数上涨3.69%，光伏板块上涨3.39%， 发电设备上涨2.79%，核电板块上涨2.69%，锂电池指数上涨2.45%，风电板块上涨0.50%。 本周行业重点信息：新能源车：乘联分会：新一批补贴资金到位后，各地以旧换新补贴 陆续重启，预计8月新能源零售可达110万左右，渗透率有望再创新高至56.7%。东风汽车启 动重大资产重组，推动旗下岚图汽车以介绍方式登陆香港联交所，同时对东风汽车集团股份 有限公司私有化。全新MG4将于8月29日正式上市，半固态电池版也将同步发布价格。动力 电池：先导智能在互动平台表示已成功输出量产级固态电池整线方案。楚能新能源与东风柳 汽签署动力电池开发合作协议，将在未来五年内向东风柳汽提供超过30GWh的多款乘用 车、商用重卡电池产品。光伏风电：工业和信息化部等部门联合召开光伏产业座谈会，部署 进一步规范光伏产业竞争秩序工作。中国光伏行业协会发布关于进一步加强行业自律，共同 维护公平竞争、优胜劣汰的光伏市场秩序的倡议。国家能源局：2025年7月，全国新增 ...

Industry Overview - The public utility sector saw a weekly increase of 1.89%, underperforming the broader market by 2.29 percentage points, ranking 23rd among the primary sectors [2] - The coal price in Qinhuangdao rose to 704 RMB/ton, a weekly increase of 0.86%, while coal inventory increased by 2.46% to 5.84 million tons [3] - Domestic natural gas prices fell by 1.75% to 4099 RMB/ton, and U.S. natural gas futures dropped by 7.9% to 2.69 USD/mmbtu [5] - As of July, the cumulative installed power generation capacity reached 3.67 billion kilowatts, a year-on-year increase of 18.2%, with solar and wind power installations growing by 50.8% and 22.1% respectively [6] Investment Recommendations - The report suggests focusing on three main lines: hydropower assets benefiting from the unified electricity market, thermal power assets with improving performance due to cost reductions, and green energy projects transitioning smoothly to profitability [7][8] - Specific stock recommendations include Yangtze Power, Huaneng Hydropower, Huaneng International, Jingneng Power, and Funiu Co. [8] Banking Sector Insights - Recent adjustments in deposit rates by small and medium banks indicate a continued downward trend in deposit costs, with reductions of 10 to 20 basis points [10] - The net interest margin for commercial banks was reported at 1.42%, with expectations for a further decline in deposit costs by over 20 basis points this year [11][12] - The report recommends focusing on high-dividend and regionally growing bank stocks, including major state-owned banks and select regional banks with growth potential [12] Innovation Drug Sector Analysis - The innovation drug sector is entering a pivotal phase with a shift from capital-driven to profit-driven growth, supported by favorable policies and market conditions [14][16] - Key performance indicators show that several leading overseas pharmaceutical companies reported significant revenue growth, with Eli Lilly's revenue increasing by 38% and Novo Nordisk's by 15% [15] - The report emphasizes the importance of clinical demand, technological platforms, and product strength in stock selection, recommending companies like 3SBio and Aosaikang [17] Medical Consumables Sector Performance - Huatai Medical reported a 21.26% increase in revenue to 1.214 billion RMB, driven by strong performance in electrophysiology products [24] - Maipu Medical achieved a 29.28% revenue growth, benefiting from its competitive position in neurosurgery repair products [25] - The report suggests monitoring companies in the high-value consumables sector for performance recovery and innovation product approvals [27][28] Electronics Sector Developments - The AI industry index saw a significant increase of 14.28%, reflecting strong market performance [30][31] - Google's launch of the Pixel 10 series, featuring advanced AI capabilities, is expected to drive further innovation in edge AI applications [33][34] - Investment opportunities are highlighted in AI infrastructure and edge SOC components, with a recommendation to focus on companies like Cambricon and Rockchip [36]

金融界消息 截至2025年8月25日收盘，福能股份（600483）报收于9.79元，上涨0.82%，换手率1.01%， 成交量28.08万手，成交金额2.74亿元。 资金流向方面，今日主力资金净流出3169.22万元，占比成交额11.56%。其中，超大单净流出3401.88万 元、占成交额12.41%，大单净流入232.66万元、占成交额0.85%，中单净流出流入1971.98万元、占成交 额7.19%，小单净流入1197.24万元、占成交额4.37%。 福能股份最新一期业绩显示，截至2025中报，公司营业总收入63.69亿元、同比减少4.44%，归属净利润 13.37亿元，同比增长12.48%，扣非净利润13.17亿元，同比增长12.84%，流动比率2.126、速动比率 2.031、资产负债率39.44%。 来源：金融界 天眼查商业履历信息显示，福建福能股份有限公司，成立于1994年，位于南平市，是一家以从事电力、 热力生产和供应业为主的企业。企业注册资本278013.78万人民币，实缴资本3766.08万人民币。公司法 定代表人为桂思玉。 通过天眼查大数据分析，福建福能股份有限公司共对外投资了28家企业， ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com | 基本数据 | | | 2025 | 年 | 08 | 月 22 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 9.71 | | 一 年 内 / 最 低 | 最 | 高 | | | | 11.35/8.78 | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | 26,995.14 | | | | 流通市值（百万元） | | | | | | 26,995.14 | | | | 总股本（百万股） | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In the first half of 2025, the company achieved a net profit attributable to shareholders of 1.337 billion yuan, a year-on-year increase of 12.48%. However, the second quarter saw a decline in net profit to 585 million yuan, down 11.65% year-on-year. Despite short-term pressures, the major shareholder continues to increase holdings, and the company announced its first mid-year dividend since listing, reflecting confidence from the major shareholder and the company's commitment to shareholder returns [2][6][11]. - The company is expected to benefit from the gradual commissioning of ongoing and approved projects, which will further enhance growth potential. With the resumption of approvals for offshore wind projects in Fujian, the company's offshore wind growth is anticipated to receive new catalysts, leading to a positive long-term growth outlook [2][11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 6.369 billion yuan, a decrease of 4.44% year-on-year. The net profit attributable to shareholders was 1.337 billion yuan, an increase of 12.48% [6]. - The company's thermal power generation completed 3.254 billion kWh, down 6.1% year-on-year, while coal power generation was 3.238 billion kWh, down 2.73% year-on-year. The net profit from the wholly-owned subsidiary Hongshan Thermal Power was 199 million yuan, a decrease of 5.09% year-on-year [11]. - The company's wind power generation reached 2.867 billion kWh, an increase of 8.37% year-on-year, with offshore wind generation growing by 10.42% [11]. Investment and Growth Potential - The major shareholder has cumulatively increased holdings by 205 million yuan, enhancing market recognition of the company's long-term investment value. The company aims to have a controllable operating and construction capacity of 15 million kW by the end of 2025 and 20 million kW by the end of 2030 [11]. - The company expects earnings per share (EPS) for 2025-2027 to be 1.05 yuan, 1.07 yuan, and 1.34 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9.28, 9.18, and 7.29 [11].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the ongoing "anti-involution" efforts in the photovoltaic sector, with government initiatives aimed at regulating low-price competition and promoting product quality [1] - In the electric vehicle sector, the report anticipates continued high growth in domestic sales driven by new model releases and the upcoming sales peak, which will boost demand for batteries and materials [1] - The solid-state battery industry is showing clear trends towards industrialization, with significant advancements reported by leading companies [1] Industry Overview - The electric equipment and new energy sector saw a weekly increase of 2.28%, with notable performances in various sub-sectors: industrial automation up 3.84%, new energy vehicles up 3.69%, and photovoltaic sector up 3.39% [2][10] - The report notes that the penetration rate of new energy vehicles is expected to reach a new high of 56.7% in August, with retail sales projected to hit around 1.1 million units [2][25] - The Ministry of Industry and Information Technology held a meeting to further regulate competition in the photovoltaic industry, emphasizing the need for self-discipline and fair competition [2][25] Company Performance - Major companies reported varying profit results for the first half of 2025: - Huayou Cobalt reported a net profit of 2.711 billion yuan, up 62.26% year-on-year [27] - Tianqi Lithium reported a net profit of 3.07 billion yuan, up 27.76% year-on-year [27] - However, Tongwei Co. reported a net loss of 4.955 billion yuan [27] - The report also highlights significant partnerships, such as Chuangneng New Energy signing a battery development agreement with Dongfeng Liuzhou Automobile to supply over 30 GWh of battery products over the next five years [25][27]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].