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中天科技(600522):业绩符合预期,新能源与海洋业务双轮驱动
CMS· 2025-08-25 23:30
证券研究报告 | 公司点评报告 2025 年 08 月 26 日 中天科技(600522.SH) 业绩符合预期,新能源与海洋业务双轮驱动 TMT 及中小盘/通信 事件:公司 8 月 25 日晚发布《2025 年半年度报告》,公司实现营业收入 236.00 亿元,同比增长 10.19%;归属上市公司股东的净利润 15.68 亿元,同比增长 7.38%;归属上市公司股东的扣除非经常性损益的净利润 14.68 亿元,同比增长 10.58%。 ❑ 投资建议:公司是国内光纤通信和海缆领域龙头企业,在光通信、新能源、 电力、海缆等细分领域具有领先地位。在能源领域,公司实现从"产品供应商" 向"系统集成服务商"转型,成为全球领先的能源网络系统解决方案服务商,海 缆有望成为未来几年新增长驱动力。我们预计 2025-2027 年公司归母净利润 分别为 34.26 亿元/39.59 亿元/44.82 亿元,对应增速分别为 21%/16%/13%, 对应 PE 分别为 15.8X/13.7X/12.1X,维持"强烈推荐"投资评级。 ❑ 风险提示:光纤光缆招标不及预期、海洋业务竞争加剧、费用成本开支加大。 财务数据与估值 | 会计年 ...
《贵州省关于深化新能源上网电价市场化改革实施方案(试行)》公开征求意见
人民财讯8月25日电,贵州省发展和改革委员会公开征求《贵州省关于深化新能源上网电价市场化改革 实施方案(试行)》意见,其中提出,集中式光伏、集中式风电、分布式光伏、分散式风电等所有风电、 太阳能发电项目,上网电量全部进入电力市场,上网电价通过市场交易形成。参与跨省跨区交易的新能 源电量,上网电价和交易机制按照国家跨省跨区送电相关政策执行。 ...
新筑股份: 2025年半年度报告
Zheng Quan Zhi Xing· 2025-08-22 16:12
成都市新筑路桥机械股份有限公司 2025 年半年度报告全文 成都市新筑路桥机械股份有限公司 成都市新筑路桥机械股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整,不存在虚假记载、误导性陈述或者重大遗漏,并承担 个别和连带的法律责任。 公司负责人肖光辉、主管会计工作负责人贾秀英及会计机构负责人(会计 主管人员)贾秀英声明:保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述,不构成公司对投资者的实质 承诺,投资者及相关人士均应当对此保持足够的风险认识,并且应当理解计 划、预测与承诺之间的差异。 请投资者注意公司可能面对的风险,具体详见"第三节、管理层讨论与 分析"之"十、公司面临的风险和应对措施"。 公司计划不派发现金红利,不送红股,不以公积金转增股本。 成都市新筑路桥机械股份有限公司 2025 年半年度报告全文 成都市新筑路桥机械股份有限公司 2025 年半年度报告全文 一、载有法定代表人、主管会计工作负责人、会计机构负责人签名并盖章的财务报表。 二、载有法 ...
中广核新能源(01811):业绩符合预期,风电电价基本企稳
Hua Yuan Zheng Quan· 2025-08-22 09:58
证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 08 月 22 日 查浩 SAC:S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC:S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC:S1350524070005 caisi@huayuanstock.com 联系人 市场表现: | 基本数据 | 2025 | 年 | 08 | 月 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(港元) | | | | 2.42 | | | 一年内最高/最低(港 | | | | 2.85/1.98 | | | 元) | | | | | | | 总市值(百万港元) | | | | 10,381.62 | | | 流通市值(百万港元) | | | | 10,381.62 | | | 资产负债率(%) | | | | 79.08 | | | 资料来源:聚源数据 | | | | | | 中广核新能源(01811.HK) 投资评级: 买入(维 ...
容量补偿范围适时拓展至新型储能!山西“136号文”征求意见
Core Viewpoint - The article discusses the implementation of a market-oriented pricing mechanism for renewable energy in Shanxi Province, aimed at promoting high-quality development of the renewable energy sector and enhancing market efficiency [22][23]. Group 1: Reform Measures - The plan encourages all renewable energy projects (wind and solar) to participate in market transactions, with a focus on "reporting quantity and pricing" to form grid connection prices [26]. - A sustainable pricing settlement mechanism for renewable energy is established, where the difference between market transaction prices and the mechanism price will be settled by grid companies [27]. - The mechanism pricing for existing projects will be linked to the current coal-fired power benchmark price, set at 0.332 yuan/kWh (including tax) [7][29]. Group 2: Mechanism Pricing and Quantity - For existing projects, the mechanism quantity will be determined based on the proportion of non-market electricity from July 2022 to May 2025 [5][28]. - New projects starting from June 1, 2025, will have their mechanism quantity determined through competitive bidding, with the total annual mechanism quantity calculated based on expected production scale and reasonable utilization hours [11][12][15]. - The mechanism price for new projects will be determined through competitive bidding, with a price ceiling set at 0.332 yuan/kWh and a floor at 0.199 yuan/kWh [15][29]. Group 3: Execution Period and Lifecycle - The mechanism price will take effect from January 1, 2026, and will be determined based on the remaining lifecycle utilization hours of the projects [8][63]. - The reasonable utilization hours for wind projects are set at 36,000 hours, while solar projects vary between 22,000 to 26,000 hours depending on the resource zone [9][24]. Group 4: Competitive Bidding and Constraints - Competitive bidding for new projects will be organized annually, with a requirement that the total declared mechanism quantity must be at least 1.2 times the approved total scale to ensure effective competition [20][31]. - Projects that do not meet the declared production date will have their mechanism quantity automatically invalidated prior to actual production [19][32]. Group 5: Supporting Measures - The article outlines various supporting measures, including the establishment of a price monitoring system for the electricity market and the optimization of trading mechanisms for renewable energy [35][45]. - It emphasizes the need for a comprehensive approach to ensure that renewable energy can participate fairly in the electricity market, including adjustments to auxiliary service market mechanisms [40][42].
竞价上网 山东破题
Zhong Guo Dian Li Bao· 2025-08-20 05:36
中国能源新闻网记者 杜敏 近日,新能源大省山东连续出台多项政策文件,落实国家发展改革委、国家能源局《关于深化新能源上 网电价市场化改革 促进新能源高质量发展的通知》(发改价格〔2025〕136号,以下简称"136号文") 要求,在深化新能源上网电价市场化改革上迈出实质性步伐。 ——深化新能源上网电价市场化改革的山东实践 8月7日,山东省发展改革委、山东能源监管办、山东省能源局印发《山东省新能源上网电价市场化改革 实施方案》(以下简称《实施方案》)。紧随其后,8月8日,《山东省新能源机制电价竞价实施细则》 (以下简称《实施细则》)正式出台,这是我国首个机制电价竞价实施细则。 作为绿色低碳高质量发展先行区,山东在推动新能源高质量发展上持续发力。"十四五"以来,山东新能 源和可再生能源装机规模以年均25%的速度快速增长,2024年6月便成为东部沿海首个装机破亿的省 份,光伏发电装机连续8年稳居全国首位。截至2024年底,山东新型储能在运规模达到717.7万千瓦,超 前完成"十四五"规划目标。 在全国统一电力市场加快建设的背景下,按照136号文"价格市场形成、责任公平承担、区分存量增量、 政策统筹协调"的要求,《实施 ...
新股解读 | “AIDC储能第一股”来了,双登股份的全球储能布局与可持续增长逻辑
智通财经网· 2025-08-12 05:56
Core Insights - The energy storage industry is becoming a strategic sector in the global capital market, driven by the dual forces of energy transition and digital technology revolution. The global energy storage system market is expected to reach $500 billion by 2025, with China leading the charge in building a new power system under its "dual carbon" goals [1]. Company Overview - Doudeng Co., as a benchmark enterprise in China's energy storage industry, is leveraging its technological accumulation, market layout, and customer resources to expand into emerging fields such as data centers and power storage, achieving significant results [2]. - Doudeng Co. has become the world's largest supplier of energy storage batteries for communication and data centers, emerging as a "hidden champion" in the global market [2]. Market Position - Doudeng Co. holds a 16.1% market share in the global data center energy storage market, establishing itself as a leader in this sector [6]. - The company has a 11.1% share in the global communication and data center energy storage battery market, ranking first based on 2024 shipment volume [7]. Technological Advancements - Doudeng Co. has developed a low-temperature intelligent sodium-ion battery in collaboration with Tsinghua University, capable of operating in extreme temperatures and offering a long cycle life, addressing industry pain points [9]. - The company has introduced the Power Warden 3.0 semi-solid liquid-cooled energy storage system, which optimizes space and operational efficiency, significantly improving investment returns [6]. Financial Performance - Doudeng Co. has seen its revenue grow from 4.072 billion RMB in 2022 to 4.499 billion RMB in 2024, with a notable increase in revenue from data center operations, which grew nearly 120% in the first five months of 2025 [10]. - The company maintains a positive operating cash flow for three consecutive years and keeps its debt ratio below 45%, significantly lower than the industry average [11]. Global Expansion - Doudeng Co. has successfully implemented a "technology going global" strategy, achieving a gross margin of over 30% in overseas markets, with significant margins in Europe, the Middle East, and Africa [12]. - The global energy storage market is projected to grow exponentially, with cumulative installed capacity expected to rise from 746.8 GWh in 2024 to 6,810.1 GWh by 2030, indicating substantial market potential [12]. Industry Outlook - The demand for energy storage batteries is expected to continue growing due to the global shift towards low-carbon energy, the expansion of 5G communication base stations, and the growth of data centers [13].
公用事业行业点评报告:山东136号文正式印发,新能源收益率确定性提升、电力市场交易机制健全
Soochow Securities· 2025-08-11 04:01
证券研究报告·行业点评报告·公用事业 公用事业行业点评报告 山东 136 号文正式印发,新能源收益率确定 性提升&电力市场交易机制健全 增持(维持) [Table_Tag] [投资要点 Table_Summary] 执业证书:S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书:S0600522030002 renyx@dwzq.com.cn 行业走势 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 2024/8/12 2024/12/10 2025/4/9 2025/8/7 公用事业 沪深300 相关研究 《香港 RWA 注册平台上线,继续关 注 RWA 对虚拟电厂、电交易、碳交易 的赋能》 2025-08-08 《继续推荐受益绿证价值提升+装机 高增的绿电板块》 2025 年 08 月 11 日 证券分析师 袁理 2025-08-04 东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 ◼ 事件:山东省发展改革委印发《山东省新能源上网电价市场化改革实施 方案》、《关于 2025 年新能源机制电价竞价工 ...
山东发布国内首个新能源机制电价竞价细则
Zheng Quan Shi Bao· 2025-08-10 17:29
《细则》针对分布式光伏(尤其是户用项目)规模小、主体散的特点,创新设计"自主+代理"双参与模 式。其中,自主申报的自然人户用分布式光伏项目免除履约保函要求,显著降低了户用分布式光伏的竞 价门槛,使户用光伏业主能以更低成本、更小风险参与竞价。《细则》还要求分布式项目并网需满 足"四可"(可观、可测、可调、可控)条件,推动碎片化分布式新能源融入电力系统调度体系。 8月7日印发的《山东省新能源上网电价市场化改革实施方案》明确,全省风电、太阳能发电等新能源项 目上网电量原则上全部进入电力市场,上网电价通过市场交易形成。8月8日,山东省对外发布《山东省 新能源机制电价竞价实施细则》(下称《细则》),形成了全流程标准化的机制电价竞价机制。该《细 则》是全国首个针对新能源增量项目机制电价竞价的省级实施细则。 《细则》采用"边际出清+动态调整"机制,将同类型项目按申报电价从低到高排序,以最后一个入选项 目报价作为统一机制电价,确保市场的竞争性和公平性;同时针对边际机组特殊情况设置50%的比例限 制——当边际机组入选电量不足申报量的50%时,取消其资格并以前一项目报价作为出清价,有效避免 边际项目因入选电量过少造成的经济损失。 ...
山东推进新能源上网电价市场化改革 发布国内首个机制电价竞价实施细则
针对新能源上网电价市场化改革,山东近日连续发布了多个文件,引发关注。 为保障竞价机制稳定运行,《细则》构建了差异化、精细化的履约保函体系:未投产项目需按装机容 量、利用小时数等参数缴纳保函(单个项目不低于6000元),已投产项目原则上免缴;代理商代理多个项 目时,可合并开具保函,大幅降低了操作成本。这一设计既降低了投产项目的参与门槛,又通过经济约 束倒逼未投产项目按期履约。 8月7日,山东印发《山东省新能源上网电价市场化改革实施方案》。《方案》明确,全省风电、太阳能 发电等新能源项目上网电量原则上全部进入电力市场,上网电价通过市场交易形成。8月8日,山东紧接 着对外发布《山东省新能源机制电价竞价实施细则》(以下简称《细则》),形成了全流程标准化的机制 电价竞价机制。该《细则》是全国首个针对新能源增量项目机制电价竞价的省级实施细则,既为山东省 内相关企业投资落地提供了依据,也为其他省份出台相关细则提供了参考。 中国电力报指出,山东省《细则》的发布,不仅是对国家新能源电价市场化改革的率先响应,更是 以"问题导向"的制度创新,破解了全容量认定方式、主体资质要求、边际机制处置等竞价实施过程中的 困难点。其探索的"分类 ...