登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 9.布尔津粤水电不是失信被执行人。 三、投资项目基本情况 为推进该项目投资建设，布尔津粤水电聘请中国电建西北勘测设计研究院有限公司对该项目进行可行性 研究，并出具《粤水电布尔津县风电项目（三期50万千瓦）可行性研究报告》，主要内容如下： 1.项目建设地点位于新疆维吾尔自治区阿勒泰地区布尔津县，项目建设区域的125m高度代表年平均风 速介于6.75m/s-7.08m/s之间，平均风功率密度介于454W/㎡-514W/㎡。根据《风电场工程风能资源测量 与评估技术规范》（NB/T 3114-2018）判定该风电场风功率密度等级为3级，风能资源丰富。 2.项目为风力发电电站，建设期预计为6个月，生产运行期为20年。本项目任务以发电为主，装机容量 500MW，设计安装50台10MW风电机组，拟新建一座220kV升压站，出1回220kV线路接入喀纳斯750kV 变电站，送出线路型号为JL/G1A-4*400型导线。储能将采用租赁方式进行配置。 3.项目装机容量为500MW，年平均发电小时数约为1,868h，年平均上网电量约为93,420万kWh。 4.项目建设工期为6 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - The company achieved a significant year-on-year growth of 43% in net profit attributable to shareholders in Q1 2025, showcasing strong growth potential for the long term [1][6]. - The report highlights the company's robust performance in the wind power sector, particularly in offshore and onshore projects, driven by improved wind conditions in Fujian province [6][7]. - The report anticipates a structural adjustment in the renewable energy sector, particularly in wind and solar power, which could lead to substantial growth opportunities for the company [6][7]. Financial Summary - Total revenue for 2024 is projected at 145.63 billion, with a slight decline of 0.9% year-on-year, while net profit is expected to reach 27.93 billion, reflecting a growth of 6.5% [2][6]. - The company’s earnings per share (EPS) are forecasted to increase from 1.00 in 2024 to 1.29 by 2027, indicating a positive growth trajectory [2][6]. - The target price for the company's stock is set at 13.1 yuan, representing a 32% upside from the current price of 9.96 yuan [2][6]. Operational Data - The company’s total installed capacity as of the end of 2024 is approximately 6.096 million kilowatts, with a clean energy generation capacity accounting for 56.35% [6][7]. - The report notes that the company’s market-based electricity trading volume reached 173.88 billion kilowatt-hours in 2024, constituting 75.70% of total electricity generated [6][7]. - The company has signed contracts with 400 users for electricity sales, achieving a total sales volume of 10 billion kilowatt-hours in 2024 [6][7]. Growth Projections - The report revises the profit forecast for 2025 to 30.43 billion and for 2026 to 33.70 billion, with a new projection for 2027 at 35.93 billion [6][7]. - The expected growth rates for net profit are 8.9% in 2025, 10.8% in 2026, and 6.6% in 2027, indicating a stable growth outlook [2][6]. - The report emphasizes the potential for growth in the offshore wind sector, which is currently underdeveloped, with only 41GW of installed capacity as of 2024 [6][7].

Core Viewpoint - The company reported a strong Q1 2025 performance with revenue of 145 million yuan, a year-on-year increase of 40.14%, driven by pre-market installations of new energy power stations and contributions from distributed power stations under the "Four Can" requirements [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 16.61 million yuan in Q1 2025, up from 12.34 million yuan in the same period last year, primarily due to revenue growth enhancing profitability [1] - The gross margin for Q1 2025 was 56.12%, a decrease of 9.14 percentage points year-on-year, attributed to a higher proportion of hardware in new customer installations [2] - The sales, management, and R&D expense ratios were 20.29%, 7.26%, and 14.27% respectively, showing significant declines of -5.76, -2.54, and -6.17 percentage points year-on-year [2] Group 2: Market Opportunities - The distributed photovoltaic incremental market is expected to grow, with the company being a leading provider of power prediction services, achieving industry-leading accuracy and market share [3] - The release of the "Management Measures for the Development and Construction of Distributed Photovoltaic Power Generation" by the National Energy Administration is anticipated to create an incremental market for the company's business [4] Group 3: Growth Potential - The company has served over 4,000 new energy power station clients, providing data support for the development of an electricity trading decision-making platform [5] - The recent policy changes aimed at market-oriented pricing for new energy generation are expected to deepen the market reform, making price curve predictions a necessity for power stations, thus presenting a potential turning point for the company's second growth curve [5] Group 4: Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 122 million, 154 million, and 196 million yuan for 2025-2027 [6] - The target price is set at 79.06 yuan, based on a 65.0 times 2025 price-to-earnings ratio, reflecting the growth potential from the distributed market and the second growth curve [6]

当前新能源发电行业正处于政策逐步明朗化阶段。随着 136 号文的实施，未来 新增项目的机制电量和电价情况将更加清晰。国家对于绿电消纳问题提出了解 • 福建省投资集团启动永泰抽蓄项目 51%股权的注入程序，未来平海湾三期 等优质资产也在持续开发中。这些资产的注入将推动中闽能源长期利润中 枢迈上新台阶。 • 中闽能源作为福建省内核心海风运营平台，拥有丰富且优质的海风资源。 福建省海风资源是国内最优质的绿电资源之一，目前电价逐步回归合理区 间，整体资产价值回升显著。 决方案，这将提高绿电板块长期投资回报的确定性，并推动整个行业进入更加 理性的状态，从而改善供需关系。此外，一些细节上的边际改善，如现金流改 善、国补发放加速，也值得期待。这些政策变化为新能源发电行业的发展提供 了良好的环境，有助于提升项目回报率。 中闽能源 20250428 摘要 • 中闽能源海上风电项目利用小时数和发电效率突出，直配项目电价较高， 保证了投资收益率。控股股东福建省投资开发集团承诺注入平海湾三期等 资产，增强公司成长性和盈利能力。 • 新能源发电行业政策逐步明朗化，136 号文的实施将使新增项目机制电量 和电价更加清晰。绿电消纳解决方案 ...

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 2025 年 4 月 动力煤月报 2025 年 4 月，国内动力煤价格小幅下跌，据 iFind 统计，截至 4 月 22 日，秦皇岛港 5500K 报价 662 元/吨，月环比下跌 11 元，较去年同期偏 低 157 元。 供应端，2025 年 3 月，全国原煤产量 4.4 亿吨，同比增 9.6%，刷新 历史最高单月产量；进口煤及褐煤 3873 万吨，同比减 6.4%；总供应 4.79 亿吨，同比增 8.8%，动力煤仍面临较强的供应端压力。分省份产量看，3 月份原煤增产主要集中在山西和新疆，同比增幅分别录得 19.1%和 20.6%， 另外陕西原煤产量同比增 6.7%，可见煤价下跌暂未对煤矿生产造成影响。 进入 4 月以后，主产区煤炭产量仍有小幅提升，进口量预计与 3 月接近， 动力煤供应仍处高位。 需求端，2025 年 3 月，全社会用电量 8282 亿千瓦时，同比增 4.8%。 4、5 月份是传统电煤淡季，截至 4 月 17 日，沿海 8 省电煤日耗 177.4 万 吨，周环比降 8.3 万吨；内陆 17 省电煤日耗 305.4 万吨 ...

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 火电同比下滑，CEA 弱势运行 核心观点 根据上海环境能源交易所数据，截至到 2025 年 4 月 25 日，全国 碳市场碳排放配额(CEA)收盘价为 75.76 元/吨，较上月同期下跌 13.12%，较去年同期下跌 26.02%。近 30 个交易日内，全国碳排放配 额的平均成交量为 23.2 万吨，上期平均成交量为 11.9 万吨，可见 近期碳排放现货市场较为活跃，成交量均值月环比增加 11.3 万吨。 能源价格来看，截至 2025 年 4 月 27 日，秦皇岛港 5500K 报价 656 元/吨，较上月底偏低 11 元/吨，较去年底偏低 107 元/吨。动力 煤偏空因素堆积，年内价格重心持续下行，市场氛围较为悲观。 2024 年 1~12 月，全国天然气表观消费量累计 4234.65 亿立方 米，同比去年偏多 334.30 亿立方米；全国燃料油表观消费量累计 5199.42 万吨，同比去年偏少 1102.83 万吨；全国焦炭表观消费量累 计 48108.04 万吨，同比去年偏少 296.69 万吨。 电力方面，2025 年 3 月，全 ...

Group 1 - The core viewpoint of the article highlights Beijing Keri's significant growth in revenue and profitability in Q1 2025, driven by the increase in income from the energy storage and renewable energy sectors [1] - The company reported a revenue of 434 million yuan, representing a year-on-year increase of 60.22%, and a net profit of 10.56 million yuan, marking a turnaround from losses [1] - Beijing Keri's products, including energy storage converters and complete sets of high and low voltage equipment, are widely used in renewable energy generation and storage [1] Group 2 - For its 2025 business plan, the company aims to capitalize on increased investments in the power grid market by enhancing technical capabilities, reducing costs, and building a sales team [2] - The company plans to focus on developing its renewable energy business through innovation and collaboration, utilizing various operational models such as self-development, investment construction, EPC contracting, and system integration [2] - Beijing Keri will also continue to advance its market capitalization management efforts in the capital market [2]

Financial Performance - The company reported a total revenue of 3.055 billion yuan in 2024, a decrease of 7.79% year-on-year [1] - The net profit attributable to shareholders was 727 million yuan, down 8.85% year-on-year [1] - The net profit excluding non-recurring items was 696 million yuan, a decline of 8.62% year-on-year [1] New Energy Generation Business - The installed capacity for new energy generation reached 1.2977 million kilowatts by the end of 2024, with wind power capacity at 1.2738 million kilowatts and solar power capacity at 23,900 kilowatts [4] - The total electricity generation was 40.15 billion kilowatt-hours, an increase of 18.12% year-on-year, while the electricity sales volume was 39.10 billion kilowatt-hours, up 18.41% year-on-year [4] - The company has seven wind and solar projects under construction, with a total installed capacity of 1.7708 million kilowatts, ranking among the top in Sichuan province [4] Waste Incineration Power Generation and Sanitation Integration - The waste incineration power generation business has an installed capacity of 156,500 kilowatts, with projects located in various cities in Sichuan and other provinces [5] - In 2024, the company processed 2.5724 million tons of household waste, generating 1.064 billion kilowatt-hours of electricity, representing year-on-year increases of 1.42% and 3.80%, respectively [5] - The sanitation integration business involved cleaning and waste collection services, covering an area of 20.4 million square meters and handling 382,800 tons of waste [6] Lithium Salt Production and Sales - The lithium salt production capacity reached 15,000 tons per year, with 10,000 tons for battery-grade lithium carbonate and 5,000 tons for battery-grade lithium hydroxide [6] - In 2024, the company produced a total of 11,300 tons of lithium salt products, combining self-production and processing [6] - The Li Jiagou lithium mine project has made progress, with the production of qualified lithium concentrate starting after successful system testing [6]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 27 年 月 日 明阳电气（301291.SZ） 业绩稳定兑现，后续双海+数据中心有望贡献增量业绩 事件：公司发布 2024 年年度报告与 2025 年一季度报告。2024 年全年实现： 1）营收 64.44 亿元，同比+29.62%；归母净利润 6.63 亿元，同比+33.8%； 扣非归母净利润 6.54 亿元，同比+33.57%。2）毛利率 22.29%，同比-0.4pct； 净利率 10.28%，同比+0.22pct。3）期间费用率为 8.38%（（售 /管理/研发/ 财务费用率分别为 3.36%、2.05%、3.27%、-0.3%，同比分别变动-0.3，-0.55， +0.02，-0.18pct），同比-1.01pct。2025 年 Q1 实现：1）营收 13.06 亿元， 同比+26.21%，环比-44.53%；归母净利润 1.12 亿元，同比+25.01%，环比 -50.51%。扣非净利润为 1.1 亿元，同比+23.07%，环比-50.78%。2）毛利 率 21.78%，同比-5.59pcts。净利率 8.6%，同比-0. ...

Investment Rating - The report maintains a "Recommended" rating for several companies including Three Gorges Energy, Yangtze Power, and China Nuclear Power, while providing a "Cautious Recommendation" for China General Nuclear Power and others [4][24]. Core Insights - The wind and solar installed capacity has surpassed thermal power for the first time, indicating a shift towards renewable energy as the main source of installed capacity [2][25]. - As of Q1 2025, the total installed capacity of wind and solar power reached 1.482 billion kilowatts, with wind power at 536 million kilowatts and solar power at 946 million kilowatts, exceeding thermal power's 1.451 billion kilowatts [2][25]. - The report forecasts a 6% year-on-year growth in total electricity consumption for 2025, with an expected total of 10.4 trillion kilowatt-hours [29]. Summary by Sections Weekly Market Review - The electricity sector outperformed the market, with the public utility sector index rising by 2.43% and the electricity sub-sector by 2.39% as of April 25, 2025 [1][8]. - Among the electricity sub-sectors, thermal power increased by 3.75%, while wind and solar power saw increases of 2.73% and 1.99%, respectively [15][22]. Industry Data Tracking - The report highlights that the total installed capacity of renewable energy is expected to exceed 60% by 2025, with new renewable energy installations projected to surpass 300 million kilowatts [29]. - The first quarter of 2025 saw a total electricity consumption of 2.38 trillion kilowatt-hours, a 2.5% increase year-on-year [27][28]. Investment Recommendations - The report suggests focusing on high-dividend stocks within the electricity sector and those with stable performance and relatively low valuations, recommending companies such as Funiu Co., Yangtze Power, and others [3][22]. - It also emphasizes the importance of companies with strong wind power assets and low-cost thermal power, recommending Three Gorges Energy and Funiu Co. [23][24].