Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company's revenue increased by 12.13% year-on-year to 29.717 billion yuan in 2024, while the net profit attributable to shareholders decreased by 14.81% to 6.111 billion yuan due to factors such as declining electricity prices and increased operational costs [1][8]. - The company is actively advancing its renewable energy projects, with a planned installed capacity of 16.4385 million kilowatts by the end of 2024, including 4.8684 million kilowatts of wind power and 7.4501 million kilowatts of solar power [3][20]. - The company has adjusted its profit forecast downward due to the impact of falling electricity prices, with expected net profits of 6.74 billion yuan in 2025, 7.23 billion yuan in 2026, and 7.74 billion yuan in 2027, reflecting growth rates of 10.2%, 7.4%, and 7.1% respectively [4][21]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 29.717 billion yuan, a 12.13% increase, while the net profit attributable to shareholders was 6.111 billion yuan, a decrease of 14.81% [1][8]. - For Q1 2025, the company reported a revenue of 7.628 billion yuan, down 3.47%, and a net profit of 2.447 billion yuan, up 1.16% [2][9]. Project Development - The company is focusing on offshore wind power development in regions such as Guangdong, Fujian, and Jiangsu, while also expanding into other areas like Shandong and Liaoning [3][20]. - By the end of 2024, the company plans to have 16.4385 million kilowatts of projects under construction, with significant contributions from wind and solar energy [3][20]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 6.74 billion yuan, 7.23 billion yuan, and 7.74 billion yuan respectively [4][21]. - The current stock price corresponds to a PE ratio of 18.2 for 2025, 16.9 for 2026, and 15.8 for 2027 [4][21].

电新行业 24 年报及 25 年一季报业绩总结 20250507 摘要 • 2025 年一季度新能源行业营收小幅增长，但盈利能力持续下滑，主要受 光伏板块拖累，需关注光伏行业产能过剩及政策调控对市场的影响。 • 新能源车板块复苏势头良好，一季度营收和净利润均实现显著增长，其中 电池子行业表现稳健，但三元正极材料和电解液子行业盈利承压。 • 风电行业迎来拐点，产能利用率上升，订单充足，但主机厂盈利修复滞后， 需关注二三季度主机厂制造业务盈利拐点。 • 储能板块需求良好，一季度收入和利润均实现正增长，是新能源发电板块 中表现相对较好的子行业。 • 电力设备行业整体稳健增长，特高压和智能化是主要驱动力，出海业务潜 力巨大，相关公司值得关注。 • 工控领域业绩显著提升，人形机器人领域展现良好市场潜力，但各子行业 发展不平衡，需关注特斯拉供应商及国内迭代速度快的企业。 • 风电产业链价格趋稳，海上风电装机预计翻倍，海外需求旺盛，长期逻辑 明确，关注头部企业及海缆管桩相关公司。 Q&A 请介绍一下去年（2024 年）和今年（2025 年）一季度新能源行业的整体业 绩情况。 去年（2024 年），新能源行业整体营收同比下滑 ...

Core Insights - Inner Mongolia is emerging as a profitable hub for intelligent computing centers due to its low electricity prices, attracting major players from various industries [1][2][5] - The region has seen significant investment in data centers, with notable companies like China Mobile, China Unicom, and Huawei establishing operations there [2][5] - Inner Mongolia's energy resources, including coal, wind, and solar power, contribute to its competitive electricity pricing, making it an attractive location for energy-intensive industries [4][5] Group 1: Industry Dynamics - The demand for computing power has surged, leading to accelerated construction of intelligent computing centers, particularly in Inner Mongolia [2] - Inner Mongolia's computing power scale is approximately 120,000 P, with over 90% being intelligent computing power, ranking first in the country [2] - The largest single intelligent computing center globally is operated by China Mobile in Hohhot, boasting a computing capacity of 6,700 P [2] Group 2: Energy and Cost Factors - Electricity prices are a critical factor in determining the operational costs of intelligent computing centers, with energy consumption approvals being a key regulatory hurdle [4] - The region's abundant renewable energy resources have led to extremely low electricity costs, with reports indicating prices as low as 0.05 yuan per kilowatt-hour [4] - Despite the challenges of integrating renewable energy into the grid, the overall cost advantages continue to attract data center investments [4][5] Group 3: Future Outlook - The Chinese government aims to enhance the efficiency and sustainability of data centers, targeting a power usage effectiveness (PUE) of below 1.5 by the end of 2025 [4] - Analysts highlight that Inner Mongolia's competitive electricity pricing and acceptable network latency make it a viable location for energy-intensive data center operations [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The report highlights that the significant improvement in thermal power performance has led to a year-on-year increase in net profit attributable to shareholders of 8.19%, reaching 4.973 billion yuan in Q1 2025 [2][6]. - The report indicates that while the wind power segment faced challenges due to market pricing and reduced utilization hours, the solar power segment showed robust growth with a profit increase of 52.59% year-on-year [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 60.335 billion yuan, a decrease of 7.70% year-on-year, while net profit attributable to shareholders was 4.973 billion yuan, an increase of 8.19% [6]. - The total profit from coal-fired power generation reached 39.82 billion yuan, up 40.96% year-on-year, with a profit per kilowatt-hour of 0.048 yuan, an increase of 0.017 yuan [12][13]. Segment Performance - Wind power profits totaled 2.252 billion yuan, down 6.7% year-on-year, while solar power profits reached 564 million yuan, up 52.59% year-on-year [12][13]. - The company added 903,700 kilowatts of wind power and 1,531,700 kilowatts of solar power in Q1 2025, bringing total renewable energy capacity to 40.38 million kilowatts, a year-on-year increase of 33.64% [12][13]. Market Conditions - The average on-grid electricity price for the company's domestic power plants was 488.19 yuan per megawatt-hour, a decrease of 9.78 yuan year-on-year, influenced by structural changes in the energy mix [12][13]. - The report notes that the decline in coal prices has positively impacted the cost structure, with the average price of Qinhuangdao Q5500 coal falling to 721.22 yuan per ton, down 180.52 yuan year-on-year [12][13]. Future Outlook - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 0.74 yuan, 0.81 yuan, and 0.89 yuan respectively, with corresponding price-to-earnings (PE) ratios of 9.86, 9.01, and 8.12 [12][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Viewpoints - The company's revenue is expected to grow steadily in 2024, driven by rapid growth in renewable energy generation. However, the net profit attributable to the parent company is projected to decrease by 17.38% year-on-year due to non-operating factors such as taxes and impairments. Excluding these non-operating factors, the adjusted profit only decreases by 0.62%, indicating that operational factors have a limited impact on performance [2][6] - In Q1 2025, revenue is expected to increase by 12.7% year-on-year, driven by significant growth in electricity generation. However, net profit attributable to the parent company is projected to be 3.137 billion yuan, a year-on-year increase of 2.55%, with nuclear power net profit growing by 11.52% and renewable energy net profit declining by 51.32% [2][6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 77.272 billion yuan, a year-on-year increase of 3.09%, and a net profit attributable to the parent company of 8.777 billion yuan, a decrease of 17.38%. In Q1 2025, revenue reached 20.273 billion yuan, a year-on-year increase of 12.7%, with a net profit of 3.137 billion yuan, up 2.55% year-on-year [6][2] Operational Insights - The company's nuclear power generation decreased by 1.80% year-on-year to 183.122 billion kWh in 2024 due to increased maintenance days and external factors like typhoons. In contrast, renewable energy generation increased by 42.21% year-on-year, with a total installed capacity of 29.5962 million kW by the end of 2024 [12][11] - The average electricity price for nuclear power in 2024 was 0.4151 yuan/kWh, an increase of 0.004 yuan/kWh year-on-year, while the average price for renewable energy decreased by 0.062 yuan/kWh to 0.4203 yuan/kWh [12][11] Future Projections - The company expects EPS for 2025-2027 to be 0.53 yuan, 0.56 yuan, and 0.63 yuan, respectively, with corresponding PE ratios of 17.87, 16.72, and 14.81 [12][11]

证券研究报告·公司点评报告·电力 中闽能源（600163） 2024 年报&2025 一季报点评：福建风电表现 良好，关注新项目获取与集团资产注入 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,732 | 1,741 | 2,444 | 2,841 | 2,964 | | 同比（%） | (3.30) | 0.54 | 40.36 | 16.24 | 4.33 | | 归母净利润（百万元） | 678.47 | 651.15 | 922.84 | 998.68 | 1,040.61 | | 同比（%） | (6.91) | (4.03) | 41.72 | 8.22 | 4.20 | | EPS-最新摊薄（元/股） | 0.36 | 0.34 | 0.48 | 0.52 | 0.55 | | P/E（现价&最新摊薄） | 15.54 | 16.19 | 11.42 | 10.56 | 10.13 | [Ta ...

Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, indicating challenges in the energy and financial investment sectors, particularly due to falling electricity prices and limited profitability in traditional energy sources [1][4]. Energy Power Business: Steady Progress but Growth Constraints - In 2024, the company maintained a steady approach in its energy power business, addressing challenges such as declining thermal power output growth and falling electricity prices [4]. - The company achieved stable electricity sales through strategic adjustments, with key assets like Meixian Heshuyuan Power Plant and Lufeng Jiahuwan Power Plant playing crucial roles [4]. - The Lufeng Jiahuwan Power Plant Phase II expansion project saw an investment of 200 million yuan, with successful phased loan disbursements, yet overall revenue declined by 23.08% and net profit by 20.60% [4]. - The company faces the challenge of enhancing the competitiveness of its thermal power business amid the growing trend of renewable energy generation [4]. Financial Investment Business: Cautious Management but High Revenue Volatility - The company adopted a cautious investment strategy in the financial sector, optimizing existing assets to improve operational efficiency [4]. - The company completed the transfer of equity in China General Nuclear Power Group's offshore wind power company and publicly listed stakes in other firms, enhancing asset liquidity [4]. - The newly established Meizhou Commercial Bank reported total assets of 41.79 billion yuan, a 30.38% increase, with operating income rising by 20.20% and net profit after provisions increasing by 7.71% [4]. - Despite some growth in financial investments, revenue volatility remains high, closely tied to market conditions [5]. Compliance Management: Multiple Measures but Governance System Needs Improvement - The company implemented various measures for compliance management, focusing on party leadership, system improvement, internal audits, and compliance training [6]. - The governance structure was enhanced with the completion of board elections, integrating party leadership with corporate governance [6]. - The company improved its internal control and audit processes, yet the governance system requires further refinement to adapt to rapidly changing market conditions [6]. Overall Assessment - The company navigated a complex market environment in 2024, achieving sustainable development through stable operations and diversified investment strategies [6]. - However, growth momentum in both energy power and financial investment sectors remains insufficient, and the governance system requires ongoing enhancement [6].

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

来水较好叠加新能源装机增长，带动Q1 电量微增。根据2025 年一季报，2025 年Q1 公司及子公司累计 完成上网电量603.232 亿千瓦时，同比+0.76%；其中煤机/ 燃机/ 水电/ 风电/ 光伏上网电量分别同 比-2.41%/-16.42%/+15.39%/+34.18%/+32.02%。2025 年Q1，全国火电发电量累计减少4.7%，我们推测， 公司火电电量同比减少或主要受机组所在地区火电需求下滑所致。与此同时，由于公司部分水电机组所 在区域来水较好，且2025 年Q1 新投产37.45 兆瓦，新能源装机容量同比大幅增长，因此水电和新能源 上网电量显著增长，带动整体上网电量略增。 燃料成本降幅明显，弥补降价影响带动业绩高增。根据公司披露的经营数据，2025 年Q1 公司平均上网 电价为460.91 元/兆瓦时（含税），同比下降约3.24%。一方面，公司火电机组主要处于京津冀等地区， 其2025 年长协电价下滑比例相较于沿海地区相对较小；另一方面，尽管量平价降，但受益于煤价下 跌，公司燃料采购成本显著下降，25 年Q1 营业成本同比下降5.57%，带动营业利润同比增长53.38%。 事件：公司发布 ...

央广网北京5月3日消息（记者韩萌 李洪淼）据中央广播电视总台中国之声报道，当人工智能、量子计算、生物制造等前沿技术重塑经济 版图，一批新职业正以"光速"破土而出——生成式人工智能系统应用员、智能网联汽车测试员、储能电站运维管理员……它们不仅是技术革命 的"产物"，更是亿万劳动者在数字浪潮中"再造职业"的生动实践。这个"五一"，让我们共同见证——一群人，用"新"定义劳动；一个国， 以"新"引领未来。 中国之声"五一"劳动节特别策划《新质生产力 职业新观察》，5月3日，我们观察的新职业是储能电站运维管理员，看他们如何用超强耐 心和过硬技术守护"城市的能量脉搏"？ 播放 在重庆的一个半山腰上，依山而建着两江龙盛储能电站，这个电站可以存储30万度电，一次完整的放电可以满足6万个普通家庭一天的用 电。每天凌晨2时到7时的用电低谷时段，储能电站就会从电网引入富余的电能进行充电，早上8时，储能电站已经电量满满，而储能电站的运 维管理员何粤江也已经开始了一天中的第一次巡检。 何粤江：我们每日例行的巡检，需要闻设备有没有异味；看电流、电压等数据；听空调有没有正常运行；还要测设备是否有温度异常…… 完整的巡检流程结束需要2个⼩时 ...