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 ...

要点 2025 年 5 月 2 日 公司研究 25Q1 业绩稳定增长，装机容量有望持续扩张 ——中国核电（601985.SH）2024 年年报暨 2025 年一季度报点评 事件：公司发布 2024 年年报及 2025 年一季度报。2024 年，公司实现营收 772.72 亿元，同比+3.09%；归母净利润 87.77 亿元，同比-17.38%。2025 年一季度， 公司实现营收 202.72亿元，同比+12.70%；归母净利润 31.37 亿元，同比+2.55%。 24 年核电发电量同比稍有下降，绿电发电量同比大增。公司 2024 年累计商运 发电量为 2163.49 亿千瓦时，同比+3.09%；上网电量为 2039.23 亿千瓦时，同 比+3.28%。其中，核电发电量 1831.22 亿千瓦时，同比-1.80%；上网电量 1712.60 亿千瓦时，同比-1.83%。主要原因系维修次数增多及受台风影响：秦山大修安 排同比增多，发电量同比-1.52%；海南核电受"摩羯"台风影响，配合电网线 路检修降功率，发电量同比-7.85%；福清 4 号机组小修，发电量同比-6.74%。 由于新能源在运装机规模增加，新能源发 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The significant increase in income tax expenses has negatively impacted profitability, but the existing nuclear power projects ensure stable growth [5] - The company reported a revenue of 77.27 billion yuan in 2024, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 17.38% to 8.78 billion yuan [7] - The company plans to distribute a cash dividend of 0.16 yuan per share for 2024, with a payout ratio of 41.9%, an increase of approximately 7 percentage points year-on-year [7] Financial Performance Summary - Revenue Forecasts: - 2023: 74.96 billion yuan - 2024: 77.27 billion yuan - 2025E: 84.54 billion yuan - 2026E: 88.54 billion yuan - 2027E: 99.29 billion yuan - Year-on-Year Growth Rates: - 2023: 5.15% - 2024: 3.09% - 2025E: 9.41% - 2026E: 4.73% - 2027E: 12.13% [6] - Net Profit Forecasts: - 2023: 10.62 billion yuan - 2024: 8.78 billion yuan - 2025E: 9.99 billion yuan - 2026E: 10.50 billion yuan - 2027E: 11.28 billion yuan - Year-on-Year Growth Rates: - 2023: 17.91% - 2024: -17.38% - 2025E: 13.89% - 2026E: 5.05% - 2027E: 7.41% [6] Operational Highlights - In 2024, the company achieved a nuclear power generation volume of 183.12 billion kWh, a decrease of 1.8% year-on-year, primarily due to increased maintenance at the Fuqing Nuclear Power Plant [7] - The company completed a renewable energy generation volume of 33.23 billion kWh in 2024, a year-on-year increase of 42.21% [7] - The marketization ratio of nuclear power reached 50.78%, an increase of 8.1 percentage points year-on-year, while the renewable energy marketization ratio reached 66.43%, an increase of 7.31 percentage points year-on-year [7] Future Outlook - The company has received approval for 10 new nuclear power units, bringing the total number of units under construction or approved to 19, which is expected to support stable long-term growth [7] - The forecasted net profit for 2025-2027 is expected to be 10.00 billion yuan, 10.50 billion yuan, and 11.28 billion yuan respectively, with growth rates of 13.9%, 5.1%, and 7.4% [7]

Core Viewpoint - Zhejiang Chenfeng Technology Co., Ltd. reported a slight increase in revenue for 2024, but a significant decline in net profit, alongside a sharp rise in financial expenses, indicating challenges in operational performance and potential implications for investors [1] Revenue Performance - The company achieved operating revenue of 1,265,814,483.12 yuan, a year-on-year increase of 1.83%, primarily driven by growth in new energy generation and distribution revenue [2] - Revenue from the electrical machinery and equipment manufacturing sector decreased by 9.32% to 1,026,299,856.08 yuan, while revenue from the electricity and heat production and supply sector surged by 333.58% to 165,390,311.97 yuan [2] Profitability Analysis - The net profit attributable to shareholders was 11,086,963.84 yuan, representing an 86.78% decline year-on-year, attributed to the absence of significant non-recurring gains and increased depreciation from new facilities [3] - The net profit excluding non-recurring items was 3,085,257.68 yuan, down 86.50%, indicating weakened core business profitability despite excluding non-recurring factors [4] Earnings Per Share - Basic earnings per share fell to 0.07 yuan, a decrease of 86.00%, reflecting the impact of declining profitability on shareholder returns [5] - The diluted earnings per share, excluding non-recurring items, was 0.02 yuan, down 85.71%, further confirming the trend of reduced core business profitability [6] Expense Overview - Total expenses showed mixed trends, with sales expenses decreasing by 9.92% to 10,318,292.94 yuan, management expenses increasing by 22.78% to 67,946,117.20 yuan, R&D expenses decreasing by 10.38% to 41,501,270.67 yuan, and financial expenses surging by 96.52% to 64,740,541.06 yuan [7] - The reduction in sales expenses was attributed to lower sales-related costs and personnel salaries, while the increase in management expenses was mainly due to higher depreciation [8][9] - The significant rise in financial expenses was linked to increased interest expenses, suggesting a need for the company to optimize its financing structure [10] R&D Investment - The total R&D expenditure was 41,501,270.67 yuan, accounting for 3.28% of operating revenue, indicating a continued commitment to technological innovation despite a reduction in investment [12] - The company employed 142 R&D personnel, representing 10.92% of the total workforce, with a reasonable age structure but a need for improvement in educational qualifications to enhance innovation capabilities [13] Cash Flow Performance - The net cash flow from operating activities was 202,228,860.36 yuan, a substantial increase of 78.28%, primarily due to higher cash receipts from new energy sales [14][15] - Negative cash flow from investing activities was recorded at -321,791,739.92 yuan, reflecting increased capital expenditures for fixed assets [16] - The net cash flow from financing activities decreased due to reduced borrowing and dividend payments, indicating adjustments in capital management [17]

龙源电力（001289.SZ）2024 年年报及 2025 年一季报点评 来风偏弱影响业绩，自建+注入增加装机规模 2025 年 04 月 30 日 ➢ 事件：4 月 29 日，公司公告 2024 年年报及 2025 年一季报，2024 实现收 入 370.7 亿元，同比-2.58%；归母净利 63.45 亿元，同比+0.66%；扣非归母净 利 57.11 亿元，同比-8.51%。2024 年计提资产减值 9.79 亿元，同比减少 11.55 亿元、信用减值 1.30 亿元，同比+0.29 亿元。单季度来看，24Q4 公司收入 107.19 亿元，同比+12.39%；归母净利 8.7 亿元，同比+515.95%；扣非归母净利 6.01 亿元，同比+251.35%。2025Q1 实现收入 81.4 亿元，同比-19%；归母净利 19.02 亿元，同比-22.07%；扣非归母净利 18.61 亿元，同比-22.34%。 ➢ 24 年风电电价小幅提升，光伏平均电价下行，来风偏弱压制 24 年业绩。 2024 年新能源发电板块实现营业收入 313.70 亿元，同比+6.89%；利润总额 97.19 亿元，同比+10. ...

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company's first-quarter profit decreased by 21.9% year-on-year to 1.98 billion RMB, primarily due to increased operating expenses and a reduction in profit from the divestment of its thermal power business [6][7]. - Revenue growth was limited to 0.9% year-on-year, with wind power generation increasing by 4.4%, but offset by a decline in electricity prices [6][8]. - The target price has been adjusted to HKD 7.81, reflecting a 28% potential upside from the current price of HKD 6.10, maintaining a price-to-earnings ratio of 9 times for 2025 [6][15]. Financial Overview - Revenue projections for the company are as follows: 29,631 million RMB in 2023, increasing to 34,510 million RMB in 2025, with a compound annual growth rate of approximately 10% from 2024 to 2025 [5][18]. - Net profit is expected to grow from 6,157 million RMB in 2023 to 6,758 million RMB in 2025, with a net profit margin of around 19.6% in 2025 [5][19]. - The company plans to increase its installed capacity significantly, with projections of 47,143 MW by 2025, driven by growth in wind and solar energy [9][18]. Operational Performance - The average utilization hours for wind power in the first quarter were 585 hours, a decrease of 55 hours year-on-year, attributed to reduced wind resources in certain regions [6][8]. - The company added 36.25 MW of new installed capacity in the first quarter, with wind and solar contributing 34.7 MW and 1.5 MW, respectively [6][9]. - The overall curtailment rate for the company is approximately 4%, with expectations for a slight acceleration in installation progress leading up to a policy deadline on June 1 [6][9].

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company's first-quarter profit decreased by 21.9% year-on-year to 1.98 billion RMB, primarily due to rising operating expenses and a reduction in profit from the divestment of its thermal power business [6][7]. - Revenue growth was limited to 0.9% year-on-year, with wind power generation increasing by 4.4%, but offset by a decline in electricity prices [6][8]. - The target price has been adjusted to HKD 7.81, reflecting a 28% potential upside from the current price of HKD 6.10, maintaining a price-to-earnings ratio of 9 times for 2025 [6][15]. Financial Overview - Revenue projections for the company are as follows: 29,631 million RMB in 2023, increasing to 34,510 million RMB in 2025, with a compound annual growth rate of approximately 10% [5][18]. - Net profit is expected to grow from 6,157 million RMB in 2023 to 6,758 million RMB in 2025, with a net profit margin of around 19.6% in 2025 [5][19]. - The company plans to increase its installed capacity significantly, with wind power expected to reach 33,409 MW by 2025 [9][18]. Operational Performance - The average utilization hours for wind power in the first quarter were 585 hours, a decrease of 55 hours year-on-year, attributed to reduced wind resources in certain regions [6][8]. - The company added 36.25 MW of new installed capacity in the first quarter, with wind and solar power contributing 34.7 MW and 1.5 MW, respectively [6][9]. - The overall curtailment rate for the company is approximately 4%, with expectations for a slight acceleration in installation progress leading up to a policy deadline [6][9]. Market Position - The company's market capitalization is approximately 20,239.07 million HKD, with a 52-week high of HKD 8.29 and a low of HKD 5.31 [4][6]. - The average daily trading volume is around 76.36 million shares, indicating a relatively active trading environment [4][6]. Future Outlook - The company is expected to complete significant capacity upgrades, with approximately 370 MW of projects anticipated to be finished by 2025 [6][9]. - Adjustments to earnings forecasts for 2025 and 2026 have been made, with a downward revision of about 2.4% due to changes in trading prices and operating expenses [6][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.23 RMB [7][4]. Core Insights - The company reported a revenue of 35.428 billion RMB for 2024, a year-on-year increase of 6.54%, and a net profit attributable to shareholders of 1.723 billion RMB, up 95.52% from the previous year, exceeding expectations [1]. - In Q1 2025, the company achieved a revenue of 9.885 billion RMB, a year-on-year increase of 4.59%, and a net profit of 1.063 billion RMB, up 129.84%, driven by lower coal prices and increased revenue from renewable energy [1]. - The company plans to continue expanding its renewable energy capacity, with a projected increase in installed capacity and ongoing projects [3]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at 35.428 billion RMB, with a growth rate of 7.76% for 2025 [6]. - The net profit attributable to shareholders is expected to reach 4.080 billion RMB in 2025, reflecting a significant growth of 136.75% compared to 2024 [6]. - The earnings per share (EPS) is projected to be 0.61 RMB for 2025, with a return on equity (ROE) of 13.61% [6]. Operational Highlights - The company’s thermal power generation volume increased by 5% in 2024, with a total installed capacity of 21.39 million kW, an increase of 1.61 million kW year-on-year [2]. - The average electricity price for thermal power remained stable at 360 RMB per MWh, with a decrease in fuel costs by 3.9% [2]. - Renewable energy generation saw a significant increase, with a year-on-year growth of 322% in 2024, driven by new projects coming online [3]. Valuation Metrics - The target price of 5.23 RMB corresponds to a price-to-book (PB) ratio of 1.11x for 2025, which is above the industry average of 1.07x [4]. - The company’s projected net profit compound annual growth rate (CAGR) from 2025 to 2027 is 43%, significantly higher than the industry average of 12% [4].

Core Viewpoint - The National Energy Group has achieved significant operational success in the first quarter of 2025, maintaining high coal production levels and increasing renewable energy output, while also expanding its logistics capabilities in non-coal transportation [1] Group 1: Coal Production - The National Energy Group's self-produced coal has maintained a daily production level of 50 million tons for 42 consecutive months, reaching a historical seasonal peak [1] - The market share of coal shipped from northern ports remains above 40% [1] Group 2: Electricity Generation - The total electricity generation reached 296.4 billion kilowatt-hours, with daily renewable energy generation increasing by 21% year-on-year [1] - Solar power generation continues to show leading growth rates [1] Group 3: Logistics and Transportation - The company has expanded its non-coal logistics operations, with year-on-year increases in non-coal transportation volumes: rail transport up by 7.8%, port transport up by 27.4%, and shipping transport up by 486.3%, all achieving historical seasonal highs [1]

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].