申能股份（600642.SH）2024 年年报及 2025 年一季报点评 Q1 业绩短期承压，多元化业务助力业绩增长 2025 年 05 月 04 日 ➢ 事件：4 月 30 日，公司公告 2024 年年报及 2025 年一季报。2024 营收 296.19 亿元，同比+1.64%；归母净利 39.44 亿元，同比+14.04%；扣非归母净 利润 34.78 亿元，同比+12.77%，再创历史新高。单季度来看，24Q4 公司收入 72.47 亿元，同比-0.08%；归母净利 6.64 亿元，同比-30.54%；扣非归母净利 润 5.4 亿元，同比-11.11%。2025Q1 实现收入 73.37 亿元，同比-9.09%；归母 净利润 10.11 亿元，同比-12.82%；扣非归母净利润 8.71 亿元，同比-2.27%。 ➢ 煤电+气电+油气+核电+新能源+抽蓄多能源平行发展。2024 年实现发电 量 491.24 亿千瓦时，同比增长 6.84%，上网电量 472.25 亿千瓦时，同比增长 6.96%，上网电价 479.29 元/兆瓦时。截至 2024 年末，控股装机容量为 1795.5 万千瓦，同比增加 5 ...

Core Insights - The successful completion of multiple distributed photovoltaic projects by Huadian Jiangsu Energy Company demonstrates a strong commitment to renewable energy development and efficient project execution [1][2]. Group 1: Project Completion and Capacity - Huadian Jiangsu has completed 16 distributed photovoltaic projects with a total capacity of 80.9 MW, achieving its production target by April 30 [1]. - The company’s renewable energy capacity is set to reach 2.76 million kW by April 2025, with clean energy accounting for 59% of the total installed capacity [2]. Group 2: Project Management and Execution - A dual-track mechanism of "demand list + supplier database" was established to control procurement prices and ensure equipment compatibility [1]. - The company implemented a "special task force" for the bidding process, significantly reducing the bidding cycle through streamlined procedures [1]. - Safety checks were conducted extensively, identifying and rectifying 95 safety issues to ensure zero defects in project quality [1]. Group 3: Innovative Construction Techniques - The construction team for the Changzhou project utilized 3D modeling to simulate construction processes, resulting in a 25% increase in efficiency and completing milestones 7 days ahead of schedule [2]. - Advanced technologies such as drone surveying and high-altitude pulley systems were employed to enhance installation efficiency by 40% [2].