Financial Performance - In 2024, the company achieved revenue of approximately CNY 550 million, a year-on-year increase of 20.50% [1] - The net profit attributable to shareholders was CNY 93.59 million, up 11.09% year-on-year [1] - In Q1 2025, revenue reached approximately CNY 145 million, a growth of 40.14% [1] - The net profit attributable to shareholders in Q1 2025 was CNY 16.61 million, increasing by 34.58% [1] Business Segments Power Prediction Services - By the end of 2024, the company served 4,345 power station clients, a net increase of 755 clients, representing a growth rate of 21.03% [2] - Revenue from power prediction services in 2024 was CNY 309 million, accounting for 56.29% of total revenue, with a gross margin close to 70% [2] - Equipment revenue for power prediction was CNY 78.73 million, up 23% year-on-year [2] Smart Grid Control - The smart grid control business generated approximately CNY 124 million in revenue in 2024, a growth of 28.01%, representing 22.55% of total revenue [3] Innovative Business Development - The innovative business segment achieved revenue of CNY 30.81 million in 2024, a year-on-year increase of 24% [5] - R&D investment in 2024 totaled CNY 95.33 million, accounting for 17.34% of total revenue [5] Market Trends and Policies - In Q1 2025, the total installed capacity of wind and solar power in China increased by 74.33 million kW, a year-on-year growth of over 20% [12] - The company anticipates that the new energy sector will maintain a favorable operating environment in 2025, with an expected addition of 200 million kW of wind and solar capacity nationwide [12] Shareholder Returns - The board proposed a profit distribution plan for 2024, which includes a cash dividend of CNY 4.70 per 10 shares and a bonus share issue of 2 shares for every 10 shares held, totaling nearly CNY 47 million in cash dividends [6] Future Outlook - The company plans to enhance its product offerings in the distributed photovoltaic market, focusing on power prediction systems and integrated solutions for energy management [9][10] - The introduction of the "Kuangming" AI model is expected to improve prediction accuracy and enhance the company's market share in power prediction services [20]

打造省级虚拟电厂"示范样板" 浙能集团立足浙江能源结构特点，以"资源聚合、智慧调控、市场运营"为主线，构建起覆盖技术研发、 标准制定、商业模式创新的立体化发展框架。 技术路线上，浙能虚拟电厂采用"云—边—端"三级架构，平台层开发具备"六大功能模块"的自主可控能 量管理平台，支持资源"可观、可测、可控、可调"，并接入浙江省电力调度中心与电力交易平台，实现 资源统一调度与市场交易；通讯层采用无线专网与专线结合的安全通信体系，保障指令传输安全高效； 终端层部署智能控制设备，采用"连续控制"技术，将弱可控资源改造为强连续调节单元，实现资源的秒 级响应。 浙能虚拟电厂创新"类型+能力分级"资源管理模式，按调节速率、精度等指标将资源划分为储能、光 伏、风电、水电、火电、负荷六大聚合虚拟机组，实现源网荷储全覆盖。虚拟电厂具有很强的灵活性和 可靠性，可提供连续24小时的兆瓦级调频能力，响应速度达秒级，已成为调峰调频的新势力。 在浙能虚拟电厂建设和运营管理过程中，浙能集团还主导编制相关国家标准2项、团体标准4项，填补了 行业空白；先后形成多项核心技术成果，获得2项国际发明专利，10余项国家发明专利，为行业树立标 杆；对外培训近 ...

龙虎榜机构热股 今天机构龙虎榜上榜30只个股，净买入10只，净卖出20只。当日机构买入最多的个股前三位是：珀莱雅 （3.06亿）、弘景光电（5719万）、中欣氟材（3020万）。 | 上榜热股 | | 实时涨跌幅 , 买/卖家数 , 机构净买额 , | | | --- | --- | --- | --- | | 珀菜雅 | | | | | 603605.SS | +10.00% | 3/2 | +3.06 Z | | 3日 | | | | | 弘景光电 | +20.00% | 4/0 | +5719.91万 | | 301479.SZ | | | | | 中欣氟材 | +5.24% | 2/1 | +3020.04万 | | 002915 S7 | | | | 珀莱雅 龙虎榜显示，今日3家机构净买入3.06亿。 全渠道、多品牌本土大众美妆公司，一季报净利润同比增长28.87%。 龙虎榜知名游资 一、电力体制改革 闽东电力 个股龙虎榜 公司致力于清洁能源，新能源等领域的发展。目前公司主营业务为电力生产与开发，主要以水电，风电 为主，水电，风电具有优先上网优势。 华电辽能 辽宁省重要电力和热力供应商，一季报净利润 ...

证券研究报告·行业点评报告·公用事业 2025 年 04 月 28 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 公用事业行业点评报告 核电连续 4 年核准超 10 台，核电长期成长性 加强 增持（维持） [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/4/29 2024/8/28 2024/12/27 2025/4/27 公用事业 沪深300 相关研究 《淡季到来、欧洲储库目标或放松， 全球气价回落》 2025-04-28 《新一代煤电升级专项行动实施方案 印发，3 月份全社会用电量同增 4.8%》 2025-04-21 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：2025 年 4 月 27 日，国务院常务会议决定核准浙江三门三期工程 等核电项目。 ◼ 核电连续 4 年核准超 10 台， ...

黄学杰，中国科学院物理研究所研究员 开幕致辞：储能产业迈向万亿级市场 中国科学院工程热物理研究所所长陈海生在致辞中指出，储能不仅是能源转型的"稳定器"，更是 能源产业升级的"新引擎"，是实现"双碳"目标的核心技术。面对储能领域在材料端、装备端、系 统端面临的前沿技术挑战，呼吁以"储能大科学装置+企业联合实验室"为载体，打通"基础研究- 中试验证-工程放大"的全链条，让实验室的"星星之火"燃成产业化的"燎原之势"。提出在电化学 高安全、物理储能低成本、氢能和储热规模化的科技创新之路上携手并进，为构建新型电力系 统、实现"双碳"目标贡献中国科技工作者力量。 文 | 中关村储能产业技术联盟 2025年4月10日，由中国科学院工程热物理研究所、中国能源研究会、中关村储能产业技术联盟 共同主办的第八届储能前沿技术大会主论坛在北京首都国际会展中心举行，论坛汇聚国内外8位 院士及行业顶尖专家，聚焦新型储能关键材料、储能系统安全保护、储能与新型电力系统建设、 氢能发展战略等前沿议题展开深度探讨。会议由中国科学院物理研究所研究员黄学杰主持。 杨裕生院士：氢能应转向液态燃料与增程式技术结合 中国工程院院士杨裕生提出，氢能储运成本 ...

2025 年 4 月 28 日 公司研究 技术服务与智能设备双轮驱动，净利润同比高增 ——南网科技（688248.SH）2025 年一季报点评 要点 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,537 | 3,014 | 4,009 | 5,012 | 6,090 | | 营业收入增长率 | 41.77% | 18.77% | 33.04% | 25.01% | 21.52% | | 净利润（百万元） | 281 | 365 | 481 | 623 | 774 | | 净利润增长率 | 36.72% | 29.79% | 31.73% | 29.60% | 24.21% | | EPS（元） | 0.50 | 0.65 | 0.85 | 1.10 | 1.37 | | ROE（归属母公司)（摊薄） | 10.05% | 12.22% | 14.17% | 15.91% | 16.97% | | P/E | 59 | 46 | 35 | ...

2025 年 4 月 28 日 要点 公司研究 技术服务与智能设备双轮驱动，净利润同比高增 点评： ——南网科技（688248.SH）2025 年一季报点评 事件：公司发布 2025 年一季报：2025Q1，公司实现营业收入 5.1 亿元，同比 +0.87%，环比-43.61%；归母净利润 0.57 亿元，同比+35.66%，环比-33.31%； 扣非归母净利润 0.59 亿元，同比+47.05%，环比-15.28%。 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,537 | 3,014 | 4,009 | 5,012 | 6,090 | | 营业收入增长率 | 41.77% | 18.77% | 33.04% | 25.01% | 21.52% | | 净利润（百万元） | 281 | 365 | 481 | 623 | 774 | | 净利润增长率 | 36.72% | 29.79% | 31.73% | 29.60% | 24.21% | | EPS（元 ...

Group 1 - The conference, themed "Digital Intelligence Empowering Communication Innovation, Supporting the Construction of a New Energy System," aims to promote the integration of advanced communication technologies with digital and intelligent technologies in the energy sector [3][9] - The event attracted over 500 attendees from various sectors, including grid companies, energy enterprises, research institutions, and communication technology providers, with more than 180,000 online views [1][3] - Keynote speeches emphasized the importance of communication technology as the "nerve center" of energy systems and its role in facilitating the green and low-carbon transition of the energy sector [9][11][13] Group 2 - The conference featured multiple sessions, including keynote meetings, thematic discussions, and case presentations, fostering multi-level exchanges and discussions among industry experts [3][31] - Experts discussed the integration of communication technology with AI and computing networks, exploring future trends in communication technology within the energy sector [14][20] - The event highlighted the significance of advanced communication technologies in ensuring the safe operation of power grids and supporting the transition to new energy systems [11][21] Group 3 - The conference included a case collection initiative, receiving 272 submissions from 175 organizations, with 131 cases selected for presentation, marking the largest and most professional collection to date [50] - The showcased cases covered various key areas, achieving high industry standards in technological innovation and practical application [50] - The event served as a platform for cross-sector collaboration, promoting the integration of new digital technologies and communication technologies in the energy industry [52]

2024 年以来全社会用电量同比增长，电源、电网持续保持较大的投 资规模，随着电力行业加快新型能源体系和新型电力系统构建，新能源新 增装机成为绝对主体，重点输电通道建设稳步推进，产业链带动效果显 著。特高压、清洁能源大基地建设以及省间互联通道开展规划和建设需求 仍将持续，智能变配电将迎来新机遇。同时，上下游产业链完善度逐步提 升，供给与需求体量逐渐增大，与当前国际能源局势、国家能源战略具有 密不可分的关系，特朗普再次当选或将推动国家能源战略加速发展。预计 2025 年电力、电气设备制造行业景气度仍将持续，展望为稳定。 · 2025 年电力、电气设备制造行业分析 联合资信 工商评级三部 www.lhratings.com 研究报告 1 一、行业运行情况回顾 电力、电气设备制造行业作为国民经济发展中重要的装备工业之一，2023 年以 来，全社会用电量稳步提升，电力行业加快新型能源体系和新型电力系统构建；电源、 电网持续保持较大的投资规模，投资增速创新高，新能源新增装机成为绝对主体，重 点输电通道建设稳步推进，电力设备制造行业外部发展环境良好。 电力、电气设备制造行业作为国民经济发展中重要的装备工业之一，行业景气度 ...

Core Insights - China's nuclear power industry is entering a peak construction phase with 31 units having received construction permits and 13 units awaiting approval, indicating a significant increase in construction scale compared to other countries [1] - The "China Nuclear Energy Development Report 2025" highlights that nuclear power construction investment reached 146.9 billion yuan in 2024, an increase of 52 billion yuan from the previous year, marking a historical high [1][3] Group 1: Construction and Capacity - As of the end of 2024, China has 28 nuclear power units under construction with a total installed capacity of 33.7 million kilowatts, maintaining the world's highest construction capacity for 18 consecutive years [2] - The total operational nuclear power units in China stands at 58, with an installed capacity of 60.96 million kilowatts, and 44 units approved for construction with a capacity of 52.35 million kilowatts, making China's total scale the largest globally [2] Group 2: Environmental Impact and Market Integration - In 2024, the average utilization hours for nuclear power equipment were 7,797 hours, with a cumulative power generation of 444.7 billion kilowatt-hours, accounting for 4.72% of the national total and reducing carbon dioxide emissions by approximately 334 million tons [3] - The proportion of nuclear power in market transactions has increased from about 30% in 2020 to 46.1% in 2024, indicating a growing integration of nuclear power into the national electricity market [3] Group 3: Quality and Innovation - To ensure high-quality construction during the peak phase, key points include enforcing operational responsibilities, accelerating standardized design, ensuring effective quality assurance in the supply chain, and enhancing talent cultivation [4] - China has developed advanced nuclear technologies, including the third-generation pressurized water reactor "Hualong One" and "Guohe One," with the former already in batch production and operational in seven units [5]