证券研究报告·公司点评报告·电网设备 南网科技（688248） 2025 年一季报点评：智能设备+储能双轮驱 动，业绩符合市场预期 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） | 2,537 | 3,014 | 4,423 | 5,780 | 7,596 | | 同比（%） | 41.77 | 18.77 | 46.78 | 30.68 | 31.43 | | 归母净利润（百万元） | 281.27 | 365.05 | 458.65 | 628.80 | 860.65 | | 同比（%） | 36.71 | 29.79 | 25.64 | 37.10 | 36.87 | | EPS-最新摊薄（元/股） | 0.50 | 0.65 | 0.81 | 1.11 | 1.52 | | P/E（现价&最新摊薄） | 59.43 | 45.79 | 36.44 | 26.58 | 19.42 | [关键词： Table_ ...

Core Insights - The "China Nuclear Energy Development Report (2025)" predicts that by 2030, China's operational nuclear power capacity will become the largest in the world, given the current construction pace [1][4]. Industry Overview - The global nuclear energy sector is experiencing a revival, with the International Atomic Energy Agency (IAEA) raising its nuclear power development forecasts for four consecutive years. Additionally, 31 countries and regions have signed the "Triple Nuclear Energy Declaration," indicating increased policy support for nuclear energy from major nuclear nations [4]. - As of the end of 2024, China will have 57 operational nuclear power units with a total installed capacity of 59.76 million kilowatts, ranking third globally. The average utilization hours for nuclear power in 2024 are projected to be 7,797 hours, with a cumulative generation of 444.7 billion kilowatt-hours, accounting for 4.72% of the national total generation [4]. Future Projections - The report anticipates a rapid evolution in the international nuclear energy competitive landscape. China aims to maintain an open and cooperative stance to promote international nuclear collaboration, enhance its nuclear technology innovation system, and accelerate advancements in key nuclear technologies [4]. - The proportion of nuclear power in China's electricity market transactions has increased from approximately 30% in 2020 to 46.1% in 2024, indicating a trend of gradual growth [5]. - As the share of renewable energy rises, challenges such as real-time power balance and frequency and voltage support will become more pronounced. Nuclear power is expected to play a crucial role as a stable foundational energy source, particularly in providing base load, grid security support, and emergency backup [5].

股票代码：001896 股票简称：豫能控股 河南豫能控股股份有限公司投资者关系活动记录表 编号：2025-001 | 投资 者 | □特定对象调研 □分析师会议 | | --- | --- | | 关系 活 | □媒体采访 √业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与 单 | 线上参与豫能控股 2024 年度网上业绩说明会的投资者 | | 位名 称 | | | 及人 员 | | | 姓名 | | | 时间 | 2025 年 04 月 25 日（星期五）下午 15:00-17:00 | | 地点 | "豫能控股 1896"微信小程序 | | 上市 公 | 董事长：余德忠先生 | | 司接 待 | 总会计师：王萍女士 | | 人员 姓 | 董事会秘书：李琳女士 | | 名 | 独立董事：叶建华先生 | | | 独立董事：赵剑英先生 | | | 1、问：公司作为省属火电企业，未来有什么发展规划？ | | | 答：感谢您对公司的关注和支持。公司将紧紧围绕国家及河南省能源 | | 投资 者 | 发展规划，以保障河南省能源 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600268 公司简称：国电南自 国电南京自动化股份有限公司2024年年度报告摘要 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到上海证券交易所网站www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、天职国际会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 截至2024年12月31日，经天职国际会计师事务所（特殊普通合伙）审计，公司母公司报表中期末未分配 利润为人民币1,245,321,175.51元。经董事会决议，公司2024年年度拟以实施权益分派股权登记日登记的 总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利1.4元（含税）。截至2024年12月31日，公司 ...

近日，针对投资者在互动易平台提出的"公司一季度业绩情况及未来增长预期"问题，迦南智能 （300880）(300880.SZ)予以积极回应。公司表示，2025年第一季度业绩下滑主要由客户订单交付计划 的阶段性调整及交付产品结构变化所致。考虑到一季度为传统业务淡季，对全年影响有限，公司全年经 营目标未变，增长趋势仍然明确。 新能源业务亮点频现充电桩项目落地开花 在新能源业务方面，迦南智能的战略布局已进入成果释放期。2025年，公司持续开发满足客户需求的新 产品，通过国家电网2025年电动汽车充电设备产品供应商资质能力核实，成为合格供应商。市场开拓方 面，公司成功中标国网甘肃综合能源服务有限公司2025年充电桩设备框架采购项目，进一步巩固了其在 充电基础设施领域的市场地位。 此外，公司与三一集团旗下长沙帝联工控科技有限公司在充电桩技术研发、产品应用和模式创新等方面 开展深度合作，服务其重卡电动化战略，并在慈溪启动"年产5万台超级充电桩生产线项目"，计划总投 资4.66亿元，未来将打造涵盖研发、制造、服务于一体的新能源产业链生态。 此番表态与迦南智能最新发布的2024年年度业绩数据形成了有力呼应。4月23日，公司披露 ...

文 | 中关村储能产业技术联盟 2025年4月10-12日，第十三届储能国际峰会及展览会（ESIE 2025）在北京·首都国际会展中心盛大召开。本届峰会由中关村储能产业技术联 盟、中国能源研究会、中国科学院工程热物理研究所主办，以"数智赋能产业变革，储能重塑能源格局"为主题，展览面积16万平米，近800家参 展商，吸引近10万名国内外专业观众莅临现场，官方线上直播观众超230万人次。 国家电网有限公司总工程师孟庆强在开幕式致辞中表示， 截至2024年底，国家电网经营区新型储能装机规模已经达到5861万千瓦/13786万千瓦 时（58.61GW/137.86GWh），应用场景以电源侧、电网侧为主，构网型新技术应用试点正在稳步推进。国家电网一直致力于创新应用、调度运 行等，积极服务新型储能高质量、规模化发展。 孟庆强，国家电网有限公司总工程师 以下为致辞摘要： 我国已经成为全球新能源装机规模最大，发展速度最快的国家，随着双碳进程的加快，电力系统向着清洁低碳、安全充裕、经济高效、供需协 同、灵活智能的新型电力系统快速演进，新型储能正成为建设新型能源体系和新型电力系统的关键技术，成为催生能源新业态、抢占战略新高地 的 ...

Core Viewpoint - The company is positioned to benefit from the rapid development of new energy systems and the digital energy sector, driven by national policies and market demands [7][11]. Company Overview - The company operates primarily in two business segments: "Digital Energy" and "Intelligent Robotics," focusing on core technologies such as active distribution networks, energy storage, advanced control of robots, and artificial intelligence [3][6]. - The company has over 20 years of experience in the electric power energy sector, providing integrated solutions across the entire "source-network-load-storage" industrial chain [6][14]. Digital Energy Sector - The company is one of the earliest entrants in the distribution automation field in China, actively participating in the development of smart grids and new energy systems [4][5]. - National policies are accelerating the construction of new power systems, with significant investment expected in the digital energy sector, projected to exceed 10 trillion yuan by 2030 [7][10]. - The transition to a digital and intelligent distribution network is essential to accommodate the increasing penetration of distributed renewable energy and electric vehicles [8][9]. Intelligent Robotics Sector - The robotics industry in China is expected to maintain a high growth rate, with an annual revenue growth rate exceeding 20% by 2025 [12]. - The company has developed a diverse range of customized intelligent robotic products and solutions, serving various industries including automotive, new energy, and rail transportation [15]. - The increasing competition in the robotics sector has led to challenges in profitability, with many companies facing intense market pressure [12]. Business Model - The digital energy business primarily serves state-owned power companies and large energy-consuming enterprises, utilizing a bidding process for order acquisition [13]. - The intelligent robotics business operates on a "make-to-order" model, focusing on customized solutions based on client needs [13]. Market Position - The company holds a strong market position in the electric power and energy sector, with significant influence in smart distribution and energy storage products [14]. - The company's robotics products are widely recognized in various applications, achieving high market acceptance and operational efficiency [15].

Core Viewpoint - The company has successfully navigated a challenging economic environment in 2024, achieving significant operational and financial milestones while focusing on its strategic goals of carbon neutrality and clean energy development [2][18]. Company Overview - The main business activities of the company include the development, production, and sale of conventional and renewable energy, as well as urban solid waste treatment, wastewater treatment, and urban gas supply [2]. - In 2024, the company achieved operating revenue of RMB 41.214 billion and a net profit attributable to shareholders of RMB 2.005 billion [2][18]. Low-Carbon Power - The company added a total installed capacity of 4.5964 million kilowatts in 2024, with significant contributions from natural gas (3.8374 million kilowatts) and renewable sources such as wind and solar [4]. - As of the end of 2024, the company's controllable installed capacity reached 23.729 million kilowatts, with clean energy accounting for 74.63% of the total installed capacity [5]. Ecological Environmental Protection - The company expanded its environmental protection business overseas, signing a framework agreement for a project in Kazakhstan and winning multiple domestic waste management projects [6]. - By the end of 2024, the company had established 42 solid waste treatment plants across various provinces, with a daily processing capacity of 50,515 tons, marking a 14.09% increase from the previous year [7]. Comprehensive Gas Business - The company strengthened its urban gas supply and LNG trading operations, achieving a sales volume of 3.345 billion standard cubic meters in 2024, a year-on-year increase of 51.91% [8]. - The company operates in multiple cities, serving nearly 1.13 million residential users and 23,000 industrial users [8]. Digital Services - The company completed the planning and design of its digital transformation framework in 2024, launching various information technology projects and achieving a record number of intellectual property rights [9][10]. - The total investment in information technology projects reached RMB 129 million, a 37.9% increase from the previous year [10]. Financial Performance - The company reported a 1.75% year-on-year increase in operating revenue, driven by growth in the gas segment [19]. - The net profit margin for 2024 was 4.85%, with a basic earnings per share of RMB 0.28 [18][19]. - The company plans to distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 713.61 million, which represents 35.59% of the net profit attributable to shareholders [41][42].

Core Viewpoint - The article discusses the implementation plan for the "New Generation Coal Power Upgrade Special Action" from 2025 to 2027, emphasizing the importance of coal power in supporting the new power system and addressing carbon emission challenges [2]. Group 1: Strategic Planning for Coal Power Development - Coal power has historically played a foundational role in China's power system, with significant installed capacity and generation volume [3]. - The new power system construction is accelerating, with renewable energy sources expected to surpass coal and gas power combined by 2024, and to dominate by the end of the 15th Five-Year Plan [3]. - The plan aims to enhance coal power's adaptability to the new power system, focusing on clean carbon reduction, safety, reliability, and efficient regulation [3]. Group 2: Construction of Coal Power Indicator System - The plan establishes a comprehensive technical indicator system for coal power, focusing on four dimensions: clean carbon reduction, safety, efficient regulation, and intelligent operation [4]. - New indicators include low-load coal consumption increase, load change rate, and frequency response, which are being introduced for the first time in industry policy [4][5]. - The plan sets specific coal consumption increase limits for existing and new coal power units, with current units typically showing a 25% to 35% increase [5]. Group 3: Carbon Reduction and Safety Measures - The plan encourages existing units to implement low-carbon modifications and requires new units to consider low-carbon design [7]. - Safety is prioritized, with specific indicators for supply guarantee performance and unplanned outages during critical periods [8]. - The plan emphasizes the need for intelligent operation, including automated load adjustment and enhanced operational safety monitoring [8]. Group 4: Managing the Upgrade Process - The upgrade of coal power is identified as a core strategy, with a focus on balancing system demand, technology maturity, cost-effectiveness, and project conditions [9]. - Local authorities are empowered to develop tailored action plans for coal power upgrades, reflecting regional differences in energy supply and demand [9][10]. - The plan categorizes existing, new, and demonstration units, with different strategies for each to encourage performance improvements [10]. Group 5: Industry Collaboration and Policy Support - The plan highlights the need for collaboration among power generation companies, equipment manufacturers, and research institutions to drive innovation in coal power technology [11]. - A comprehensive policy support system is proposed, including funding mechanisms and prioritization of new generation coal power projects within the national framework [12]. - The expected outcome is a significant enhancement of the coal power industry's value in the new power system, driving sustainable upgrades [12].

Core Viewpoint - The "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" aims to support the dual carbon strategy and enhance the role of coal power in the new power system [1][2]. Group 1: Background and Importance - The plan is a response to the need for a profound transformation in the coal power sector, which is the main source of carbon emissions in China's energy sector [2]. - Coal power currently accounts for less than 40% of installed capacity but provides approximately 60% of electricity generation, 70% of peak capacity, and nearly 80% of regulation capacity [1]. Group 2: Key Objectives and Strategies - The plan emphasizes the need for coal power to reduce carbon emissions while enhancing its flexibility and support capabilities in the evolving power system [2]. - The upgrade focuses on "deep regulation, fast adjustment, strong support, wide load, high resilience, and low emissions" as the main line of development [2]. Group 3: Technical Standards and Requirements - Safety and reliability are fundamental, with existing and new units required to maintain a supply period output compliance rate of no less than 98% and a non-scheduled outage frequency of no more than 0.3 times per unit per year [3]. - High-efficiency regulation is a core goal, expanding traditional efficiency metrics to include six new indicators related to coal consumption and load adjustment [3]. - New units must reserve conditions for low-carbon transformation, with a target of reducing carbon emissions by 10%-20% compared to similar units in 2024 [3]. Group 4: Intelligent Operations - The plan highlights the importance of intelligent operations, focusing on automated load adjustment, intelligent maintenance, and decision-making capabilities to enhance operational efficiency [4]. Group 5: Implementation and Future Work - The next steps include promoting understanding of the plan within the industry, guiding provincial energy departments in developing local implementation plans, and continuously tracking progress to refine technical standards [4].