25Q1 归母净利+18%，看好公司长期海风发 展潜力 事项： 公司 2024 年实现总营业收入 17.41 亿元，同比增长 0.54%；实现归母净利润 6.51 亿元，同比减少 4.03%。2025 年一季度公司实现总营业收入 5.14 亿元， 同比增长 10.43%；实现归母净利润 2.51 亿元，同比增长 18.1%。 评论： [ReportFinancialIndex] 主要财务指标 公司研究 证 券 研 究 报 告 中闽能源（600163）2024 年报及 2025 年一季报点评 强推（维持） | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,741 | 1,830 | 2,095 | 2,697 | | 同比增速(%) | 0.5% | 5.1% | 14.5% | 28.7% | | 归母净利润(百万) | 651 | 741 | 864 | 1,070 | | 同比增速(%) | -4.0% | 13.8% | 16.5% | 23.9% | | 每股盈利(元) | 0.34 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 9 for 2025, 8 for 2026, and 7 for 2027 [6][12]. Core Views - The company's performance in 2024 met expectations, with revenue of 14.563 billion and a net profit of 2.793 billion, showing a year-on-year increase of 6.47% [1]. - The company benefits from high-quality assets, particularly in wind power and combined heat and power generation, which are expected to drive steady growth in profits [4]. - The company is projected to achieve net profits of 2.916 billion, 3.372 billion, and 3.725 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.05, 1.21, and 1.34 [5][10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 30.97 billion, a slight increase of 0.31% year-on-year, and a net profit of 7.52 billion, up 42.83% due to improved wind conditions in Fujian province [1][2]. - The company's total revenue for 2024 was 145.63 billion, a decrease of 0.90% compared to the previous year, while Q4 2024 revenue was 40.8 billion, down 6.0% year-on-year [1][2]. Power Generation - In 2024, the company saw a 9.41% increase in wind power generation, while thermal power generation decreased by 3.05% [2]. - For Q1 2025, the total power generation was 53.40 billion kWh, a slight increase of 0.26% year-on-year, with wind power generation rising by 30.95% [2]. Asset Development - The company has invested in 1.809 million kW of wind power, with an average utilization of 3,323.98 hours in 2024, exceeding the national average [4]. - New projects, such as the offshore wind project in Changle, are expected to contribute to future capacity and profitability [4]. Profitability Forecast - The report forecasts revenue growth rates of 2.0%, 4.8%, and 5.5% for 2025, 2026, and 2027 respectively, with net profit growth rates of 4.4%, 15.6%, and 10.4% [5][10]. - The projected PE ratios for the next three years are 10, 9, and 8 respectively, indicating a favorable valuation trend [5][10].

近年来，中国企业"走出去"的步伐明显加快，而企业一旦出海，势必会面临国际市场环境复杂、全球政 治经济波动等不确定因素，需提前筹备应对风险。 因此，对于有意出海的中国企业，在制定出海战略时，选择合适的出海路径就显得尤为重要， 常见的 出海方式有 ： 市场调研 考察目标国的市场潜力、当地的政策文化与商业环境 | | 发改委 | | 商务部 | | | --- | --- | --- | --- | --- | | 间接投资 | 3亿美元以上 | 告知国家发改委 | 中央企业 | 国家商务部备案 | | | 3亿美元以下 | 无申报义务 | | | | 直接投资 | 3亿美元以上/ | 国家发改委备案 | 地方企业 | 省级商委备案 | | | 中央企业 | | | | | | 3亿美元以下 | 省级发改委备案 | | | 其中，直接投资又分为 绿地投资 和 褐地投资 两种方式： 绿地投资 1 是什么 ： 对外直接投资，以新设主体经营业务 2 怎么做： "ODI备案"小贴士 企业内部决策 特别注意，国企须有相应国资监管部门许可 外部审批 ODI审批 、银行与外管局备案等 主体设立 按照当地法律准备相应注册材料 | ...