证券研究报告 一季度电力装机跟踪 关注海风及生物柴油机遇 公用事业 行业定期报告 hyzqdatemark 2025 年 04 月 28 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 投资评级： 看好（维持） ——大能源行业 2025 年第 17 周周报（20250427） 投资要点： 证券分析师 电力：风光装机首次超过火电，新政下光伏投产提速 风光装机首次超过火电，双碳战略效果显著。国家能源局于 2025 年 4 月 20 日发布 1-3 月全国电力工业 统计数据：截至 3 月底，全国累计发电装机容量 34.3 亿千瓦，同比增长 14.6%。其中，太阳能发电装机 容量 ...

润泽科技 20250126 摘要 • AI 应用爆发驱动算力需求激增，优质 AIDC 资源供不应求，国家双碳战略 下，北上广深等数据热点区域能耗指标稀缺，润泽科技在手能耗资源储备 大幅增长，七大园区能耗获取有效保障业务稳健发展。 • 润泽科技京津冀园区 220kV 变电站投产，供电容量达 960 兆瓦，增加两 倍以上供应能力，长三角、重庆、佛山和惠州等园区 110kV 变电站投运或 即将投运，保障全国园区电力供应。 • 润泽科技通过引流策略吸引头部 AI 企业入驻，京津冀、长三角、大湾区园 区算力中心已获投产订单，预计 2025 年完成上架，成稳定现金流来源， 公司计划 2025 年开始横向扩张。 • 2024 年度，润泽科技营业收入 43.65 亿元，同比增长 0.32%；归母净利 润 17.9 亿元，同比增长 1.62%。总资产 313.09 亿元，资产负债率降至 63.11%，财务结构稳健。 • 润泽科技 2025 年将优先投入廊坊和平湖智算中心建设，预计顺利交付， 提升 AIDC 市场供给能力，同时改造升级低功率机柜，稳固传统 IDC 市场 地位。 Q&A 润泽科技在 2024 年度的整体情况如何？ ...

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 ...

4月27日晚间，国恩股份（002768）发布的2024年年报显示，报告期内，公司实现营收192.20亿元，同 比增长10.21%；归属于上市公司股东的净利润6.76亿元，同比增长45.18%，盈利能力位居化工新材料行 业前列。同时，截至2024年12月31日，公司总资产为183.51亿元，比期初增长21.91%，归属于上市公司 股东的净资产为49.71亿元，比期初增长11.06%。 同日晚间，公司公告将正式启动赴香港联合交易所上市的筹备工作。 高质量发展态势稳固前瞻性布局新兴赛道 加速全球化布局打造国际化化工新材料产业平台 国恩股份表示，此次启动赴港上市计划，旨在借助香港作为国际金融中心和大消费前沿阵地的双重优 势，实现"A+H"深港两地资本融通，有效拓宽海外市场开发与国际资源整合路径，加速构建国内国际双 循新发展格局，推动产业全球化布局向更高维度升级，全面提升品牌国际影响力。 业内人士表示，国恩股份此次进行跨境资本布局，彰显了其以产业生态布局及自主创新技术深化参与全 球产业链合作的决心。未来，公司更将依托香港国际化枢纽作用，全力推进高端化工新材料领域的技术 创新及产业链延伸，分阶段打造"研发多维化-产业生态 ...

Core Points - Gree Electric Appliances has been awarded the title of "Advanced Collective" by the national industrial and information system for its outstanding performance in technological innovation, green manufacturing, and industrial upgrading [1][3] - The selection process for advanced collectives was initiated by the Ministry of Human Resources and Social Security and the Ministry of Industry and Information Technology, recognizing units that have made significant contributions to industrial reform, innovation, and green development [3] - Gree Electric has a mission to promote "Made in China" globally, with 48 R&D achievements recognized as "internationally leading" and over 130,000 patent applications [3][4] - The company ranks first globally in retail sales of split air conditioners and has led the domestic market in central air conditioning for 13 consecutive years [3] Technological Advancements - Gree Electric has developed various CNC machine tools and has achieved breakthroughs in multiple fields, exporting products to countries like Serbia and Mexico [4] - The Gree Jinwan Intelligent Manufacturing Factory has been recognized as one of the first "Excellent Intelligent Factories" by the Ministry of Industry and Information Technology, achieving 100% connectivity of all equipment, materials, and personnel [4] - Gree Electric's central air conditioning production base is the largest globally, with a maximum cooling capacity of 3,000 tons per unit and an annual production of 10,000 compressors and 3,000 units, exceeding industry averages [4] Green Initiatives - Gree Electric has introduced a series of green energy-saving technologies, including a photovoltaic and energy storage air conditioning system that operates at "zero electricity cost" for users [6] - This technology has been included in national energy-saving and green building development plans and has won the highest award at the Global Refrigeration Technology Innovation Competition [6] - The company focuses on product innovation, enhancing user experience with products like the world's first "non-blowing" air conditioner and the domestic first heat pump washing machine [6] Future Outlook - With the recognition as an advanced collective, Gree Electric aims to continue its commitment to technological innovation and contribute to the high-quality development of China's industrial and information sectors [7]

转自：前瞻产业研究院 行业主要上市公司：宝钢股份(600019);首钢股份(000959);望变电器(603191);沙钢股份(002075);鞍钢股份 (000898);太钢不锈(000825);马钢股份(600808);新钢股份(600782)等 本文核心数据：行业政策;地方政策;政策解读;政策关键词; 1、政策历程图 中国硅钢行业政策从十二五到十四五期间的政策历程如下："十二五"期间淘汰落后产能，推动技术创 新：2012年，工信部发布相关文件，要求淘汰热轧硅钢等落后产能，推动硅钢行业向冷轧电工钢升级， 提高行业整体技术水平和产品质量，减少能源消耗和环境污染。鼓励企业加大研发投入，开发高磁感、 高牌号硅钢产品，提高产品性能和竞争力，满足新能源、高端装备制造等新兴产业对高性能硅钢的需 求。"十三五"期间供给侧结构性改革，能效标准提升：在供给侧结构性改革政策的推动下，钢铁行业去 产能取得显著成效，硅钢行业也优化了企业布局，提高了行业集中度，产能利用率稳步提升。陆续发布 了一系列针对家电、电机等领域的能效标准，对硅钢的性能和质量提出了更高要求，促使企业生产更高 能效的硅钢产品。"十四五"期间双碳战略引领，地方政 ...

取向硅钢行业下游细分市场应用分析及前景预测 中国钢铁产业已进入竞争激烈的存量博弈阶段。2023年粗钢产量10.05亿吨，钢材产量14.0亿吨，同比增 长1.1%。在科技和产业革命推动下，钢铁行业加速结构升级，向中高端产品发展。消费端来看，建筑 钢材需求下滑，而中厚板、汽车板和硅钢等优特钢材需求上升。高端钢材将成为未来发展主攻方向，取 向硅钢有望成为钢铁行业的关键发展领域。 1、我国取向硅钢行业供给情况分析 硅钢是国家工业、农业、交通、国防和人民生活不可或缺的重要软磁合金材料，是电力行业绿色、低 碳、高效发展的基石，也是各类电气产品升级换代的关键材料，被广泛应用于工业电机、家电、新能源 汽车、变压器等领域。 取向硅钢因其高磁导率、低矫顽力和大电阻系数等特性，被广泛应用于各种类型变压器，包括主变、配 变、干变等，主要应用于变压器（铁芯）制造行业。取向硅钢制造技术高度复杂、工艺窗口狭窄，尤其 是高牌号、高磁感取向硅钢技术壁垒极高，代表着钢铁制造的最高水平，被誉为钢铁产品"皇冠上的明 珠"。 随着国家"双碳"战略的推动实施，以及全社会电气化、智能化的不断进步，国际、国内市场对中高牌号 无取向硅钢和高磁感取向硅钢需求呈 ...

Group 1 - Zhongtong Express Group and Meijin Energy signed a strategic cooperation agreement focusing on hydrogen fuel cell vehicle promotion, green logistics system construction, and hydrogen industry chain integration [1] - The collaboration aims to create a zero-carbon logistics solution and establish a hydrogen multi-modal application innovation center and a smart hydrogen digital ecosystem [1] - Meijin Energy has promoted nearly 4,000 hydrogen fuel cell vehicles, achieving a safe operational mileage of approximately 200 million kilometers and reducing carbon emissions by about 200,000 tons in the transportation sector [1] Group 2 - Meijin Energy is one of the largest independent producers of coking coal and has established a complete hydrogen industry chain, including production, storage, transportation, refueling, and utilization [1] - In 2024, Zhongtong Express is projected to handle 34 billion packages, maintaining the highest market share in the industry for nine consecutive years [2] - Zhongtong Express is committed to building a green, circular, and low-carbon logistics system through energy conservation, recycling packaging, and new energy applications [2]

2025年4月，贵州轮胎股份有限公司公布了2024年年度报告。报告显示，公司在营业收入增长的同时， 净利润却出现下滑，经营活动现金流量净额更是大幅减少。本文将深入解读各项关键财务指标，剖析公 司财务状况及潜在风险。 关键财务指标解读 营收增长但利润下滑营业收入：2024年公司营业收入为10,690,550,119.05元，较2023年的 9,601,195,952.98元增长11.35%。这一增长表明公司在市场拓展方面取得了一定成效，业务规模有所扩 大。从业务构成来看，轮胎销售业务收入为10,618,508,716.83元，占比99.33%，是营收增长的主要驱动 力。净利润：归属于上市公司股东的净利润为615,485,040.26元，相较于2023年的832,650,411.91元，下 降了26.08%。净利润下滑的原因可能是多方面的，成本上升、市场竞争加剧等因素都可能对利润空间 产生挤压。扣非净利润：归属于上市公司股东的扣除非经常性损益的净利润为595,680,404.32元，较 2023年的822,893,024.06元下降27.61%。扣非净利润的下滑幅度大于净利润，说明公司主营业务的盈利 能力面临较大 ...

Core Viewpoint - The company has announced a valuation enhancement plan due to its stock price being below the audited net asset value per share for the past 12 months, aiming to improve investor confidence and company value [16][17][18]. Financial Data - The first quarter financial report for 2025 was not audited, and the company reported a net profit of 35,341.45 yuan for the merged entity, compared to 28,068.10 yuan in the previous period [5][8]. Shareholder Information - The company has a total of 12 directors present at the board meeting, with no absentees, ensuring compliance with legal and regulatory requirements [7][9]. Valuation Enhancement Plan - The plan includes measures such as continuous cash dividends, coordination for major shareholder buybacks, focusing on core business areas, utilizing mergers and acquisitions, enhancing investor relations, and maintaining standardized operations [19][20][21][22][23]. - The company aims to distribute at least 40% of its distributable profits as cash dividends over the next three years, contingent on profitability and absence of major investments [19]. - The controlling shareholder has increased its stake from 24.43% to 36% and plans to continue buying shares to bolster investor confidence [19][20]. - The company is focusing on transitioning towards "new energy, new materials, and intelligent manufacturing" to enhance operational efficiency and profitability [20]. Governance and Compliance - The company has committed to improving its governance structure and internal controls, ensuring compliance with relevant laws and regulations [24][25].