Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 27.20 CNY, based on a projected 2025 PE of 30 times [1][5]. Core Insights - The company is expected to benefit from the acquisition of Yili Technology, which will enhance resource integration and eliminate competition in the telecommunications procurement sector [5][26]. - The company is positioned to take advantage of the ongoing digital transformation in the energy sector, with significant investments in the power grid projected to exceed 650 billion CNY in 2025 [5][34]. - The report highlights the company's diversified business strategy aimed at reducing reliance on related party transactions, with a commitment to lower such transactions to below 50% by 2029 [5][31]. Financial Summary - Revenue is projected to grow from 7,673 million CNY in 2023 to 11,339 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [3][12]. - Net profit attributable to the parent company is expected to increase from 828 million CNY in 2023 to 1,275 million CNY in 2026, with a CAGR of about 17.1% [3][12]. - The company's earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 1.06 CNY in 2026 [3][12]. Business Development - The acquisition of Yili Technology is anticipated to significantly enhance the company's scale and operational performance, with Yili contributing approximately 38.7% of the company's revenue and 34.2% of its net profit in the first three quarters of 2024 [5][30]. - The company is actively pursuing a diversified business model to capitalize on opportunities in the digital transformation of the energy sector, focusing on areas such as smart energy and digital infrastructure [5][42]. - The report emphasizes the importance of digital technology in the new power system, which is crucial for achieving carbon neutrality goals and managing the complexities of energy supply and demand [8][41]. Market Position - The company is recognized as a key player in supporting the digital transformation of the State Grid, leveraging its extensive experience in the energy sector [5][42]. - The ongoing investment in high-voltage power transmission and digital infrastructure is expected to drive significant growth opportunities for the company [5][34]. - The report notes that the company has established a comprehensive business framework that includes foundational network infrastructure, computing resources, and energy application services, enhancing its competitive advantage [5][42].

南方电网公司加快构建更安全、更绿色、更高效的新型电力系统 中国电力报记者 李东海 通讯员 黄勇华 温存 王艳萍 4月30日，广东500千伏鹅凰开关站及相关线路升级改造工程（以下简称"鹅凰系列工程"）投产。作为全国最大规模的海上风电打捆送出工程，该站汇集了粤 西6座巨型海上风电场和两座常规火电厂资源，此次并网容量为695万千瓦，到2026年电源接入规模将达1092万千瓦，接近三峡水电站装机容量的一半，预计 每年将向粤港澳大湾区输送超过300亿千瓦时电量。 新能源与常规能源打捆：实现多能互补 近年来，广东省积极出台政策，发挥地域优势，仅用5年时间，推动海上风电总装机规模跃居全国第一。阳江市是广东省首个电源总装机超过2000万千瓦的 地级市，大部分电力需外送至大湾区。 南方电网电力调度控制中心主管姜拓介绍，新能源发电具有随机性、间歇性和波动性，难以单独稳定供电。通过与常规电源打捆，可以利用常规电源的稳定 性弥补新能源发电的不足，确保电力系统的稳定性和可靠性。新能源与常规能源打捆主要分为三种模式：新能源与火电、新能源与核电、新能源与水电。 鹅凰系列工程升级改造后，接线方式从原来的"5进3出"变为"7进6出"，为粤西地 ...

证券代码：600023 证券简称：浙能电力 公告编号：2025-015 浙江浙能电力股份有限公司 关于2024年度暨2025年第一季度业绩说明会 召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 浙江浙能电力股份有限公司（以下简称"公司"）于2025年4月30日15:00-16:00召开了2024年度暨2025年 第一季度业绩说明会。现就有关情况公告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于2025年4月22日在上海证券交易所网站（www.sse.com.cn） 披露了《关于召开2024年度暨2025年第一季度业绩说明会的公告》（公告编号：2025-006）。2024年4 月30日15:00-16:00，公司在上海证券交易所上证路演中心召开了2024年度暨2025年第一季度业绩说明 会。公司董事长虞国平，董事会秘书魏峥，独立董事程金华、王智化和倪晨凯参会，与投资者在线进行 互动交流，并就投资者关注的主要问题进行回复。 二、本次业绩说明会投资者提出的问题及公司回复情况 问题1：公司本 ...

《电力辅助服务市场基本规则》出台 全国统一电力市场落下"关键一子" 中国人民大学重阳金融研究院高级研究员马国书强调，这一变革契合我国国情，通过平台化供需出清 模式重塑成本结构，为国民经济全产业链的市场化改革奠定了电价基础。 国家电网公司国家电力调度控制中心副总工程师王德林表示，"煤电的'调节先锋'角色，本质上是 《规则》带来的机制创新与企业技术改造'双向奔赴'的成果。"随着辅助服务市场逐步建设完善，调 度机构正在经历由" 电力供需平衡组织者 "向" 系统调节多维价值挖掘者 "的战略转型，这既是新型 电力系统建设的必然要求，也为煤电在新能源主导的电网中找准了市场化定位。 王德林强调，《规则》构建的市场化激励机制，正促使煤电调节能力释放发生"质变"：一方面，通 过"爬坡补偿""备用容量定价"等新增交易品种，煤电参与系统调节的收益明显提升；另一方面，调 度机构能够通过价格信号引导资源配置，在极端寒潮等场景下，进一步提升煤电响应速度，促动电网 安全防线从"被动防御"转向"主动构建"。 文 | 中国电力报 记者 李东海 作为全国统一电力市场"1+N"规则体系的关键"一子"， 《电力辅助服务市场基本规则》 （以下简称 《 ...

在电网建设领域，跨越施工因组织过程复杂、技术难度大等因素，向来是重点、难点。特高压线路负荷 高、供电范围广，需多省联动，施工窗口期唯一，且属于连续跨越施工，面临的各类挑战成倍增加。 据悉，特高压"三连跨"是陕皖特高压河南段全线贯通的一个关键节点，该控制性工程的顺利完成，将为 陕皖直流按期建成投运、发挥效益奠定坚实基础，后续还将进行跨越施工的收尾保障工作。陕皖特高压 工程预计于2026年建成，投运后每年将向华东地区输送电量超360亿千瓦时。其中，可再生能源电量占 比超50%，可替代华东地区煤炭消费约1400万吨，对构建绿色低碳清洁高效能源系统、助力我国实 现"双碳"目标具有重要意义。（记者 宋敏 李茜茜） 此次专项施工，陕皖特高压河南段需在34天内，在豫4标段连续跨越已经投入运行的1000千伏豫阳线、 ±800千伏陕武线和1000千伏长南I线等3处特高压线路，是国内首次在同一标段内实施"特高压跨特高 压"密集交叉施工，创下河南乃至全国特高压工程密集交叉施工强度、难度之最。 责任编辑： 路娇 钢铁银线，穿云越岭。4月28日，南阳市南召县皇后乡，随着最后一根导线顺利跨过1000千伏长南I线， 陕北—安徽±800千伏 ...

Financial Performance - In 2024, the company achieved a revenue of approximately 550 million yuan, a year-on-year increase of 20.50% [2] - The net profit attributable to shareholders was 93.59 million yuan, up 11.09% year-on-year [2] - In Q1 2025, the company reported a revenue of 145 million yuan, a growth of 40.14% compared to the same period last year [3] - The net profit attributable to shareholders for Q1 2025 was 16.60 million yuan, reflecting a 34.58% increase year-on-year [3] Industry Outlook - The company operates in the renewable energy sector, providing information technology products and services to the power market [2] - The demand for high-precision power forecasting and intelligent control products is expected to rise due to the increasing integration of renewable energy into the grid [4] - The digital transformation in the renewable energy sector is seen as a key driver for high-quality development [5] Regulatory Impact - The National Energy Administration's new guidelines emphasize the "four capabilities" (可观、可测、可调、可控) for distributed renewable energy management [7] - The recent policy changes are expected to enhance the market for power forecasting services, as new standards require distributed photovoltaic systems to provide power forecasting data [7] - The market for electricity trading is anticipated to diversify, driven by the increasing participation of various market players [9] Future Business Strategies - The company plans to enhance its service quality and capabilities in response to evolving market demands and regulatory changes [9] - The focus will be on developing the "Kuangming" renewable energy model to improve forecasting capabilities for electricity trading [9] - The company aims to expand its virtual power plant business through resource signing cooperation and investment in distributed energy resources [10][11] Market Challenges - The electricity market is expected to face challenges related to settlement rules and market information management, increasing operational costs for market participants [9] - The company recognizes the need for advanced data analytics and artificial intelligence to manage the complexities of the evolving electricity market [9]

Core Viewpoint - The company, Guodian NARI (国电南瑞), is experiencing steady growth in its operating performance as it continues to enhance its industrial layout amid the accelerating energy transition [2][4]. Financial Performance - In 2024, Guodian NARI achieved operating revenue of 57.417 billion yuan, a year-on-year increase of 11.15% [4][5]. - The net profit attributable to shareholders reached 7.610 billion yuan, up 6.06% year-on-year, while the net profit excluding non-recurring items was 7.389 billion yuan, growing by 11.14% [2][4]. - As of the end of 2024, the company had an order backlog of 50.697 billion yuan, with new orders signed in 2024 amounting to 29.006 billion yuan [3][6]. Business Segments - Guodian NARI focuses on four major industrial clusters: smart grid, digital energy integration, low-carbon energy, and industrial interconnection [3][8]. - In 2024, the revenue from these segments was as follows: smart grid 28.468 billion yuan, digital energy integration 12.365 billion yuan, low-carbon energy 12.185 billion yuan, and industrial interconnection 2.867 billion yuan [8][9]. R&D and Innovation - The company invested 4.032 billion yuan in R&D in 2024, representing 7.02% of its operating revenue, an increase of 0.29 percentage points year-on-year [9]. - Guodian NARI has made significant advancements in technology, including the establishment of four international standards and the issuance of seven national industry standards in 2024 [9]. Dividend Policy - In 2024, Guodian NARI increased its dividend distribution, with a total cash dividend of 4.565 billion yuan, which is approximately 65% of its net profit [7][9]. - The company plans to distribute a maximum of 40% of its net profit as cash dividends in the first half of 2025, contingent on positive net profit [7].

Group 1: Energy Business Strategy - The company aims to balance traditional coal power and new energy investments, leveraging regional advantages in Jiangsu and Shanxi for new energy projects [1] - The energy business focuses on technological innovation and efficient utilization of existing assets, with plans to develop significant energy projects [2][3] Group 2: Financial Performance - In 2024, the company achieved total operating revenue of CNY 36.933 billion, a year-on-year increase of 6.83%, and a net profit of CNY 3.238 billion, up 73.12% [2] - For Q1 2025, the net profit attributable to shareholders reached CNY 0.864 billion, reflecting an 11.01% increase [2] Group 3: Future Growth Drivers - The company plans to launch five new 1-million-kilowatt units in 2025, enhancing its energy production capacity [2][5] - Continuous investment in technology upgrades and innovation is expected to improve core competitiveness and market share [2][3] Group 4: Industry Position and Outlook - The company maintains a strong position in the energy and finance sectors, benefiting from its geographical and technological advantages [3] - The energy sector is undergoing significant transformation driven by carbon neutrality goals, with coal power remaining a key player in energy supply [4] Group 5: Environmental and Social Responsibility - The company has completed ultra-low emission upgrades for its power plants, ensuring compliance with national standards for pollutant emissions [6] - A new safety and environmental supervision department was established in 2025 to enhance professional management of safety and environmental issues [6]

Financial Performance - The company achieved a revenue of 1.962 billion CNY in 2024, representing a year-on-year increase of 26.13% [2] - The net profit attributable to shareholders was 109.63 million CNY, showing a significant growth of 178.52% compared to the previous year [2] - The net profit after deducting non-recurring gains and losses reached 83.13 million CNY, with a remarkable year-on-year growth of 322.09% [2] Business Growth Drivers - The primary driver for revenue growth was the data center power business, which generated 668 million CNY in revenue, marking a year-on-year increase of 111.05% [3] - The company plans to enhance its research and development investments in data center power products to maintain its leading position in the DC power sector [3] Future Plans and Strategies - The company has disclosed a share repurchase plan and will continue to focus on cash dividends to reward shareholders [4] - There are ongoing efforts to expand overseas markets, particularly in communication power and data center power products [7] - The company is actively developing 800V DC power products to meet the increasing power demands of high-performance chips like GPUs and TPUs [6] Research and Development - The company emphasizes technology-driven development and has established several research platforms, including a national postdoctoral research station and a provincial energy internet research institute [3] - It has developed a range of innovative products, including the Panama power module and various charging solutions, while also participating in setting national and industry standards [3] Market Position and Competition - The Panama power module is positioned as a leading product for large data centers, with the company being one of the key players in this market segment [5] - The company has established a strong customer base, including major clients like State Grid and GAC Group, in the electric vehicle charging sector [5]

申港证券近日发布电力设备行业研究周报：根据国家能源局数据，1-3月份，全国主要 发电企业电源工程完成投资1322亿元，同比下降2.5%；电网工程完成投资956亿元，同比增 长24.8%。我们认为，在构建"新型电力系统"及"双碳目标"的背景下，非化石能源发电将逐 步转变为装机主体和电量主体，而其中风电和光伏发电的不稳定性、随机性、波动性势必需 要储能系统协调运行，来保障电力系统安全稳定运行。 以下为研究报告摘要： 投资摘要： 每周一谈：风电和光伏装机量超过火电 行情回顾： 电力设备行业本周涨跌幅为2.4%，在申万31个一级行业中，排在第6位。电力设备行业 本周跑赢沪深300。本周上证指数、沪深300、深证成指、创业板指的涨跌幅分别为0.56%、 0.38%、1.38%、1.74%。 在细分行业中，电机II、其他电源设备II、光伏设备、风电设备、电池和电网设备涨跌 幅分别为7.14%、0.27%、0.74%、4.05%、3.38%、1.54%。 电力设备行业周涨幅前五个股分别为：金杨股份、方正电机、灿能电力、震裕科技、电 气风电。 近期，国家能源局发布了今年1-3月份全国电力工业统计数据。 风电装机情况：今年3月 ...