2025.06. 25 本文字数：2088，阅读时长大约3分钟 作者 | 第一财经 王媛丽 半年不到的时间，累计上涨超过120%，股价创下十年新高，乐山电力（600644.SH）今年以来的走 势，将电力板块同期3.55%的涨幅，远远甩在了身后。 股价登顶的过程中，重要股东也在出手套现。该公司6月23日公告，持股5%以上股东天津渤海信息 产业基金（下称"天津渤海"）再度大幅减持901.35万股。今年以来，天津渤海已累计减持2057.07万 股。按照减持区间成交均价计算，天津渤海累计套现约2.88亿元。 股价虽然大幅飙高，但乐山电力主要业务持续承压。2024年，该公司净利润同比下滑7.11%，今年 一季度亏损120万元。而开展的储能相关新业务在营收中的占比仅有3.8%。但由于市场对其龙泉驿 储能电站夏季投产抱有预期，叠加四川新型储能政策催化，推动该股估值飙升至296倍（TTM），远 超行业均值的27倍。随着重要股东减持、定增参与浮盈高达140%的持股即将解禁，"转型故事"堆积 起来的高估值，还能维持多久也充满悬念。 大股东高位套现近3亿 根据乐山电力公告，天津渤海已于23日通过集合竞价方式减持901.35万股，占 ...

Core Viewpoint - The major shareholder of Leshan Electric, Tianjin Bohai, has significantly reduced its stake, selling 9.0135 million shares, totaling 20.5707 million shares this year, cashing out approximately 288 million yuan, despite the company's stock price soaring over 120% this year, reaching a ten-year high [1][2][5]. Group 1: Shareholder Actions - Tianjin Bohai has reduced its holdings from 13.74% to 10.18%, becoming the fourth largest shareholder after the recent sell-off [2][4]. - The cumulative cash-out from the share reductions amounts to approximately 288 million yuan, with the latest reduction occurring on June 23 [2][3]. Group 2: Stock Performance - Leshan Electric's stock price has increased over 120% this year, significantly outperforming the electricity sector's average increase of 3.55% [1][2]. - The stock reached a ten-year high, with a price-to-earnings ratio (TTM) of 296, far exceeding the industry average of 27 [1][6]. Group 3: Business Performance and Challenges - Despite the stock price surge, Leshan Electric's core business is under pressure, with a projected net profit decline of 7.11% in 2024 and a loss of 1.2038 million yuan in Q1 [1][5]. - The company's traditional power business has seen a significant drop in gross margin, from 25.27% in 2020 to 12.87% in 2024, while new energy initiatives like storage have not yet provided substantial revenue [5][6]. Group 4: Strategic Initiatives - Leshan Electric is focusing on a strategic shift towards energy storage, with plans to integrate virtual power plants, photovoltaics, and storage into a comprehensive energy platform [2][5]. - The company has initiated a 100MW/200MWh electrochemical energy storage project in Longquanyuan, which is expected to generate significant annual revenue once operational [5][6].