Workflow
抽蓄参与现货市场
icon
Search documents
南网储能:2025年一季报点评:调峰水电受益于来水偏丰,业绩略超市场预期-20250505
Soochow Securities· 2025-05-05 05:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight performance exceeding market expectations due to favorable water conditions benefiting peak regulation hydropower [7] - The company achieved a revenue of 1.557 billion yuan in Q1 2025, representing a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 374 million yuan, up 31.1% year-on-year [7] - The company has a total installed capacity of 12.9642 million kilowatts, including 10.28 million kilowatts of pumped storage and 2.03 million kilowatts of peak regulation hydropower [7] Financial Forecasts - Total revenue forecast for 2023A is 5.63 billion yuan, with a year-on-year decrease of 31.85%, and is expected to grow to 8.691 billion yuan by 2027E, with a growth rate of 12.42% [1] - Net profit attributable to shareholders is forecasted to be 1.014 billion yuan in 2023A, with a year-on-year decrease of 39.05%, and is expected to reach 1.517 billion yuan by 2027E, with a growth rate of 8.82% [1] - The latest diluted EPS is projected to be 0.32 yuan in 2023A, increasing to 0.47 yuan by 2027E [1] Operational Highlights - The company has 1,028 MW of pumped storage capacity in operation and 1,080 MW under construction or approved as of the end of 2024 [7] - The company is exploring pilot projects in Guangdong for pumped storage participation in the spot market, which is expected to improve profitability [7] - The company maintains a P/E ratio of 30.74 for 2023A, decreasing to 20.54 by 2027E [1]