在技术创新与产业升级上，青海同样走在前列。全国首个100%清洁能源可溯源绿色大数据中心投入运 行，519座新能源电站实现"无人值班、少人值守"，运营成本降低40%以上；全球首个5兆瓦商用级钙钛 矿光伏实证基地投产，IBC电池转化效率达25%，达到国际领先水平。锂电产业集群连续两年跻身全国 百强，碳酸锂产量13.4万吨，占全国的19%，锂离子蓄电池出口同比增长77.5倍，增速全国第一。 2014年至今，塔拉滩光伏园区累计铺设光伏板超700万块，装机容量持续攀升，更创新推出"板上发电、 板下牧业"的立体模式。光伏板有效降低50%风速，为植被恢复创造了条件，使园区植被覆盖率从10% 跃升至80%。如今的塔拉滩，光伏组件在阳光下熠熠生辉，板下优质牧草随风摇曳，成群牛羊悠然觅 食，形成了"发电+生态+养殖"的共赢格局。扎西算了一笔账："现在草场好了，我家牛羊存栏量翻番， 加上光伏企业的务工收入，一年能多挣3万多元。" 这片土地的蝶变，正是青海清洁能源发展的生动缩影。截至2025年10月底，全省清洁能源装机规模超 7300万千瓦，占比93.1%，高于全国水平34个百分点，清洁能源发电量占比90.6%，两项指标除西藏外 居 ...

证券代码：002480 证券简称：新筑股份 编号：2025-006 投 资 者关 系 活 动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 活动参与人员 公司参与人员：董事会秘书陈思遥、首席合规官贾珺 参与机构：国联民生证券股份有限公司 时间 2025 年 11 月 21 日（星期五）上午 9:30-11:30 地点 成都市高新区交子大道 499 号蜀道集团大厦 形式 现场交流 交 流 内容 及 具 体问答记录 一、基本情况介绍 成都市新筑路桥机械股份有限公司（以下简称"新筑股份 或公司"）副总经理、董事会秘书陈思遥介绍了控股股东蜀道 集团成立背景、主责主业和发展规划；介绍了新筑股份从四川 发展无偿划转至蜀道集团的背景和意义以及本次重大资产重 组方案中注入资产蜀道清洁能源集团的经营情况、竞争优势及 产业布局等。 二、问答环节 问 1：介绍一下新筑股份本次推进重大资产重组后，对未 来可持续发展，有没有设定一个短期、中期和长期目标。 答：本次重组完成后，新筑股份将全面退出磁浮及桥梁功 能部件，蜀道清洁能源成为控股子 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.55 [5]. Core Views - The significant increase in water inflow to the Three Gorges Dam has provided support for the company's performance, with expectations of a 0.34% year-on-year increase in domestic hydropower generation and a 3.62% increase in net profit for the year 2025 [1][4]. - The company has shown strong cost control, with financial expenses decreasing by 15.33% year-on-year, positively impacting profitability [3]. - The report highlights the potential for increased electricity generation from the company's hydropower stations due to improved water inflow conditions in September [2]. Financial Performance Summary - For Q3 2025, the company reported revenue of RMB 29.044 billion, a year-on-year decrease of 7.78% but a quarter-on-quarter increase of 47.56%. The net profit attributable to the parent company was RMB 15.137 billion, down 9.13% year-on-year but up 92.20% quarter-on-quarter [1]. - For the first nine months of 2025, the company achieved revenue of RMB 65.741 billion, a slight year-on-year decrease of 0.89%, and a net profit of RMB 28.193 billion, an increase of 0.60% year-on-year [1][3]. - The report projects a compound annual growth rate (CAGR) of 4.15% for net profit over the next three years [4]. Operational Insights - The report notes that the hydropower generation for Q3 2025 saw a year-on-year decline of 5.84%, but this was a significant improvement compared to the declines experienced in July and August [2]. - The company’s six hydropower stations generated a total of 2,351.26 billion kilowatt-hours in the first nine months of 2025, reflecting a year-on-year decrease of 0.29% [2]. Valuation Metrics - The report adjusts the company's earnings per share (EPS) estimates for 2025-2027 to RMB 1.38, RMB 1.43, and RMB 1.50 respectively, based on improved hydropower generation forecasts [4]. - The company is valued at a price-to-earnings (PE) ratio of 25.5x for 2026, with a target price set at RMB 36.55, reflecting a positive outlook on its operational efficiency and growth potential [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 32.59 [1][6][9] Core Insights - The company's performance in the first half of 2025 met expectations, with revenue of RMB 366.98 billion, a year-on-year increase of 5.34%, and a net profit attributable to the parent company of RMB 130.56 billion, up 14.86% year-on-year [6][9] - The company has strong financial expense management capabilities, with financial expenses decreasing by 13.91% year-on-year to RMB 48.63 billion, significantly enhancing profitability [8][9] - The company is committed to maintaining a dividend payout ratio of no less than 70% of the net profit attributable to the parent company during the "14th Five-Year Plan" period, ensuring stable returns for investors [6][9] Financial Performance Summary - Revenue projections for 2024 to 2027 are as follows: RMB 84,492 million (2024), RMB 81,872 million (2025E), RMB 83,382 million (2026E), and RMB 83,851 million (2027E), with a growth rate of 8.17% in 2024 and a slight decline of 3.10% in 2025 [5][9] - Net profit attributable to the parent company is projected to be RMB 32,496 million (2024), RMB 32,546 million (2025E), RMB 34,054 million (2026E), and RMB 35,688 million (2027E), with a growth rate of 19.30% in 2024 [5][9] - The company's earnings per share (EPS) is expected to be RMB 1.33 (2025E), RMB 1.39 (2026E), and RMB 1.46 (2027E) [5][9] Operational Insights - In the first half of 2025, the company's power generation increased by 5.01% year-on-year, totaling 1,266.56 billion kWh, primarily driven by a 9.01% increase in water inflow at the Wudongde Reservoir [7][9] - The company anticipates challenges in power generation growth in the third quarter of 2025 due to lower water inflow levels in July and August [7][9] Valuation Metrics - The company is currently trading at a price-to-earnings (PE) ratio of 21.15 for 2025, with a projected PE of 21.12 for 2026 and 20.18 for 2027 [5][9] - The price-to-book (PB) ratio is 3.27 for 2025, expected to decrease to 2.97 by 2027 [5][9] - The company maintains a dividend yield of approximately 3.36% for 2025 [5][9]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][9]. Core Views - The company is a listed platform under Shudao Group, focusing on the clean energy generation business through asset restructuring [8][11]. - The acquisition of Shudao Clean Energy Group aims to enhance the company's focus on clean energy generation, transitioning away from traditional businesses [19][37]. - The company is expected to benefit from the resource advantages of Shudao Group, which is actively involved in the development of multiple hydropower projects and renewable energy resources [32][37]. Financial Performance and Forecast - The company’s projected revenue for 2023 is 2,509 million RMB, with a year-on-year growth rate of 52.14%. However, a decline in revenue is expected in subsequent years, with 2024 projected at 2,483 million RMB, a decrease of 1.05% [7]. - The net profit attributable to shareholders is forecasted to be -342 million RMB in 2023, worsening to -409 million RMB in 2024, before improving to -127 million RMB in 2025 [7][9]. - The earnings per share (EPS) is expected to be -0.45 RMB in 2023, improving to -0.16 RMB by 2025 [7]. Business Strategy and Development - The company plans to divest from its traditional businesses in rail transit and bridge components, focusing instead on clean energy generation [19][33]. - Shudao Clean Energy is projected to have an operational and under-construction installed capacity of 10.5 million kW by the end of 2024, with significant contributions from hydropower projects [11][37]. - The company is also exploring new models that integrate transportation and energy, as well as renewable energy and mining [11][32]. Market Position and Competitive Landscape - The company is positioned as one of the five major listed platforms under Shudao Group, which is a significant player in the transportation and energy sectors in Sichuan Province [32][33]. - The average price-to-book (P/B) ratio of comparable companies is approximately 7.5, while the company's current P/B ratio is about 5.6, indicating potential for growth post-restructuring [9][11].

Core Insights - The Chinese hydropower industry is transitioning from scale expansion to high-quality development, playing an irreplaceable strategic role in the national energy system [1][13] - Hydropower serves as a cornerstone for energy security, a key non-fossil energy source for achieving carbon neutrality goals, and a critical tool for comprehensive river basin management [1][18][20] Industry Overview - As of early 2025, the total installed capacity of hydropower in China is expected to exceed 420 million kilowatts, with pumped storage capacity surpassing 55 million kilowatts, indicating rapid growth [1][34] - The annual hydropower generation is stable at around 1.3 trillion kilowatt-hours, although its share in total electricity generation is slightly declining [1][35][38] - The distribution of hydropower resources is uneven, with Sichuan, Yunnan, and Hubei leading in installed capacity [1][39] Industry Development Stages - The development of the hydropower industry has gone through three stages: foundational exploration, large-scale construction, and optimization for high-quality development [1][21][25] - The focus has shifted from rapid expansion to optimizing existing assets and enhancing operational efficiency through technological innovation and digital transformation [1][25][16] Market Dynamics - The market is dominated by state-owned enterprises, with specialized companies like Yangtze Power performing exceptionally well [2] - The industry faces challenges such as ecological and environmental pressures, complex resettlement issues, and seasonal fluctuations in generation [2][14] - Opportunities include the integration of hydropower with wind and solar energy, expansion of pumped storage, and the revaluation of existing assets [2][16] Industry Chain Analysis - The upstream sector is led by China Power Construction and China Energy Engineering, which dominate planning and engineering construction [1][42] - The midstream sector is characterized by manufacturers like Harbin Electric and Dongfang Electric, achieving significant domestic production of turbine generators [1][42] - The downstream sector focuses on operations led by companies like Yangtze Power, addressing power consumption issues through the "West-to-East Power Transmission" project [1][42] Future Outlook - The industry is expected to strengthen top-level planning, improve market mechanisms, and innovate ecological compensation and benefit-sharing mechanisms [2] - Companies are encouraged to undergo strategic transformations, accelerate digitalization, and prioritize ESG management [2]

Core Viewpoint - The Yarlung Tsangpo River downstream hydropower project, with an investment of 1.2 trillion yuan, is expected to significantly boost the capital market and energy sector, leading to a surge in related stock prices and substantial economic growth in Tibet [1][3]. Investment Impact - The 1.2 trillion yuan investment is projected to generate a GDP increase of 2.04 trillion yuan, providing over 20 billion yuan in annual fiscal revenue for Tibet [3]. - The total installed capacity of the project is estimated to be between 60 million to 70 million kilowatts, making it the largest hydropower station globally, with an annual electricity generation of approximately 300 billion kilowatt-hours [3][5]. Energy Development Potential - The project is part of a broader initiative to develop 50 million kilowatts of solar and wind energy resources in the region, creating a comprehensive clean energy base [3][7]. - The electricity generated will primarily be transmitted to high-demand areas such as the Yangtze River Delta and the Pearl River Delta, reshaping China's energy landscape [3][8]. Clean Energy Contribution - The project will facilitate the export of 500 billion kilowatt-hours of green electricity annually, contributing significantly to China's carbon reduction goals [3][6]. - The annual electricity output is equivalent to the energy consumption of 100 million households and will account for about 3% of the national electricity generation in 2024 [3][5]. Infrastructure and Grid Development - The construction of the Yarlung Tsangpo project is accompanied by significant upgrades to the local power grid, including the establishment of high-voltage direct current (HVDC) transmission lines to facilitate electricity export [15][16]. - The project will integrate various energy sources and modern infrastructure, including 5G networks and rail extensions, to enhance energy and information connectivity [15]. Regional Energy Integration - Future plans include the establishment of a South Asia energy internet, which aims to connect China's clean energy resources with South Asian markets [10][9]. - The development of the project will require overcoming significant challenges related to inter-regional cooperation and infrastructure integration [4][17]. Challenges and Barriers - The extreme geographical conditions in Tibet pose significant challenges for the successful implementation of the electricity export plan [4]. - There are existing barriers to inter-regional electricity trade, including local protectionism and the need for cooperation between different power grid operators [18][20].

Core Insights - The hydropower industry in China plays a crucial role in energy security, achieving "dual carbon" goals, and watershed management. By early 2025, the total installed capacity of hydropower is expected to exceed 420 million kilowatts, with pumped storage capacity surpassing 55 million kilowatts, marking a shift from scale expansion to stock optimization and high-quality development [1][13][19]. Industry Overview - Hydropower is a strategic cornerstone of China's energy security, providing a stable and reliable energy source that is less susceptible to geopolitical risks compared to fossil fuels [18]. - The industry has transitioned through various development stages, from initial exploration to large-scale construction and now to stock optimization and high-quality development [23][24][27]. - The macro environment for hydropower development is shaped by political, economic, social, and technological factors, with strong government support and policy direction [29][30][35]. Industry Chain Analysis - The hydropower industry chain includes upstream planning and design, midstream equipment manufacturing, and downstream power station operation, with major players like China Power Construction and China Energy Engineering leading the market [2][45][47]. - The "West-East Power Transmission" project addresses the imbalance of resource distribution and load, although it faces challenges such as transmission costs and market reforms affecting hydropower pricing [1][3]. Market Dynamics - The market is dominated by state-owned enterprises, with local energy platforms also participating. The regional layout is concentrated in the southwest, with significant developments in the Jinsha River and Yarlung Tsangpo River basins [1][3][29]. - The installed capacity of hydropower is highly concentrated in western provinces, with Sichuan leading the nation [42][43]. Technological Advancements - China has become a global leader in high dam construction and large-scale turbine manufacturing, with widespread application of smart hydropower station technologies and cascade reservoir scheduling [1][13][35]. - The industry is increasingly focusing on digital transformation and innovative technologies to enhance operational efficiency and economic benefits [27][35]. Challenges and Opportunities - The hydropower industry faces challenges related to ecological protection and social impacts, particularly concerning environmental sustainability and the resettlement of affected populations [14][32]. - Opportunities include the integration of hydropower with wind and solar energy, accelerated development of pumped storage, and the revaluation of existing hydropower assets [16][27][28].

Core Viewpoint - The commencement of the Yarlung Zangbo River downstream hydropower project marks a significant milestone in China's energy revolution and ecological development, with an estimated total investment exceeding 2 trillion yuan, making it the largest hydropower project in human history [3][6][16]. Group 1: Project Overview - The Yarlung Zangbo River hydropower project has a total investment of 1.2 trillion yuan, with potential additional investments bringing the total to over 2 trillion yuan [3][6]. - The project will consist of five hydropower stations with an installed capacity of 60-70 million kilowatts and an annual power generation of approximately 300 billion kilowatt-hours, which is three times that of the Three Gorges Dam [6][8]. - The project is expected to take 12-15 years to complete and will play a crucial role in China's "West-to-East Power Transmission" strategy [6][16]. Group 2: Key Beneficiaries - The China Three Gorges Corporation will be the largest shareholder of the newly established Yajiang Group, holding 35% of the shares, and is expected to be the primary beneficiary due to its extensive experience in hydropower construction and operation [7][8]. - China Huaneng Group is also positioned to benefit significantly, leveraging its established presence in the region and its extensive hydropower assets [8][9]. Group 3: Engineering and Construction - China Power Construction Corporation and China Energy Engineering Corporation are identified as the main engineering forces for the project, with expertise in large-scale hydropower construction [10][12]. - The project will utilize innovative construction techniques to address challenging geological conditions, including a total tunnel length exceeding 50 kilometers and a maximum depth of 3,000 meters [11][12]. Group 4: Supporting Infrastructure - The project will be complemented by the construction of high-voltage direct current (HVDC) transmission lines, including the recently approved "Southeast Tibet to Guangdong-Hong Kong-Macao Greater Bay Area ±800 kV DC project," which will facilitate the long-distance transmission of electricity [14][15]. - The anticipated investment for the HVDC infrastructure could reach approximately 600 billion yuan, indicating significant future capital requirements for supporting the hydropower project [15][16].

Group 1 - The Yarlung Tsangpo River downstream hydropower project is a significant national infrastructure initiative with a total investment of approximately 1.2 trillion yuan, aimed at enhancing energy supply and optimizing energy structure in China [1][2] - The project will consist of five tiered power stations and is expected to significantly boost the economic development of Tibet and surrounding regions, creating numerous job opportunities [1][2] - The establishment of the new central enterprise, Yajiang Group, reflects the government's commitment to ensuring the successful construction and operation of the hydropower project, aligning with national energy security strategies [1][2] Group 2 - The hydropower project will enhance the strategic dispatch capability of southwest hydropower and support the creation of a unified national electricity market [2] - The construction will positively impact multiple industries, including power equipment manufacturing, construction, and transmission sectors, while also stimulating local tourism, transportation, and logistics [2] - As of the end of 2024, China has built over 94,000 dams, with a hydropower installed capacity of 436 million kilowatts, accounting for 57% of renewable energy generation [3] Group 3 - The future role of hydropower is expected to evolve from merely generating electricity to becoming a system energy source, contributing to peak regulation, energy storage, and frequency stabilization [3] - The integration of hydropower with wind, solar, and pumped storage will form a green energy dispatch network, promoting the development of new energy and smart grids [3] - The Yarlung Tsangpo River downstream hydropower project is seen as a milestone for the hydropower industry, marking a transition towards technological, ecological, and capital upgrades [3]