公司研究 其他发电 2025 年 08 月 29 日 证 券 研 究 报 告 中闽能源（600163）2025 年中报点评 强推（维持） 目标价：7.3 元 当前价：5.27 元 限电及来风偏弱导致 25H1 业绩承压，看好 海风远期成长弹性 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,741 | 1,769 | 1,897 | 2,190 | | 同比增速(%) | 0.5% | 1.6% | 7.2% | 15.4% | | 归母净利润(百万) | 651 | 695 | 741 | 826 | | 同比增速(%) | -4.0% | 6.8% | 6.6% | 11.4% | | 每股盈利(元) | 0.34 | 0.37 | 0.39 | 0.43 | | 市盈率(倍) | 15 | 14 | 14 | 12 | | 市净率(倍) | 1.5 | 1.4 | 1.3 | 1.2 | 资料来源：公司公告，华创证券预测 注： ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [7][17]. Core Views - The company achieved a total revenue of 1.741 billion yuan in 2024, a year-on-year increase of 0.54%, while the net profit attributable to shareholders was 651 million yuan, a decrease of 4.03%. In Q1 2025, the company reported total revenue of 514 million yuan, a year-on-year increase of 10.43%, and a net profit of 251 million yuan, an increase of 18.1% [1][3]. - The report highlights the company's long-term potential in offshore wind development, particularly in Fujian province, where it is a significant player. The growth in offshore wind capacity is expected to accelerate, with only 41 GW installed as of 2024, representing just 1.2% of total capacity [7][8]. - The report emphasizes the importance of project allocation and asset injection for future growth, particularly the potential benefits from the third phase of the offshore wind project [7][8]. Financial Summary - The company's total revenue is projected to grow from 1.741 billion yuan in 2024 to 2.697 billion yuan by 2027, with corresponding year-on-year growth rates of 0.5%, 5.1%, 14.5%, and 28.7% [3][8]. - Net profit is expected to increase from 651 million yuan in 2024 to 1.07 billion yuan in 2027, with growth rates of -4.0%, 13.8%, 16.5%, and 23.9% respectively [3][8]. - Earnings per share (EPS) is forecasted to rise from 0.34 yuan in 2024 to 0.56 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 16x to 10x over the same period [3][8]. Market Performance - The company's stock price target is set at 7.8 yuan, representing a 41% upside from the current price of 5.54 yuan [3][7]. - The report notes that the company has a total market capitalization of 10.543 billion yuan and a debt-to-equity ratio of 54.6% in 2024, indicating a relatively stable financial position [4][8].