证券研究报告·公司点评报告·电力 申能股份（600642） 2024 年报&2025 一季报点评：业绩稳健分红 率 56%，关注燃料成本优化与新项目投产 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 29,142 | 29,619 | 28,512 | 28,760 | 28,862 | | 同比（%） | 3.36 | 1.64 | (3.74) | 0.87 | 0.35 | | 归母净利润（百万元） | 3,459 | 3,944 | 4,052 | 4,144 | 4,301 | | 同比（%） | 219.52 | 14.04 | 2.72 | 2.28 | 3.77 | | EPS-最新摊薄（元/股） | 0.71 | 0.81 | 0.83 | 0.85 | 0.88 | | P/E（现价&最新摊薄） | 12.48 | 10.94 | 10.65 | 10.42 | 10.04 | [Table ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 29.619 billion yuan in 2024, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year [7] - The company proposed a cash dividend of 2.202 billion yuan, resulting in a dividend payout ratio of 55.84% and a dividend yield of 5.1% [7] - The company’s power generation increased by 6.4% in 2024, with coal power generation reaching 416.05 billion kWh, a 3.5% increase [7] - Fuel costs have decreased, supporting profitability in the coal power sector, with coal and natural gas costs down by 3.17% and 1.98% respectively [7] - The company’s Q1 2025 net profit decreased by 12.82% year-on-year, attributed to fair value changes and a 7.2% decline in power generation [7] - The report forecasts net profits of 40.5 billion yuan for 2025, 41.4 billion yuan for 2026, and 43.0 billion yuan for 2027, with corresponding P/E ratios of 10.7, 10.4, and 10.0 [7] Financial Summary - Total revenue for 2023 is projected at 29.142 billion yuan, with a forecasted decline to 28.512 billion yuan in 2025 [8] - The company’s net profit is expected to grow from 3.944 billion yuan in 2024 to 4.301 billion yuan in 2027 [8] - The latest diluted EPS is projected to increase from 0.81 yuan in 2024 to 0.88 yuan in 2027 [8] - The company’s total assets are expected to grow from 101.666 billion yuan in 2024 to 111.314 billion yuan in 2027 [8] - The debt-to-asset ratio is projected to decrease from 54.83% in 2024 to 50.29% in 2027 [8]