答案是肯定的。以四川为例，这里水能资源丰富，水电是主力电源。不过，一组数据耐人寻味： 2024年，四川用电负荷持续增长，占全省电力装机总容量不到10%的煤电装机，在全年枯水期完 成发电量335.03亿千瓦时，提供了四川主网三分之一以上电量。换句话说，煤电对四川电力保供 起到重要作用。 近年来，我国大力发展可再生能源，加快能源绿色低碳转型取得积极成效。但受可再生能源电力 随机性、波动性影响，煤电仍将在一定时期内在电力系统中发挥兜底保障和支撑调节作用。 当前，煤电是保障电力安全稳定供应的"压舱石"。多位参会嘉宾提及，通过提升灵活调节能力和 低碳化发展水平等方式，煤电也可以变得更"绿"。其中，《新一代煤电升级专项行动实施方案 （2025—2027年）》明确提出"度电碳排放水平应较2024年同类型机组降低10%—20%"等要求。 □四川日报全媒体记者 尹梦奇 "随着新能源占比不断提高的新型电力系统加快建设，煤电将由基础保障性电源转为支撑调节性电 源，这是煤电定位的重大调整。"11月13日，东方电气集团在成都举办新一代煤电升级改造技术交 流会，国家发展改革委能源研究所相关负责人现场分享了我国能源结构转型的最新动态。 于 ...

Group 1: Operational Capacity - As of the end of the first half of 2025, the company's operational installed capacity is 2,531.44 million kW, with 457.97 million kW under construction and 564.5 million kW approved but not yet started [2] Group 2: Coal Consumption and Environmental Standards - In the first half of 2025, the average coal consumption for conventional coal-fired units was 305.77 grams per kWh, while the average for coal-fired thermal units was 273.33 grams per kWh [2] - The company has dismantled 2 units of 320 MW at the Ma Wan Power Plant and plans to construct 2 units of 660 MW ultra-supercritical coal-fired units at the same site [2] Group 3: Coal Supply Sources - The main sources of coal for the company in the first half of 2025 include domestic washed coal, inland coal, and imported coal, with suppliers such as China Energy Sales Group Guangzhou Co., Ltd., Guangzhou Pearl River Electric Fuel Co., Ltd., and Yitai Energy Supply Chain Services (Shenzhen) Co., Ltd. [3] Group 4: Financial Performance - The coal power segment achieved a net profit of approximately RMB 329 million in the first half of 2025 [3]

Group 1: General Information - The report is about a research on Longyuan Technology in the power equipment industry on May 15, 2025 [1][2][17] - The listed company's reception staff includes the Party Secretary and Chairman Qu Zengjie, Deputy Party Secretary, General Manager and Director Liang Chengyong, Chief Accountant and Board Secretary Liu Keleng, and Independent Director Zhao Yi [17] - The reception object is mainly investors' online questions [20] Group 2: Company Responses to Investor Questions Business Expansion and Development - In 2025, the company will increase R & D, strengthen project management, control costs, expand the market, and optimize organizational efficiency to achieve business goals [24] - As of now, there are no plans for asset injection, integration with the major shareholder, or industrial expansion; relevant information will be disclosed if there are plans [24][25][28] Financial Performance - The company's 2024 annual revenue increased by 13.06% year - on - year [24] - In Q1 2025, the company's performance increased well due to a large increase in peak - shaving revenue from the Lingwu electric boiler project, and the company will monitor local power policies [25] - Dongying Longyuan, in which the company participates, achieved an operating income of 36.83 million yuan and a total profit of 4.06 million yuan in 2024 [28] Project Status - The company completed the first Hebei Longshan molten salt heat storage and extraction project in 2025 and is summarizing experience for future projects [25] - The 2023 ALLAM cycle power generation project completed its research and passed acceptance, and the company will continue to monitor its engineering application [27] Technology Application - The company currently has no participation in thermonuclear fusion experiments [29] Performance Outlook for 2025 - The company will increase R & D, improve project management, and manage accounts receivable, and is confident in achieving business goals [29] Market Value Management - Measures for market value management in 2025 include managing production and operations, R & D, investor relations, and maintaining a stable cash - dividend policy [29] - The company attaches great importance to investor relations, will seize industry opportunities, and aims to improve overall efficiency and profitability [30]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant growth in Q1 2025, with revenue reaching 619 million yuan, a year-on-year increase of 317.34%, and net profit attributable to shareholders at 69 million yuan, up 990.26% [1] - The substantial growth is primarily driven by the completion of the "Fish-Solar Complementary" project, which contributed significantly to the company's performance [1] - The company is positioned to benefit from the increasing demand for coal power upgrades and auxiliary equipment, with a projected market potential of 700 million to 2.9 billion yuan over the next three years [2] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to become new growth engines for future performance [3] Financial Summary - The company is projected to achieve revenues of 1.987 billion yuan in 2025, with a year-on-year growth rate of 51.2%, and net profits of 212 million yuan, reflecting a growth rate of 128.2% [4] - Earnings per share (EPS) are expected to be 1.72 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 15.1, 12.4, and 10.4 for 2025, 2026, and 2027 respectively [4][5] - The financial outlook indicates a steady increase in revenue and profit margins, with net profit margins projected to improve from 8.4% in 2023 to 11.1% by 2027 [4]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]