记者从南方电网广西电网公司获悉，截至目前，全区84%的煤电机组已达国家灵活性调节能力要 求，调峰深度低至36%。今年全区煤电利用小时数仅1836小时，为南方五省区（广东、广西、云南、贵 州、海南）最低，为清洁能源腾出消纳空间288亿千瓦时，推动煤电由"电量主体"向"调节主力"转型。 国能永福电厂是广西煤电升级改造的排头兵，其作为2007年投运的"老机组"，在保障工业供热同 时，煤电深度调峰能力已达35%，成效显著。该厂先后投入1.8亿元，开展中联门改造、机组通流改造 等，提高负荷调节能力。如今，电厂已从最初政府核定的最低供热保障负荷28.2万千瓦降低至11万千 瓦。 据悉，南方电网广西电网公司聚焦技术升级，通过供热改造、灵活性改造、节煤降耗改造"三改联 动"，已统筹安排永福、六景、贵港、神鹿等电厂完成灵活性改造阶段性试验，使机组出力下限较供热 核定出力下降120万千瓦。（陆权香 毛雨贤） 广西工业供热煤电机组较多，一方面要承担电网兜底调节作用，另一方面要为工业园区提供稳定蒸 汽热源，如何解决机组出力变化与供热稳定矛盾尤为关键。在能源主管部门、监管部门的大力支持下， 南方电网广西电网公司深化厂网协同联动机制，共 ...

Core Viewpoint - The article discusses the challenges and opportunities of "molten salt energy storage" in the context of its integration with coal power plants, highlighting the need for policy guidance, technological innovation, and industry collaboration to overcome existing barriers [1][3][8]. Group 1: Project Overview - The largest domestic molten salt energy storage project combined with coal power, a 350 MW demonstration project at Anhui Guoneng Suzhou Power Plant, has been launched, showcasing significant market potential [3][5]. - The project utilizes two large molten salt tanks, one for high-temperature and one for low-temperature storage, with a total heat storage capacity of 1000 MWh [5][6]. - The project allows for a reduction in minimum technical output from 50% to 30% and increases maximum load from 80% to 100%, demonstrating enhanced flexibility in power generation [5][7]. Group 2: Market Potential - The combination of "molten salt energy storage + coal power" is expected to activate a market potential worth billions, with further applications in high-heat industries like steel and chemicals potentially expanding the market to hundreds of billions [3][5][7]. - If 30% of the existing coal power capacity of approximately 1.1 billion kW were to adopt molten salt energy storage systems, it could lead to significant market investments [7]. Group 3: Challenges in Scaling - High customization requirements for different coal power plants pose a significant challenge, necessitating tailored designs for each system [9][10]. - The initial investment for molten salt energy storage projects is high, with the Suzhou project costing around 340 million yuan, which may deter some power plants from investing [9][10]. - The lack of national standards for molten salt tank design and safety regulations creates additional risks and uncertainties for the industry [9][10]. Group 4: Recommendations for Development - Industry experts suggest that policy support is crucial, including integrating molten salt energy storage into new power system planning and establishing clear compensation mechanisms for peak shaving [11][12]. - Technological innovations aimed at reducing costs and improving efficiency are essential for the widespread adoption of molten salt energy storage [11][12]. - Establishing national standards for design, construction, and acceptance of molten salt storage tanks is necessary to ensure safety and efficiency [11][12].

Investment Rating - The report does not specify an explicit investment rating for the company [1] Core Insights - The company achieved significant growth in total operating revenue and net profit in the first three quarters of 2025, with total revenue reaching 1.47 billion yuan, a year-on-year increase of 91.13%, and net profit attributable to the parent company reaching 124 million yuan, a year-on-year increase of 267.14% [1] - The company is actively expanding its overseas market presence, having signed a major contract for a power plant project in Vietnam worth approximately 181 million yuan [2] - The flexibility transformation of coal-fired power plants is expected to accelerate, which may benefit the company as it develops intelligent solutions for energy management and equipment operation [2] - Revenue forecasts for 2025-2027 are projected at 1.73 billion yuan, 2.17 billion yuan, and 2.61 billion yuan, with corresponding growth rates of 31.7%, 25.3%, and 20.2% [2] Financial Summary - Total operating revenue is projected to grow from 1.03 billion yuan in 2023 to 2.61 billion yuan in 2027, with a compound annual growth rate of 20.2% [3] - Net profit attributable to the parent company is expected to increase from 87 million yuan in 2023 to 293 million yuan in 2027, reflecting a significant growth trajectory [3] - The company's gross margin is expected to stabilize around 33% over the forecast period [3] - The return on equity (ROE) is projected to rise from 9.9% in 2023 to 32.8% in 2027, indicating improved profitability [3]

Core Viewpoint - The company is actively adapting to the evolving energy landscape in China, focusing on flexibility and low-carbon transformation of coal power plants, while also expanding its energy-saving and new energy technologies to drive future growth [4][6][7][8]. Company Overview - The company has maintained its accounting firm as Zhongxinghua Accounting Firm (Special General Partnership) for the reporting period, receiving a standard unqualified audit opinion [2]. - The company has proposed a cash dividend of 1.00 yuan per 10 shares to all shareholders, with no stock dividends [3]. Industry Context - As of the end of 2024, China's total installed power generation capacity is projected to reach 3.35 billion kilowatts, with non-fossil energy surpassing coal power for the first time [4]. - By the end of 2025, coal power's share of total installed capacity is expected to drop to one-third, while solar and wind power will exceed coal capacity [4]. Business Performance - The company achieved a revenue of 1.276 billion yuan, a year-on-year increase of 13.06%, while total profit decreased by 31.33% to 79.77 million yuan [8]. - The energy-saving segment saw a revenue increase of 65.18%, driven by the company's focus on coal power flexibility and new energy storage technologies [8]. - The environmental protection segment's revenue decreased by 57.02%, attributed to fewer upgrade projects as most coal power plants completed their ultra-low emission modifications [9]. - The new energy segment's revenue decreased by 45.84%, with biomass coupling technology still in the early demonstration phase [10]. Technological Advancements - The company is promoting deep flexibility transformation technologies for coal power plants, including plasma ignition and digital boiler technologies, to enhance efficiency and adaptability [6]. - The company has made significant progress in low-carbon transformation technologies, achieving stable operation of ammonia co-firing in coal-fired boilers, recognized as a top innovation in the energy sector [7].