证券研究报告 煤价回落叠加投资收益增长，业绩实现大幅增长 建投能源 (000600 CH) 盈利大增与分红回购凸显长期价值 2025 年 11 月 02 日│中国内地 发电 建投能源发布三季报：Q3 实现营收 53.69 亿元（yoy-4.6%，qoq+18.3%）， 归母净利 6.86 亿元（yoy+430%，qoq+51%），归母净利和业绩预告一致。 2025 年 Q1-Q3 实现营收 164.82 亿元（yoy-3.7%），归母净利 15.83 亿元 （yoy+232%），扣非净利 15.47 亿元（yoy+315%）。煤价大幅回落驱动 火电盈利修复，参股公司贡献增量收益，定增募资推进新项目建设，叠加市 值管理与现金分红落地，公司长期价值凸显。维持"增持"评级。 前三季度公司控股运营发电企业完成发电量 390 亿千瓦时（yoy-3.4%）， 上网电量 362 亿千瓦时（yoy-3.4%），主要受发电机组平均利用小时数同 比减少 188 小时至 3,163 小时影响。第三季度供热量同比增长 19.6%至 151.26 万吉焦，工业供热业务表现亮眼。成本端改善幅度覆盖量价小幅波 动，推动盈利大幅提升，前三季 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][19] Core Views - The company achieved a significant increase in net profit due to a decrease in fuel costs and financial expenses, with a year-on-year growth of 43.85% in net profit for the first half of 2025 [1][6] - The construction of coal power projects is progressing smoothly, which is expected to further drive the company's performance after completion [2][18] - The company is steadily advancing its renewable energy projects, with a total installed capacity of 12.33 million kilowatts as of the first half of 2025, including 5.24 million kilowatts of wind power and 7.10 million kilowatts of solar power [2][19] Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 20.475 billion yuan, a slight increase of 1.76%, and a net profit attributable to shareholders of 1.909 billion yuan, an increase of 43.85% [1][6] - The company’s coal price decreased by 12.7% year-on-year, contributing to the increase in net profit [1][10] - The company’s operating profit margin is projected to improve, with net profit expected to grow significantly in the coming years, reaching 3.067 billion yuan in 2025, a year-on-year increase of 49.9% [3][21] Project Development Summary - The company is advancing its coal power projects, with significant milestones achieved in the construction of multiple 1 million kilowatt units, expected to be operational after 2026 [2][18] - The company has also made progress in its renewable energy projects, with new installed capacity of 1.1482 million kilowatts in the first half of 2025, including 385,000 kilowatts of wind power and 763,200 kilowatts of solar power [2][19] Financial Forecasts - The company’s net profit forecasts for 2025-2027 are adjusted to 3.07 billion yuan, 3.42 billion yuan, and 3.54 billion yuan respectively, reflecting a strong growth trajectory [3][19] - Earnings per share (EPS) are projected to be 1.09 yuan in 2025, 1.22 yuan in 2026, and 1.26 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 13.5, 12.1, and 11.7 [3][21]