我国风电装机快速增长 今年以来风电发电量占比超12% 智通财经6月20日电，2025海上风电大会20日在辽宁大连召开，会上发布了《全球海上风电市场展望》 及《全球风能报告》。报告显示，今年以来，我国风电装机快速增长，风电发电量占比超12%。到2030 年，全球海上风电装机容量有望突破230吉瓦，其中，我国深远海项目将成为国际合作的核心增长点。 数据显示，截至4月，我国风电累计并网装机量占比已经达到15.5%。今年前4个月，我国风电发电量达 3814.3亿千瓦时，占总发电量的12.78%。随着风电装机规模的飞速增长，风电成本也将越来越低。 (央 视新闻) ...

Core Viewpoint - In Q1 2025, the company reported a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, indicating a mixed performance driven by various factors [1][2]. Revenue and Profit Analysis - The company's Q1 2025 revenue decreased by 7.70% year-on-year to 60.335 billion yuan, primarily due to a decline in on-grid electricity generation [1]. - The net profit attributable to shareholders rose by 8.19% to 4.973 billion yuan, and the non-recurring net profit increased by 9.61% to 4.798 billion yuan, reflecting improved profitability despite lower revenue [1][2]. Electricity Generation and Pricing - The total on-grid electricity generation in Q1 2025 was 106.633 billion kWh, a decrease of 5.66% year-on-year, with coal, gas, wind, solar, hydro, and biomass generation showing varied changes [1]. - The average on-grid electricity settlement price was 488.19 yuan per MWh, a slight decline of 1.96% year-on-year, indicating limited overall price drop [1]. Fuel Cost and Profitability - The unit fuel cost decreased significantly due to falling coal prices, leading to a 10.97% reduction in operating costs [2]. - Profit margins for coal and gas-fired power generation increased by 40.96% and 40.58% respectively, contributing over 60% to the total profit in Q1 2025 [2]. Financial Performance - Financial expenses decreased by 15.12% to 1.738 billion yuan, attributed to lower interest rates on domestic interest-bearing liabilities [2]. - Investment income rose by 37.63% to 525 million yuan, further enhancing the company's performance [2]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 12.3 billion, 14.6 billion, and 17 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.29%, 19.04%, and 16.42% [2]. - As of April 30, 2025, the stock price corresponds to PE ratios of 9.14, 7.68, and 6.60 for the respective years [2].

Investment Rating - The investment rating for Guotou Electric Power is "Buy" [1] Core Views - The company reported stable performance in 2024 with a revenue of 57.819 billion yuan, a year-on-year increase of 1.95%, and a net profit attributable to shareholders of 6.643 billion yuan, a slight decline of 0.92% [2][4] - The company’s hydropower segment showed significant growth due to abundant water resources, while thermal power benefited from new unit production and reduced coal costs, leading to a notable recovery in profitability [2][6] - The outlook for the company remains positive, with expectations of significant growth in hydropower performance and continued improvement in thermal power due to increased electricity generation and cost reductions [8] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 57.819 billion yuan, with a net profit of 6.643 billion yuan, and cash flow from operating activities increased by 15.93% to 24.657 billion yuan [2][7] - For Q1 2025, the company reported revenue of 13.122 billion yuan, a year-on-year decrease of 6.99%, but net profit increased by 2.01% to 2.078 billion yuan [2] Segment Analysis - Hydropower: In 2024, the hydropower segment generated revenue of 26.624 billion yuan, a 4.1% increase, with a gross profit of 16.395 billion yuan, up 6.6% [4] - Thermal Power: The thermal power segment saw revenue of 21.775 billion yuan, a decline of 4.8%, but gross profit increased by 20.5% to 2.972 billion yuan [4] - New Energy: Revenue from new energy was 4.848 billion yuan, a 6.4% increase, but gross profit decreased by 13% to 2.234 billion yuan [4] Future Outlook - The company is expected to see significant growth in hydropower due to improved water conditions and the release of generation capacity from new projects [6][8] - The forecast for net profit from 2025 to 2027 is 7.188 billion yuan, 7.477 billion yuan, and 7.623 billion yuan, respectively, indicating growth rates of 8.2%, 4.0%, and 2.0% [8]

Investment Rating - The investment rating for Guotou Electric Power is "Buy" [1] Core Views - The company reported stable performance in 2024 with a revenue of 57.819 billion yuan, a year-on-year increase of 1.95%, and a net profit attributable to shareholders of 6.643 billion yuan, a slight decline of 0.92% [1][2] - The company’s cash flow from operating activities increased by 15.93% to 24.657 billion yuan, indicating strong operational efficiency [2] - The hydropower segment benefited from abundant water resources, leading to a significant increase in electricity generation, while thermal power saw a recovery in profitability due to lower coal costs [2][4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 57.819 billion yuan, with a net profit of 6.643 billion yuan, and a basic earnings per share (EPS) of 0.87 yuan [1][7] - The fourth quarter of 2024 saw a revenue of 13.424 billion yuan, a decrease of 5.22% year-on-year, and a net profit of 0.652 billion yuan, down 90% [1][2] - For Q1 2025, the company reported revenue of 13.122 billion yuan, a decline of 6.99%, but a net profit of 2.078 billion yuan, an increase of 2.01% year-on-year [2] Segment Performance - Hydropower revenue in 2024 was 26.624 billion yuan, up 4.1%, with a gross profit of 16.395 billion yuan, up 6.6% [4] - Thermal power revenue decreased by 4.8% to 21.775 billion yuan, but gross profit increased by 20.5% to 2.972 billion yuan [4] - New energy revenue was 4.848 billion yuan, a growth of 6.4%, but gross profit fell by 13% to 2.234 billion yuan [4] Future Outlook - The company is expected to see significant growth in hydropower due to improved water conditions and the release of generation capacity from new plants [6][8] - The forecast for net profit from 2025 to 2027 is 7.188 billion yuan, 7.477 billion yuan, and 7.623 billion yuan, respectively, with corresponding growth rates of 8.2%, 4.0%, and 2.0% [8] - The company plans to increase its new energy capacity significantly, with a target of 1,472 MW by the end of the "14th Five-Year Plan" [8]

公司报告 | 年报点评报告 宝新能源（000690） 证券研究报告 火电机组盈利稳健，25Q1 业绩高增 事件 公司公布 2024 年报及 2025 年一季报，2024 年实现营业收入 79.04 亿元， 同比降低 23.08%，实现归母净利润 7.06 亿元，同比降低 20.60%；2025Q1 实现营业收入 19.80 亿元，同比降低 6.91%，实现归母净利润 2.99 亿元， 同比增长 46.40%。 整体电价有所下滑，煤价下滑带动燃料成本降低 2024 年公司收入端承压，电量方面，火电机组全年利用小时数 5405 小时， 同比降低 550 小时，完成发电量 187.56 亿千瓦时，同比降低 9.23%；电价 方面，平均上网电价（含税）0.50 元/KWh，同比降低 0.07 元/KWh。但成 本端的改善对公司全年业绩形成一定支撑，2024 年火电燃料成本 55.56 亿 元，同比降低 24.53%。 25Q1 业绩高增速，燃料成本有望进一步降低 2025 年广东省年度长协交易均价 0.392 元/KWh，同比 2024 年降低约 15.84%，而公司 25Q1 营业收入仅下滑 6.91%，因此我们预 ...

Core Viewpoint - The company reported a steady increase in revenue and net profit for 2024, with a significant rise in net profit in Q4 2024, while facing a decline in Q1 2025 revenue and net profit [1][4]. Financial Performance - In 2024, the company's operating revenue was 30.09 billion yuan, an increase of 8.0% year-on-year; net profit attributable to shareholders was 2.06 billion yuan, up 44.4% year-on-year [1]. - Q4 2024 revenue was 7.55 billion yuan, a decrease of 1.3% year-on-year; net profit was 481 million yuan, a significant increase of 285.7% year-on-year [1]. - In Q1 2025, revenue was 6.42 billion yuan, down 8.1% year-on-year and 15.01% quarter-on-quarter; net profit was 444 million yuan, a decrease of 1.98% year-on-year and 7.76% quarter-on-quarter [1]. Capacity and Production Growth - By the end of 2024, the company's controlled power generation capacity was 17.36 million kilowatts, with operational capacity at 13.66 million kilowatts, under construction at 2.1 million kilowatts, and approved but not yet built at 1.6 million kilowatts [2]. - The controlled power generation volume was 60.15 billion kilowatt-hours, an increase of 17.34% year-on-year [2]. - New operational units include two 660,000-kilowatt units in Xinjiang and a 1 million-kilowatt project expected to be operational in March 2025 [2]. Pricing and Cost Dynamics - The average on-grid electricity price for coal power in 2024 was 0.4491 yuan per kilowatt-hour, down 0.06 yuan due to a higher proportion of lower-priced electricity from Xinjiang [3]. - The coal price has remained weak, with a year-on-year decrease of 172 yuan per ton in Q1 2025, a drop of 19% [3]. - The company benefits from a long-term coal supply agreement, with approximately 75% of coal sourced through long-term contracts [3]. Future Outlook - The company is expected to see continued profitability due to the gradual commissioning of new units and low coal prices [4]. - Profit forecasts for the company are 2.16 billion yuan, 2.20 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 0.97, and 1.03 yuan [4].

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 国电电力(600795.SH) | | | 上次评级 买入 [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 主业盈利表现稳健，装机扩张支撑后续增长 [Table_ReportDate] 2025 年 04 月 16 日 [Table_S 事件：202ummar 5 年y]4 月 15 日晚，国电电力发布 2 ...