丨证券研究报告丨 张韦华 司旗 宋尚骞 刘亚辉 张子淳 [Table_scodeMsg1] 公司研究丨点评报告丨大唐发电（601991.SH） [Table_Title] 单季经营延续改善，全年业绩弹性释放 报告要点 [Table_Summary] 2025 年公司实现上网电量 2731.09 亿千瓦时，同比增长 1.41%，其中第四季度公司完成上网 电量 668.68 亿千瓦时，同比微降 0.50%。电价方面，2025 年公司平均上网电价约为 0.435 元 /千瓦时，同比降低约 0.017 元/千瓦时。在燃料成本仍同比改善的带动下，四季度公司主业经营 延续改善趋势，公司预计 2025 年实现归母净利润 68 亿元到 78 亿元，同比增加 51%到 73%； 四季度公司预计实现归母净利润 0.88 亿元到 10.88 亿元，同比增加 14%到 1317%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% ...

Core Insights - The company reported a revenue of 24.882 billion yuan for 2024, representing a year-on-year growth of 6.05%, and a net profit attributable to shareholders of 8.297 billion yuan, up 8.63% year-on-year [1] - In Q1 2025, the company achieved a revenue of 5.385 billion yuan, marking a year-on-year increase of 21.84%, and a net profit of 1.508 billion yuan, which is a 41.56% increase year-on-year [1] Financial Performance - For the full year 2024, the company generated a total electricity output of 112.012 billion kWh, an increase of 4.62% year-on-year, driven by improved water inflow and the commissioning of new power stations [2] - The average settlement price of electricity in Yunnan province reached 0.22257 yuan/kWh in 2024, reflecting a 0.66% increase year-on-year due to tightening supply and demand [2] - The gross profit margin for 2024 was 56.13%, a decrease of 0.23 percentage points year-on-year, attributed to increased depreciation costs from new units [2] - Financial expenses for 2024 decreased to 2.675 billion yuan, down 2.04% year-on-year, due to the replacement of high-interest loans [2] Q1 2025 Performance - In Q1 2025, the company achieved a total electricity output of 21.292 billion kWh, a year-on-year increase of 31.22%, with hydropower generation increasing by 30.47% to 19.733 billion kWh [3][4] - The company’s wind power generation decreased by 10.43% to 1.46 billion kWh, while solar power generation surged by 50.64% to 1.413 billion kWh [4] - The financial expenses for Q1 2025 were 647 million yuan, a reduction of 5.00% year-on-year, reflecting ongoing debt structure optimization [4] Investment Outlook - The company is projected to have an EPS of 0.50 yuan, 0.52 yuan, and 0.54 yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 19.04, 18.27, and 17.62 [5]