丨证券研究报告丨 公司研究丨点评报告丨华能水电（600025.SH） [Table_Title] 来水转弱影响电量增幅，多重因素限制业绩预期 报告要点 [Table_Summary] 上半年澜沧江流域来水较多年平均偏丰，公司全力协调小湾和糯扎渡"两库"水位消落，加快 释放水电蓄能，叠加 TB 电站、硬梁包电站部分机组投产的拉动，上半年公司水电发电量同比 增长 10.93%，其中单二季度水电发电量同比增长 0.90%。整体来看，得益于水电和新能源装 机规模的持续扩张，公司二季度发电量同比增长 3.25%，而考虑云南省内年度交易电价有所调 整，预计公司收入端表现偏弱。此外，新机组投产后将带动折旧、运维等成本费用的同比提升， 公司二季度业绩或面临一定压力。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 华能水电（600025.SH） cjzqdt11111 [Table_Title 来水转弱影响电量增幅，多重因素限 ...

事件描述 公司发布2024 年年报以及2025 年一季报：2024 年公司实现营业收入248.82 亿元，同比增长6.05%；实 现归母净利润82.97 亿元，同比增长8.63%。2025 年一季度公司实现营业收入53.85 亿元，同比增长 21.84%；实现归母净利润15.08 亿元，同比增长41.56%。 事件评论 装机扩张电量提升，全年业绩稳健增长。2024 年全年来看，来水同比略有改善，叠加TB电站投产以及 新能源装机规模持续扩张的带动，公司全年完成发电量1120.12 亿千瓦时，同比增加4.62%。电价方 面，由于云南省电力供需持续趋紧，公司2024 年综合结算电价达到0.22257 元/千瓦时，同比增长 0.66%。在量价齐升的带动下，公司2024 年实现营业收入248.82 亿元，同比增长6.05%。但由于新机组 投产带动2024 年折旧费用同比提升，全年毛利率实现56.13%，同比减少0.23 个百分点。同时，公司持 续推进对高利率存量贷款的置换，综合融资成本较上年同比下降，财务费用进一步降低至26.75 亿元， 同比减少2.04%；此外，2024 年公司研发费用同比减少19.49%，投资收益 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In 2024, the company is expected to achieve a revenue growth of 6.05% year-on-year, reaching 24.882 billion yuan, driven by a 4.62% increase in power generation and a 0.66% rise in electricity prices. The net profit attributable to the parent company is projected to be 8.297 billion yuan, reflecting an 8.63% year-on-year increase [2][6]. - For the first quarter of 2025, the company anticipates a significant revenue increase of 21.84% year-on-year, amounting to 5.385 billion yuan, with a net profit of 1.508 billion yuan, representing a 41.56% year-on-year growth [2][6]. - The company is focusing on cost reduction and efficiency improvement, with financial expenses decreasing by 2.04% in 2024 and 5.00% in the first quarter of 2025 [2][12]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 24.882 billion yuan in 2024, with a net profit of 8.297 billion yuan. For Q1 2025, the revenue is 5.385 billion yuan, and the net profit is 1.508 billion yuan [6][12]. Power Generation and Pricing - The total power generation for 2024 is expected to be 112.012 billion kWh, a 4.62% increase year-on-year. The average electricity price is projected to reach 0.22257 yuan/kWh, up 0.66% from the previous year [12]. - In Q1 2025, the company anticipates a power generation increase of 31.22% year-on-year, totaling 21.292 billion kWh, driven by strong demand and optimized scheduling [12]. Cost Management - The company has successfully reduced financial expenses, with a decrease of 2.04% in 2024 and 5.00% in Q1 2025. R&D expenses also saw a reduction of 19.49% in 2024 [12][2]. Future Earnings Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.50 yuan, 0.52 yuan, and 0.54 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.04, 18.27, and 17.62 [12].