Core Insights - The Guangdong Dongguan Gaobu Gas-fired Combined Heat and Power (CHP) Project Phase II has successfully completed a 168-hour full-load trial operation and has been officially handed over for production [1][3] - The project includes the construction of two 470 MW gas-steam combined cycle units, which are key to the energy supply planning during the 14th Five-Year Plan period in Guangdong Province [3] Group 1 - The project team from Anhui Electric Power Construction No. 2 Company demonstrated professional advantages through comprehensive planning, scientific management, and meticulous construction, enhancing safety and quality control capabilities [3] - Eight specialized groups were established to implement a standardized management system for temporary electricity use, conducting a total of 248 safety inspections and maintaining a safety production record for over 1,000 days [3] - Innovative construction methods were employed, such as the "bottom plate prefabrication + hoisting" approach to mitigate collapse risks in areas with quicksand [3] Group 2 - The project is located in the Weimei Ceramics Industrial Park, covering an area of 11.47 hectares, and aims to increase Dongguan's electricity self-sufficiency while supporting the green and low-carbon development of the region [3] - Upon full completion, the two units are expected to generate approximately 3.3 billion kWh of electricity and provide 5.83 million GJ of heat annually, contributing to the dual carbon goals of the Guangdong-Hong Kong-Macao Greater Bay Area [3]

Core Viewpoint - The company has signed an Engineering Procurement Construction (EPC) contract for the Hubei Binjiang cogeneration project (Phase I) with a total contract value of RMB 491 million, which is expected to take 457 days to complete [2][3][5]. Group 1: Contract Details - Contract Type and Amount: The contract is an EPC contract valued at RMB 491 million (including tax) [2]. - Contract Duration: The total duration is 457 calendar days, with the actual completion date dependent on the issuance of a written notice to commence work by the client [2][5]. - Payment Terms: Payments will be made according to the progress milestones outlined in the contract [5]. Group 2: Project Overview - Project Name: Hubei Xiaoqi Binjiang New Area Cogeneration Project (Phase I) [3]. - Project Location: Jiangbei Industrial Park, Xiaoqi Binjiang New Area, Huangmei County, Hubei Province [4]. - Project Scale: The project includes the construction of two 155t/h high-temperature and high-pressure circulating fluidized bed coal-fired boilers and two 20MW high-temperature and high-pressure back-pressure steam turbine generator sets, along with auxiliary facilities [4]. Group 3: Impact on Company - Financial Impact: The long duration of the contract means it will not have a significant impact on the company's total assets, net assets, or net profit for the current year [6]. - Independence: The implementation of this contract will not affect the company's independence, and its main business will not become dependent on this project [6].

Core Viewpoint - The credit rating report for Zhejiang Xinzhonggang Thermal Power Co., Ltd. indicates a stable outlook with an AA- rating, reflecting the company's natural monopoly in the region and stable cooperation with downstream customers [3][4]. Company Overview - Zhejiang Xinzhonggang Thermal Power Co., Ltd. operates as a combined heat and power (CHP) enterprise, maintaining a significant market position in the Shengzhou Economic Development Zone [4][5]. - The company has a stable customer base, primarily supplying steam to over 150 industrial users in the Shengzhou area, and sells electricity directly to the State Grid [14][16]. Financial Performance - The company's total debt as of March 2025 is reported at 3.87 billion, with total equity at 13.34 billion [3]. - Revenue from the thermal power business decreased by 9.54% in 2024 compared to 2023, attributed to a slight decline in demand from industrial enterprises in the region [5][15]. - Despite a decrease in revenue, the company experienced an increase in gross profit margin due to a reduction in coal procurement prices, which decreased by 12.88% [16][19]. Operational Highlights - The company has implemented high-parameter back-pressure units and new circulating fluidized bed boilers, achieving a comprehensive thermal efficiency exceeding 80% in 2024 [4][19]. - The newly added energy storage business has shown strong profitability, with a gross margin of 47.55% in its first year of operation [4][5]. Market Environment - The thermal power industry is characterized by high policy and capital barriers, with a natural monopoly in regions where early entrants have established their operations [10][11]. - The demand for centralized heating is growing, although the growth rate has slowed in recent years, with the total area of centralized heating reaching 11.549 billion square meters by the end of 2023 [12][13]. Future Outlook - The company is expected to continue benefiting from its stable customer relationships and the profitability of its energy storage and compressed air businesses [5][6]. - Ongoing capital expenditure pressures are anticipated due to several projects under construction, with a total investment of 2.57 billion planned [20].

Core Viewpoint - Baotong Energy (001376.SZ) has announced its first refinancing plan since its IPO 20 months ago, supported by its controlling shareholder, Nanchang Baotong Environmental Technology Co., Ltd. The company aims to raise up to 385 million yuan to enhance liquidity and repay loans [1][2]. Group 1: Financing Plan - The company plans to issue no more than 39.1 million shares at a price of 9.85 yuan per share, raising a total of up to 385 million yuan, which will be used for working capital and loan repayment [2][3]. - The controlling shareholder, Baotong Environmental, will fully subscribe to the new shares, which will increase its ownership stake in Baotong Energy from 19.53% to a higher percentage [2][3]. - As of May 27, 2023, Baotong Environmental had 720,000 shares pledged, representing 8% of its holdings and 1.56% of the total shares of Baotong Energy [3]. Group 2: Financial Performance - Baotong Energy has shown consistent growth in net profit over the past three years, with figures of 110 million yuan, 131 million yuan, and 191 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 68.61%, 19.5%, and 45.61% [5][6]. - The company’s heat and electricity sales volumes for 2024 are projected to reach 298 million kWh and 381 million kWh, marking increases of 40.42% and 33.54% year-on-year [5][6]. - The gross profit margins for heat and electricity sales are reported at 14.36% and 38.73%, showing improvements of 0.08 and 7.87 percentage points respectively [6]. Group 3: Strategic Positioning - Baotong Energy is positioned as a leading enterprise in the heat and power cogeneration sector, focusing on providing centralized heating services to industrial parks and clusters [4][6]. - The company has established several centralized heating projects in Jiangsu Province, benefiting from the rapid economic development and increasing heating demand in these areas [4]. - The funds raised from the refinancing will support ongoing project development, equipment procurement, and infrastructure construction, ensuring the company's long-term growth and stability in the cogeneration market [6].

证券代码：001376 证券简称：百通能源 公告编号：2025- 江西百通能源股份有限公司 前次募集资金使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会（以下简称"证监会"）发布的《上市公司证 券发行注册管理办法》《监管规则适用指引——发行类第 7 号》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求）》等相关规定，江西 百通能源股份公司（以下简称"公司"）董事会编制了截至 2025 年 3 月 31 日的 《江西百通能源股份有限公司前次募集资金使用情况专项报告》： 一、前次募集资金的募集及存放情况 经证监会《关于核准江西百通能源股份有限公司首次公开发行股票的批复》 （证监许可20222640 号）核准，并经深圳证券交易所同意，本公司由主承销商 天风证券股份有限公司于 2023 年 10 月 25 日向社会公众公开发行普通股（A 股） 股票 4,609 万股，每股面值 1 元，每股发行价人民币 4.56 元。截至 2023 年 10 月 31 日止，本公司共募集资金 210,170,400.0 ...

Core Viewpoint - The company held a performance briefing on June 5, 2025, to discuss its Q1 2025 results and address investor concerns regarding its financial health and operational strategies [1][2]. Group 1: Performance and Financial Health - The company reported a significant increase in net profit for Q1 2025, despite a high debt ratio of 81.78%, down from 85.17% at the beginning of the year [3][4]. - The company reassured investors that its operations are normal and management is committed to enhancing company value [3]. - The company is actively working on measures to improve operational efficiency and profitability to further reduce the debt ratio [3]. Group 2: Corporate Governance and Strategy - Investors raised concerns about the independence of the company’s finances, particularly regarding transactions with its controlling shareholder, Clean Energy Group, which the company defended as necessary for stable coal supply and cost savings [3][4]. - The company is progressing with the "one enterprise, one policy" reform plan approved by local government, aimed at enhancing its development in the new energy sector [4][5]. - The company plans to respond to national policies on new power systems and will implement relevant measures in accordance with legal regulations [5]. Group 3: Future Outlook - The management expressed optimism about improving operational conditions and achieving profitability, while also seeking new profit growth points [5][6]. - The company emphasized its commitment to transparency and will disclose further details in future reports [5][6].

虹洋热电作为徐圩新区的公用热源点，为石化产业基地内的多家企业提供热能。自2011年建设至今，虹 洋热电总投资超98亿元，已有10炉9机的建成投运，总供热能力为3428.5吨/小时，是徐圩新区最大的清 洁能源热电联产项目，也是徐圩新区首个热电联产项目。 本报讯(毕建宇)近日，江苏省工业和信息化厅公布《2025年江苏省先进级智能工厂名单》，连云港虹洋 热电有限公司凭借在智能制造和数字化转型方面的突出成效成功入选，成为全省能源行业智能化建设的 示范企业。 近年来，虹洋热电积极响应国家"双碳"战略，以"数据驱动、智能赋能"为核心，全面推进热电厂智改数 转网联工作。"我们积极采用前沿技术，如人工智能、大数据、物联网、数字孪生、仿真等，构建智能 化的生产管理体系，建立统一的数据中台架构，解决数据分散采集和标准不统一的问题，实现全厂级的 数据互联互通，全面提升了热电厂的安全性和环保水平。"连云港虹洋热电有限公司相关负责人说。 "智慧虹洋"一期智能化项目的建设，成功开发了煤场控制及皮带巡检智能系统；借助UWB(超宽带)技术 构建智能化安全管理体系；引入一系列高效的节能设备和技术，进一步降低能耗……近年来，虹洋热电 不断创新， ...

Group 1: Financial Performance - The company's net profit attributable to shareholders in Q1 2025 increased significantly due to a decrease in raw material prices and increased demand from downstream thermal users, resulting in a higher gross margin [1] - As of now, the company has received demolition compensation of CNY 2,091.415 million, with CNY 36.3145 million received in Q1 2025 and CNY 30.6893 million received by its wholly-owned subsidiary [1] - There remains CNY 171.7741 million in demolition compensation yet to be received, including CNY 151.3145 million for the parent company and CNY 20.4596 million for the subsidiary [1] Group 2: Business Operations - All new cogeneration projects have been put into operation, with two ongoing expansion projects expected to increase installed capacity by 43 MW and boiler evaporation by 360 tons/hour [2] - The revenue from the company's non-ferrous metal resource utilization business nearly doubled in 2024, reaching CNY 2.098 billion, a year-on-year increase of 90.48% [2] - The subsidiary Zhejiang Fuchunjiang Environmental Technology Research Co., Ltd. reported losses due to various factors affecting the demand for monitoring services [2] Group 3: Dividend Policy - The dividend plan for 2024 was set at CNY 1.50 per 10 shares, totaling CNY 130 million, which accounts for 54% of the net profit attributable to shareholders for the year [2] - The company emphasizes a reasonable and stable shareholder return strategy while ensuring healthy development [2]

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, primarily due to falling coal prices impacting its core coal trading business [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 44.709 billion yuan, a year-on-year increase of 0.86%, while net profit attributable to shareholders was 739 million yuan, a decrease of 30.25% [1]. - For Q1 2025, the company reported operating revenue of 9.949 billion yuan and net profit of 155 million yuan, representing declines of 4.91% and 35.44% year-on-year, respectively [1]. Coal Trading Business - The coal trading business, which contributes over 90% of the company's revenue, generated 41.487 billion yuan in 2024, a slight increase of 0.95% year-on-year [2]. - Coal sales volume reached 59.5837 million tons in 2024, up 7.39% year-on-year, but revenue was negatively impacted by a decrease in coal prices, resulting in a gross profit of 1.074 billion yuan, down 446 million yuan from 2023 [2]. - The gross profit margin for coal trading was 2.59%, a decrease of 1.11 percentage points year-on-year [2]. Thermal Power and New Energy Business - The thermal power generation business reported revenue of 3.135 billion yuan in 2024, a year-on-year increase of 0.29%, with a gross profit of 773 million yuan, reflecting a slight increase [3]. - The gross profit margin for the thermal power business improved to 24.68%, up 0.55 percentage points year-on-year [3]. - The new energy business generated revenue of 56 million yuan, a decrease of 7.30% year-on-year, but the gross profit margin for this segment increased significantly by 19.81 percentage points [3]. Dividend Policy - The company announced a cash dividend plan for 2024-2026, committing to distribute at least 40% of the net profit attributable to shareholders after deducting non-recurring gains and losses [4]. - In 2024, the dividend payout ratio was 45.32%, resulting in a dividend yield of 4.64% [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.47 billion yuan, 4.56 billion yuan, and 4.71 billion yuan for 2025-2027, with year-on-year changes of -0.03%, +2.00%, and +3.32%, respectively [4]. - The price-to-earnings (PE) ratios for the stock as of April 25, 2025, are estimated to be 9.73, 8.82, and 8.16 for the years 2025, 2026, and 2027 [4].

作者：行情君 浙江新中港热电股份有限公司从事热电联产业务，主要产品是热力和电力。其中热力产品主要面向工业 用户供应所生产的蒸汽，供下游造纸、印染、医药、化工、食品等工业企业生产过程中加热、烘干、定 型等工艺使用；电力产品出售给国家电网公司供应终端电力用户。公司是浙江省首个全厂通过超低排放 验收的热电厂。 最新一期业绩显示，2024年三季报，公司实现营业收入6.49亿元，同比-5.05%；净利润8958.78万元，同 比5.79%，销售毛利率27.81%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)11新中港20.5321.212.5831.52亿行业平均 23.2626.291.6281.46亿行业中值24.7429.431.3749.10亿1国中水务-171.98158.451.5248.09亿2惠天热电 1.701.82-6.4117.80亿3首创环保6.576.571.12231.96亿4中原环保8.097.630.9178.75亿5中山公用 10.6410.640.73127.60亿6洪城环境10.8010.801.38128.54亿7兴蓉环境10.8110.811.15215.77亿8江 ...