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华能国际(600011):2Q25业绩符合预期;现金流充沛支撑派息能力
Xin Lang Cai Jing· 2025-08-01 08:25
风光电价持续承压,但光伏2Q25 度电税前利润录得1 毛7 分,表现好于预期。1)风电方面,2Q25 市场 化交易比例约为46%,利用小时同比约-5%,结算电价同比-6%,度电税前利润约1 毛6 分,同比-10%。 2)光伏方面,2Q25 市场化交易比例约为35%,利用小时同比约-8%,电价同比-7%,度电税前利润约1 毛7 分、同比-3%,度电盈利好于预期。 火电盈利释放,1H25 经营性现金流录得307 亿元,同比+30%。2Q25财务费用持续压降,同比-15%。 现金流方面,火电利润释放,同时购买商品、接受劳务支付的现金显著减少,1H25 经营性现金流进一 步充裕。 公司2Q25 业绩符合我们的预期 公司披露2Q25 业绩:收入517 亿元,同比-3%,归母净利润43 亿元,同比+50%。1H25 收入1120 亿 元,同比-6%,归母净利润93 亿元,同比+24%。 煤电:电价虽有压力,但2Q25 入炉标煤单价同比-13%,度电税前利润录得4 分4 厘(vs 去年同期1 分5 厘)。2Q25 煤电利用小时承压,发电量同比-3.5%。价格方面,2Q25 煤电结算电价同比-6%至479 元/ 兆瓦时;但燃 ...
华能国际(600011):风光装机加速+成本控制有力 25H1归母净利润同比增长24.26%
Xin Lang Cai Jing· 2025-08-01 08:25
事件: 2025 年7 月30 日,公司发布2025 年半年度报告。2025 年上半年,公司实现营业收入1120.32 亿元(同 比-5.70%);实现归属于母公司股东的净利润92.62 亿元(同比+24.26%),每股收益为0.50 元。 容量收入和辅助服务市场收入锚定长期盈利韧性: 短期业绩高增受益煤价红利,长期而言,公司盈利的可持续性将更多取决于容量收入和辅助服务市场收 入。公司已通过灵活性改造(2024年完成10 台煤电机组改造)提升辅助服务能力,2024 年调峰和调频 服务贡献净收入约24.58 亿元,容量收入为90.77 亿元。公司通过煤价红利释放与容量电价机制的双重支 撑,持续展现出盈利韧性。 成本控制+新能源规模有序扩增,净利润增长24%,: 投资建议: 2025H1 营业收入的下降主要由于电量和电价同比下降,在此背景下,公司通过把握燃料价格下行窗 口,科学统筹煤炭长协与现货采购,显著压降燃料成本,推动火电板块利润增长;同时,新能源规模有 序扩增,光伏板块利润贡献稳中有增,共同驱动了利润端增长。 我们预计公司2025 年-2027 年的收入分别为2383.74 亿元、2414.50亿元、241 ...
新华全媒+丨保持政策连续性、稳定性 常态化开展政策预研储备——国家发展改革委解读当前经济形势
Xin Hua She· 2025-08-01 08:13
主要宏观指标表现良好,经济运行彰显强大韧性。上半年,国内生产总值(GDP)同比增长5.3%,就 业、物价和居民收入总体稳定。内需对经济增长的贡献率达68.8%,进出口规模站上20万亿元台阶。 "关于下一步经济工作,7月30日召开的中央政治局会议已作出全面部署,国家发展改革委将坚决抓好贯 彻落实。"周陈说。 新华社北京8月1日电 题:保持政策连续性、稳定性 常态化开展政策预研储备——国家发展改革委解读 当前经济形势 新华社记者魏玉坤、张晓洁 上半年中国经济运行态势如何?下半年宏观调控政策如何发力?针对当前经济形势和经济工作,国家发 展改革委1日举行新闻发布会,国家发展改革委有关负责人进行了分析解读。 上半年我国经济稳中有进、好于预期 国家发展改革委国民经济综合司司长周陈表示,上半年我国经济稳中有进、好于预期,高质量发展取得 新成效。 周陈表示,一方面,持续发力、适时加力实施好已部署的各项政策举措,坚定不移实施扩大内需战略, 特别是继续推动稳就业稳经济若干举措陆续出台实施,保持政策连续性、稳定性,增强灵活性、预见 性,将外部压力转化为内生动力,稳住经济大盘。另一方面,加强经济监测预测预警,常态化开展政策 预研储备 ...
以科技之“智”应对自然之“变”
Zhong Guo Neng Yuan Wang· 2025-08-01 07:48
编者按 光阴流转二十载,飞云江畔的殷殷话语,至今声声在耳。 二十年前,"电力是重中之重,电网是生命之网"的寄语,如同一颗种子,在浙江电力的热土上深深扎根。 二十年来,国网浙江电力始终将这份期望与使命扛在肩上、刻在心里。从迎战台风"海棠"的众志成城,到如今驾驭能源变革的从容自 信;从"用上电"到"用好电"的飞跃,背后都是对"重中之重"的深刻理解和对"生命之网"的坚定捍卫。这张网,连接着千家万户的温暖,也 承载着经济社会的脉动。 同样的,在温州、台州等地,国网浙江电力同样建设了基于风光储一体的微电网自愈系统,系统将太阳能和风能资源有效转化为电能 并实时储存,确保在台风、暴雨等极端天气中也能稳定供电。 在与舟山横亘对角线的浙西南山区丽水市,一张张智能配网与微电网集群在叠翠群峰间织网纵横。2024年,丽水的供电可靠率首次达 到99.99%,全年户均停电时长为53分钟,较上年减少37分钟。 国网浙江电力充分利用地区区域源网荷储资源,建立以分布式光伏、储能等为基础的网格化微网运行方案,保障在上级电源失电情况 下,配电网可孤岛运行,快速恢复用户供电。 为全景展现这段非凡历程,"浙电e家"推出「担当重中之重 捍卫生命之网」主 ...
华能国际(600011):风光装机加速+成本控制有力,25H1归母净利润同比增长24.26%
Guotou Securities· 2025-08-01 07:40
Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 9.47 yuan [5][15]. Core Views - The company achieved a net profit of 9.262 billion yuan in H1 2025, representing a year-on-year increase of 24.26%, despite a revenue decline of 5.70% to 112.032 billion yuan [1][2]. - The profit growth is attributed to effective cost control measures and the orderly expansion of renewable energy capacity, particularly in the wind and solar sectors [2][3]. - The company is focusing on a green and low-carbon transition, with a significant increase in wind and solar installed capacity, which now accounts for 29% of its total controllable power generation capacity [3][4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 1120.32 billion yuan, down 5.70% year-on-year, while net profit reached 92.62 billion yuan, up 24.26% [1][2]. - The decline in revenue was primarily due to lower electricity generation and prices, but fuel cost reductions helped improve profitability [2][4]. Capacity and Generation - As of June 30, 2025, the company's controllable power generation capacity reached 152,992 MW, with wind power at 20,038 MW and solar power at 24,050 MW [3]. - The total electricity generated in H1 2025 was 205.683 billion kWh, a decrease of 2.37% year-on-year, with coal power generation down 7.06% [3]. Long-term Profitability - The company's long-term profitability will increasingly depend on capacity revenue and auxiliary service market income, with significant contributions expected from flexible coal power unit modifications [4]. - The projected revenues for 2025-2027 are 2383.74 billion yuan, 2414.50 billion yuan, and 2416.61 billion yuan, with net profits of 123.89 billion yuan, 134.92 billion yuan, and 139.14 billion yuan, respectively [5][10]. Investment Outlook - The report anticipates a stable growth trajectory for the company, driven by its leadership position in the power industry and the ongoing transition to renewable energy [15][16]. - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 9.3, 8.5, and 8.3, respectively, indicating a favorable valuation compared to peers [5][15].
一张网,何以托起千钧重?
Zhong Guo Neng Yuan Wang· 2025-08-01 07:37
编者按 光阴流转二十载,飞云江畔的殷殷话语,至今声声在耳。 二十年前,"电力是重中之重,电网是生命之网"的寄语,如同一颗种子,在浙江电力的热土上深深扎根。 二十年来,国网浙江电力始终将这份期望与使命扛在肩上、刻在心里。从迎战台风"海棠"的众志成城,到如今驾驭能源变革的从容自 信;从"用上电"到"用好电"的飞跃,背后都是对"重中之重"的深刻理解和对"生命之网"的坚定捍卫。这张网,连接着千家万户的温暖,也 承载着经济社会的脉动。 为全景展现这段非凡历程,"浙电e家"推出「担当重中之重 捍卫生命之网」主题专栏,本篇为系列第二篇《一张网,何以托起千钧 重?》。 2005年,台风"海棠"重创温州。承担着瑞安电网70%供电量的220千伏飞云变两台主变故障停运,造成瑞安大面积停电。人们在黑暗中 对光明翘首以盼,在闷热中对凉风望眼欲穿。痛苦的经历,让人们对"电力是重中之重、电网是生命之网"有了更加深刻的感受。 2025年,台风"丹娜丝"登陆温州,各方目光又一次落在温州这片屡屡遭受台风侵袭的土地。在全力抗击台风之时,我们是否心生忐 忑:如今的电网是否依然惧怕台风?能否托起人民赋予的千钧重担? 7月6日,面对台风"丹娜丝"逼近, ...
从“十五五”规划看产业趋势
Soochow Securities· 2025-08-01 07:33
宏观点评 20250801 证券研究报告·宏观报告·宏观点评 从"十五五"规划看产业趋势 2025 年 08 月 01 日 [Table_Summary] 中国的五年规划是国家宏观调控、引导经济社会发展的重要手段。进入"十 一五"之后,整体的规划目标从追求规模扩张向追求质量效益转型。从结 构上来看,由于发展目标从规模扩张转向高质量发展,五年规划的目标重 点已经由经济增长转型为公共事务治理规划。"十四五"期间关于人民生活 相关的目标占比明显增加,同时还增加了完全不同于之前五年规划的安全 保障的部分。 尽管针对经济总量目标的要求从定量向定性要求转变,但仍然需要保持适 度的经济增长,才能实现宏观稳定和经济结构的优化。为了实现 2035 年 经济总量或人均国内生产总值比 2020 年翻一番,"十五五"阶段所隐含的 我国经济总量或需至少保持年均 4.5%左右的经济增长水平,对于当期的 经济体量来说,经济增长的整体要求并不低。与之相对应的,设立各产业 的增长目标和碳排放目标,是下一阶段规划中需要落实的重点。 我们统计了 2024 年以来各部委关于"十五五"规划的相关课题,整体来 看,课题旨在破解制约高质量发展的关键瓶颈, ...
我国统一电力市场建设取得三大突破
Zhong Guo Jing Ji Wang· 2025-08-01 06:52
第二,电力现货市场即将实现基本全覆盖。现货市场有助于精准发现价格、实时反映和调节供需,既是 电力市场体系的关键环节,也是难点所在。王任飞透露,目前,25个省内市场均已开展现货交易,其中 6个实现正式运行,6个已实现连续结算运行,其他十余个省份也将在年内实现连续结算运行。"这对于 近段时间相关省份电力保供发挥了重要作用。" 第三,统一的电力市场基础规则体系基本建立。目前,已经形成以电力市场运行基本规则为基础,中长 期、现货、辅助服务交易规则为主干,市场注册、计量结算、信息披露为支撑的"1+6"规则体系,未来 还会根据市场的发展不断丰富完善。 王任飞表示,下一步还将持续完善全国统一电力市场体系,进一步统一规则、破除壁垒、拓展功能、扩 大规模,为保障能源安全、低碳转型、经济增长提供更加有力的支撑。 中国经济网北京8月1日讯(记者王婉莹)近年来,电力市场建设取得重大进展。在今日召开的国家发展改 革委新闻发布会上,国家发展改革委体制改革综合司司长王任飞表示,今年上半年,我国跨省区交易电 量超过6700亿千瓦时,也就是说,电力市场每交易4度电,就有1度通过跨省区交易实现。 建设全国统一电力市场是深化电力体制改革的关键任务 ...
湘财证券晨会纪要-20250801
Xiangcai Securities· 2025-08-01 06:41
Industry Overview - The report focuses on the public utility sector, specifically highlighting Jingneng Power's regional advantages supporting electricity prices and the potential for coal price improvements [2] - Jingneng Power's business model includes coal-fired power generation, accelerated transition to renewable energy, cross-regional collaboration, and synchronized growth in heating services [2] Company Performance - As of the end of 2024, Jingneng Power's installed capacity reached 23.44 million kilowatts, a year-on-year increase of 16.03%, with coal-fired capacity at 21.39 million kilowatts [2] - The company has seen a significant increase in renewable energy capacity, reaching 2.05 million kilowatts, up 382.94% from the end of 2023 [3][4] - In 2024, the company reported a revenue of 35.428 billion yuan, a year-on-year increase of 6.54%, and a net profit of 1.723 billion yuan, up 95.52% [5] Electricity Generation and Pricing - In Q1 2025, Jingneng Power's revenue was 9.885 billion yuan, a year-on-year growth of 4.59%, with a net profit of 1.063 billion yuan, up 129.84% [6] - The company completed an electricity generation of 21.661 billion kilowatt-hours in Q1 2025, a decrease of 4.2% year-on-year, with a notable increase in renewable energy generation [6] - The electricity pricing environment is favorable, particularly in regions with high energy consumption, which is expected to support revenue growth [6] Cost Structure and Coal Procurement - The majority of Jingneng Power's coal procurement is through long-term contracts, with 94% of total coal consumption sourced this way [7] - The average price of coal has decreased, with a reported decline of 11.6% year-on-year for 2024, indicating potential for further cost optimization [7] Profit Forecast and Investment Recommendation - The report forecasts Jingneng Power's net profit for 2025, 2026, and 2027 to be 3.754 billion, 4.005 billion, and 4.554 billion yuan respectively, with year-on-year growth rates of 117.87%, 6.67%, and 13.73% [8] - The report assigns a "buy" rating for the company based on its favorable operational and market conditions [8]
华能国际电力股份(00902):燃料成本下行,业绩超预期
Guosen International· 2025-08-01 06:25
Investment Rating - The investment rating for Huaneng International is suggested as a "buy" due to its high dividend yield and strong profit growth potential [1][5]. Core Insights - Huaneng International reported a 23.19% year-on-year increase in net profit for H1 2025, exceeding market expectations, despite a slight revenue decline of 5.7% [2][4]. - The company effectively controlled costs, with fuel costs decreasing by 14.4% year-on-year, contributing to the significant profit growth [3][4]. - The company has accelerated the integration of renewable energy, with a total controllable installed capacity of 153 GW, of which low-carbon clean energy accounts for 39% [5][4]. Summary by Sections Financial Performance - Huaneng International's revenue for H1 2025 was RMB 1120.32 billion, a decrease of 5.7% year-on-year, while net profit reached RMB 95.78 billion, reflecting a 23.19% increase [2][5]. - The earnings per share (EPS) for H1 was RMB 0.52, with a book value per share (BSP) of RMB 4.35 [2]. Cost Management - The total operating costs decreased by 9.8% to RMB 933 billion, with fuel costs down by 14.4% to RMB 583 billion, saving nearly RMB 10 billion [3][4]. - The company managed to reduce coal procurement costs by optimizing the structure of coal purchases and increasing the share of low-cost spot coal [3][4]. Energy Generation - The total electricity generated by Huaneng's domestic power plants was 2056.8 billion kWh, a decrease of 2.4% year-on-year, but there was a 1.4% increase in Q2 [4]. - Renewable energy generation saw significant growth, with wind power generation up 11.4% to 210 billion kWh and solar power generation up 49.3% to 122 billion kWh [4][5]. Renewable Energy Expansion - The company added over 6 GW of renewable energy capacity in H1, with a total controllable installed capacity of 152,992 MW, of which wind and solar accounted for significant portions [5][4]. - The share of low-carbon clean energy in the total installed capacity reached 39.12%, with expectations to complete an additional 10 GW of new energy installations by year-end [5][4].