证券代码：600979 证券简称：广安爱众 公告编号：2025-047 | 项目 | 2025年1-6月 | 2024年1-6月 | 增减变动幅度（%） | | --- | --- | --- | --- | | 购水量（万立方米） | 1311.19 | 1221.39 | 7.35 | | 制水量（万立方米） | 4498.59 | 4116.19 | 9.29 | | 售水量（万立方米） | 4777.59 | 4454.29 | 7.26 | | 其中：广安水务 | 1667.83 | 1563.54 | 6.67 | | 前锋水务 | 363.92 | 339.82 | 7.09 | | 岳池水务 | 784.79 | 796.62 | -1.49 | | 华蓥水务 | 447.79 | 425.90 | 5.14 | | 武胜水务 | 652.19 | 611.54 | 6.65 | | 邻水水务 | 750.87 | 716.87 | 4.74 | | 花园制水 | 110.20 | 0.00 | / | 一、水务板块 注：1.2025年将原子公司向花园制水的购水量调为公司制水量； 2.公司售水 ...

在建水电项目有望陆续投产，看好参控股公司长期增长。根据公司在建项目规划，其控股的银江水电站 1、2、3 号机组已在今年上半年陆续投产，预计剩余3 台6.5 万千瓦机组将在年内全面投产。参股公司在 建项目方面，雅砻江公司的卡拉、孟底沟、牙根一级水电站等多个水电与新能源项目均在科学推进；国 能大渡河公司则规划以双江口、猴子岩、瀑布沟三大水电站为中心，形成水风光一体化项目集群，目前 仍有在建352 万千瓦，筹建295 万千瓦，后续有望积极保障公司长期成长。此外，公司四川宜宾平山抽 蓄项目已步入可研阶段，湖北远安抽蓄电站项目也已在报告期成功摘牌，后续开工建成后有望进一步拓 展公司业务布局。 盈利预测与估值： 我们预计2025-2027 年公司分别实现归母净利润49/50/52 亿元，同比分别变化 +7.74%/+3.94%/+2.09%， 2025 年8 月20 日股价对应PE 分别为15.42/14.83/14.53 倍。首次覆盖，给予"强 烈推荐"评级。 事件：公司发布2025 年半年度报告，2025 年H1 公司实现营业收入7.12 亿元，同比+17.95%；实现归母 净利润24.61 亿元，同比+6.90%； ...

据证券之星公开数据整理，近期云南能投（002053）发布2025年中报。截至本报告期末，公司营业总收 入15.95亿元，同比下降13.93%，归母净利润3.11亿元，同比下降45.24%。按单季度数据看，第二季度 营业总收入6.41亿元，同比下降27.05%，第二季度归母净利润9013.8万元，同比下降57.4%。本报告期 云南能投公司应收账款体量较大，当期应收账款占最新年报归母净利润比达242.15%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率37.89%，同比减22.41%，净利率 18.97%，同比减37.02%，销售费用、管理费用、财务费用总计2.73亿元，三费占营收比17.1%，同比增 5.02%，每股净资产8.08元，同比增1.69%，每股经营性现金流0.62元，同比减24.58%，每股收益0.34 元，同比减45.24% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 18.53亿 | 15.95 Z | -13.93% | | 归母净利润(元) | 5.68亿 | 3.11亿 | - ...

2025 年 08 月 22 日 龙源电力 (00916) ——电价及利用小时承压 特高压投产提升消纳信心 报告原因：有业绩公布需要点评 买入（维持） 0916 上 市 公 司 公用事业 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元人民币） | 37,638 | 31,370 | 31,736 | 32,156 | 34,304 | | 同比增长率（%） | -5.6 | -16.7 | 1.2 | 1.3 | 6.7 | | 归母净利润（百万元人民币） | 6,355 | 6,425 | 6,441 | 7,056 | 7,985 | | 同比增长率（%） | 23.8 | 1.1 | 0.3 | 9.6 | 13.2 | | 每股收益（元/股） | 0.74 | 0.76 | 0.77 | 0.84 | 0.96 | | 净资产收益率（%） | 9.0 | 8.8 | 8.1 | 8.2 | 8.5 | | 市盈率 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue for the first half of 2025 was 15.657 billion yuan, a year-on-year decrease of 18.61%, while the net profit attributable to the parent company was 3.375 billion yuan, down 13.79% year-on-year [4][6]. - Despite the overall revenue decline, the new energy business maintained growth, with wind power generation hours showing improvement in the second quarter, leading to a net profit of 1.473 billion yuan, a slight decrease of 0.07% year-on-year [4][6]. - The company has continued to expand its installed capacity, with new wind and solar installations contributing to a total installed capacity of 43.1967 million kilowatts, a year-on-year increase of 14.03% [4][6]. Summary by Sections Financial Performance - The company's total revenue for the first half of 2025 was 15.657 billion yuan, down 18.61% year-on-year, with a net profit of 3.375 billion yuan, down 13.79% year-on-year [4][6]. - The second quarter saw a revenue of 7.517 billion yuan, a decrease of 18.18% year-on-year, but the net profit showed signs of stabilization [4][6]. Business Segments - The wind power segment experienced a revenue decline of 239 million yuan, while the solar power segment saw an increase of 642 million yuan, indicating a mixed performance across the new energy sectors [4][6]. - The average on-grid electricity price decreased by 5.45% to 399 yuan per megawatt-hour, impacting the wind power revenue negatively [4][6]. Installed Capacity and Growth - The company added 987,000 kilowatts of new wind capacity and 1,096,600 kilowatts of solar capacity in the first half of 2025, with total installed capacity reaching 43.1967 million kilowatts [4][6]. - The company plans to start new projects totaling 5.5 million kilowatts in 2025, ensuring a solid foundation for long-term growth [4][6]. Profitability and Forecast - The gross profit for the first half of 2025 was 6.4 billion yuan, down 9.19% year-on-year, with an expected EPS of 0.82, 0.89, and 0.95 yuan for 2025-2027 [4][6].

Investment Rating - The report assigns a "Buy" rating for the company [2][14]. Core Views - The company is expected to maintain its annual new installed capacity target of 5 GW despite weaker operational performance in the first half of 2025, which is in line with expectations. The target price has been raised to HKD 8.23, reflecting a potential upside of 19.8% from the current price of HKD 6.87 [2][6][14]. Financial Overview - Revenue for 2023 is projected at RMB 29,631 million, with a year-on-year decline of 25.7%. The revenue is expected to grow to RMB 34,606 million by 2025, reflecting a growth rate of 10.3% [5][15]. - Net profit for 2023 is estimated at RMB 6,157 million, with a projected increase to RMB 6,658 million by 2025, indicating a growth of 4.4% [5][15]. - The company has a dividend payout ratio of 24% for the interim dividend, with a planned cash dividend ratio of no less than 30% of net profit for 2025-2027 [6][15]. Operational Performance - In the first half of 2025, the company reported a net profit of RMB 3,519 million, a decrease of 13.6% year-on-year, primarily due to lower utilization hours and electricity prices [6][7]. - The average utilization hours for wind power were 1,102 hours, slightly above the industry average of 1,087 hours, but down by 68 hours year-on-year [6][8]. - The company achieved a new installed capacity of 2.1 GW in the first half of 2025, with wind and solar contributing 0.99 GW and 1.09 GW, respectively [6][9]. Market Position - The company’s market capitalization is approximately HKD 22,793.84 million, with a 52-week high of HKD 8.29 and a low of HKD 5.31 [4][6]. - The average daily trading volume is reported at 60.20 million shares [4]. Future Projections - The company aims to achieve a total installed capacity of 46,643 MW by 2025, with significant contributions from both wind and solar energy [9][15]. - Capital expenditures for 2025 are expected to be around RMB 20 billion, with a net debt-to-equity ratio projected to decrease from 168% to 161% by year-end [6][15].

近日，湖北电网光伏装机容量已突破4282.82万千瓦，占总装机比例达32.31%，光伏装机容量继今年4月 首次超越水电后，再次超越火电(火电装机容量4118.80万千瓦，占比31.08%)，成为湖北省统调第一大电 源。国网湖北电力开展网架优化补强工程，提升随州、孝感、黄冈等光伏集中地区消纳能力、区域外送 能力和就地就近自平衡能力。 ...

报告要点 [Table_Summary] 公司主业维持平稳表现，但由于去年同期公司进行国电建投的出售实现较大一次性收益，上半 年归母净利润为 36.86 亿元，同比减少 45.11%；但扣非归母净利润为 34.10 亿元，同比增长 56.12%。公司表示 2025-2027 年每年中期、年度各分红一次，现金分红比例不低于当年归母 净利润的 60%，且每股不低于 0.22 元（含税）。公司中报将分红 0.1 元/股，分红金额占上半年 业绩的 48.38%。纵使考虑全年底线分红 0.22 元，按 8 月 18 日收盘价股息率就已经高达 4.88%， 公司股息具备充足吸引力。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨国电电力（600795.SH） [Table_Title] 经营业绩维持稳健，承诺预示丰厚股息 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% rese ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.83, 0.91, and 1.00 RMB for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 8x, 7x, and 6x [4]. Core Insights - The company reported a revenue of 15.66 billion RMB for the first half of 2025, reflecting a 3.1% increase in continuing operations compared to the same period last year, while the net profit attributable to shareholders decreased by 14.4% to 3.52 billion RMB [2]. - The average on-grid electricity prices for wind and solar power decreased, with wind power at 422 RMB/MWh and solar power at 273 RMB/MWh, down by 16 RMB/MWh and 5 RMB/MWh respectively. Despite this, the company achieved a growth in electricity generation of 6.1% for wind and 71.4% for solar [2][3]. - The company plans to prioritize wind power development, focusing on high-capacity and high-price regions, and aims to return value to shareholders with a mid-term dividend of 0.1 RMB per share [3]. Performance Analysis - In the first half of 2025, the company’s capital expenditure was approximately 11.8 billion RMB, a decrease of 5.4% year-on-year, primarily due to reduced investment in new energy projects compared to the previous year [3]. - The installed capacity for wind and solar power increased by 10.8% and 54.8% respectively, although wind power utilization hours decreased by 68 hours due to unfavorable wind conditions [3]. - The company signed new development agreements totaling 1.24 GW during the period, with wind power accounting for 83.9% of this total [3]. Financial Forecast - The company is projected to achieve net profits of 6.97 billion RMB, 7.62 billion RMB, and 8.38 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding growth rates of 9.33%, 9.18%, and 9.28% [9].

Core Viewpoint - The article highlights the transformative development of Naitong District in Tibet, focusing on ecological restoration, agricultural innovation, and cultural tourism as key drivers of economic growth and community well-being [1][3][26]. Ecological Restoration - Naitong District has implemented an ecological restoration strategy, promoting afforestation and involving local farmers in the "work for relief" model, leading to significant income increases for participants [5][6]. - In 2024, 8623 acres of new trees were planted, and 50,000 acres of forest were designated as protected areas, contributing to environmental sustainability [5][6]. Agricultural Innovation - The introduction of advanced poultry farming techniques by Xizang Hongnong Agricultural Development Co., Ltd. has increased egg production to 6 million eggs annually, achieving self-sufficiency for the region [9][12]. - The company has developed a complete supply chain, including corn cultivation and feed production, enhancing the local agricultural economy [12][14]. Cultural Tourism Development - The Zaxi Qudeng community has transformed into a cultural tourism hub, attracting over 50,000 visitors and generating significant revenue through the promotion of traditional Tibetan opera and local hospitality [16][19]. - The establishment of the "Night Accompanied by Bee Sounds" ecological experience park has integrated beekeeping with tourism, further diversifying income sources for local residents [15]. Technological Advancements - The establishment of the first drone company in Tibet and the upcoming launch of a large-scale intelligent computing center demonstrate the region's commitment to leveraging technology for economic development [19][24]. - The intelligent computing center, with a total investment of 920 million yuan, is expected to enhance the digital economy in the region, utilizing the area's clean energy resources [24]. Economic Growth Indicators - In 2024, Naitong District achieved a GDP of 9.56 billion yuan, with per capita disposable income for rural residents at 26,168 yuan and urban residents at 52,841 yuan, reflecting significant economic progress [26].