更多精彩文章：价格管理体系细解 铂金成为市场新宠 美东时间6月5日，特斯拉股价大跌超14%，市值一夜蒸发超1500亿美元，连累美股三大指数回落。特斯拉CEO马斯克与特朗普在社交媒体上互相抨击，再加 上特斯拉销售遇挫，令特斯拉股价暴跌。这一现象说明特朗普系列变革的内外部阻力越来越强。 近两周公布的系列美国经济数据整体上不大理想。6月2日数据：美国5月ISM制造业PMI录得48.5，为2024年11月以来新低，预期49.5，前值48.7。ISM制造 业活动连续四个月萎缩，进口分项指标创十六年新低，突显特朗普关税政策反复调整带来的广泛不确定性。同期美国的消费与房地产等市场数据明显不佳。 今日美国将公布5月非农数据，这一数据对特朗普政府以及美联储而言都非常重要。如果非农数据明显下滑，则说明特朗普的关税政策对美国经济形成了比 较明显的冲击，这对特朗普的关税政策以及"大美丽法案"等推进非常不利，但美联储降息预期会上升；反之，特朗普政府还会推进关税政策，但美联储降息 预期下降。 6月3日，经合组织大幅下调了美国经济增长预期，美国2025年增速从2.2%降至1.6%，预计2026年为1.5%。同时预计美国通胀可能接近4%。特 ...

绿电板块持续扩张，高股息率彰显投资性价比 ——申能股份（600642.SH）2024 年年报暨 2025 年一季度报点评 2025 年 5 月 6 日 公司研究 要点 事件：公司发布 2024 年及 2025 年一季度业绩。2024 年，公司实现营收 296.19 亿元，同比+1.64%；归母净利润 39.44 亿元，同比+14.04%。2025 年一季度， 公司实现营收 73.37 亿元，同比-9.09%；归母净利润 10.11 亿元，同比-12.82%。 24 年全年发电量提升，公司煤电盈利边际改善显著。公司 24 年完成发电量 586.23 亿千瓦时，同比+6.4%。其中，煤电/气电/风电/光伏分别完成 416.05 （若剔除共同控股外二发电站，煤电发电量为 321.30 亿千瓦时，同比+3.4%） /84.42/54.81/30.94 亿千瓦时，分别同比+3.5%/+17.6%/+4.3%/+24.9%。其中， 新能源板块发电提升主要受益于装机容量的扩张；截至 2024 年底，风电、光伏 装机容量分别为 282.5/244.1 万千瓦，分别同比+18.36%/+14.53%；同期利用 小时数分别为 2 ...

当地时间4月30日上午，西班牙国家铁路总公司宣布，受到日前大范围停电影响的铁路运输服务已经全部恢复。 西班牙第三副首相及生态转型和人口挑战大臣阿格森在当天举行的新闻发布会上表示，29日起西班牙电气系统一直在正常且稳定的情况下运行，全国电力供 应已经完全恢复，不过部分地区仍由于电路不稳而发生轻微故障。 西班牙国家电网总裁贝阿特丽斯·科雷多尔30日在接受西班牙国家电视台采访时表示，未来将加强西班牙与法国，西班牙与欧盟其他国家之间的电力互联互 通。 4月28日，西班牙和葡萄牙遭遇大规模停电。据美联社报道，此次停电是欧洲近年来最严重的断电事件之一。西班牙在短短5秒内失去了全国60%的电力供 应。 对此，董一凡指出，如何使用可再生能源并确保使用安全，是摆在世界各国面前的挑战。 可再生能源发电比例的不断提高，可能会使相关国家的能源供应结构处于更为脆弱的位置。在这个过程中，很多传统能源，包括化石燃料和核能，虽然在环 保领域有争议，但是在推动能源供应稳定方面还是发挥着不可或缺的作用。 近年来，出于环保、能源安全以及所谓与俄罗斯能源脱钩等原因，欧洲各国在减少传统能源的同时，开始面临新的能源安全问题。 △美联社报道截图 停电期间 ...

Core Viewpoint - The company reported a revenue of 9.598 billion yuan for 2024, an increase of 18.63% year-on-year, and a net profit attributable to shareholders of 2.283 billion yuan, up 86.26% year-on-year, although below the expected 2.465 billion yuan due to underperformance in thermal power [1][2] Financial Performance - In 1Q25, the company's revenue decreased by 8.70% year-on-year to 1.945 billion yuan, with a net profit attributable to shareholders of 543 million yuan, reflecting a year-on-year increase of 26.37%, but still below the expected range of 573-653 million yuan due to lower-than-expected power generation [1][2] - The company declared a dividend per share (DPS) of 0.205 yuan (tax included) for 2024, with a payout ratio of 70.77%, fulfilling its commitment to maintain a dividend payout ratio of no less than 70% for the year [1] Power Generation Breakdown - In 2024, the company's total power generation increased by 27.77% year-on-year to 36.424 billion kilowatt-hours, driven by a 44.94% increase in hydropower generation to 30.583 billion kilowatt-hours due to water recovery [2] - The company added 874,700 kilowatts of new energy capacity in 2024, with solar power accounting for 91% of the new installations, resulting in a 104.17% year-on-year increase in solar power generation [2] Future Outlook - The company anticipates further improvement in hydropower utilization hours in 2025, as the average utilization hours for hydropower in 2024 were only 90% of the average from 2017-2023 [1] - The target price for the company's stock is set at 7.79 yuan, maintaining a "buy" rating, despite a downward adjustment in profit forecasts for 2025-26 due to significant pressure on thermal power trading prices [3]

2025 年 4 月 28 日 公司研究 计提资产减值致盈利承压，稳步推进新能源电站建设 ——九洲集团（300040.SZ）2024 年年报点评 要点 事件：公司发布 2024 年年报，2024 年实现营业收入 14.81 亿元，同比+22.09%， 实现归母净利润-5.45 亿元，同比-678.26%；2024Q4 实现营业收入 5.08 亿元， 同比+24.14%，实现归母净利润-6.18 亿元，同比大幅亏损。 加速推进新能源电站建设，智能配用电业务稳中有增。 2024 年公司积极推进新能源项目开发建设，泰来九洲大型 100MW 风电项目顺 利并网，安达九洲火山 250MW 光伏发电项目、安达九洲石山 250MW 光伏发电 项目开工建设，带动公司新能源工程业务收入同比增长 136.41%至 1.15 亿元， 毛利率同比增长 45.14 个 pct 至 62.62%。公司智能配电网业务 2024 年营业收 入同比增长 20.26%至 4.86 亿元，毛利率同比减少 0.24 个 pct 至 19.87%。 重点布局新能源电站建设和运营，2025 年计划向各子公司增资 10 亿元。 公司持续推进新能源项目投资 ...

Core Viewpoint - In Q1 2025, the company reported a decline in revenue but an increase in net profit, indicating a mixed performance amid a challenging market environment [1][4]. Financial Performance - The company achieved operating revenue of 39.813 billion yuan, down 12.61% year-on-year and 12.15% quarter-on-quarter [1]. - The net profit attributable to shareholders was 1.811 billion yuan, up 1.45% year-on-year and up 182.81% quarter-on-quarter [1]. - The net profit after deducting non-recurring items was 1.608 billion yuan, down 7.42% year-on-year but up 15,332.71% quarter-on-quarter [1]. - The net cash flow from operating activities was 14.026 billion yuan, up 92.79% year-on-year but down 24.54% quarter-on-quarter [1]. Operational Metrics - The company's electricity generation decreased due to a relaxed supply-demand situation and increased renewable energy capacity, with total electricity generated at 94.935 billion kWh, down 5.72% year-on-year and 11.27% quarter-on-quarter [2]. - Breakdown of electricity generation: - Thermal power: 77.992 billion kWh, down 9.34% year-on-year and 9.77% quarter-on-quarter - Hydropower: 7.190 billion kWh, down 6.96% year-on-year and 40.08% quarter-on-quarter - Wind power: 5.715 billion kWh, up 11.23% year-on-year and 5.74% quarter-on-quarter - Photovoltaic power: 4.038 billion kWh, up 123.78% year-on-year and 16.44% quarter-on-quarter [2]. Pricing and Capacity - The average on-grid electricity price was 425.41 yuan per MWh, down 6.62% year-on-year and 2.35% quarter-on-quarter [3]. - As of March 31, 2025, the company had a total installed capacity of 116.3914 million kW, with thermal power at 75.629 million kW, hydropower at 14.9506 million kW, wind power at 9.9118 million kW, and photovoltaic at 15.90 million kW [3]. Cost Management - Operating costs decreased by 13.19% year-on-year, exceeding expectations, attributed to effective coal procurement strategies and cost control measures [4]. - Significant reductions in expenses were noted: - Sales expenses down 63.88% - Management expenses down 16.86% - R&D expenses down 18.08% - Financial expenses down 13.46% - Income tax expenses down 8.79% [4]. Growth Prospects - The company has substantial long-term growth potential in installed capacity, with ongoing projects in thermal, wind, and hydropower expected to contribute to future earnings [5]. - New thermal power projects are set to commence in high-price regions, while renewable energy capacity continues to expand significantly [5]. Industry Position - The company is a leading player in the energy sector, backed by strong shareholder support and a robust asset quality, positioning it well for future growth [6]. - Forecasted net profits for 2025, 2026, and 2027 are 6.459 billion, 7.272 billion, and 8.283 billion yuan, respectively, with corresponding PE ratios indicating a favorable valuation [6].