证券研究报告 煤炭 | 煤炭开采 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 23 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 事件：公司发布中报：2025 上半年，公司实现营收 184.22 亿元，同比下滑 7.56%； 实现净利润 3.85 亿元，同比下降 8.59%；实现归母净利润 3.02 亿元，同比下降 15.96%。分板块看，煤炭贸易板块、热电联产板块、新能源板块分别实现净利润 1.46 亿元、2.47 亿元、-0.08 亿元。 联系人 热电联产毛利规模稳增，毛利率同比提升 5.48 pct，我们认为主要受益于热电联产与 煤炭贸易、压缩空气销售、固废处置等多业务间的协同效应。2025H1，公司热电联 产板块实现营收 14.47 亿元，同比下降 6.71%；实现毛利 4.31 亿元，同比 ...

协鑫能科最新股价报12.33元，较前一交易日上涨0.11元。盘中最高触及12.48元，最低下探12.06元，全 天成交7.18亿元，换手率达3.61%。 该公司属于电力行业板块，主营业务涵盖清洁能源发电、热电联产及综合能源服务。作为江苏地区新能 源企业，其业务涉及节能环保领域。 根据公司公告显示，协鑫能科及其控股子公司未发生逾期担保情况，也未出现因担保引发的诉讼纠纷。 这一消息有助于稳定投资者对公司财务状况的信心。 资金流向方面，当日主力资金净流入1574.3万元，但近五个交易日整体呈现净流出态势，累计净流出 5799.56万元。 风险提示：以上信息仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 ...

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 08 月 22 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 08 | 月 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 2.42 | | | 一年内最高/最低（港 | | | | 2.85/1.98 | | | 元） | | | | | | | 总市值（百万港元） | | | | 10,381.62 | | | 流通市值（百万港元） | | | | 10,381.62 | | | 资产负债率（%） | | | | 79.08 | | | 资料来源：聚源数据 | | | | | | 中广核新能源(01811.HK) 投资评级： 买入（维 ...

Core Viewpoint - The third batch of CCER methodologies emphasizes the policy direction of "promoting utilization through emission reduction," introducing new methodologies for biomass power generation and oil and gas methane recovery, thus enhancing the market supply capacity of CCER projects [1][2][3] Group 1: New Methodologies - The third batch includes four methodologies: biomass grid-connected power generation, offshore oilfield associated gas recovery, onshore gas field trial gas recovery, and onshore oilfield low gas volume associated gas recovery [1][2] - The total number of CCER methodologies has reached ten since the restart of CCER [2] Group 2: Policy and Market Implications - The new methodologies aim to reduce PM2.5 pollution and carbon emissions by utilizing agricultural and forestry waste, fulfilling international commitments, and improving the profitability of high-input, low-output industries [1][3] - The methodologies are expected to enhance the market supply capacity of CCER projects, particularly in agricultural provinces like Henan and Shandong, promoting the resource utilization of agricultural waste [2][3] Group 3: Biomass Power Generation - Biomass power generation currently accounts for about 3% of renewable energy capacity but is expected to increase annually [3] - By the end of 2023, biomass power generation projects are estimated to have a total installed capacity of approximately 16.88 million kilowatts, generating an annual emission reduction of about 15 million tons [3] Group 4: Economic Viability and Challenges - The economic viability of biomass power generation projects is a core issue, with many projects facing financial challenges due to high investment costs and low internal rates of return [8][9] - The methodologies exclude projects that do not fully connect to the grid or utilize specific types of waste, focusing instead on projects that use agricultural and forestry residues [6][7] Group 5: Oil and Gas Methane Recovery - The three methodologies related to methane recovery are significant for controlling non-CO2 greenhouse gas emissions, with China aiming to achieve zero routine flaring in oil and gas extraction by 2030 [11][12] - The methodologies target different scenarios in the oil and gas sector, including offshore oilfields, onshore oilfields, and trial gas recovery from natural gas wells, each with distinct project requirements [13][14]

Core Viewpoint - The company is committed to enhancing operational quality and investor returns through a systematic strategy focused on high-quality development and sustainable practices in the energy sector [1][6][8]. Group 1: Business Strategy and Performance - The company aims to become a leading provider of green and efficient environmental energy services, focusing on "environmental protection" and "energy" themes while optimizing its dual-driven model of "energy trade + energy industry" [1][2]. - In the first half of 2025, the company's thermal power generation business achieved operating revenue of 1.447 billion yuan and a net profit of 247 million yuan [3]. - The company successfully acquired 100% equity of Huzhou South Taihu Power Technology Co., Ltd., which has a boiler capacity of 480t/h and a generator set capacity of 48MW, further consolidating its leading position in the energy industry [3]. Group 2: Energy Trade and New Energy Development - The company is expanding its investment in the energy sector, focusing on thermal power generation and solid waste disposal while accelerating breakthroughs in the new energy sector [2][4]. - In the first half of 2025, the coal circulation business generated operating revenue of 16.928 billion yuan and a net profit of 146 million yuan, with coal sales volume reaching 31.9 million tons, a year-on-year increase of 14.13% [5][3]. Group 3: Innovation and R&D - The company invested 65.2781 million yuan in R&D in the first half of 2025, a 1.7% increase year-on-year, focusing on high-end, digital, and intelligent innovations [8][13]. - The company has established an innovation system comprising various research centers and laboratories to enhance its technological capabilities and drive the transformation of research results into practical applications [9][10]. Group 4: Investor Relations and Governance - The company has committed to a stable and scientific return mechanism for investors, planning to distribute cash dividends amounting to no less than 40% of the net profit attributable to shareholders for the years 2024-2026 [6][7]. - Since its listing in 2021, the company has distributed a total of 1.506 billion yuan in cash dividends, representing 101.23% of the net raised funds [7]. Group 5: Sustainable Development and Environmental Responsibility - The company is actively promoting green and low-carbon transformation through comprehensive energy services and waste disposal, achieving a sales volume of 4.2595 million tons of steam in the first half of 2025, a year-on-year increase of 0.24% [4][11]. - The company’s waste tire pyrolysis project has made significant progress, converting waste tires into valuable products while achieving environmental benefits [11].

Core Insights - The article discusses the potential of pure agricultural and forestry biomass grid-connected power generation and cogeneration projects to significantly reduce carbon dioxide emissions, with current annual reductions estimated at approximately 24 million tons, potentially increasing to around 50 million tons by 2030 [1][2] Group 1: Emission Reduction Potential - Current projects can produce an annual reduction of about 24 million tons of CO2, with projections to reach approximately 50 million tons by 2030 [1] - The Ministry of Ecology and Environment is planning to support the sustainable development of this sector through a voluntary greenhouse gas emission reduction trading mechanism [1][2] Group 2: Economic Viability Challenges - The investment and operational costs for these biomass projects are high, leading to poor economic viability, with internal rates of return below the electricity industry's benchmark rate of 8% [2][4] - The methodology being developed aims to simplify the process and support the industry through voluntary emission reduction trading, addressing the economic challenges faced by these projects [2][4] Group 3: Technological Approaches - There are two main technological routes for biomass energy utilization: direct combustion for power generation and cogeneration, and pyrolysis under low or no oxygen conditions to produce combustible gases [4][5] - Over 98% of biomass power generation projects in China utilize direct combustion technology, while pyrolysis projects primarily focus on heat generation [5] Group 4: Project Methodology and Guidelines - The methodology is specifically designed for projects using agricultural and forestry residues, excluding those that involve co-firing with animal manure or fossil fuels [5][6] - The default transportation distance for biomass raw materials is set at 200 kilometers, aligning with management policy requirements and actual project conditions [6]

公司2025年半年报显示，营业收入3.79亿元，同比下降6.41%；归属于上市公司股东的净亏损4069万 元，同比收窄1.62%。经营活动现金流净流出2.01亿元，主要因淡季储煤预付款增加及热费回收周期延 长所致。公司通过优化生产运营与争取政策红利，在营收承压的同时实现亏损收窄。 8月15日主力资金净流出375.24万元，近五日主力资金累计净流出1809.65万元。 大连热电最新股价为6.42元，较前一交易日上涨0.16%。盘中最高触及6.46元，最低下探6.36元，成交额 0.52亿元。 大连热电属于电力行业，是辽宁地区热电联产与集中供热企业。公司服务大连主城区1847万平方米供热 面积，承担东港商务区核心供热任务。2025年上半年完成北海热电厂4台锅炉大修工程，实现连续稳定 供电9938万千瓦时。 风险提示：投资有风险，入市需谨慎。 ...

Group 1 - The third batch of CCER methodologies will expand the coverage of emission reduction projects, focusing on biomass energy utilization and methane reduction in the oil and gas industry, indicating a more refined and specialized direction for China's voluntary greenhouse gas reduction mechanism [2] - Compared to the first batch (carbon sinks, renewable energy) and the second batch (energy saving, gas utilization), the third batch of methodologies demonstrates increased technical complexity and industry specificity, reflecting the CCER mechanism's attention to "hard-to-abate" sectors [2] - The implementation of the new methodologies is expected to significantly enhance the economic viability of oil and gas companies in recovering associated gas, while also providing a clear pathway for biomass power generation projects to participate in the carbon market [2] Group 2 - The Ministry of Ecology and Environment has publicly solicited opinions on four new methodologies related to biomass grid-connected power generation, offshore oil field associated gas recovery, onshore gas field gas recovery, and onshore oil field low-volume associated gas recovery [1] - The first batch of CCER methodologies was released in October 2023, including four methodologies: afforestation carbon sinks, grid-connected solar thermal power generation, grid-connected offshore wind power generation, and mangrove restoration, which established specific requirements and processes for carbon sink project development [1] - The second batch of CCER methodologies was released on January 3, 2025, consisting of two methodologies: energy-saving in highway tunnel lighting systems and utilization of low-concentration gas from coal mines with methane volume concentration below 8% [1]

Group 1 - The stock price of GCL-Poly Energy closed at 11.55 yuan on August 4, 2025, down 1.11% from the previous trading day [1] - The trading volume on that day was 381,110 lots, with a total transaction amount of 439 million yuan [1] - GCL-Poly Energy operates in the power industry, focusing on clean energy generation, cogeneration, and comprehensive energy services [1] Group 2 - As a key energy enterprise in Jiangsu Province, GCL-Poly Energy's business covers multiple areas including renewable energy generation and energy conservation [1] - On August 4, the net outflow of main funds for GCL-Poly Energy was 42.31 million yuan, accounting for 0.23% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 535 million yuan, representing 2.85% of its circulating market value [1]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 12.67 CNY based on a 12x PE ratio for 2025 [4][6]. Core Views - The company reported a total revenue of 6.369 billion CNY for the first half of 2025, a decrease of 4.44% year-on-year, while the total profit increased by 20.86% to 2.006 billion CNY. The net profit attributable to shareholders was 1.337 billion CNY, reflecting a year-on-year increase of 12.48% [1][2]. - The overall operating performance of the company is stable, with profitability showing an upward trend. Key factors contributing to profit growth include improved wind conditions in Fujian province and increased gas-to-electricity settlement volumes [2][3]. Summary by Sections Financial Performance - In H1 2025, the company generated 107.72 billion kWh of electricity and 4.6443 million tons of heat. The basic earnings per share were 0.48 CNY, up 4.35% year-on-year [2]. - The company’s total installed capacity exceeded 6 million kW, with significant contributions from wind power and gas generation [3]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are 14.827 billion CNY, 15.912 billion CNY, and 16.902 billion CNY, with growth rates of 1.8%, 7.3%, and 6.2% respectively. Net profit forecasts are 2.936 billion CNY, 3.064 billion CNY, and 3.405 billion CNY, with growth rates of 5.1%, 4.4%, and 11.1% respectively [4][10]. Valuation Metrics - The report indicates a current PE ratio of 9.0 for 2025, projected to decrease to 7.7 by 2027. The net profit margin is expected to improve from 19.8% in 2025 to 20.1% in 2027 [10].