机构：招商证券 研究员：宋盈盈/卢湘雪 在运风电项目差异化竞争，十四五新能源增量可观。公司大部分新能源项目位于Ⅳ类资源区，具备差异 化竞争优势，同时相较于大基地项目而言补贴回款压力更小。此外，公司依托集团市场化基因，严格要 求项目收益率，新能源项目更注重效益而非规模，风光利用小时数均高于行业平均水平，盈利能力领 先。2025 年公司计划新投产新能源10GW、煤电6.09GW，投产后可再生能源装机占比将达到50%，公 司"十四五"目标有望达成。 分拆华润新能源上市，有望缓解资本开支压力。公司拟分拆华润新能源赴A上市，募集资金245 亿元， 用于开发合计717.5 万千瓦的新能源及储能项目。 若华润新能源上市顺利，公司面临的新能源扩张资本开支压力有望得到缓解，虽然分拆上市短期内会稀 释华润新能源的股比，但募集资金有助于长期增长潜力释放，中远期公司股东仍将显著受益。 盈利预测与估值。预计公司2025-2027 年营业收入分别为1057.44、1140.65、1216.65 亿港元，同比增长 0.4%、7.9%、6.7%；归母净利润分别为147.89、154.84、160.82 亿港元，同比增长2.8%、4.7%、3 ...

Group 1 - The construction of the Jinshan Phase III project is progressing rapidly, with nearly 3,000 workers on site and significant equipment installation underway [4][8] - The project aims to achieve the goal of commissioning two units by the end of the year, with a focus on accelerating construction and ensuring safety management [4][8] - As of now, 20 milestone nodes have been completed, with 12 ahead of schedule, and overall progress is at 70%, entering the installation and debugging phase [8] Group 2 - The construction of the Zhunda Phase II project is characterized by meticulous management, with over 2,000 workers engaged in various tasks, including the precise installation of turbine generator bases [11][14] - A 24-hour coordination mechanism has been established among participating units to address design conflicts and ensure timely equipment delivery, achieving a 98% completion rate for design drawings [14] - Currently, the installation progress for the turbine generator body is at 10% for Unit 1 and 5% for Unit 2, with significant advancements in boiler and auxiliary systems [14] Group 3 - The construction of the Jinshan Phase IV project is utilizing advanced modular construction techniques to streamline operations and improve efficiency [16] - The Baotou Xiguitu power project is focused on building a first-class demonstration project, with 50% completion of the main plant foundation and 70% completion of ground treatment [19]

Project Overview - The company has recently received a bid result announcement for the Gansu Energy Chemical Qinyang 2×660MW coal power project cooling tower EPC project [1] - The project involves the construction of two 660MW ultra-supercritical air-cooled coal-fired generating units, along with desulfurization, denitrification, dust removal facilities, and other associated infrastructure [1][2] - The project aims to enhance the transmission capacity of the Northwest power grid and supports carbon neutrality initiatives by improving peak shaving capabilities [1] Bid Details - The bidding scope includes design, manufacturing, procurement, transportation, project management, construction, installation, commissioning, acceptance, technical services, training, and performance quality assurance [2] - The total bid amount is approximately RMB 236.98 million [2] - The project is located in Qinyang County, Gansu Province [2] Impact on the Company - The project is expected to contribute 1.82% to the company's operating revenue [2] - There are no related party transactions between the company and its subsidiaries regarding this project, ensuring the company's operational independence [2] Additional Information - As of the announcement date, the company has received the bid result document but has not yet signed a formal contract, which may lead to changes in contract parties and terms [2] - The company will fulfill its information disclosure obligations in accordance with relevant regulations as the project progresses [2]

中国能建：中标中新建电力兵准园区6×66万千瓦煤电项目（EPC） 中标金额约为145.86亿元 智通财经5月28日电，中国能建(601868.SH)公告称，公司所属子公司中国电力工程顾问集团西北电力设 计院有限公司（联合体牵头人）与中国能源建设集团湖南省电力设计院有限公司组成联合体，中标中新 建电力兵准园区6×66万千瓦煤电项目（EPC），中标金额约为145.86亿元人民币。项目建设内容包括6 台66万千瓦超超临界燃煤发电机组，以及同步建设脱硫、脱硝、除尘等环保设施等。总工期约为36.5个 月。目前相关方尚未正式签署合同，项目仍存在不确定性。 ...