事件：公司发布2025 年中报。2025H1，公司实现营业收入776.55 亿元，同比下降9.52%；实现归母净 利润36.87 亿元，同比下降45.11%；基本每股收益为0.207 元/股，同比下降45.09%；加权平均ROE 为 6.36%，同比下降6.50 个百分点；现金分红总额17.84 亿元，现金分红比例48.38%；投资收益12.29 亿 元，同比下降79.72%，扣非净利润达34.10 亿元，同比大幅增长56.12%，主要因2024 年同期转让国电建 投内蒙古公司股权影响。 燃料价格大幅降低，常规电源夯实盈利基本盘。经营数据方面，2025H1，公司煤机/ 燃机/ 水电发电量 为1601.24/13.43/228.7 亿千瓦时， 同比-7.58%/19.91%/-6.44%；上网电价为428.75/853.43/273.53 元/兆瓦 时，同比-6.97%/-2.65%/4.96%； 对应利用小时数2185/802/1530h ， 同比-9.75%/-26.96%/-6.42%。盈利 数据方面，公司火电/水电板块归母净利润为19.67/8.83 亿元，占比53.35%/23.95%。2025 年上 ...

国能集团常规能源整合平台，预计2025-2026 年投产8GW 火电、4GW 水电。公司为国家能源集团常规 能源整合平台，享受集团内火电、水电项目的优先发展权以及收并购权。截至2023 年底，集团已投产 未上市火电约80GW、水电8GW（含在建）。预计公司将在2025-2026 年投产8GW 火电与4GW 水电， 新增火电资产为发达地区的大功率机组，水电主要为四川大渡河流域机组（3.5GW）。公司计划2025 年资本性支出741 亿，与2024 年基本相当，但2025 年新能源资本性支出计划约280 亿，较2024 年减少 37 亿元。公司计划2025 年新开工新能源5.2GW，较2024 年减少3.4GW，目前在建风电212 万千瓦，主 要在内蒙、甘肃等地；在建光伏343 万千瓦，主要在天津、新疆、内蒙等地。 事件：1）公司发布2025 年半年报，上半年实现营收776.55 亿元，同比下降9.52%；归母净利润36.87亿 元，同比下降45.11%；扣非后归母净利润34.1 亿元，同比增长56.12%。对应单二季度归母净利润18.76 亿元，同比下降61.96%；单二季度扣非后归母净利润18.03 亿元，同 ...

长源电力（000966）(000966.SZ)发布2025年半年度报告，该公司营业收入为66.14亿元，同比减少 16.76%。归属于上市公司股东的净利润为9482.21万元，同比减少78.83%。归属于上市公司股东的扣除 非经常性损益的净利润为7270.02万元，同比减少83.40%。基本每股收益为0.0272元。 报告期内，公司完成发电量167.15亿千瓦时，同比降低8.30%。其中，火电发电量146.90亿千瓦时，同 比降低8.83%;水电发电量5.64亿千瓦时，同比降低33.89%;风电发电量2.01亿千瓦时，同比降低12.11%; 光伏发电量12.60亿千瓦时，同比增长21.70%。完成售热量1098.89万吉焦，同比降低6.61%。不含税平 均上网电价387.81元/千千瓦时，同比减少32.26元/千千瓦时。火电发电量下降主要是因为省内新能源装 机及发电量快速增长，省外购电规模持续扩大，挤占了火电的发电空间。水电发电量下降的主要原因是 上半年省内来水偏枯。风电发电量下降的主要原因是风速较常年降低。上网电价下降的主要原因是湖北 省新能源装机规模持续扩张，省间外购电量急剧增加，湖北电力市场总体上呈现供 ...

（原标题：长源电力：上半年净利润9482.21万元 同比下降78.83%） 人民财讯8月22日电，长源电力(000966)8月22日晚间披露2025年半年报，公司上半年实现营业收入66.14 亿元，同比下降16.76%；归母净利润为9482.21万元，同比下降78.83%。基本每股收益0.03元。报告期 内，公司完成发电量167.15亿千瓦时，同比降低8.30%。其中，火电发电量146.90亿千瓦时，同比降低 8.83%；水电发电量5.64亿千瓦时，同比降低33.89%；风电发电量2.01亿千瓦时，同比降低12.11%；光 伏发电量12.60亿千瓦时，同比增长21.70%。完成售热量1098.89万吉焦，同比降低6.61%。 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has committed to a cash dividend plan of at least 60% of net profit for the next three years, which exceeds expectations [1] - The decline in fuel costs has helped offset the decrease in electricity sales prices, maintaining stable profitability in thermal power [2] - The increase in hydropower tariffs and the upcoming capacity additions in the Dadu River area are expected to drive growth [3] - The growth in renewable energy installations is noted, although profitability per unit of electricity has declined [4] - The company is positioned as a leading player in the national power sector, benefiting from cost advantages and diversified operations [5] Financial Performance Summary - For the first half of 2025, the company reported revenue of 776.55 billion yuan, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 36.87 billion yuan, down 45.11% [1] - The company expects to distribute a cash dividend of 1 yuan per 10 shares, amounting to 17.84 billion yuan, which represents 48.38% of the net profit for the first half of the year [1] - The projected revenues for 2025-2027 are 1819.01 billion yuan, 1878.93 billion yuan, and 1946.69 billion yuan, with year-on-year growth rates of 1.5%, 3.3%, and 3.6% respectively [5] - The expected net profits for the same period are 75.81 billion yuan, 84.70 billion yuan, and 91.01 billion yuan, with corresponding EPS of 0.43 yuan, 0.47 yuan, and 0.51 yuan [5] Operational Insights - The average coal price for the first half of 2025 was 831.48 yuan per ton, a decrease of 87.46 yuan per ton compared to the previous year [2] - The hydropower segment achieved a net profit of 12.11 billion yuan in the first half of 2025, with a unit profit of 5.3 fen per kilowatt-hour [3] - Wind and solar power generation saw increases in output, with wind power generation up 11.11% and solar power up 122.85% year-on-year [4]

Core Viewpoint - In Q1 2025, the company reported a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, indicating a mixed performance driven by various factors [1][2]. Revenue and Profit Analysis - The company's Q1 2025 revenue decreased by 7.70% year-on-year to 60.335 billion yuan, primarily due to a decline in on-grid electricity generation [1]. - The net profit attributable to shareholders rose by 8.19% to 4.973 billion yuan, and the non-recurring net profit increased by 9.61% to 4.798 billion yuan, reflecting improved profitability despite lower revenue [1][2]. Electricity Generation and Pricing - The total on-grid electricity generation in Q1 2025 was 106.633 billion kWh, a decrease of 5.66% year-on-year, with coal, gas, wind, solar, hydro, and biomass generation showing varied changes [1]. - The average on-grid electricity settlement price was 488.19 yuan per MWh, a slight decline of 1.96% year-on-year, indicating limited overall price drop [1]. Fuel Cost and Profitability - The unit fuel cost decreased significantly due to falling coal prices, leading to a 10.97% reduction in operating costs [2]. - Profit margins for coal and gas-fired power generation increased by 40.96% and 40.58% respectively, contributing over 60% to the total profit in Q1 2025 [2]. Financial Performance - Financial expenses decreased by 15.12% to 1.738 billion yuan, attributed to lower interest rates on domestic interest-bearing liabilities [2]. - Investment income rose by 37.63% to 525 million yuan, further enhancing the company's performance [2]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 12.3 billion, 14.6 billion, and 17 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.29%, 19.04%, and 16.42% [2]. - As of April 30, 2025, the stock price corresponds to PE ratios of 9.14, 7.68, and 6.60 for the respective years [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's thermal power business continues to improve, with a net profit of 573 million yuan from Hongshan Thermal Power and Long'an Thermal Power, representing a year-on-year increase of 22.90%. The net profit per kilowatt-hour for thermal power reached 0.078 yuan, up 0.014 yuan year-on-year. The company's new energy business also saw growth, with Funiu New Energy's net profit increasing by 14.72% and Funiu Haixia's net profit rising by 23.28% [2][6][12] - Despite a decline in investment income due to reduced contributions from the invested company Guoneng Shishi, the company achieved a total net profit attributable to shareholders of 2.793 billion yuan, a year-on-year increase of 6.47% [2][12] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.563 billion yuan, a decrease of 0.90% year-on-year, and a net profit attributable to shareholders of 2.793 billion yuan, an increase of 6.47% [6][12] - The thermal power business achieved a net profit of 782 million yuan, up 12.64% year-on-year, driven by improved operational performance [12] - The new energy segment, particularly offshore wind power, demonstrated strong profitability, with a net profit of 1.148 billion yuan, reflecting a 23.30% increase [12] Operational Highlights - The company’s thermal power generation hours were 5,932 hours, a slight decrease of 1.36% year-on-year, while the total electricity generated was 7.37 billion kilowatt-hours, up 1.14% year-on-year [12] - The wind power utilization hours reached 3,324 hours, a year-on-year increase of 9.41%, with significant growth in both offshore and onshore wind power generation [12] Future Outlook - The company plans to distribute a dividend of 0.31 yuan per share for 2024, with a payout ratio of 30.85%. It also aims to maintain a cash dividend of at least 10% of the net profit attributable to shareholders in the first half of 2025 [12] - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 1.03 yuan, 1.04 yuan, and 1.43 yuan, with corresponding price-to-earnings (PE) ratios of 9.50, 9.38, and 6.86 [12]