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]

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].

瑞财经 钟鸣辰4月16日消息，赣能股份(SZ000899)最新发布2024年年度报告。 从资产方面看，赣能股份期末资产总计为174.02亿元，应收账款为7.62亿元；现金流量方面，经营活动产生的现金流量净额为12.37亿元，销售商品、提供劳 务收到的现金为78.64亿元。 截至报告期末，赣能股份公司所属已投产运营的电力装机规模412.14万千瓦，较上年同期增长6.78%。报告期内，公司累计完成发电量166.54亿千瓦时，同 比下降0.58%。其中，火电发电量158.57亿千瓦时，同比下降2.85%；水电发电量3.37亿千瓦时，同比增长29.12%；新能源发电量4.6亿千瓦时，同比增长 177.11%。 宋和斌，男，1974年7月出生，大学本科学历，工商管理学硕士，高级工程师。历任江西省投资集团公司人力资源部副主任，江西省江投路桥投资有限公司 副总经理、工会主席，赣能股份公司抱子石水电厂党支部书记、总经理，赣能股份公司党委副书记、副总经理，江西电力交易中心有限公司董事。现任赣能 股份公司党委书记、董事长、总经理，江西赣能能源服务有限公司董事长、总经理。2023 年 11 月起担任赣能股份公司董事至今。 | | ...