证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 04 年 月 日 涪陵电力（600452.SH） 背靠国网综能， "配、微、储"望协同打造新增长极 国网控股背书，双主业布局持续优化。涪陵电力深耕电力行业多年，是国网旗下唯 一配网节能上市平台。公司前身源自涪陵国资委川东电力集团，依托多轮国资整 合，于 2020 年深化再融资、收购国家电网下属多省配电网节能资产，逐步建成区 域电网运营与配网节能业务并举、全国化拓展的经营格局。公司股权结构高度清 晰，国资主导地位稳固，核心高管均具国网系统任职经验，全面赋能公司战略转 型。业务涵盖区域电网运营与配网节能两大领域，主业增长韧性突出，高毛利配电 网业务增厚利润。 区域负荷扩张叠加电改红利，电网业务量价双升。作为重庆涪陵区的核心供电主 体，涪陵电力紧抓区域工业经济向好与电改红利，电网运营板块保持高质量扩张。 2024 年，涪陵全区用电量同比增长 4.67%，工业用电量同比增长 2.96%。公司外 购电量及售电量不断走高，2024 年售电量达 34.64 亿千瓦时，同比提升 7.71%； 电价改革背景下，2024 年单位售电均价升至 0.644 元 ...

| 主要会计数据 | 本报告期 | 上年同期 | | | --- | --- | --- | --- | | | (1-6月) | 调整后 | 调整前 | | 营业收入 | 1, 416, 345, 842. 75 | 1, 473, 178, 228. 70 | 1, 473, 178, 2 | | 利润总额 | 208, 208, 470. 57 | 249, 163, 938. 30 | 249, 163, 5 | | 归属于上市公司股东的 浄利润 | 166,809,986.07 | 196. 125. 567. 64 | 196, 125, 5 | | 归属于上市公司股东的 扣除非经常性损益的净 | 160, 739, 180. 55 | 190, 690, 935. 42 | 190, 690, | | 利润 | | | | | 经营活动产生的现金流 量净额 | 295,823,954.17 | 726, 320, 122. 85 | 726, 320, 1 | | | 本报告期末 | 上年度末 | | | | | 调整后 | 调整前 | | 归属于上市公司股东的 净资产 | 5,398,931, ...

Core Viewpoint - The company is focused on building a regional energy service ecosystem and leading innovations in smart grid development, with a strong emphasis on power grid operation and energy efficiency in distribution networks [1][2][3]. Group 1: Business Overview - The company primarily operates in the Fuling District of Chongqing, providing reliable power supply services and covering 20 provinces in energy efficiency management [1]. - The company’s revenue and net profit are projected to grow at CAGRs of 4.09% and 6.46% respectively from 2020 to 2024 [1]. - In 2024, the company expects to achieve revenue of 3.117 billion yuan, a decrease of 9.46% year-on-year, and a net profit of 514 million yuan, down 2.07% year-on-year [1]. Group 2: Sales Performance - The total electricity sales volume in 2024 reached 346,384 million kWh, reflecting a year-on-year increase of 7.71% [2]. - The average selling price of electricity was 643.65 yuan/MWh, a slight decrease of 0.81% year-on-year, indicating stable pricing [2]. - Direct sales accounted for 94.94% of total sales volume, with an increase of 8.05% year-on-year, while bulk sales decreased by 5.68% [2]. Group 3: Business Expansion and Projects - The company is expanding its energy efficiency business in distribution networks, tailoring solutions based on regional grid characteristics [3]. - Significant projects in Xinjiang and Shanxi have been completed, with a new strategic partnership in Anhui aimed at enhancing energy efficiency in 16 cities [3]. - The Anhui project is expected to generate approximately 790 million yuan in revenue over an 8-year operational period, with the company holding over 50% of the investment and revenue share [3]. Group 4: Financial Projections - The company anticipates net profits of 524 million, 555 million, and 603 million yuan for 2025-2027, with year-on-year growth rates of 1.9%, 5.8%, and 8.8% respectively [3].