2025 年 09 月 03 日 公司研究 评级：买入(首次覆盖) [Table_Title] 能源服务收入高速增长， 携手蚂蚁共谱能源 AI 篇章 ——协鑫能科（002015）2025 年半年报点评 最近一年走势 | 事件: | | --- | 2025H1 公司实现收入 54.2 亿元，同比+15.3%，归母净利润 5.2 亿元， 同比+26.4%。2025Q2 收入 24.9 亿元，同比+8.8%，归母净利润 2.7 亿 元，同比+19.1%。 投资要点: | 相对沪深 300 | 表现 | | 2025/09/02 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 协鑫能科 | 8.0% | 60.8% | 81.0% | | 沪深 300 | 10.7% | 16.9% | 37.5% | | 市场数据 | 2025/09/02 | | --- | --- | | 当前价格（元） | 12.61 | | 周价格区间（元） 52 | 6.30-15.00 | | 总市值（百万） | 20,470.12 | | 流通市值（百万） | 20,470. ...

徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 丨证券研究报告丨 公司研究丨点评报告丨洪城环境（600461.SH） [Table_Title] 2025H1 点评：归母业绩同比增 0.68%，资本开 支显著下行 报告要点 [Table_Summary] 洪城环境 2025H1 实现归母净利润 6.09 亿元，同比增长 0.68%；其中 2025Q2，公司实现归母 净利润 2.77 亿元，同比减少 1.56%。污水处理业务保持稳健增长，燃气接驳、工程业务下滑拖 累收入和毛利。2025H1 公司资本开支为 4.35 亿元，同比大幅减少（上年同期 11.1 亿元），利 于维持高分红比例。期待公用事业市场化改革持续推进，利于公司盈利性保障和现金流改善。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 洪城环 ...

Group 1 - The stock price of Jiufeng Energy as of July 31, 2025, is 26.91 yuan, down 0.75 yuan or 2.71% from the previous trading day [1] - The company's main business includes clean energy, energy services, and specialty gases, with clean energy accounting for 89.16% of its business in 2024 [1] - Jiufeng Energy has repurchased a total of 2.8765 million shares, representing 0.43% of its total share capital, with a total repurchase amount of 76.57 million yuan at prices ranging from 25.52 yuan to 28.18 yuan [1] Group 2 - In the first quarter of 2025, Jiufeng Energy achieved operating revenue of 5.484 billion yuan and a net profit attributable to shareholders of 506 million yuan [1] - On July 31, the net inflow of main funds was 7.0967 million yuan, accounting for 0.04% of the circulating market value [2]

展望未来，天津清洁能源将以此次项目申报成功为契机，全力推进数字化转型项目建设。滨海投资 (02886)也将继续加大在科技创新方面的投入，加强与行业上下游企业、科研机构的合作交流，不断探 索数字化技术在能源领域的创新应用，为区域能源安全稳定供应和经济社会可持续发展贡献更多力量。 同时，滨海投资也期待在数字化转型过程中，与更多合作伙伴携手共进，共同开创能源行业数字化发展 的新局面。 滨海投资附属天津泰达滨海清洁能源集团有限公司(简称"天津清洁能源")申报"天津市滨海新区中小企业 数字化转型城市试点第五批数字化转型二级项目"于2025年7月21日顺利通过审核及公示，并会获得相应 补贴。这一成果不仅标志着天津清洁能源在数字化转型道路上迈出坚实步伐，也为滨海新区能源行业的 数字化发展增添了新的亮点。 作为滨海新区能源领域的重要参与者，天津清洁能源长期致力于为滨海新区提供安全、高效、清洁的能 源服务。此次申报的数字化转型二级项目，基于天津清洁能源对自身业务流程深入分析和对未来数字化 转型的进一步推动，聚焦于利用大数据、人工智能、物联网等前沿技术，对公司的能源生产、供应、运 维以及客户服务等全流程进行数字化升级改造。旨在通 ...

Investment Rating - The report assigns no rating to the company [5] Core Viewpoints - The company is a clean energy operator with over 20 years of experience, focusing on combined heat and power generation and energy services. The mid-year performance is expected to increase by 20-35% [1][3] - The company has achieved a total installed capacity of 5.9GW, with significant contributions from various energy sources including gas, coal, solar, wind, and storage [1][3] - The company has initiated the issuance of Real World Assets (RWA) in the renewable energy sector, marking a significant innovation in financing [2][3] - The energy services segment has shown remarkable growth, with revenues increasing by over 337% year-on-year [3][19] Summary by Sections Financial Performance - The company forecasts a revenue of 9.8 billion yuan in 2024, a decrease of 3.4% year-on-year, with a net profit of 489 million yuan, down 46% [1][19] - For the first half of 2025, the expected net profit ranges from 493 to 555 million yuan, reflecting a year-on-year increase of 20-35% [1][18] - The company anticipates achieving net profits of 900 million, 983 million, and 1.05 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 84%, 9%, and 7% [3][57] Revenue Breakdown - The revenue from gas-fired combined heat and power generation is projected to be 5.24 billion yuan in 2024, accounting for 53.4% of total revenue [1] - The energy services segment is expected to generate 1.19 billion yuan in 2024, contributing 12.2% to total revenue [1][19] - The company’s total revenue is projected to reach 10.9 billion yuan in 2025, with a growth rate of 11.3% [4][51] Market Position and Strategy - The company has established a joint venture with Ant Group to provide RWA issuance services for distributed energy assets, enhancing its market position [3][49] - The company is focusing on expanding its virtual power plant and energy trading businesses, with a demand response capacity of approximately 500MW [3][49] - The company’s energy service revenue is expected to grow significantly, driven by the increasing demand for virtual power plants and energy trading [3][50] Future Outlook - The company is expected to maintain a stable growth trajectory, with projected revenues of 11.5 billion yuan in 2026 and 11.9 billion yuan in 2027 [4][51] - The gross margin is anticipated to stabilize around 27% in the coming years, reflecting operational efficiency [51][52] - The company’s strategic initiatives in RWA and energy services are expected to drive future growth and profitability [2][3][49]

Investment Rating - The report maintains a "Buy" rating for GCL-Poly Energy (002015) with a target price of 9.18 CNY over the next six months, compared to the current price of 7.30 CNY [1]. Core Insights - The company experienced a significant decline in net profit in 2024, primarily due to asset impairment losses and reduced gains from equity disposals. However, the first quarter of 2025 showed a strong recovery in revenue and net profit, driven by increased income from distributed photovoltaic and energy storage projects, as well as lower fuel prices [8][9]. - GCL-Poly is focusing on optimizing its asset structure and enhancing its core combined heat and power business while expanding its renewable energy projects. As of Q1 2025, the total installed capacity was 5,978 MW, with renewable energy accounting for 58.23% of total generation capacity [8][9]. - The company is also deepening its energy service offerings, particularly in energy efficiency and trading services, with significant growth in distributed photovoltaic projects and virtual power plant services [8][9]. Financial Summary - For 2024, GCL-Poly reported revenues of 9,796.41 million CNY, a decrease of 3.42% year-on-year, and a net profit attributable to the parent company of 489.04 million CNY, down 46.20% year-on-year. The first quarter of 2025 saw revenues of 29.33 million CNY, up 21.49% year-on-year, and a net profit of 2.54 million CNY, up 35.15% year-on-year [3][8]. - The forecast for 2025-2027 indicates a recovery in net profit, with estimates of 823.36 million CNY in 2025, 962.18 million CNY in 2026, and 1,190.87 million CNY in 2027, corresponding to a dynamic PE of 14.4, 12.3, and 10.0 respectively [9][10]. - The company is expected to achieve a revenue growth rate of 1.07% in 2025, followed by 23.21% in 2026 and 26.35% in 2027, with a projected total revenue of 12,199.53 million CNY in 2026 and 15,413.77 million CNY in 2027 [3][9].