Core Viewpoint - China Power Construction Group (China Power) actively implements the "Four Revolutions and One Cooperation" energy security strategy, contributing significantly to global energy governance and green low-carbon transformation during the "14th Five-Year Plan" period [3][4]. Group 1: Energy Cooperation and Projects - China Power has signed energy investment and contracting projects with over 100 countries, involving a total installed capacity of 92 GW during the "14th Five-Year Plan" period [5]. - Key projects include the first comprehensive planning and investment project in Laos, which has delivered over 12 billion kWh of clean energy, and the largest solar power station in South America in Argentina [5]. - The company has also achieved a Guinness World Record for the highest capacity off-grid battery storage project in Saudi Arabia [5]. Group 2: Participation in Global Energy Governance - China Power enhances its international influence by participating in global energy governance mechanisms and leading projects like the China-Pakistan Economic Corridor [6]. - The company has contributed to the development of international standards and has translated nearly 300 Chinese standards into foreign languages, with some results presented at significant international forums [6]. Group 3: ESG Practices and Social Responsibility - China Power is among the first central enterprises to establish an ESG management system, receiving an A- rating from China Business Green ESG and a Level 2 rating from Fitch Ratings [7]. - The company has created over 200,000 jobs in host countries and emphasizes local employment and community engagement through various initiatives [7]. Group 4: Green Transformation and Innovation - China Power integrates green development into all phases of energy projects, supporting the construction of a clean, low-carbon, and efficient energy system [8]. - The company has established itself as a leader in overseas strategic emerging industries, launching several "firsts" in international projects, including solar thermal and offshore wind projects [9]. Group 5: Future Directions and Goals - Looking ahead, China Power aims to enhance global energy cooperation and contribute to the green low-carbon transition by participating in bilateral and multilateral renewable energy cooperation mechanisms [10]. - The company plans to strengthen technical innovation and improve energy accessibility, particularly in underdeveloped countries, by focusing on small-scale, community-benefiting energy solutions [11].

Investment Rating - The report maintains a "Buy" rating for the company [5][11] Core Views - The company has signed 3,579 new energy and power projects with a total contract value of 516.24 billion RMB from January to August 2025, representing a year-on-year increase of 14.3% [1] - The overseas business has shown rapid growth, with new contracts amounting to 179.84 billion RMB, up 21.9% year-on-year [2] - The company has achieved significant growth in its electricity investment and operation business, with a total installed capacity of 35.16 million kilowatts as of June 2025, including wind power capacity of 10.83 million kilowatts, solar power capacity of 13.04 million kilowatts, and hydropower capacity of 7.09 million kilowatts [3] Summary by Sections Business Performance - The company signed 692 new hydropower projects with a contract value of 123.54 billion RMB, up 58.88% year-on-year, and 811 new wind power projects with a contract value of 166.26 billion RMB, up 61.27% year-on-year [1] - In August alone, the company signed 24 projects with individual contract values exceeding 500 million RMB, an increase of 2 projects from the previous month [1] Financial Forecast - The company is expected to achieve net profits attributable to shareholders of 12.30 billion RMB, 13.50 billion RMB, and 13.89 billion RMB for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 2.4%, 9.8%, and 2.9% [3][4] - The projected earnings per share (EPS) for the same years are 0.71 RMB, 0.78 RMB, and 0.81 RMB [3][4] Key Data - The company's revenue is projected to grow from 608.44 billion RMB in 2023 to 733.55 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 5.5% [4] - The price-to-earnings (P/E) ratio is expected to decrease from 7.4 in 2023 to 6.9 in 2027, indicating a potentially undervalued stock [4]

证券代码：601669 股票简称：中国电建 公告编号：临 2025-050 中国电力建设股份有限公司 2025 年 1 月至 7 月主要经营情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将中国电力建设股份有限公司2025年1月至7月主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 3230 | 4720.68 | 12.94% | | 水电 | 630 | 1130.88 | 70.03% | | 其中：抽水蓄能 | 326 | 427.69 | 3.78% | | 风电 | 723 | 1572.26 | 68.40% | | 太阳能发电 | 656 | 1185.09 | -29.96% | | 火电 | 287 | 199.15 | -63.82% | | 新型储能 | 115 | 285.04 | / | | 其他 | 819 | 345.25 | / ...

证券代码：601669 股票简称：中国电建 公告编号：临 2025-034 中国电力建设股份有限公司 2025 年 1 月至 5 月主要经营情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将中国电力建设股份有限公司2025年1月至5月主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 2408 | 3012.48 | 4.44% | | 水电 | 488 | 653.87 | 60.66% | | 其中：抽水蓄能 | 238 | 256.51 | 4.63% | | 风电 | 531 | 1018.01 | 67.33% | | 太阳能发电 | 482 | 854.81 | -32.61% | | 火电 | 224 | 146.99 | -62.28% | | 新型储能 | 65 | 107.50 | / | | 其他 | 618 | 231.30 | / | | ...

Core Insights - China Power Construction (601669) announced that from January to May 2025, the company signed 3,501 new projects with a total contract value of 474.007 billion yuan, representing a year-on-year decrease of 0.93% [1] Contract Value Breakdown - The new contract value for energy and power reached 301.248 billion yuan, showing a year-on-year increase of 4.44% [1] - The new contract value for hydropower was 65.387 billion yuan, reflecting a significant year-on-year increase of 60.66% [1] - The new contract value for wind power amounted to 101.801 billion yuan, with a year-on-year growth of 67.33% [1] - The new contract value for solar power was 85.481 billion yuan, indicating a year-on-year decline of 32.61% [1] - The new contract value for water resources and environment reached 60.796 billion yuan, down 17.06% year-on-year [1] - The new contract value for urban construction and infrastructure was 101.711 billion yuan, marking a year-on-year increase of 4.71% [1] Domestic vs. International Contracts - The domestic new contract value totaled 377.608 billion yuan, which is a year-on-year decrease of 6.67% [1] - The international new contract value was 96.399 billion yuan, showing a year-on-year increase of 30.51% [1]

证券代码：601669 股票简称：中国电建 公告编号：临 2025-026 中国电力建设股份有限公司 2025 年 1 月至 4 月主要经营情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将中国电力建设股份有限公司2025年1月至4月主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 2037 | 2285.33 | -7.27% | | 水电 | 428 | 386.33 | 14.07% | | 其中：抽水蓄能 | 204 | 193.23 | 29.54% | | 风电 | 443 | 755.95 | 68.41% | | 太阳能发电 | 402 | 745.43 | -34.53% | | 火电 | 173 | 101.08 | -71.71% | | 新型储能 | 53 | 92.65 | / | | 其他 | 538 | 203.89 | / | | ...