证券代码：600995 证券简称：南网储能 编号：2025-39 二、调峰水电站经营数据 南方电网储能股份有限公司 2025年上半年部分经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》等有关规定，现将南方电网储能股份有限公司 2025 年上半 年部分经营数据公告如下： 一、装机容量及发电行业主营业务收入 | 类型 | | | 装机容量（万千瓦） | | | | 发电行业主营业务收入（万元） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | 年上半年 | 2024 | 年上半年 | 2025 | 年上半年 | 2024 年上半年 | 同比变动 | | 抽水蓄能 | | 1028 | | 1028 | 217,231.61 | | 204,273.06 | 6.34% | | 调峰水电 | | 203 | | 203 | 87,979.54 | | 71,4 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a Q1 2025 revenue of 1.557 billion yuan, a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 374 million yuan, up 31.1% year-on-year, slightly exceeding market expectations [7] - The increase in net profit is attributed to favorable water conditions for peak regulation hydropower, leading to increased power generation and revenue [7] - The company has a total installed capacity of 12.9642 million kilowatts as of the end of 2024, including 10.28 million kilowatts of pumped storage, 654,200 kilowatts of new energy storage, and 2.03 million kilowatts of peak regulation hydropower [7] - The company is expected to maintain a net profit of 1.235 billion yuan in 2025, with corresponding P/E ratios of 25, 22, and 21 for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023A is 5.63 billion yuan, with a year-on-year decrease of 31.85%, and is expected to grow to 6.673 billion yuan in 2025E, reflecting an 8.08% increase [1][8] - The net profit attributable to shareholders is projected to be 1.014 billion yuan in 2023A, down 39.05%, and is expected to rise to 1.235 billion yuan in 2025E, a growth of 9.61% [1][8] - The latest diluted EPS is forecasted to be 0.32 yuan in 2023A, increasing to 0.39 yuan in 2025E [1][8] - The company's total assets are projected to reach 57.814 billion yuan in 2025E, with total liabilities of 31.691 billion yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight performance exceeding market expectations due to favorable water conditions benefiting peak regulation hydropower [7] - The company achieved a revenue of 1.557 billion yuan in Q1 2025, representing a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 374 million yuan, up 31.1% year-on-year [7] - The company has a total installed capacity of 12.9642 million kilowatts, including 10.28 million kilowatts of pumped storage and 2.03 million kilowatts of peak regulation hydropower [7] Financial Forecasts - Total revenue forecast for 2023A is 5.63 billion yuan, with a year-on-year decrease of 31.85%, and is expected to grow to 8.691 billion yuan by 2027E, with a growth rate of 12.42% [1] - Net profit attributable to shareholders is forecasted to be 1.014 billion yuan in 2023A, with a year-on-year decrease of 39.05%, and is expected to reach 1.517 billion yuan by 2027E, with a growth rate of 8.82% [1] - The latest diluted EPS is projected to be 0.32 yuan in 2023A, increasing to 0.47 yuan by 2027E [1] Operational Highlights - The company has 1,028 MW of pumped storage capacity in operation and 1,080 MW under construction or approved as of the end of 2024 [7] - The company is exploring pilot projects in Guangdong for pumped storage participation in the spot market, which is expected to improve profitability [7] - The company maintains a P/E ratio of 30.74 for 2023A, decreasing to 20.54 by 2027E [1]

证券代码：600995 证券简称：南网储能 编号：2025-28 南方电网储能股份有限公司 2025 年 4 月 29 日 2025年一季度部分经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信 息披露》等有关规定，现将南方电网储能股份有限公司 2025 年一季 度部分经营数据公告如下： 注：2025 年一季度调峰水电收入同比增加 58.03%，主要是调峰水电厂来水同比增加， 发电量同比增加。 二、调峰水电站经营数据 | 水电站名称 | 装机容 | | 发电量（万千瓦时） | | 2025 年一季 度平均售电 | | --- | --- | --- | --- | --- | --- | | | 量（万千 瓦） | 2025 年一季度 | 2024 年一季度 | 同比变动 | 价格（元/千 瓦时，含税 | | | | | | | 价） | | 天生桥二级电站 | 132 | 143,102 | 97,049 | 47.45% | 0.236 | | 鲁布革 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][18]. Core Views - The company achieved a revenue of 6.17 billion yuan in 2024, representing a year-on-year increase of 9.67%, and a net profit of 1.13 billion yuan, up 11.1% year-on-year. For Q1 2025, the company expects a revenue of 1.56 billion yuan, a 17.5% increase year-on-year, and a net profit of 370 million yuan, up 31.1% year-on-year [1][4]. - The company’s pumped storage capacity reached 10.28 million kilowatts by the end of 2024, accounting for 17.5% of the national installed capacity. There are 9 pumped storage stations under construction with a total capacity of 10.8 million kilowatts [2][4]. - The company’s hydropower generation increased by 57% in 2024, leading to a 55.5% rise in revenue. The new energy storage capacity reached 654.2 MW/1,298.3 MWh by the end of 2024 [4]. Financial Data and Forecast - The company’s financial projections indicate a net profit of 1.16 billion yuan for 2025, 1.44 billion yuan for 2026, and 1.59 billion yuan for 2027, with corresponding P/E ratios of 26.4, 21.1, and 19.2 respectively [4][11]. - The revenue for 2025 is projected to be 7.64 billion yuan, reflecting a growth rate of 23.72% compared to 2024 [12][13]. - The company’s EBITDA for 2024 is estimated at 4.08 billion yuan, with a net profit margin of 18.25% [12][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 6.174 billion yuan in 2024, representing a year-on-year growth of 9.67%, and a net profit attributable to shareholders of 1.126 billion yuan, up 11.14% year-on-year [7] - The report highlights the stability of the pumped storage business and significant improvements in peak-shaving hydropower, with the latter's revenue increasing by 55.5% year-on-year [7] - The company is entering a production phase for pumped storage projects, with a total installed capacity of 10.28 million kilowatts expected by the end of 2024 [7] - The new energy storage segment saw a remarkable revenue increase of 198.9% year-on-year, driven by the commissioning of the Foshan Baotang storage station [7] Financial Performance Summary - In 2024, the company reported total revenue of 61.74 billion yuan, with a net profit of 11.26 billion yuan, and a weighted average ROE of 5.31% [7] - The revenue from pumped storage was 4.147 billion yuan, down 6.4% year-on-year, while peak-shaving hydropower revenue reached 1.634 billion yuan, up 55.5% year-on-year [7] - The company’s cash flow from operating activities was 3.855 billion yuan, an increase of 8.39% year-on-year, with a cash dividend of 338 million yuan, representing a 30% payout ratio [7] - The projected net profit for 2025 is 1.235 billion yuan, with a corresponding P/E ratio of 25.21 [1][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that increased water inflow has enhanced profits for 2024, with a projected revenue of 6.174 billion yuan, representing a year-on-year growth of 9.67%, and a net profit of 1.126 billion yuan, reflecting a year-on-year increase of 11.14% [7] - The company is set to launch new pumped storage projects in 2025, aiming to achieve a total installed capacity of 4.8 million kilowatts during the "14th Five-Year Plan" period [7] - The report anticipates stable profit growth for the company in 2024, driven by increased water inflow and new power station operations [7] Financial Data and Forecasts - Revenue and net profit forecasts for the company from 2023 to 2027 are as follows: - 2023: Revenue of 5.630 billion yuan, net profit of 1.014 billion yuan - 2024: Revenue of 6.174 billion yuan, net profit of 1.126 billion yuan - 2025E: Revenue of 6.626 billion yuan, net profit of 1.301 billion yuan - 2026E: Revenue of 7.617 billion yuan, net profit of 1.487 billion yuan - 2027E: Revenue of 8.413 billion yuan, net profit of 1.654 billion yuan [6][7] - The report projects a comprehensive diluted EPS of 0.32 yuan in 2023, increasing to 0.52 yuan by 2027 [6] Product Profitability Forecast - The profitability forecast for different products in 2024 and beyond is as follows: - Pumped storage revenue is expected to be 4.147 billion yuan in 2024, with a gross margin of 44% - Peak regulation hydropower revenue is projected at 1.634 billion yuan in 2024, with a gross margin of 61% - New energy storage revenue is anticipated to reach 278 million yuan in 2024, with a gross margin of 24% [9][10] Valuation - The report assigns a valuation range of 12.21 to 14.24 yuan for the company based on a projected PE ratio of 30-35 times for 2025 [7][11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.75 RMB [6][4]. Core Insights - The company reported a revenue of 6.174 billion RMB for 2024, reflecting a year-on-year increase of 9.7%, and a net profit attributable to shareholders of 1.126 billion RMB, up 11.1% year-on-year [1][5]. - The company plans to maintain a dividend payout ratio of 30%, consistent with the previous year [1]. - The hydropower generation for 2024 increased by 57% year-on-year, contributing significantly to the revenue growth [2]. - The revenue from pumped storage decreased by 6.4% year-on-year due to a reduction in capacity pricing, but future projects are expected to drive growth [3]. - The new energy storage segment underperformed expectations, leading to a downward revision of revenue forecasts for 2025 and 2026 [3][4]. Summary by Sections Financial Performance - The company achieved a total revenue of 6.174 billion RMB in 2024, with a net profit of 1.126 billion RMB, indicating a growth of 9.7% and 11.1% respectively [1][5]. - The fourth quarter of 2024 saw a revenue of 1.655 billion RMB, a 5.9% increase year-on-year, but a significant drop in net profit by 58.2% [1]. Hydropower and Storage Business - The hydropower segment saw a substantial increase in generation, with specific plants reporting growth rates of 55.3%, 80.9%, and 11.1% [2]. - The average on-grid electricity price for the hydropower stations remained stable at 0.22 RMB per kWh [2]. Future Projections - The company anticipates a revenue decline in the pumped storage segment but expects new projects to contribute positively in the coming years [3]. - Revenue forecasts for the new energy storage business have been revised downwards by 68% and 73% for 2025 and 2026, respectively [4]. Valuation Metrics - The report provides a target price of 13.75 RMB based on a projected PE ratio of 31x for 2025, reflecting the company's growth potential in the pumped storage and independent energy storage sectors [4][6].