上 市 公 司 公 司 研 究 / 公 司 深 度 公用事业 ——清洁能源资产收益稳固 双碳时代科技赋能成长 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1-Q3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,796 | 7,950 | 10,765 | 11,730 | 12,878 | | 同比增长率（%） | -5.4 | 5.1 | 9.9 | 9.0 | 9.8 | | 归母净利润（百万元） | 489 | 762 | 934 | 1,251 | 1,536 | | 同比增长率（%） | -46.9 | 25.8 | 91.1 | 33.8 | 22.8 | | 每股收益（元/股） | 0.30 | 0.48 | 0.58 | 0.77 | 0.95 | | 毛利率（%） | 27.7 | 27.7 | 27.9 | 29.0 | 29.7 | | ROE（%） | 4.2 | 6.3 | 7.5 | 9.3 | 10.6 | | 市盈率 | 66.5 | | 34 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 公用事业 2026 年 03 月 26 日 协鑫能科 (002015) ——清洁能源资产收益稳固 双碳时代科技赋能成长 财务数据及盈利预测 | | 2024 | 2025Q1-Q3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,796 | 7,950 | 10,765 | 11,730 | 12,878 | | 同比增长率（%） | -5.4 | 5.1 | 9.9 | 9.0 | 9.8 | | 归母净利润（百万元） | 489 | 762 | 934 | 1,251 | 1,536 | | 同比增长率（%） | -46.9 | 25.8 | 91.1 | 33.8 | 22.8 | | 每股收益（元/股） | 0.30 | 0.48 | 0.58 | 0.77 | 0.95 | | 毛利率（%） | 27.7 | 27.7 | 27.9 | 29.0 | 29.7 | | ROE（%） | 4.2 | 6.3 | 7.5 | 9.3 | 1 ...

Core Viewpoint - GCL-Poly Energy Technology Co., Ltd. held a semi-annual performance briefing for 2025, discussing its strategic direction, business development, and technological innovation in alignment with China's "dual carbon" goals [1] Company Strategy and Business Development - The company focuses on a dual-driven strategy of "energy assets" and "energy services," with a strong emphasis on refined operations to stabilize revenue from electricity and heat sales [1] - In the first half of 2025, revenue and profit from energy services saw significant year-on-year increases, with energy-saving and technical services revenue growing by 474.49%, increasing its revenue share from 3.26% to 16.26% [1] - Energy services business achieved revenue of 1.079 billion yuan, marking a year-on-year growth of 378.81% [1] Energy Services Expansion - The company is deepening its focus on energy services, particularly in energy-saving and trading services [2] - As of June 30, 2025, the installed capacity of distributed photovoltaic projects reached 1,998.57 MW, with an addition of 740.97 MW during the reporting period [2] - The company managed a sales volume of approximately 156 billion kWh and engaged in green electricity trading of 3.55 million kWh [2] Profit Margin and Transformation - Despite the substantial revenue growth in energy services, the gross margin has declined [3] - The company aims to enhance the scale of its energy services and advance digital transformation, anticipating an improvement in overall gross margin as the transformation deepens [3] New Energy Asset and AI Planning - The company views new energy assets as prime candidates for blockchain technology, which can enhance asset liquidity and transaction credibility [4] - In the energy AI sector, the company is developing a four-dimensional business system centered on electricity trading, utilizing data to improve price prediction accuracy and arbitrage strategies [4] Light Asset Operation and ESG Performance - The company is transitioning from heavy asset operations to light asset operations, leveraging diversified energy assets and digital technology [5] - A joint venture with Ant Group, "Ant Xineng," focuses on AI technology implementation and innovative energy asset solutions [5] - The company has received improved ESG ratings, with Wind ESG rating upgraded from BB to A, and Shandao Ronglv rating from B+ to A- [5] Virtual Power Plant Business Progress - The company's virtual power plant business has expanded beyond Jiangsu, with an adjustable load capacity of approximately 690 MW as of June 30, 2025 [6] - The company holds a first-level qualification and manages a user scale exceeding 20 GW, utilizing digital operations for AI innovations in trading services [6]