证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 04 | 月 30 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 4.15 | | | 一年内最高/最低（港 | | | | 4.40/2.97 | | | 元） | | | | | | | 总市值（百万港元） | | | | 17,453.63 | | | 流通市值（百万港元） | | | | 7,631.87 | | | 资产负债率（%） | | | | 66.77 | | | 资料来源：聚源数据 | | | | | | 新天绿色能源(00956.HK) 投资评级： 买入（维持） ——电价及电量亮眼 期待风资 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600956 证券简称：新天绿能 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 √适用 □不适用 单位：元 币种：人民币 (三) 主要会计数据、财务指标发生变动的情 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 2025年第一季度報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》（「香港上市規則」）第13.09條和第13.10B條及 《證券及期貨條例》（香港法例第571章）第XIVA部刊發。 茲載列新天綠色能源股份有限公司（「本公司」）及其附屬公司截至2025年3月31日止三個月的2025年第 一季度報告（「季度報告」），其所載財務報告乃根據中國會計準則編製，且未經審計。季度報告以中 文編製，並翻譯為英文。如中英文版本有任何不一致，以中文版本為準。 承董事會命 新天綠色能源股份有限公司 中國河北省石家莊市，2025年4月29日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士、秦剛先生、王濤先生及張旭蕾女士； 本 ...

2024 年度報告 重要提示 2024年，本公司經審計的合併報表歸屬於母公司股東的淨利潤為人民幣1,672,367,020.97元，未分配利潤為人民幣 9,538,353,902.49元。公司擬以批准2024年年度利潤分配預案的董事會召開日公司已發行總股數4,205,693,073股為基數，按 每股派發現金紅利人民幣0.21元（含稅），共計現金分紅人民幣883,195,545.33元（含稅），本公司結餘的未分配利潤結轉入 下一年度。該方案擬定的現金分紅總額佔2024年度本公司合併報表中歸屬於母公司股東淨利潤的52.81%。 在實施權益分派的股權登記日前公司總股本發生變動的，公司擬維持每股分配金額不變，相應調整分配總額，並將另行 公告具體調整情況。 六、 前瞻性陳述的風險聲明 本報告中涉及的發展戰略、未來經營計劃等前瞻性陳述，不構成公司對投資者的實質性承諾。敬請廣大投資者理解計 劃、預測與承諾之間的差異，注意投資風險。 七、 是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八、 是否存在違反規定決策程序對外提供擔保的情況 否 公司已在本報告中詳細描述可能存在的相關風險及其對策，敬請廣大投資者查閱本報告「 ...

证券代码：600956 证券简称：新天绿能 公告编号：2025-019 特此公告。 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 新天绿色能源股份有限公司 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）为提高募集资金使用效率，在确保不影响募 集资金投资项目实施及募集资金安全的前提下，经公司2024年4月25日召开的第五届董事会第二十四次 临时会议和第五届监事会第十一次临时会议审议，自董事会审议通过之日起12个月内，公司使用最高不 超过人民币4亿元（包含本数）的暂时闲置募集资金进行现金管理，上述投资额度在有效期内可循环滚 动使用，以12个月内任一时点的理财产品余额计算。董事会授权公司管理层在批准额度内行使决策权， 授权自公司董事会审议通过之日起12个月内有效。公司监事会对本事项发表了意见，保荐机构对本事项 出具了明确的核查意见。具体内容详见上海证券交易所网站（www.sse.com.cn）披露的《新天绿色能源 股份有限公司关于使用部分闲置募集资金进行现金管理的公告 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The company's performance in 2024 was impacted by unfavorable wind conditions, leading to a decline in net profit and earnings per share [7]. - Despite the short-term challenges in the renewable energy sector, the long-term growth potential remains strong due to increased installed capacity [7]. - The company has a high dividend payout ratio, enhancing its investment appeal despite a decline in earnings [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 20,282 million RMB - 2024: 21,372 million RMB (5% growth) - 2025E: 25,958 million RMB (22% growth) - 2026E: 28,108 million RMB (8% growth) - 2027E: 31,040 million RMB (10% growth) [3][8] - Net profit forecasts indicate a decline in 2024 to 1,672 million RMB, followed by a recovery to 2,803 million RMB in 2025 and 3,498 million RMB in 2027 [3][8]. - Earnings per share are projected to be 0.40 RMB in 2024, increasing to 0.67 RMB in 2025 and 0.83 RMB in 2027 [3][8]. - The company's return on equity is expected to improve from 7.71% in 2024 to 22.1% in 2027 [3]. Market Data - As of March 27, 2025, the company's closing price was 3.66 HKD, with a market capitalization of 153.93 billion HKD [4]. - The stock has a price-to-earnings ratio of 6.0 for 2025, decreasing to 4.8 by 2027 [3][4]. - The dividend per share for 2024 is set at 0.21 RMB, resulting in a dividend yield of 6.1% [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][8]. Core Views - The company's 4Q24 performance met expectations, with stable dividend amounts. The report anticipates growth potential for 2025 [3][8]. - The company reported a revenue of 21.372 billion RMB for 2024, a year-on-year increase of 5.4%. However, the net profit attributable to shareholders was 1.9 billion RMB, a decrease of 24.2% year-on-year [8]. - The average net electricity price for 2024 was 0.43 RMB per kWh, showing a slight decrease of 0.01 RMB per kWh compared to the previous year [8]. Financial Summary - Revenue and profit figures for the company from 2021 to 2027 are as follows: - Revenue: 15,985 million RMB (2021), 18,561 million RMB (2022), 20,282 million RMB (2023), 21,372 million RMB (2024), with estimates of 26,662 million RMB (2025E), 29,684 million RMB (2026E), and 30,341 million RMB (2027E) [7]. - Net Profit: 2,712 million RMB (2021), 2,819 million RMB (2022), 2,734 million RMB (2023), 1,900 million RMB (2024), with estimates of 3,150 million RMB (2025E), 3,429 million RMB (2026E), and 3,656 million RMB (2027E) [7]. - The company’s PE ratio for 2024 is 8.96, with projections of 5.41 (2025E), 4.97 (2026E), and 4.66 (2027E) [7]. Operational Insights - The company’s wind power capacity reached 6.6 GW by the end of 2024, a year-on-year increase of 4.7%. In February 2025, the electricity generation was 1.42 billion kWh, a year-on-year increase of 35.2% [8]. - The report suggests that the company’s performance in 2025 is expected to improve due to the resolution of weather-related disruptions and the ramp-up of LNG terminal capacity [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance has been impacted by declining wind speeds and impairment losses, but the growth in installed capacity remains relatively certain [4] - The company reported a revenue of 21.37 billion RMB for 2024, a year-on-year increase of 5.38%, but the net profit attributable to shareholders decreased by 24.24% to 1.67 billion RMB [6] - The company expects to see a recovery in wind resources, which could lead to improved performance in the coming years [6] Financial Summary - The company's total market capitalization is approximately 16.23 billion HKD, with a circulating market capitalization of about 7.10 billion HKD [2] - The company's debt-to-asset ratio stands at 67.57% [2] - Revenue projections for 2025 are estimated at 24.66 billion RMB, with a year-on-year growth rate of 15.4% [5] - The projected net profit for 2025 is 2.25 billion RMB, reflecting a growth rate of 34.3% compared to 2024 [5] - The company plans to distribute a cash dividend of 0.21 RMB per share, which represents 52.81% of the net profit for the year [6] - The average utilization hours for wind power in 2024 are expected to be 2,226 hours, the lowest since 2017 [6] - The company has a projected PE ratio of 6.6 for 2025, indicating potential value for investors [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956) 截至2024年12月31日止年度的業績公告 財務資料摘要 截至2024年12月31日止年度： 2024年度利潤分配預案為：擬以批准2024年度利潤分配方案的董事會召開日公司已發行總股數 4,205,693,073股為基數，向全體股東每股派發現金紅利人民幣0.21元（含稅），共計派發現金紅利 人民幣883,195,545.33元（含稅）。 1 • 營業收入為人民幣213.72億元，比2023年提高5.38% • 稅前利潤為人民幣23.47億元，比2023年下降30.33% • 歸屬於母公司股東淨利潤為人民幣16.72億元，比2023年下降24.24% • 每股盈利為人民幣0.40元，比2023年下降21.57% 業績 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of HKD 5.00 [1][10]. Core Views - The company possesses excellent wind power asset resources, and the profitability of its existing and newly commissioned wind power units is expected to exceed expectations due to favorable policies in the main installation areas [3][10]. - The market perceives that the company's wind power assets lack unique competitive advantages, but the report argues that the company's wind power projects have significant advantages in utilization hours and stable on-grid electricity prices [11][10]. Summary by Sections Financial Summary - The company’s revenue is projected to grow from RMB 219 billion in 2024 to RMB 304 billion in 2026, with a compound annual growth rate (CAGR) of 7.8% to 13.5% [13]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.48, RMB 0.66, and RMB 0.72 respectively [13][49]. Wind Power Asset Quality - The company’s wind power assets are primarily located in Hebei Province, with a total operational capacity of 636,000 kW, accounting for 98.1% of its total operational capacity [51]. - The average utilization hours for the company’s wind power projects from 2019 to 2023 were 2,459 hours, significantly higher than the provincial and national averages [59][11]. Cash Flow and Dividend Policy - The company has maintained a strong cash flow, with a projected dividend per share (DPS) of RMB 0.26 for 2025, corresponding to a dividend yield of 7.9% based on the current stock price [49][42]. - The company has consistently increased its dividend payout ratio, reaching 40.8% in 2023 [42][48]. Natural Gas Business - The company’s natural gas sales are expected to grow significantly, with projected sales volumes of 51.6 billion cubic meters in 2024, increasing to 74.5 billion cubic meters by 2026 [13]. - The natural gas segment has shown robust growth, contributing to the overall revenue increase [27]. Market Position and Strategy - The company is positioned as a key player in the clean energy sector in Hebei, focusing on wind and natural gas operations while planning to divest its solar assets [25][21]. - The company benefits from the support of the Hebei provincial government and has a strong market presence in the region [23][21].