国电电力 2025 年一季度各板块净利润构成情况如何？ 一季度各板块净利润构成如下：火电 21.41 亿元，水电 3.52 亿元，风电 5.87 亿元，光伏 2.74 亿元，其他板块为负 1.44 亿元。 国电电力 20250428 摘要 • 国电电力一季度归母净利润 18.11 亿元，同比增 1.45%，主要得益于转 让国能电力股权增加利润 1.45 亿。总资产 5,002.8 亿元，较年初增 1.28%，资产负债率 73.05%，降 0.35 个百分点。需关注股权转让对利 润的短期影响及资产负债率的微幅下降。 • 一季度火电净利润 21.41 亿元，水电 3.52 亿元，风电 5.87 亿元，光伏 2.74 亿元，其他板块亏损 1.44 亿元。火电仍是主要利润来源，但新能源 占比提升。需关注各板块利润占比变化，评估新能源业务增长潜力。 • 一季度发电量 1,002.17 亿千瓦时，上网电量 949.35 亿千瓦时，同比分 别下降 5.67%和 5.72%；上网电价 425 元/兆瓦时，同比降幅 6%。需关 注发电量和电价下降对营收的影响，以及市场化交易比例对电价的影响。 • 一季度长协煤占比 96%，入炉 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company is expected to benefit from new installed capacity and cost advantages, with significant growth potential in hydropower projects in the Dadu River basin [4][3] - The company's Q1 2025 performance aligns with expectations, showing a decline in revenue but an increase in net profit, driven by improved cash flow [1][2] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 39.81 billion yuan, a year-on-year decrease of 12.6%, while net profit attributable to shareholders was 1.81 billion yuan, an increase of 1.5% [1] - The operating cash flow net amount was 14.026 billion yuan, reflecting a significant year-on-year growth of 92.8% [1] - The average on-grid electricity price in Q1 was 425.41 yuan per megawatt-hour, showing a slight decrease compared to the previous year [2] Installed Capacity and Growth Potential - As of March 31, 2025, the company's total installed capacity was 116.39 million kilowatts, with significant contributions from thermal, hydropower, wind, and solar energy [3] - The company plans to commission 1.365 million kilowatts of hydropower capacity in 2025 and 2.155 million kilowatts in 2026, indicating a robust growth trajectory [3] Revenue and Profit Forecast - Projected operating revenues for 2025, 2026, and 2027 are 183.90 billion yuan, 191.67 billion yuan, and 198.59 billion yuan, respectively, with expected year-on-year growth rates of 2.6%, 4.2%, and 3.6% [4][5] - The forecasted net profit attributable to shareholders for the same years is 7.65 billion yuan, 9.04 billion yuan, and 9.56 billion yuan, with corresponding EPS of 0.43 yuan, 0.51 yuan, and 0.54 yuan [4][5]

Core Viewpoint - The company has reported its first-quarter financial results for 2025, highlighting significant changes in its financial position and operations, including a non-public transfer of equity and the impact of a bankruptcy proceeding on its financials [1][4]. Financial Data - The first-quarter financial statements for 2025 have not been audited [2]. - The company has recognized a non-recurring gain of 145 million yuan from the transfer of 100% equity in Guoneng Power Engineering Management Co., Ltd. to its controlling shareholder, State Energy Investment Group [4]. - The bankruptcy of Guodian Shouxian Wind Power Co., Ltd. has resulted in a loss of 25 million yuan, as it will no longer be included in the consolidated financial statements [4]. Shareholder Information - The company has provided details regarding its major shareholders and the status of its stock, although specific data on shareholder changes was not applicable [3]. Other Important Information - The board of directors has confirmed the authenticity and completeness of the quarterly report, ensuring no misleading statements or omissions [1][6]. - The board meeting held on April 25, 2025, approved the first-quarter report and a revision of the management regulations, with unanimous support from all attending directors [6].

Core Viewpoint - In Q1 2025, the company reported a decline in revenue but an increase in net profit, indicating a mixed performance amid a challenging market environment [1][4]. Financial Performance - The company achieved operating revenue of 39.813 billion yuan, down 12.61% year-on-year and 12.15% quarter-on-quarter [1]. - The net profit attributable to shareholders was 1.811 billion yuan, up 1.45% year-on-year and up 182.81% quarter-on-quarter [1]. - The net profit after deducting non-recurring items was 1.608 billion yuan, down 7.42% year-on-year but up 15,332.71% quarter-on-quarter [1]. - The net cash flow from operating activities was 14.026 billion yuan, up 92.79% year-on-year but down 24.54% quarter-on-quarter [1]. Operational Metrics - The company's electricity generation decreased due to a relaxed supply-demand situation and increased renewable energy capacity, with total electricity generated at 94.935 billion kWh, down 5.72% year-on-year and 11.27% quarter-on-quarter [2]. - Breakdown of electricity generation: - Thermal power: 77.992 billion kWh, down 9.34% year-on-year and 9.77% quarter-on-quarter - Hydropower: 7.190 billion kWh, down 6.96% year-on-year and 40.08% quarter-on-quarter - Wind power: 5.715 billion kWh, up 11.23% year-on-year and 5.74% quarter-on-quarter - Photovoltaic power: 4.038 billion kWh, up 123.78% year-on-year and 16.44% quarter-on-quarter [2]. Pricing and Capacity - The average on-grid electricity price was 425.41 yuan per MWh, down 6.62% year-on-year and 2.35% quarter-on-quarter [3]. - As of March 31, 2025, the company had a total installed capacity of 116.3914 million kW, with thermal power at 75.629 million kW, hydropower at 14.9506 million kW, wind power at 9.9118 million kW, and photovoltaic at 15.90 million kW [3]. Cost Management - Operating costs decreased by 13.19% year-on-year, exceeding expectations, attributed to effective coal procurement strategies and cost control measures [4]. - Significant reductions in expenses were noted: - Sales expenses down 63.88% - Management expenses down 16.86% - R&D expenses down 18.08% - Financial expenses down 13.46% - Income tax expenses down 8.79% [4]. Growth Prospects - The company has substantial long-term growth potential in installed capacity, with ongoing projects in thermal, wind, and hydropower expected to contribute to future earnings [5]. - New thermal power projects are set to commence in high-price regions, while renewable energy capacity continues to expand significantly [5]. Industry Position - The company is a leading player in the energy sector, backed by strong shareholder support and a robust asset quality, positioning it well for future growth [6]. - Forecasted net profits for 2025, 2026, and 2027 are 6.459 billion, 7.272 billion, and 8.283 billion yuan, respectively, with corresponding PE ratios indicating a favorable valuation [6].

Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795.SH) [1][6] Core Views - The report highlights that cost control exceeded expectations, and installed capacity growth supports future performance [1][4] - The company experienced a decline in revenue but managed to increase net profit due to effective cost management [3][4] - The long-term growth potential in installed capacity is significant, with robust resources in thermal, wind, and hydro power [6] Summary by Relevant Sections Financial Performance - In Q1 2025, Guodian Power reported revenue of 39.813 billion yuan, a year-on-year decrease of 12.61% and a quarter-on-quarter decrease of 12.15% [1] - The net profit attributable to shareholders was 1.811 billion yuan, a year-on-year increase of 1.45% and a quarter-on-quarter increase of 182.81% [1] - Operating cash flow was 14.026 billion yuan, a year-on-year increase of 92.79% [1] Operational Highlights - The company's electricity generation decreased by 5.72% year-on-year to 94.935 billion kWh in Q1 2025, with thermal power generation down by 9.34% [3] - The average on-grid electricity price fell to 425.41 yuan per thousand kWh, a decrease of 6.62% year-on-year [3] - Installed capacity as of March 31, 2025, was 116.3914 million kW, with significant contributions from thermal, hydro, wind, and solar power [3] Cost Management - The report notes a 13.19% year-on-year decrease in operating costs, attributed to effective coal procurement strategies and cost control measures [3][4] - Significant reductions were observed in various expenses, including sales expenses down by 63.88% and management expenses down by 16.86% [3][4] Growth Prospects - The company is expected to see steady growth in thermal power, with new projects in high-price regions set to come online in 2025-2026 [6] - The report anticipates that hydro power projects will contribute significantly to performance growth in the next three years [6] - Guodian Power's diversified energy portfolio positions it well for future growth, supported by strong shareholder backing and asset quality [6]

表决结果：同意 8 票，反对 0 票，弃权 0 票。通过。 本项议案已经审计委员会审核通过。 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。 国电电力发展股份有限公司（以下简称"公司"）八届三十七次 董事会会议通知及会议材料,于 2025 年 4 月 18 日以专人送达或邮件 方式向公司董事、监事发出，并于 2025 年 4 月 25 日以通讯方式召开。 会议应到董事 8 人，实到 8 人，公司监事、高管人员列席会议，符合 《公司法》和《公司章程》的规定。会议审议并通过全部议案，形成 如下决议： 一、同意《关于公司 2025 年第一季度报告的议案》 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）上 发布的《国电电力发展股份有限公司 2025 年第一季度报告》。 证券代码：600795 证券简称：国电电力 编号：临2025-18 国电电力发展股份有限公司 八届三十七次董事会决议公告 二、同意《关于修订<改革工作管理规定（试行）>的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。通过。 国电电力 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 39.81 billion, a decrease of 12.61% compared to CNY 45.56 billion in the same period last year[4] - Net profit attributable to shareholders was CNY 1.81 billion, reflecting a slight increase of 1.45% from CNY 1.78 billion year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1.61 billion, down 7.42% from CNY 1.74 billion in the previous year[4] - Net profit for Q1 2025 was CNY 3.21 billion, a decline of 7.2% from CNY 3.46 billion in Q1 2024[18] - The company's net profit attributable to the parent company is expected to be impacted by a decrease of RMB 25 million due to the bankruptcy proceedings of Guodian Shouxian Wind Power Co., Ltd.[11] Cash Flow - Cash flow from operating activities increased significantly by 92.79% to CNY 14.03 billion, compared to CNY 7.28 billion in the same period last year[4] - In Q1 2025, the net cash flow from operating activities was CNY 14,025,791,016.23, a significant increase from CNY 7,275,245,165.00 in Q1 2024, representing a growth of 92.5%[21] - The total cash inflow from operating activities in Q1 2025 was CNY 50,751,079,893.08, compared to CNY 56,365,441,009.52 in Q1 2024, indicating a decrease of 10.1%[21] - The cash outflow from operating activities in Q1 2025 was CNY 36,725,288,876.85, down from CNY 49,090,195,844.52 in Q1 2024, reflecting a reduction of 25.2%[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 500.28 billion, up 1.28% from CNY 493.94 billion at the end of the previous year[5] - The company’s total assets as of March 31, 2025, amounted to RMB 500.28 billion, an increase from RMB 493.94 billion as of December 31, 2024[14] - The company’s current assets decreased to RMB 58.76 billion from RMB 62.80 billion over the same period[14] - The company’s total liabilities increased to CNY 58.76 billion from RMB 62.80 billion, indicating a rise in financial obligations[14] - Total liabilities increased to CNY 365.45 billion in Q1 2025 from CNY 362.57 billion in Q1 2024[16] Shareholder Equity - Shareholder equity attributable to shareholders increased by 3.34% to CNY 57.90 billion from CNY 56.03 billion year-on-year[5] - Total equity attributable to shareholders rose to CNY 57.90 billion in Q1 2025, compared to CNY 56.03 billion in Q1 2024[16] Investment and Expenses - Research and development expenses for Q1 2025 were CNY 70.86 million, down from CNY 86.50 million in Q1 2024[17] - Investment income for Q1 2025 was CNY 596.66 million, a decrease from CNY 774.68 million in Q1 2024[18] - The company reported a non-recurring gain of CNY 202.95 million, primarily from the disposal of non-current assets[7] - The company reported an investment cash outflow of ¥810,934,508.70 in Q1 2025, a decrease from ¥2,344,931,105.47 in Q1 2024[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 403,807[9] - The company completed a non-public agreement to transfer 100% equity of Guoneng Power Engineering Management Co., Ltd. to its controlling shareholder, State Energy Investment Group, for a price of RMB 289 million, which is expected to increase the net profit attributable to the parent company by RMB 145 million[11]

Group 1: Company Power Generation Data - In the first quarter of 2025, the company completed a total power generation of 100.217 billion kWh and grid power of 94.935 billion kWh, representing a year-on-year decrease of 5.67% and 5.72% respectively [2] - When excluding the impact of Guodian Investment Inner Mongolia Energy Co., the comparable year-on-year decreases were 4.36% for power generation and 4.42% for grid power [2] - The market-oriented transaction volume accounted for 92.15% of the grid power, with an average grid price of 425.41 yuan per MWh [2] Group 2: Installed Capacity Data - As of March 31, 2025, the company's consolidated controlling installed capacity was 11,639.14 MW, including 7,562.9 MW from thermal power, 1,495.06 MW from hydropower, 991.18 MW from wind power, and 1,590 MW from solar power [4] - In the first quarter of 2025, the controlling installed capacity of thermal power increased by 1,000 MW, while the installed capacity of renewable energy increased by 369.14 MW [4] Group 3: Factors Affecting Power Generation - The decrease in power generation was influenced by a generally relaxed national power supply and demand situation, growth in renewable energy capacity, a warm winter, and the external transfer of Guodian Investment [3]

证券代码：600795 证券简称：国电电力 编号：临 2025-17 一、公司电量情况 国电电力发展股份有限公司 2025年一季度电量情况公告 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。 1 | 区域/类型 | 1-3 月 | 同比 | | --- | --- | --- | | 湖南 | 10.56 | -2.24% | | 广东 | 11.71 | 12.40% | | 海南 | 7.81 | 17.41% | | 云南 | 8.03 | 0.04% | | 水电 | 71.90 | -6.95% | | 辽宁 | 1.35 | -20.59% | | 浙江 | 0.12 | -61.17% | | 安徽 | 0.03 | -81.91% | | 福建 | 0.22 | 32.44% | | 江西 | 1.35 | -45.87% | | 湖南 | 0.17 | 34.51% | | 四川 | 56.51 | -10.26% | | 青海 | 0.67 | 198.66% | | 新疆 | 11.49 | 25.92 ...

Core Viewpoint - The company reported a revenue of 1002.17 million for the first quarter of 2025, reflecting a growth of 5.67% compared to the previous period [1] Financial Performance - Revenue for the first quarter of 2025 was 1002.17 million, up from 949.35 million, indicating a growth rate of 5.67% [1] - The gross profit margin slightly increased to 5.72% from 5.67% [1] - Net profit for the same period was reported at 779.92 million, showing a significant increase of 9.34% [1] Key Metrics - The company achieved a net profit margin of 71.9% [1] - Earnings per share (EPS) were reported at 1.16 [1] - Total assets reached 7562.9 million, with total liabilities at 1495.06 million [1]