Group 1 - The China Securities Index reported a strong increase in the CSI All Share Utilities Index (000995), rising by 1.04% as of April 3, 2025, with significant gains in constituent stocks such as Longyuan Power (001289) up 5.93% and Xingrong Environment (000598) up 4.36% [1] - The Utilities ETF (560190) also rose by 1.04%, with a trading volume of 1.0125 million yuan, leading among similar products, and has rebounded over 4% since the technology sector's decline on March 12, highlighting its defensive attributes [1] - The latest price-to-earnings ratio (PE-TTM) for the Utilities ETF is 15.85, indicating it is at a historical low, being below 84.19% of the time over the past year [1] Group 2 - Shanghai Future Industry Fund announced a strategic investment in China Fusion Energy Co., marking its first direct investment project since its establishment in 2023, injecting significant capital into the controllable nuclear fusion technology sector [2] - Recent reports indicate rapid progress in China's controllable nuclear fusion projects, with significant developments in experimental reactors and environmental assessments for commercial projects expected to accelerate in 2024 [2] - The top ten weighted stocks in the CSI All Share Utilities Index as of March 31, 2025, include major players like China National Nuclear Power (601985) and Huaneng International (600011), collectively accounting for 57.95% of the index [2]

Group 1 - Longyuan Power's stock closed down 3.33% on April 2 [1] - Longyuan Power Group Co., Ltd. was established in 1993 and is based in Beijing, primarily engaged in electricity and heat production and supply [1] - The company has a registered capital of 83,819.63164 million RMB [1] Group 2 - Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among Longyuan Power's top ten shareholders, having increased its holdings in the last quarter of the previous year [1] - Year-to-date return for the fund is -1.01%, ranking 2586 out of 3442 in its category [1][2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's revenue for 2024 is projected to be CNY 37.07 billion, a decrease of 2.58% year-on-year, while the net profit attributable to shareholders is expected to be CNY 6.345 billion, an increase of 0.66% [5][8]. - The company benefits from a 3.76% year-on-year increase in renewable energy generation due to continuous expansion in installed capacity, despite a decrease in average on-grid prices for solar power [2][11]. - The company has reported a significant reduction in operating costs, down 19.02% year-on-year, which has positively impacted the gross margin, increasing it by 1.19 percentage points to 37.55% [11]. Summary by Sections Revenue and Profitability - In 2024, the company's renewable energy revenue is expected to reach CNY 31.37 billion, reflecting a 6.89% increase year-on-year, while total revenue is projected to decline due to the divestment of thermal power assets [2][11]. - The company recorded an investment income of CNY 912 million, an increase of CNY 892 million year-on-year, contributing to stable performance [11]. Installed Capacity and Generation - The company added 2.6544 million kW of wind power and 4.8263 million kW of solar power in 2024, with total installed capacity reaching 41.1432 million kW by year-end [11]. - Despite a decrease in wind utilization hours by 156 hours year-on-year, the total renewable energy generation reached 68.383 billion kWh, with solar generation increasing by 72.73% [11]. Cost Management - The company’s operating costs for 2024 are expected to be CNY 23.149 billion, significantly lower than the revenue decline, leading to improved profitability metrics [11]. - The company has made provisions for asset impairment totaling CNY 1.109 billion, which has limited overall profit growth but is less than in the previous year [11]. Future Outlook - The company plans to develop 14.72 GW of new projects in 2024, with a steady expansion of installed capacity expected to support continued growth [11]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at CNY 0.88, CNY 0.96, and CNY 1.07, respectively, with corresponding price-to-earnings (PE) ratios of 17.87, 16.35, and 14.62 [11].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][23] Core Views - The company experienced a slight increase in net profit despite a decrease in revenue, attributed to the disposal of thermal power assets and an increase in investment income [1][7] - The company is expanding its renewable energy capacity, with significant growth in both wind and solar power installations, which is expected to drive future performance [2][18] - The company has announced an increase in its dividend payout ratio, committing to distribute at least 30% of its net profit to shareholders from 2025 to 2027 [3][19] Financial Performance Summary - In 2024, the company reported revenue of 370.70 billion yuan, a decrease of 2.58% year-on-year, while net profit was 63.45 billion yuan, an increase of 0.66% [1][7] - The company’s operating income is projected to slightly recover in 2025, with estimates of 372.85 billion yuan, followed by further growth in subsequent years [4][21] - The company’s net profit is expected to grow to 71.4 billion yuan in 2025, reflecting a year-on-year increase of 12.5% [3][19] Renewable Energy Capacity Expansion - The company added 7.48 million kilowatts of renewable energy capacity in 2024, with wind power accounting for 2.65 million kilowatts and solar power for 4.83 million kilowatts [2][18] - As of 2024, the total controllable installed capacity reached 41.14 million kilowatts, with plans to further increase this capacity by 5.5 million kilowatts in 2025 [2][18] Dividend Policy - The company plans to distribute a dividend of 0.2278 yuan per share in 2024, with a total cash dividend amounting to 19.04 billion yuan, maintaining a payout ratio of 30% [3][19]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Insights - The report highlights that the wind power sector's performance is under pressure due to unfavorable wind conditions, while electricity prices have increased year-on-year [4][7]. - The company's revenue for 2024 is projected to be 37,070 million yuan, reflecting a year-on-year decrease of 2.6%, while net profit is expected to be 6,345 million yuan, showing a slight increase of 0.7% [5][10]. - The report anticipates a recovery in performance from 2025 onwards, with projected net profits of 6,813 million yuan in 2025, 7,308 million yuan in 2026, and 7,855 million yuan in 2027, indicating a growth trend [5][10]. Financial Performance and Forecast - The company's operating revenue is forecasted to decline slightly in 2024 to 37,070 million yuan, followed by a gradual increase to 41,009 million yuan by 2027 [5][10]. - The net profit margin is expected to remain stable, with a net profit margin of 17.1% in 2024, increasing to 19.2% by 2027 [10]. - The report projects earnings per share (EPS) to be 0.76 yuan in 2024, increasing to 0.94 yuan by 2027, reflecting a positive growth trajectory [5][10]. Market Comparison and Valuation - The report compares the company's valuation with peers, suggesting a price-to-earnings (PE) ratio of 20-22 times for 2025, which translates to a reasonable value range of 16.4 to 18.04 yuan per share [7][10]. - The average PE ratio for comparable companies in 2025 is estimated at 13 times, indicating that the company is positioned for a premium valuation due to its leadership in green energy and expectations of asset injections [8][10].

Core Viewpoint - Longyuan Power (001289) has experienced a slight decline in stock price, closing at 15.7 yuan, down 0.95% from the previous week, with a total market capitalization of 131.249 billion yuan, ranking 5th in the power sector and 97th among all A-shares [1] Company Announcements - Longyuan Power has completed the issuance of its fourth phase of medium-term notes for 2025, with a total issuance amount of 1.2 billion yuan, down from the planned 1.8 billion yuan [1] - The medium-term notes, named 25 Longyuan Power MTN004, have a two-year term, with an issuance date of March 25, 2025, and an interest start date of March 26, 2025, maturing on March 26, 2027 [1] - The notes were issued at a price of 100 yuan per note, with a coupon rate of 1.90%, and the main underwriter was Industrial Bank Co., Ltd., with several joint lead underwriters [1]

Group 1 - The company reported a revenue of RMB 37.07 billion for the year ending December 31, 2024, a decrease of 2.6% year-on-year [1] - Shareholder profit reached RMB 6.425 billion, reflecting a slight increase of 0.2% year-on-year, with earnings per share at RMB 0.763 [1] - The company proposed a final dividend of RMB 0.2278 per share [1] Group 2 - In 2024, the company added a new installed capacity of 7,480.66 MW in renewable energy, including 2,654.38 MW from wind power and 4,826.28 MW from solar power [2] - The company reduced its thermal power installed capacity by 1,875.00 MW and solar power capacity by 56.13 MW due to the exclusion of certain subsidiaries from the consolidated financial statements [2] - As of December 31, 2024, the total installed capacity reached 41,143.20 MW, comprising 30,408.77 MW from wind power, 10,698.33 MW from solar power, and 36.10 MW from other renewable sources [2]

一、监事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五届监事会 2025 年第 1 次会议（以下简称"本次会议"）通知和材料已于 2025 年 3 月 14 日以电子邮 件等方式发出。本次会议于 2025 年 3 月 28 日在北京以现场方式召开，会议应到 监事 3 人，实到 3 人。本次会议由公司监事会主席刘晋冀先生主持，公司高管人 员列席会议，符合《中华人民共和国公司法》《龙源电力集团股份有限公司章程》 （以下简称"《公司章程》"）《龙源电力集团股份有限公司监事会议事规则》 等有关规定。 证券代码：001289 证券简称：龙源电力 公告编号：2025-013 龙源电力集团股份有限公司 第五届监事会 2025 年第 1 次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 二、监事会会议审议情况 本次会议经审议，形成决议如下： 1.审议通过《关于龙源电力集团股份有限公司 2024 年度报告、报告摘要及 业绩公告的议案》。 监事会同意公司编制的 2024 年度报告、报告摘要及业绩公告。监事会认为 公司 2024 年度报告、报告摘要 ...

龙源电力集团股份有限公司 第五届董事会 2025 年第 1 次 独立董事专门会议决议 一、会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五 届董事会 2025 年第 1 次独立董事专门会议（以下简称"会 议"或"本次会议"）于 2025 年 3 月 21 日在北京召开。会 议应出席独立董事为 3 人，实际出席 3 人，会议由魏明德先 生主持，会议的召集和召开符合《龙源电力集团股份有限公 司章程》（以下简称"《公司章程》"）及《独立董事工作 制度》的有关规定。 二、会议审议情况 会议审议了 9 项议案。经表决，形成如下决议： 1. 审议通过《关于龙源电力集团股份有限公司 2024 年度关联交易情况的议案》 会议认为公司 2024 年度日常关联交易在公司日常业务 中进行；按照一般商业条款进行，如可供比较的交易不足以 判断该等交易的条款是否为一般商业条款时，则对公司而言， 该等交易的条款不逊于独立第三方可取得或提供的条款；是 根据有关交易的协议条款进行，而交易条款公平合理，并符 合公司股东的整体利益。同意将此议案提交董事会审议。 表决情况：有权表决票 3 票，同意 3 票、反对 0 票、弃 权 0 票 ...

证券代码：001289 证券简称：龙源电力 公告编号：2025-012 龙源电力集团股份有限公司 第五届董事会 2025 年第 1 次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、董事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五届董事会 2025 年 第 1 次会议（以下简称"本次会议"）已于 2025 年 3 月 14 日以电子邮件等方 式通知全体董事。本次会议于 2025 年 3 月 28 日在北京以现场方式召开，会议 应出席董事 9 人，实际出席 9 人。本次会议由公司董事长宫宇飞先生主持，公 司监事、高管人员列席会议，本次会议的召开符合《中华人民共和国公司法》 （以下简称"《公司法》"）《龙源电力集团股份有限公司章程》（以下简称 "《公司章程》"）《龙源电力集团股份有限公司董事会议事规则》的规定。 二、董事会会议审议情况 本次会议经审议，形成决议如下： 具体报告内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）上的 《2024 年年度报告》《H 股-2024 年度业绩公告》和在《中国证券报》 ...