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重生后的他们-感受精彩绝伦的影视魅力!
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事件

近期,公司发布2024年年度报告以及2025年一季报。2024年公司实现营业收入16.1亿元,同比+8.5%;实现归母净利润45.1亿元,同比+2.5%。2025年一季度公司实现营业收入3.6亿元,同比+41.2%;实现归母净利润14.8亿元,同比+16.2%。

点评

▍24年Q4投资收益拖累全年业绩增速

根据公司披露的数据,雅砻江水电2024年实现净利润82.7亿元,同比-4.5%。2024年前三季度雅砻江水电实现净利润79.67亿元,对应Q4净利润约3亿元。24年Q4雅砻江净利润相较于23年同期同比下滑约77%。从经营层面看,2024年Q4雅砻江水电发电量和上网电价分别为210.7亿千瓦时和0.296元/千瓦时,分别同比下降5.45%和5.43%。我们推测24年四季度发电量和上网电价的下滑是雅砻江水电单季度利润下滑的部分原因。

2024年Q4,川投能源由雅砻江水电带来的投资收益同比减少约4.8亿元,公司24Q4归母净利润0.86亿元,同比降低84.6%。公司全年实现归母净利润45.1亿元,同比+2.5%。

▍控股+参股资产齐发力,带动公司25年Q1利润增长

①控股方面,银江水电站首台机组已于2025年1月1日投产,该电站装机容量39万千瓦,多年平均发电量15.7/18.3亿千瓦时(龙盘建成前/后)。2025年Q1公司控股企业累计完成发电量9.6亿千瓦时,同比增长22%。新机组投产叠加发电量的增长,带动公司25Q1收入同比+41.2%,控股子公司利润同比增加0.86亿元;

②参股方面,雅砻江Q1或实现量价增长。电量方面,两河口电站2024年10月首次蓄满,为2025年枯期发电打下良好基础;电价方面,四川省2025年电力交易取消综合一口价,我们推测省内枯水期交易电价或因此有所提升。根据公司25年Q1披露的投资收益数据,我们推测雅砻江水电Q1业绩约28-28.6亿元,同比增长约9-11%。

控股和参股资产齐发力,带动公司25年Q1实现归母净利润14.8亿元,同比+16.2%。

▍盈利预测与估值

由于24年雅砻江水电利润有一定下滑,略下调盈利预期,预计2025-2027年公司可实现归母净利润50.8/52.8/55.4亿元(25/26年前值53.6/55.6亿元),对应PE16.1/15.5/14.8x,维持“买入”评级。

▍风险提示

来水不及预期、用电需求下降、电价下降等风险

财务预测摘要

文中报告节选自天风证券研究所已公开发布研究报告,具体报告内容及相关风险提示等详见完整版报告。

证券研究报告:《川投能源:24年Q4投资收益拖累全年业绩,25年Q1表现亮眼》

对外发布时间:2025年4月18日

报告发布机构:天风证券股份有限公司(已获中国证监会许可的证券投资咨询业务资格)

本报告分析师:

郭丽丽执业证书编号:S1110520030001

赵阳执业证书编号:S1110524070005

(转自:郭丽丽的研究札记)

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