Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验? - 骤变网络
随机图片

扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?

更新时间: 浏览次数: 525

扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?各免费看《今日汇总》
扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?各热线免费看2025已更新(2025已更新)
扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看在线服务电话-——24h在线报修电话:2025
扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看在线服务观看电话:2025


为北京、上海、南宁、西安、郑州、合肥、深圳、杭州、广州等全国各地的用户提供观看在线的扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看在线,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看在线服务,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看在线服务,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?清洗,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看在线,扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?清洗及全套安装服务。一站式服务、全国统一报修热线电话:2025、期待你的预约,公司拥有多名高级制冷设备工程师以及15年制冷技术服务经验,为全国用户解决扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?打不了火,不打火,不出热水等故障观看观看在线服务。









是国内A股上市公司,公司成立于1993年8月,已发展成为国内扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?、厨房电器、热水系统观看在线制造先进企业,在顺德、中山、高明、合肥等地拥有七大生产制造基地,占地面积超过100万平方米,年产能超过1500万台。

扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?观看在线观看驻办事处报修受理服务程序:电话报修 上门检查 据实报价 观看故障 提供保修










观看服务中心不求利润多少,只求服务更好,全天为您服务服务范围:
兴安盟(科尔沁右翼前旗、突泉县、乌兰浩特市、阿尔山市、科尔沁右翼中旗、扎赉特旗)
达州市(万源市、开江县、大竹县、渠县、达川区、宣汉县、通川区)
白城市(镇赉县、洮南市、洮北区、大安市、通榆县)
乐山市(沙湾区、夹江县、沐川县、峨边彝族自治县、峨眉山市、市中区、犍为县、五通桥区、金口河区、马边彝族自治县、井研县)
拉萨市(城关区、林周县、达孜区、墨竹工卡县、尼木县、当雄县、堆龙德庆区、曲水县)
南通市(如皋市、崇川区、启东市、海门区、通州区、如东县、海安市)
鄂尔多斯市(乌审旗、鄂托克前旗、达拉特旗、杭锦旗、东胜区、康巴什区、准格尔旗、伊金霍洛旗、鄂托克旗)
烟台市(蓬莱区、海阳市、莱阳市、莱山区、莱州市、福山区、龙口市、芝罘区、牟平区、栖霞市、招远市)








三亚市(崖州区、海棠区、天涯区、吉阳区)
宁夏回族自治区
嘉峪关市
德宏傣族景颇族自治州(梁河县、陇川县、芒市、盈江县、瑞丽市)
铜仁市(思南县、德江县、碧江区、万山区、江口县、印江土家族苗族自治县、石阡县、松桃苗族自治县、沿河土家族自治县、玉屏侗族自治县)
鹤壁市(淇滨区、鹤山区、浚县、山城区、淇县)
廊坊市(安次区、三河市、香河县、广阳区、固安县、大厂回族自治县、大城县、文安县、永清县、霸州市)
来宾市(武宣县、合山市、象州县、兴宾区、金秀瑶族自治县、忻城县)
朔州市(右玉县、怀仁市、应县、平鲁区、朔城区、山阴县)
河源市(源城区、紫金县、连平县、龙川县、东源县、和平县)








安顺市(平坝区、关岭布依族苗族自治县、普定县、西秀区、镇宁布依族苗族自治县、紫云苗族布依族自治县)
固原市(隆德县、原州区、泾源县、彭阳县、西吉县)
西安市(莲湖区、周至县、鄠邑区、蓝田县、碑林区、阎良区、高陵区、灞桥区、临潼区、新城区、未央区、长安区、雁塔区)
江门市(台山市、蓬江区、开平市、江海区、鹤山市、恩平市、新会区)
合肥市(庐阳区、蜀山区、庐江县、瑶海区、肥东县、肥西县、巢湖市、包河区、长丰县)
许昌市(建安区、魏都区、襄城县、鄢陵县、长葛市、禹州市)
汕尾市(海丰县、城区、陆河县、陆丰市)
周口市(西华县、鹿邑县、太康县、商水县、川汇区、扶沟县、郸城县、项城市、淮阳区、沈丘县)
揭阳市(揭东区、惠来县、榕城区、揭西县、普宁市)
抚顺市(新抚区、东洲区、新宾满族自治县、望花区、抚顺县、清原满族自治县、顺城区)
昭通市(大关县、永善县、巧家县、彝良县、绥江县、水富市、昭阳区、鲁甸县、镇雄县、威信县、盐津县)
巴音郭楞蒙古自治州(和静县、和硕县、且末县、焉耆回族自治县、博湖县、尉犁县、库尔勒市、轮台县、若羌县)
昆明市(呈贡区、寻甸回族彝族自治县、晋宁区、官渡区、石林彝族自治县、宜良县、禄劝彝族苗族自治县、安宁市、盘龙区、嵩明县、东川区、西山区、富民县、五华区)
海北藏族自治州(刚察县、海晏县、祁连县、门源回族自治县)
鸡西市(虎林市、密山市、滴道区、恒山区、鸡东县、城子河区、麻山区、梨树区、鸡冠区)








铁岭市(铁岭县、调兵山市、昌图县、西丰县、银州区、清河区、开原市)
那曲市(聂荣县、比如县、色尼区、索县、尼玛县、双湖县、安多县、嘉黎县、申扎县、巴青县、班戈县)
黔西南布依族苗族自治州(兴仁市、晴隆县、普安县、望谟县、册亨县、贞丰县、安龙县、兴义市)
莆田市(仙游县、秀屿区、涵江区、荔城区、城厢区)
林芝市(朗县、墨脱县、波密县、米林市、工布江达县、察隅县、巴宜区)
重庆市(南岸区、合川区、潼南区、永川区、涪陵区、黔江区、綦江区、梁平区、璧山区、巴南区、渝北区、江津区、大足区、垫江县、铜梁区、石柱土家族自治县、沙坪坝区、巫山县、酉阳土家族苗族自治县、忠县、江北区、开州区、彭水苗族土家族自治县、渝中区、城口县、云阳县、九龙坡区、北碚区、秀山土家族苗族自治县、万州区、长寿区、大渡口区、荣昌区、奉节县、巫溪县、武隆区、南川区、丰都县)
百色市(右江区、田东县、西林县、那坡县、德保县、乐业县、平果市、凌云县、隆林各族自治县、田阳区、靖西市、田林县)
克孜勒苏柯尔克孜自治州(阿克陶县、阿合奇县、乌恰县、阿图什市)
四平市(双辽市、伊通满族自治县、铁西区、梨树县、铁东区)
潮州市(湘桥区、潮安区、饶平县)
肇庆市(端州区、德庆县、封开县、鼎湖区、广宁县、怀集县、四会市、高要区)
云浮市(郁南县、罗定市、新兴县、云安区、云城区)
内江市(威远县、东兴区、市中区、资中县、隆昌市)
黄冈市(黄州区、蕲春县、武穴市、英山县、浠水县、红安县、团风县、罗田县、黄梅县、麻城市)
北海市(海城区、铁山港区、合浦县、银海区)
信阳市(浉河区、光山县、商城县、潢川县、淮滨县、罗山县、新县、息县、固始县、平桥区)
营口市(大石桥市、站前区、盖州市、鲅鱼圈区、老边区、西市区)
荆州市(公安县、监利市、石首市、洪湖市、沙市区、荆州区、松滋市、江陵县)
保山市(昌宁县、龙陵县、隆阳区、施甸县、腾冲市)
无锡市(锡山区、江阴市、宜兴市、新吴区、梁溪区、惠山区、滨湖区)
鞍山市(海城市、岫岩满族自治县、铁西区、千山区、台安县、立山区、铁东区)
滁州市(定远县、明光市、天长市、全椒县、南谯区、来安县、琅琊区、凤阳县)
石家庄市(行唐县、元氏县、辛集市、无极县、藁城区、井陉矿区、正定县、长安区、桥西区、深泽县、灵寿县、晋州市、高邑县、裕华区、新乐市、井陉县、赞皇县、栾城区、鹿泉区、平山县、赵县、新华区)
大同市(浑源县、云州区、广灵县、灵丘县、平城区、云冈区、新荣区、左云县、阳高县、天镇县)
漳州市(东山县、云霄县、平和县、漳浦县、芗城区、诏安县、龙文区、南靖县、长泰区、龙海区、华安县)
新余市(分宜县、渝水区)
驻马店市(平舆县、正阳县、西平县、确山县、汝南县、驿城区、上蔡县、遂平县、新蔡县、泌阳县)
中卫市(沙坡头区、海原县、中宁县)
咸宁市(嘉鱼县、崇阳县、赤壁市、通山县、通城县、咸安区)








电话:2025 呼伦贝尔市(满洲里市、莫力达瓦达斡尔族自治旗、海拉尔区、阿荣旗、鄂温克族自治旗、根河市、新巴尔虎右旗、扎兰屯市、额尔古纳市、新巴尔虎左旗、牙克石市、鄂伦春自治旗、陈巴尔虎旗、扎赉诺尔区)
张掖市(山丹县、高台县、临泽县、甘州区、肃南裕固族自治县、民乐县)
淮北市(杜集区、烈山区、相山区、濉溪县)
呼和浩特市(新城区、托克托县、赛罕区、土默特左旗、回民区、玉泉区、清水河县、武川县、和林格尔县)
宁波市(宁海县、江北区、北仑区、奉化区、海曙区、象山县、慈溪市、余姚市、鄞州区、镇海区)
东莞市
晋城市(沁水县、高平市、陵川县、泽州县、阳城县、城区)
潍坊市(诸城市、青州市、昌邑市、寒亭区、昌乐县、临朐县、坊子区、高密市、寿光市、奎文区、潍城区、安丘市)
伊春市(友好区、乌翠区、大箐山县、丰林县、嘉荫县、伊美区、铁力市、南岔县、汤旺县、金林区)
塔城地区(和布克赛尔蒙古自治县、裕民县、沙湾市、塔城市、额敏县、乌苏市、托里县)
黔南布依族苗族自治州(福泉市、荔波县、罗甸县、瓮安县、平塘县、三都水族自治县、龙里县、独山县、长顺县、惠水县、都匀市、贵定县)
海南藏族自治州(兴海县、贵德县、同德县、共和县、贵南县)
泉州市(金门县、丰泽区、南安市、永春县、洛江区、惠安县、泉港区、德化县、安溪县、石狮市、鲤城区、晋江市)
岳阳市(平江县、君山区、岳阳县、汨罗市、临湘市、华容县、岳阳楼区、云溪区、湘阴县)
西宁市(湟源县、城北区、城东区、城西区、城中区、湟中区、大通回族土族自治县)
邢台市(宁晋县、信都区、沙河市、新河县、平乡县、清河县、临西县、任泽区、襄都区、巨鹿县、南和区、隆尧县、广宗县、柏乡县、内丘县、临城县、南宫市、威县)
泰安市(岱岳区、新泰市、东平县、肥城市、泰山区、宁阳县)
大兴安岭地区(漠河市、塔河县、呼玛县)
安庆市(怀宁县、宿松县、望江县、潜山市、太湖县、迎江区、岳西县、宜秀区、大观区、桐城市)
吉安市(井冈山市、永丰县、新干县、峡江县、遂川县、泰和县、永新县、青原区、吉水县、吉安县、吉州区、万安县、安福县)
湖州市(南浔区、安吉县、德清县、吴兴区、长兴县)
庆阳市(庆城县、华池县、环县、宁县、西峰区、正宁县、合水县、镇原县)
阳江市(阳春市、阳东区、阳西县、江城区)
石嘴山市(平罗县、大武口区、惠农区)
邵阳市(城步苗族自治县、绥宁县、新宁县、武冈市、洞口县、邵东市、邵阳县、双清区、隆回县、新邵县、北塔区、大祥区)
绥化市(绥棱县、海伦市、青冈县、庆安县、安达市、望奎县、兰西县、北林区、肇东市、明水县)
阿里地区(革吉县、日土县、普兰县、改则县、札达县、噶尔县、措勤县)
凉山彝族自治州(会理市、会东县、金阳县、盐源县、西昌市、普格县、美姑县、德昌县、越西县、甘洛县、宁南县、木里藏族自治县、喜德县、冕宁县、雷波县、布拖县、昭觉县)
新乡市(获嘉县、新乡县、凤泉区、封丘县、卫滨区、红旗区、牧野区、卫辉市、长垣市、延津县、原阳县、辉县市)
兰州市(永登县、安宁区、皋兰县、城关区、榆中县、西固区、七里河区、红古区)
阿克苏地区(新和县、乌什县、沙雅县、温宿县、库车市、阿克苏市、拜城县、阿瓦提县、柯坪县)
本溪市(溪湖区、南芬区、明山区、平山区、桓仁满族自治县、本溪满族自治县)
南宁市(兴宁区、西乡塘区、马山县、邕宁区、上林县、江南区、青秀区、武鸣区、良庆区、隆安县、宾阳县、横州市)
宿州市(泗县、埇桥区、灵璧县、萧县、砀山县)
赣州市(安远县、宁都县、南康区、信丰县、崇义县、赣县区、定南县、瑞金市、上犹县、章贡区、石城县、大余县、会昌县、龙南市、于都县、兴国县、寻乌县、全南县)
焦作市(武陟县、山阳区、孟州市、修武县、温县、博爱县、解放区、沁阳市、马村区、中站区)
文山壮族苗族自治州(广南县、砚山县、麻栗坡县、富宁县、文山市、西畴县、丘北县、马关县)
阜新市(清河门区、阜新蒙古族自治县、新邱区、太平区、海州区、彰武县、细河区)
甘南藏族自治州(临潭县、合作市、迭部县、卓尼县、碌曲县、夏河县、舟曲县、玛曲县)
贵阳市(乌当区、云岩区、白云区、观山湖区、南明区、息烽县、修文县、花溪区、开阳县、清镇市)
衢州市(常山县、柯城区、开化县、龙游县、衢江区、江山市)
娄底市(新化县、娄星区、冷水江市、双峰县、涟源市)
锡林郭勒盟(二连浩特市、多伦县、锡林浩特市、太仆寺旗、苏尼特右旗、阿巴嘎旗、正镶白旗、苏尼特左旗、正蓝旗、镶黄旗、东乌珠穆沁旗、西乌珠穆沁旗)
安阳市(殷都区、龙安区、安阳县、林州市、汤阴县、北关区、文峰区、内黄县、滑县)
吐鲁番市(托克逊县、高昌区、鄯善县)
汉中市(洋县、佛坪县、宁强县、城固县、西乡县、留坝县、勉县、略阳县、汉台区、南郑区、镇巴县)








德阳市(罗江区、广汉市、绵竹市、什邡市、中江县、旌阳区)
辽阳市(宏伟区、弓长岭区、白塔区、文圣区、辽阳县、太子河区、灯塔市)
黑河市(五大连池市、嫩江市、爱辉区、逊克县、孙吴县、北安市)
红河哈尼族彝族自治州(金平苗族瑶族傣族自治县、蒙自市、弥勒市、开远市、石屏县、红河县、元阳县、建水县、泸西县、个旧市、河口瑶族自治县、绿春县、屏边苗族自治县)
渭南市(华州区、富平县、大荔县、华阴市、白水县、蒲城县、潼关县、合阳县、韩城市、澄城县、临渭区)
菏泽市(曹县、鄄城县、郓城县、东明县、巨野县、牡丹区、定陶区、单县、成武县)
曲靖市(麒麟区、师宗县、会泽县、陆良县、富源县、宣威市、马龙区、罗平县、沾益区)
昌吉回族自治州(呼图壁县、昌吉市、玛纳斯县、吉木萨尔县、木垒哈萨克自治县、奇台县、阜康市)
长治市(沁源县、潞城区、沁县、武乡县、襄垣县、潞州区、黎城县、壶关县、长子县、屯留区、平顺县、上党区)

事件

近期,公司发布2024年年度报告以及2025年一季度业绩快报公告。2024年公司实现营业收入61.7亿元,同比+9.67%;实现归母净利润11.3亿元,同比+11.1%。2025年一季度,公司预计实现营业收入15.6亿元,同比+17.5%;预计实现归母净利润3.7亿元,同比+31.1%。

点评

▍抽水蓄能即将进入投产期,参与现货市场初见成效

截至2024年年末,公司抽水蓄能投产装机总规模1028万千瓦,占全国装机容量的17.5%。在建抽水蓄能电站9座,总装机容量1080万千瓦,包括广东的肇庆浪江抽水蓄能电站(120万千瓦)、惠州中洞抽水蓄能电站(120万千瓦)、梅州抽水蓄能电站二期工程(120万千瓦)、茂名电白抽水蓄能电站(120万千瓦),广西的南宁抽水蓄能电站(120万千瓦)、桂林灌阳抽水蓄能电站(120万千瓦)、钦州灵山抽水蓄能电站(120万千瓦)、贵港港北抽水蓄能电站(120万千瓦)、玉林福绵抽水蓄能电站(120万千瓦)。2025年南宁以及梅州抽蓄电站二期项目将全面建成,实现公司“十四五”抽水蓄能投产480万千瓦的目标;“十五五”期间,公司将力争新增投产约1000万千瓦。

2024年7月,广东省能源局、国家能源局南方监管局印发《关于印发广东省抽水蓄能参与电力市场交易实施方案的通知》(粤能电力〔2024〕27号),提出建立健全抽水蓄能参与电力市场交易机制,以市场方式形成电量电价。2024年9月30日,公司发布公告,旗下梅蓄一期电站已于2024年10月起进入电力现货市场交易。我们认为,随着电力现货市场的逐步完善,公司有望通过参与现货市场增厚抽蓄电站的电量电费利润。

▍调峰水电发电量提升带动利润增长,新型储能稳步发展

2024年全年,公司调峰水电厂来水同比增加,发电量同比提升57%至84.8亿千瓦时,带动营业收入同比增加55.5%;新型储能方面,截至 2024年末,公司新型储能电站累计装机规模 65.42万千瓦/129.83万千瓦时(含调试)。2024年年内新建成电化学储能电站3座并进行调试,分别为云南文山丘北储能项目(200MW/400MWh)、海南临高储能项目(20MW/40MWh)、湖南中南水泥厂配储项目(5.1MW/14.7MWh);完成深圳潭头储能电站(5.25MW/11.58Mwh)收购。

▍盈利预测与估值

由于抽蓄电站投产的时间节奏原因,略下调盈利预期,预计2025-2027年公司可实现归母净利润11.56/14.4/15.9亿元(25/26年前值16.5/19.5亿元),对应PE26.4/21.1/19.2x,维持“买入”评级。

▍风险提示

政策推进实施不及预期、来水不及预期、用电需求下降、辅助服务市场发展不及预期等风险、业绩快报仅为初步核算,具体以公司正式季报为准

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:《南网储能:来水转好带动调峰水电利润提升,抽蓄即将进入投产期》

对外发布时间:2025年4月17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)

新闻结尾 扑倒BY席娜小姐在线阅读-他们的爱情能否经得起现实的考验?的相关文章
爸爸给女儿打伞打了个寂寞
曾任厅长 王水平主动交代问题
甲亢哥想现在就订票回中国
广西出现今年首场超警洪水
尹锡悦内乱案出庭受审画面曝光
上架即秒光 2600亿元大市场爆发
  • 友情链接:
  • NBA季后赛:骑士121-100热火 韩国总统大选将于6月3日举行 特朗普喊话俄乌:别打了先谈生意 甲亢哥想现在就订票回中国