研報掘金丨長城證券:維持川投能源“增持”評級,電量與電價實現雙增長
長城證券研報指出,川投能源(600674.SH)24年實現歸母淨利潤45.08億元,同比增長2.45%。流域來水改善疊加運營能力提升,電量與電價實現雙增長。2024Q4,公司發電業務量價同比提升明顯,總上網電量14.45億千瓦時,同比增長17.33%;上網電價0.232元/千瓦時,同比增長5.62%。2025Q1,公司主營發電業務持續量價齊升趨勢,公司總上網電量9.45億千瓦時,同比增長22.73%;上網電價0.354元/千瓦時,同比增長20%。營業收入、發電量增加原因主要是銀江水電站投產發電以及控股子公司收入同比增加所致;利潤增長原因主要因爲控股子公司及投資收益均同比增加。在建工程較年初增加60.25%,主要是湖北遠安抽水蓄能納入公司合併範圍所致。公司主營業務經營穩健,參股公司具備可觀增量空間。維持“增持”評級。
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