研報掘金丨長江證券:維持華能國際“買入”評級,電護航單季業績增長
長江證券研報指出,華能國際(600011.SH)2025年一季度實現歸母淨利潤49.73億元,同比增長8.19%。一季度全國電力供需形勢寬鬆,同時受新能源裝機規模持續擴張影響,公司煤電機組裝機份額有所下降,因此,公司一季度煤電機組完成上網電量829.37億千瓦時,同比減少10.11%。2025年一季度,公司新增風電裝機90.37萬千瓦,新增光伏裝機153.17萬千瓦,預計截至一季度末公司新能源總裝機將達到4038萬千瓦,同比增長33.64%。由於公司火電板塊權益比例低於新能源分部權益比例,因此火電業務經營業績的修復拉動一季度淨利潤同比增長19.22%,但拉動歸母淨利潤達到49.73億元,同比增長8.19%。維持公司“買入”評級。
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