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研報掘金丨天風證券:浙能電力發電量保持平穩,維持“買入”評級

天風證券研報指出,浙能電力(600023.SH)2024年實現歸母淨利潤77.53億元,同比提高18.92%;2025Q1實現歸母淨利潤10.74億元,同比降低40.81%。發電量平穩,煤價下滑帶動成本端持續改善。公司全年完成發電量1739.52 億千瓦時,同比增長6.56%;秦皇島港Q5500 煤炭均價約855 元/噸,同比降低約110 元/噸,煤價下滑帶動公司板塊盈利顯著改善,2024 年電力(及熱力)板塊實現營業收入778.39 億元,同比增長2.25%,實現毛利100.99 億元,同比增長49.66%。公司2024年實現投資淨收益41.46億元,同比降低10.05%,影響整體業績表現。考慮浙江省電價下滑,調整盈利預測,維持“買入”評級。

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