20240903-德邦证券-申能股份-600642.SH-经营稳健_业绩符合预期_3页_799kb

公司点评：申能股份（600642SH）

中文总结

申能股份（600642.SH）作为上海市电力龙头，2024年上半年营收下降16%至1368亿元，但归母净利润大幅增长187%至219亿元。火电业务在成本控制上表现突出，供电煤耗同比下降，电价略有调整，展现出良好的盈利能力。新能源板块呈现结构性增长，光伏发电量同比大增297%，而风电因资源条件影响有所下滑。公司在新能源领域的投资持续扩大，新能源控股装机容量占比不断提升。同时，公司积极利用资本平台，融资成本降低，投资收益增长显著。

投资要点上，报告维持“买入”评级，预计公司2024-2026年营收增速温和回升，净利润将保持增长态势，并强调高股息率和稳定的盈利能力。公司长期发展前景仍被看好，尤其是在全国电力结构转型背景下，清洁能源产能优势预计得以延续。

English Summary

Shenergy Co. (600642.SH), as a leading power company in Shanghai, reported a revenue decline of 16% in H1 2024 but a significant profit increase of 187% year-on-year, highlighting its stable profitability and strong cost control in thermal power. In renewable energy, solar power saw a substantial 297% increase in generation, while wind power slightly dropped due to unfavorable resources but showed steady growth in installed capacity. With its REIT preparations accelerating, the company plans to expand renewable energy investments in the coming years.

According to the research, Shenergy is expected to maintain its steady performance and high dividends, with long-term prospects remaining upbeat given the overall transition toward cleaner energy. Despite risks including volatility in coal prices and possible downward adjustments in electricity pricing, Shenergy continues to attract buy-side attention with its stable financials and strategic diversification.