金吾财讯 | 光大证券研报指，中国能源建设(03996)发布24年年报及25年一季报, 24年公司实现营业收入/归母净利润/扣非归母净利润4367.1/84.0/65.3亿元，同比+7.6%/+5.1%/-8.9%。25Q1公司实现营业收入/归母净利润/扣非归母净利润1003.7/16.1/13.9亿元，同比+3.0%/+8.8%/+24.0%。该行指，24年公司新能源及综合智慧能源实现营收1397.6亿元，同比+13.9%，推动营业收入同比增长，业务结构持续优化。公司24年毛利率下降及减值提升，使归母净利润同比增幅小于营收。另外，新签合同快速增长，新能源及综合智慧能源订单持续高增。考虑“136号文”加快推进新能源上网电价市场化，短期或影响新能源上网电价，进而影响公司新能源运营收益，因此该行下调公司25-26年归母净利润预测至91/96亿元（分别下调4%/2%），新增27年归母净利润预测为101亿元。公司新能源及综合智慧能源订单持续高增，维持“买入”评级。
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