【报告导读】1.全年煤价下行推动盈利提升，Q4利润高增长或与减值前置有关。2.装机结构进一步清洁化，在建及核准装机占在运装机比例约17%。核心观点事件：公司发布2025年业绩预告，全年实现归母净利润68-78亿元，同比增长51%-73%，实现扣非后归母净利润72-82亿元，同比增长60%-82%。25Q4单季度实现归母净利润0.88-10.88亿元，同比增长14%-1313%，实现扣非后归母净利润...
Source Link【报告导读】1.全年煤价下行推动盈利提升，Q4利润高增长或与减值前置有关。2.装机结构进一步清洁化，在建及核准装机占在运装机比例约17%。核心观点事件：公司发布2025年业绩预告，全年实现归母净利润68-78亿元，同比增长51%-73%，实现扣非后归母净利润72-82亿元，同比增长60%-82%。25Q4单季度实现归母净利润0.88-10.88亿元，同比增长14%-1313%，实现扣非后归母净利润...
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