换肤

深圳能源

i问董秘
企业号

000027

主营介绍

  • 主营业务:

    各种常规能源和新能源的开发、生产、购销,以及城市固体废物处理、废水处理和城市燃气供应等。

  • 产品类型:

    低碳电力、生态环保、天然气、数智服务

  • 产品名称:

    低碳电力 、 生态环保 、 天然气 、 数智服务

  • 经营范围:

    一般经营项目是:各种常规能源和新能源的开发、生产、购销;投资和经营能提高能源使用效益的高科技产业;投资和经营与能源相关的原材料的开发和运输、港口、码头和仓储工业等;经营和进出口本公司能源项目所需的成套设备、配套设备、机具和交通工具等;投资和经营与能源相配套的地产、房产业和租赁等产业;各种能源工程项目的设计、施工、管理和经营,以及与能源工程相关的人员培训、咨询及其他相关服务业务;环保技术开发、转让和服务;物业管理、自有物业租赁;在合法取得土地使用权范围内从事房地产开发经营;从事信息系统运营维护,系统集成,软件开发的信息技术服务;计算机软硬件、电子产品、耗材、办公设备的销售与租赁;能提高社会经济效益的其他业务。

运营业务数据

最新公告日期:2026-04-17 
业务名称 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31
产量:电力(千瓦时) 665.54亿 - - - -
销量:电力(千瓦时) 631.62亿 - - - -
垃圾处理量(吨) 1514.74万 - - - 1398.23万
销量:燃气(立方米) 40.09亿 - - - 33.45亿
上网电量(千瓦时) 631.62亿 489.79亿 306.75亿 140.05亿 560.43亿
上网电量:光伏(千瓦时) 31.92亿 24.49亿 14.95亿 6.67亿 21.90亿
上网电量:光伏:境内:广东省内(千瓦时) 2.09亿 - 1.01亿 - 1.56亿
上网电量:光伏:境内:广东省外(千瓦时) 29.83亿 - 13.94亿 - 20.34亿
上网电量:垃圾发电:境内:广东省内(千瓦时) 33.20亿 - 15.82亿 - 31.09亿
上网电量:垃圾发电(千瓦时) 57.03亿 42.75亿 27.62亿 13.61亿 52.95亿
上网电量:垃圾发电:境内:广东省外(千瓦时) 23.83亿 - 11.80亿 - 21.86亿
上网电量:境内:广东省内(千瓦时) 360.69亿 - 173.52亿 - 316.47亿
上网电量:境内:广东省外(千瓦时) 237.91亿 - 115.12亿 - 217.17亿
上网电量:境外(千瓦时) 33.01亿 - 18.11亿 - 26.79亿
上网电量:气电(千瓦时) 175.07亿 146.40亿 85.12亿 33.36亿 142.23亿
上网电量:气电:境内:广东省内(千瓦时) 143.35亿 - 67.67亿 - 116.74亿
上网电量:气电:境外(千瓦时) 31.72亿 - 17.45亿 - 25.49亿
上网电量:水电:境内:广东省外(千瓦时) 31.98亿 - 12.57亿 - 31.25亿
上网电量:煤电(千瓦时) 243.18亿 184.61亿 117.40亿 57.54亿 228.70亿
上网电量:煤电:境内:广东省内(千瓦时) 182.05亿 - 89.02亿 - 167.09亿
上网电量:煤电:境内:广东省外(千瓦时) 61.13亿 - 28.38亿 - 61.61亿
上网电量:风电(千瓦时) 92.43亿 67.00亿 49.09亿 25.76亿 83.40亿
上网电量:风电:境内:广东省外(千瓦时) 91.14亿 - 48.43亿 - 82.10亿
上网电量:风电:境外(千瓦时) 1.29亿 - 6600.00万 - 1.30亿
发电量(千瓦时) 665.54亿 - 323.13亿 - 590.67亿
发电量:光伏(千瓦时) 33.66亿 - 15.67亿 - 22.33亿
发电量:光伏:境内:广东省内(千瓦时) 2.36亿 - 1.02亿 - 1.60亿
发电量:光伏:境内:广东省外(千瓦时) 31.30亿 - 14.65亿 - 20.73亿
发电量:垃圾发电(千瓦时) 67.05亿 - 32.45亿 - 62.52亿
发电量:垃圾发电:境内:广东省内(千瓦时) 39.41亿 - 18.78亿 - 37.01亿
发电量:垃圾发电:境内:广东省外(千瓦时) 27.64亿 - 13.67亿 - 25.52亿
发电量:境内:广东省内(千瓦时) 380.77亿 - 182.97亿 - 334.80亿
发电量:境内:广东省外(千瓦时) 250.90亿 - 121.57亿 - 228.42亿
发电量:境外(千瓦时) 33.87亿 - 18.59亿 - 27.46亿
发电量:气电(千瓦时) 178.82亿 - 86.92亿 - 145.17亿
发电量:气电:境内:广东省内(千瓦时) 146.26亿 - 69.00亿 - 119.03亿
发电量:气电:境外(千瓦时) 32.56亿 - 17.92亿 - 26.14亿
发电量:水电:境内:广东省外(千瓦时) 32.46亿 - 12.80亿 - 31.79亿
发电量:煤电(千瓦时) 258.45亿 - 124.78亿 - 243.12亿
发电量:煤电:境内:广东省内(千瓦时) 192.74亿 - 94.17亿 - 177.16亿
发电量:煤电:境内:广东省外(千瓦时) 65.71亿 - 30.61亿 - 65.96亿
发电量:风电(千瓦时) 95.10亿 - 50.51亿 - 85.74亿
发电量:风电:境内:广东省外(千瓦时) 93.79亿 - 49.85亿 - 84.42亿
发电量:风电:境外(千瓦时) 1.31亿 - 6700.00万 - 1.32亿
售电价(元/千瓦时) 0.53 - 0.52 - 0.55
售电价:光伏(元/千瓦时) 0.52 - 0.53 - 0.66
售电价:光伏:境内:广东省内(元/千瓦时) 0.45 - 0.43 - 0.49
售电价:光伏:境内:广东省外(元/千瓦时) 0.52 - 0.54 - 0.68
售电价:垃圾发电(元/千瓦时) 0.54 - 0.57 - 0.55
售电价:垃圾发电:境内:广东省内(元/千瓦时) 0.55 - 0.57 - 0.58
售电价:垃圾发电:境内:广东省外(元/千瓦时) 0.52 - 0.57 - 0.52
售电价:境内:广东省内(元/千瓦时) 0.58 - 0.56 - 0.60
售电价:境内:广东省外(元/千瓦时) 0.41 - 0.42 - 0.43
售电价:境外(元/千瓦时) 0.81 - 0.77 - 0.88
售电价:气电(元/千瓦时) 0.76 - 0.73 - 0.75
售电价:气电:境内:广东省内(元/千瓦时) 0.75 - 0.72 - 0.72
售电价:气电:境外(元/千瓦时) 0.82 - 0.77 - 0.89
售电价:水电:境内:广东省外(元/千瓦时) 0.25 - 0.33 - 0.29
售电价:煤电(元/千瓦时) 0.43 - 0.42 - 0.48
售电价:煤电:境内:广东省内(元/千瓦时) 0.45 - 0.44 - 0.52
售电价:煤电:境内:广东省外(元/千瓦时) 0.38 - 0.36 - 0.38
售电价:风电(元/千瓦时) 0.43 - 0.42 - 0.44
售电价:风电:境内:广东省外(元/千瓦时) 0.43 - 0.42 - 0.44
售电价:风电:境外(元/千瓦时) 0.63 - 0.64 - 0.64
售电量(千瓦时) 629.20亿 - - - 557.63亿
售电量:光伏(千瓦时) 31.88亿 - - - 21.40亿
售电量:光伏:境内:广东省内(千瓦时) 2.05亿 - - - 1.44亿
售电量:光伏:境内:广东省外(千瓦时) 29.79亿 - - - 19.96亿
售电量:垃圾发电(千瓦时) 56.99亿 - - - 52.20亿
售电量:垃圾发电:境内:广东省内(千瓦时) 33.12亿 - - - 31.06亿
售电量:垃圾发电:境内:广东省外(千瓦时) 23.79亿 - - - 21.15亿
售电量:境内:广东省内(千瓦时) 359.10亿 - - - 315.08亿
售电量:境内:广东省外(千瓦时) 237.14亿 - - - 215.82亿
售电量:境外(千瓦时) 32.96亿 - - - 26.74亿
售电量:气电(千瓦时) 174.83亿 - - - 141.46亿
售电量:气电:境内:广东省内(千瓦时) 142.16亿 - - - 116.01亿
售电量:气电:境外(千瓦时) 31.67亿 - - - 25.45亿
售电量:水电:境内:广东省外(千瓦时) 31.94亿 - - - 31.18亿
售电量:煤电(千瓦时) 242.95亿 - - - 228.16亿
售电量:煤电:境内:广东省内(千瓦时) 181.77亿 - - - 166.57亿
售电量:煤电:境内:广东省外(千瓦时) 61.10亿 - - - 61.59亿
售电量:风电(千瓦时) 92.37亿 - - - 83.23亿
售电量:风电:境内:广东省外(千瓦时) 91.08亿 - - - 81.94亿
售电量:风电:境外(千瓦时) 1.29亿 - - - 1.29亿
交易电量:市场化交易的总电量(千瓦时) 450.79亿 - 208.50亿 - 374.35亿
利用小时(小时) 2605.00 - 1276.00 - 2878.00
利用小时:光伏(小时) 1077.00 - 529.00 - 1139.00
利用小时:垃圾发电(小时) 5644.00 - 2769.00 - 5376.00
利用小时:气电(小时) 1750.00 - 851.00 - 2324.00
利用小时:水电(小时) 3204.00 - 1263.00 - 3138.00
利用小时:煤电(小时) 4294.00 - 2073.00 - 3850.00
利用小时:风电(小时) 2389.00 - 1286.00 - 2239.00
发电厂用电率(%) 4.78 - 4.74 - 4.85
发电厂用电率:光伏(%) 3.21 - 3.26 - 2.38
发电厂用电率:垃圾发电(%) 15.10 - 14.98 - 15.39
发电厂用电率:气电(%) 2.57 - 2.49 - 2.33
发电厂用电率:水电(%) 1.58 - 1.88 - 1.84
发电厂用电率:煤电(%) 5.05 - 4.98 - 5.14
发电厂用电率:风电(%) 2.59 - 2.60 - 2.38
装机容量:新投产机组的装机容量(千瓦) 186.50万 - 158.54万 - 459.64万
装机容量:新投产机组的装机容量:光伏(千瓦) 51.12万 - 30.85万 - 83.70万
装机容量:新投产机组的装机容量:光伏:境内:广东省内(千瓦) 9.00万 - 2.36万 - 9.42万
装机容量:新投产机组的装机容量:光伏:境内:广东省外(千瓦) 42.12万 - 28.49万 - 74.28万
装机容量:新投产机组的装机容量:垃圾发电(千瓦) 2.50万 - 9000.00 - 8.70万
装机容量:新投产机组的装机容量:垃圾发电:境内:广东省内(千瓦) 9000.00 - 9000.00 - 5.10万
装机容量:新投产机组的装机容量:垃圾发电:境内:广东省外(千瓦) 1.60万 - 0.00 - 3.60万
装机容量:新投产机组的装机容量:境内:广东省内(千瓦) 126.69万 - 120.05万 - 366.26万
装机容量:新投产机组的装机容量:境内:广东省外(千瓦) 59.81万 - 38.49万 - 93.38万
装机容量:新投产机组的装机容量:境外(千瓦) 0.00 - 0.00 - 0.00
装机容量:新投产机组的装机容量:抽水蓄能(千瓦) 0.00 - 0.00 - 0.00
装机容量:新投产机组的装机容量:抽水蓄能:境内:广东省内(千瓦) 0.00 - 0.00 - 0.00
装机容量:新投产机组的装机容量:抽水蓄能:境内:广东省外(千瓦) 0.00 - - - -
装机容量:新投产机组的装机容量:气电(千瓦) 116.79万 - 116.79万 - 383.74万
装机容量:新投产机组的装机容量:气电:境内:广东省内(千瓦) 116.79万 - 116.79万 - 383.74万
装机容量:新投产机组的装机容量:气电:境外(千瓦) 0.00 - 0.00 - 0.00
装机容量:新投产机组的装机容量:水电:境内:广东省外(千瓦) 0.00 - 0.00 - 0.00
装机容量:新投产机组的装机容量:煤电(千瓦) 0.00 - 0.00 - 29.50万
装机容量:新投产机组的装机容量:煤电:境内:广东省内(千瓦) 0.00 - 0.00 - 32.00万
装机容量:新投产机组的装机容量:煤电:境内:广东省外(千瓦) 0.00 - 0.00 - 2.50万
装机容量:新投产机组的装机容量:风电(千瓦) 16.09万 - 10.00万 - 13.00万
装机容量:新投产机组的装机容量:风电:境内:广东省内(千瓦) 0.00 - 0.00 - 0.00
装机容量:新投产机组的装机容量:风电:境内:广东省外(千瓦) 16.09万 - 10.00万 - 13.00万
装机容量:新投产机组的装机容量:风电:境外(千瓦) 0.00 - 0.00 - 0.00
装机容量:新增新能源项目核准/备案(千瓦) 282.40万 - - - -
购电量:售电公司代理用户(千瓦时) 218.20亿 - - - -
购电量:代理公司控股子公司:广东省内(千瓦时) 174.50亿 - - - -
上网电量:水电(千瓦时) - 24.54亿 - 3.10亿 31.25亿
售气量:燃气板块(标准立方米) - 32.09亿 - 7.93亿 -
垃圾处理量:环保板块(吨) - 1114.17万 - 343.61万 -
专利数量:各类知识产权(件) - - - - 309.00
专利数量:各类知识产权:商标(件) - - - - 2.00
专利数量:各类知识产权:授权专利(件) - - - - 248.00
专利数量:各类知识产权:软件著作权(件) - - - - 59.00
发电量:水电(千瓦时) - - - - 31.79亿
售电价:水电(元/千瓦时) - - - - 0.29
售电量:水电(千瓦时) - - - - 31.18亿

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

您对此栏目的评价: 有用 没用 提建议
前5大客户:共销售了283.80亿元,占营业收入的68.86%
  • 中国南方电网有限责任公司
  • 国家电网有限公司
  • Electricity Company
  • 深圳市宝安区城市管理和综合执法局
  • 深圳市南山区环境卫生管理总站
  • 其他
客户名称 销售额(元) 占比
中国南方电网有限责任公司
175.45亿 42.57%
国家电网有限公司
76.85亿 18.65%
Electricity Company
22.74亿 5.52%
深圳市宝安区城市管理和综合执法局
6.27亿 1.52%
深圳市南山区环境卫生管理总站
2.49亿 0.60%
前5大供应商:共采购了73.21亿元,占总采购额的22.11%
  • 中国石油天然气股份有限公司天然气销售广东
  • 中海石油气电集团有限责任公司广东分公司
  • 国能销售集团广州有限公司
  • 广东大鹏液化天然气有限公司
  • 中国石油化工股份有限公司天然气分公司华南
  • 其他
供应商名称 采购额(元) 占比
中国石油天然气股份有限公司天然气销售广东
25.79亿 7.79%
中海石油气电集团有限责任公司广东分公司
16.31亿 4.93%
国能销售集团广州有限公司
13.11亿 3.96%
广东大鹏液化天然气有限公司
9.81亿 2.96%
中国石油化工股份有限公司天然气分公司华南
8.20亿 2.47%
前5大客户:共销售了252.93亿元,占营业收入的62.45%
  • 广东电网有限责任公司
  • Electricity Company
  • 国网河北省电力有限公司
  • 国网江苏省电力有限公司
  • 国家电网有限公司华北分部
  • 其他
客户名称 销售额(元) 占比
广东电网有限责任公司
193.00亿 47.65%
Electricity Company
24.52亿 6.05%
国网河北省电力有限公司
13.80亿 3.41%
国网江苏省电力有限公司
12.15亿 3.00%
国家电网有限公司华北分部
9.46亿 2.34%
前5大供应商:共采购了78.30亿元,占总采购额的24.96%
  • 中国石油天然气股份有限公司天然气销售广东
  • 国能销售集团广州有限公司
  • 广州珠江电力燃料有限公司
  • 中海石油气电集团有限责任公司广东分公司
  • 伊泰能源供应链服务(深圳)有限公司
  • 其他
供应商名称 采购额(元) 占比
中国石油天然气股份有限公司天然气销售广东
25.11亿 8.01%
国能销售集团广州有限公司
15.38亿 4.90%
广州珠江电力燃料有限公司
14.42亿 4.60%
中海石油气电集团有限责任公司广东分公司
12.04亿 3.84%
伊泰能源供应链服务(深圳)有限公司
11.34亿 3.61%
前5大客户:共销售了225.57亿元,占营业收入的60.11%
  • 广东电网有限责任公司
  • Electricity Company
  • 国网河北省电力有限公司
  • 国网江苏省电力有限公司
  • 国网内蒙古东部电力有限公司
  • 其他
客户名称 销售额(元) 占比
广东电网有限责任公司
166.02亿 44.24%
Electricity Company
22.62亿 6.03%
国网河北省电力有限公司
14.63亿 3.90%
国网江苏省电力有限公司
12.64亿 3.37%
国网内蒙古东部电力有限公司
9.65亿 2.57%
前5大供应商:共采购了73.83亿元,占总采购额的23.81%
  • 中国石油天然气股份有限公司天然气销售广东
  • 广州珠江电力燃料有限公司
  • 伊泰供应链金融服务(深圳)有限公司
  • 广东中煤进出口有限公司
  • 国能销售集团广州有限公司
  • 其他
供应商名称 采购额(元) 占比
中国石油天然气股份有限公司天然气销售广东
17.00亿 5.48%
广州珠江电力燃料有限公司
15.90亿 5.13%
伊泰供应链金融服务(深圳)有限公司
14.94亿 4.82%
广东中煤进出口有限公司
14.56亿 4.69%
国能销售集团广州有限公司
11.43亿 3.69%
前5大客户:共销售了212.83亿元,占营业收入的67.42%
  • 广东电网有限责任公司
  • Electricity Company
  • 国网江苏省电力有限公司
  • 国网河北省电力有限公司
  • 国网内蒙古东部电力有限公司
  • 其他
客户名称 销售额(元) 占比
广东电网有限责任公司
161.03亿 51.01%
Electricity Company
21.50亿 6.81%
国网江苏省电力有限公司
11.53亿 3.65%
国网河北省电力有限公司
11.28亿 3.57%
国网内蒙古东部电力有限公司
7.48亿 2.37%
前5大供应商:共采购了56.62亿元,占总采购额的22.27%
  • 广东中煤进出口有限公司
  • 伊泰供应链金融服务(深圳)有限公司
  • 国能销售集团有限公司华南销售分公司
  • 中国石油天然气股份有限公司天然气销售广东
  • 中海石油气电集团有限责任公司粤东销售分公
  • 其他
供应商名称 采购额(元) 占比
广东中煤进出口有限公司
15.69亿 6.17%
伊泰供应链金融服务(深圳)有限公司
11.10亿 4.37%
国能销售集团有限公司华南销售分公司
10.50亿 4.13%
中国石油天然气股份有限公司天然气销售广东
10.20亿 4.01%
中海石油气电集团有限责任公司粤东销售分公
9.13亿 3.59%
前5大客户:共销售了140.71亿元,占营业收入的68.79%
  • 广东电网有限责任公司
  • Electricity Company
  • 国网河北省电力有限公司
  • 国网新疆电力有限公司
  • 国网内蒙古东部电力有限公司
  • 其他
客户名称 销售额(元) 占比
广东电网有限责任公司
91.31亿 44.64%
Electricity Company
22.66亿 11.08%
国网河北省电力有限公司
12.22亿 5.97%
国网新疆电力有限公司
8.08亿 3.95%
国网内蒙古东部电力有限公司
6.45亿 3.15%
前5大供应商:共采购了37.32亿元,占总采购额的50.41%
  • 广东大鹏液化天然气有限公司
  • 国能销售集团有限公司华南销售分公司
  • Volta River Authorit
  • 广东中煤进出口有限公司
  • 昌吉金风科技有限公司
  • 其他
供应商名称 采购额(元) 占比
广东大鹏液化天然气有限公司
10.37亿 14.00%
国能销售集团有限公司华南销售分公司
8.68亿 11.72%
Volta River Authorit
6.83亿 9.23%
广东中煤进出口有限公司
5.81亿 7.85%
昌吉金风科技有限公司
5.63亿 7.61%

董事会经营评述

  一、报告期内公司从事的主要业务  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中电力供应业的披露要求  (一)公司主要业务概述  报告期内,公司所从事的主要业务是各种常规能源和新能源的开发、生产、购销,以及城市固体废物处理、废水处理和城市燃气供应等。  2025年是“十四五”收官、“十五五”布局的关键之年,也是公司的“能力建设年”。公司牢牢把握“能力建设”核心主线,以“打造国际一流的能源与环境综合服务商”为发展目标,深入构建低碳电力、生态环保、天然气、数智服务“四核业务”梯次化发展格局。全年在各界股东的大力支持下,公司董事会带领全体员工迎难而上,圆满完成了年度生产... 查看全部▼

  一、报告期内公司从事的主要业务
  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中电力供应业的披露要求
  (一)公司主要业务概述
  报告期内,公司所从事的主要业务是各种常规能源和新能源的开发、生产、购销,以及城市固体废物处理、废水处理和城市燃气供应等。
  2025年是“十四五”收官、“十五五”布局的关键之年,也是公司的“能力建设年”。公司牢牢把握“能力建设”核心主线,以“打造国际一流的能源与环境综合服务商”为发展目标,深入构建低碳电力、生态环保、天然气、数智服务“四核业务”梯次化发展格局。全年在各界股东的大力支持下,公司董事会带领全体员工迎难而上,圆满完成了年度生产经营任务:实现营业收入434.30亿元;归母净利润21.03亿元,其中低碳电力业务实现归母净利润18.21亿元(包括煤电业务6.91亿元、气电业务7.93亿元、水电业务-3.16亿元、风电业务4.76亿元、光伏发电业务1.77亿元),生态环保业务实现归母净利润9.16亿元,天然气业务实现归母净利润2.04亿元。
  1.低碳电力
  2025年,公司新投产装机容量共186.5万千瓦,其中:气电116.79万千瓦;风电16.09万千瓦;光伏发电51.12万千瓦;垃圾发电2.50万千瓦。
  截至报告期末,公司可控机组发电装机容量为2,559.40万千瓦,其中煤电601.90万千瓦,包括在珠三角地区的452万千瓦以及在新疆、河北、内蒙古地区的149.90万千瓦,占比23.52%;气电1,021.93万千瓦,包括在广东省内的965.93万千瓦及实施“走出去”战略在非洲加纳投资建设的56万千瓦,占比39.93%;水电101.30万千瓦,主要分布在浙江、福建、四川、广西和云南等省区,占比3.96%;风电399.04万千瓦,占比15.59%;光伏发电316.43万千瓦,占比12.36%;垃圾发电118.80万千瓦,占比4.64%。截至报告期末,公司清洁能源装机占比76.48%,可再生能源装机占比36.55%,所属燃煤电厂所有机组均实现烟气超低排放,指标实测值优于国家标准。
  2.生态环保
  2025年,公司成功中标西宁市污泥干化焚烧项目;深耕环卫一体化业务,成功中标深圳市龙岗区坪地街道城市管家服务项目、兰溪市城区及开发区环卫市场化服务项目、汕尾市海丰中心区(附城镇、城东镇)环卫一体化服务项目等18个环卫类项目;坚持轻重资产结合,成功中标化州市垃圾焚烧飞灰填埋场运营服务项目、东莞市污泥集中处理处置项目-智慧化系统采购及安装项目等轻资产项目。此外,为优化战略布局,推动高质量发展,所属环保公司于2025年3月成功引入5家国内头部投资机构作为战略投资者,募集资金人民币50亿元,为公司发展环保业务注入重要的战略资源和资金支持。
  截至报告期末,公司在广东、广西、湖北、福建、浙江、河北、山东、辽宁、青海等省区建成投产固废处理厂45座(含厨余项目),业务拓展至环卫、餐厨、工业废水、污泥处理、建筑垃圾、资源回收等领域,投运的综合固废日处理能力达到53,115吨(其中餐厨、生物质、污泥、建筑垃圾等日处理能力达到7,765吨),较2024年底增加2,600吨/日,增幅为5.15%,其中在深圳区域综合固废日处理能力16,300吨,助力深圳在全国超大型城市中率先实现生活垃圾零填埋。2025年,公司累计完成垃圾处理量1,514.74万吨,同比增长8.33%;截至报告期末,公司有多个固废处理项目在建或已核准,对应日处理能力为10,475吨。公司具备固废处理研发、设计、设备制造、投资、建设、运营全过程产业链能力,主编、参编城市固废处理国家、行业、地方、团体标准83部,项目单体规模全球领先,排放指标优于欧盟标准,打造了行业最优的“深圳标准”。
  3.天然气
  2025年,公司进一步夯实城市燃气、城市高压管网、LNG接收站和天然气贸易业务上中下游全产业链布局,产业协同和规模效应进一步体现。
  截至报告期末,公司经营广东惠州、潮州、新疆巴州、克州、浙江舟山、河北赵县、湖南湘乡等城市燃气供应,控股8家城市燃气公司、1家燃气增值业务公司、1家天然气贸易公司和 1家综合能源公司,参股 3家LNG接收站、1家LNG销售公司和1家高压支线管网公司,居民用户近120万户,工商业用户近2.3万户,燃气管网约8,000公里。2025年,公司燃气板块实现销售气量40.09亿标准立方米,同比增长19.85%。
  4.数智服务
  2025年,公司完成数智服务板块整合,深能源(深圳)创新技术有限公司入驻深圳河套科创中心园区,着力培育打造“产业技术化”载体,抢占数智服务市场高地。数智化转型方面,高标准编制“十五五”数智化转型方案,明确发展路径与行动计划。公司一体化财务平台覆盖面持续扩大至217家企业,司库系统在深圳市国资国企中率先全面上线,推动财务管理从“后端核算”向“前端决策支撑”转型。数智化建设方面,深化管理数字化、产业数字化水平,深入推进“人工智能+能源”工作,在高邮风电、酒泉光伏等5个场站成功应用新能源功率预测大模型,提升了新能源发电经济效益。综合能源方面,光明国际汽车城智慧能源项目成功入选国家(深圳)气候投融资项目双库,深圳会展中心“光储充放检”一体化项目成功投产,为深圳建设超充之城贡献深能力量。
  (二)公司经营情况
  1.装机容量情况
  2.电量电价情况
  3.发电效率情况
  4.电力市场化交易情况
  公司售电业务情况
  公司所属售电公司成立于2015年9月,是广东省首批获准开展电力市场化交易售电公司。作为公司统一的电力市场化平台,售电公司统筹公司市场化电力的营销业务,以购售电为核心业务,同时积极拓展电力增值服务,包括电力需求侧管理、合同能源管理等。2025年,售电公司代理用户购电量218.2亿千瓦时,同比增长63.69%;代理公司广东省内控股子公司电量174.5亿千瓦时,占公司广东省内控股子公司上网电量比重为48.35%。
  涉及到新能源发电业务
  2025年,公司采用传统申报、竞争性配置、联合开发等多种形式,高效推进项目储备与落地,成功完成 25个新能源项目核准/备案,总装机容量达 282.4万千瓦。其中,新能源容量总计137.4万千瓦,主要包括云南省文山州广南县32.5万千瓦光伏、贵州省黔西南州册亨县 40万千瓦风电等项目,进一步优化公司电源结构,提升清洁电力供给能力;获取新型储能容量总计145万千瓦/500万千瓦时,主要包括内蒙古自治区锡林郭勒盟西乌珠穆沁旗105万千瓦/420万千瓦时电网侧压缩空气储能等项目,精准契合“双碳”战略需求,为公司构建“源网荷储”协同体系奠定关键基础,强化电力系统调峰调频、应急保供能力,助力新型电力系统建设。
  未来,公司将继续拓展新能源资源版图,聚焦新能源的集成融合发展,大力拓展海上风电、新型储能等项目。深耕粤港澳大湾区、新疆、三北、藏东南等资源富集区,布局风光大基地项目,加速汕头国管“3-5”100万千瓦项目前期开发,同步拓展广东阳江、湛江、福建等多区域海上风电资源。同时创新市场化运营模式,探索下游产业延伸,探索“新能源+”产业协同发展。以解决新能源消纳为重点,稳步发展新能源+氢、氨、醇及生物质燃料等能源新业态。
  二、报告期内公司所处行业情况
  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中电力供应业的披露要求
  2025年2月,国家发展改革委发布《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》,提出推动新能源上网电量全面进入电力市场,通过市场交易形成价格,并完善现货市场和中长期市场交易及价格机制。该通知区分存量项目和增量项目,建立新能源可持续发展价格结算机制,这一改革有助于新能源产业的市场化发展,稳定企业收益预期,促进新能源高质量发展。2025年4月,国家发展改革委、国家能源局发布《关于全面加快电力现货市场建设工作的通知》,明确2025年底前基本实现电力现货市场全覆盖并全面开展连续结算运行。2025年11月,国家发展改革委、国家能源局发布《关于促进新能源消纳和调控的指导意见》,动态优化新能源利用率指标,完善多层次市场化消纳体系,强化省间互济与需求侧响应,提升新能源消纳空间与系统调节能力。
  2025年,全国全社会用电量103,682亿千瓦时,同比增长5.0%。其中,第一产业用电量1,494亿千瓦时,同比增长9.9%;第二产业用电量66,366亿千瓦时,同比增长3.7%(工业用电量65,644亿千瓦时,同比增长3.9%);第三产业用电量19,942亿千瓦时,同比增长8.2%;城乡居民生活用电量15,880亿千瓦时,同比增长6.3%。2025年,全国发电量104,166亿千瓦时,同比增长4.9%。其中,水电发电量14,635亿千瓦时,同比增长2.8%;火电发电量61,719亿千瓦时,同比下降0.8%;核电发电量4,814亿千瓦时,同比增长7.7%;风电发电量11,274亿千瓦时,同比增长13.1%;太阳能发电量11,724亿千瓦时,同比增长39.8%。
  2025年,广东省全社会用电量9,589.73亿千瓦时,同比增长4.9%。其中:第一产业用电量171.51亿千瓦时,同比增长5.38%;第二产业用电量5,506.04亿千瓦时,同比增长4.05%(工业用电量5,441.26亿千瓦时,同比增长4.31%);第三产业用电量2,285.99亿千瓦时,同比增长7.97%;城乡居民生活用电量1,626.19亿千瓦时,同比增长4.96%。2025年,广东省发电量7,530亿千瓦时,同比增加4.5%。其中:火电4,962亿千瓦时,同比增加3.7%;水电340亿千瓦时,同比减少20.9%;风电384亿千瓦时,同比减少0.03%;核电1,270亿千瓦时,同比增长1.2%;太阳能发电量575亿千瓦时,同比增长64.1%。
  
  三、核心竞争力分析
  1.多元广泛的产业布局
  公司注重多产业布局,构建了低碳电力、生态环保、天然气及数智服务的“四核”业务格局,各产业板块发展成熟且相对独立,风险分散,整体具备较强的抗周期性和盈利稳定性。公司电力资产涵盖煤电、气电、风电、光伏、水电、氢能等多种能源形式,截至2025年底清洁能源装机占比76.48%,转型发展成效明显。业务遍布全国29个省、市,较早实施“走出去”战略,在海外加纳、越南等地投资建设项目,其中在加纳投资建设的非洲第一个中资电厂,成为共建“一带一路”的典范项目,能充分有效利用国内外资源和市场。
  2.优势突出的环保业务
  公司是国内领先的垃圾焚烧发电运营商,致力于生活垃圾的“无害化、减量化、资源化”处理,在全国建成45座垃圾焚烧发电厂,垃圾日处理能力超5万吨,规模居行业前列。通过引进吸收和自主创新,掌握了具有国际领先水平的垃圾焚烧发电自主知识产权,具备固废处理全产业链参与能力,是国务院国资委“科改示范企业”标杆和“创建世界一流专业领军示范企业”。公司垃圾焚烧项目单体规模全球领先,烟气排放的关键指标达到全球最优的“深圳标准”,优于欧盟标准。主编参编国家行业地方及团体标准83部。具备含盐废水、高浓度有机废水等环保项目产业化运用的能力。
  3.良好的产业协同
  公司在发展过程中,围绕城市综合运营服务形成了产业协同优势,在重点地区滚动布局电力、热力、燃气、垃圾处理、综合能源等业务,强化产业协同机制,推进区域一体化管理,在新疆、河北、粤东、河源等地形成了较强的区域发展优势和贡献能力。注重发挥产业的横向协同及上下游联动效应,如燃气贸易与城市燃气、燃机电厂运营协同,环保板块的垃圾焚烧发电与污泥处理、危废处置业务协同,发售电一体化协同等,有效提升了成本控制力、业务竞争力与整体运营效率。
  4.稳健的经营水平
  公司坚持战略引领,较早启动清洁低碳转型,不断提升精细化管理水平,经营业绩稳健,自1991年成立以来每年均实现盈利。重视股东回报,上市至今已累计30年、连续24年进行现金分红,累计现金分红金额超过124.97亿元,累计现金分红占归属于母公司净利润比例为34.39%。
  5.较强的区域优势
  公司作为深圳市国资委控股的能源企业,深度参与深圳“无废城市”建设,助力深圳成为国内第一个生活垃圾零填埋的超大型城市。所属主力燃煤电厂及境内燃机电厂均在粤港澳大湾区,辐射经济高增长区域,资产质量优良,具备较强的区域优势。
  6.良好的市场形象
  公司在行业内和市场上具有较高的知名度和美誉度,荣获全国先进基层党组织、国家优质工程金质奖、保尔森可持续发展奖大奖、深圳市长质量奖等,在资本市场树立了诚信、稳健、绩优的良好品牌形象。因信用良好,银行信贷、证券融资等渠道通畅,发债利率多次创同期同行业最低,具有明显财务资源优势。
  
  四、主营业务分析
  1、概述
  报告期内公司营业收入4,342,962.22万元,同比增长5.38%,主要由于报告期内电力及环保等板块新增投产项目,售电量同比增加。
  报告期内公司营业成本3,445,222.44万元,同比增长4.05%,主要由于报告期内新项目投产致使营业成本同比增加。报告期内公司研发投入36,012.54万元,同比增长5.21%,主要由于报告期内加大研发项目投入力度。
  报告期内公司现金及现金等价物净增加额736,403.63万元,同比增加275.43%,主要由于报告期内完成环保公司引入战略投资者及偿还债务减少。
  
  五、公司未来发展的展望
  2026年是“十五五”开局之年,公司将2026年确定为“能力深化年”。全年工作将锚定“1246”总体思路(“1”一个目标:打造具有国际影响力的清洁能源和生态环保综合服务商;“2”两大领域:清洁能源和生态环保;“4”四个理念:安全至上、效益为本、环境友好、深能家园;“6”六能举措:党建赋能、廉政清能、安全护能、战略领能、绿色兴能、管理优能),坚持服务大局、服务城市、服务产业、服务民生,贯彻“能力深化年”工作部署,推动公司核心竞争力再上新台阶。全年将重点做好以下工作:
  (一)发展战略与经营计划
  1.坚持稳中求进,提升服务保障能力
  一是树立“大安全”思维,严格落实安全生产责任制,严守安全底线,持续提高安全管理水平。二是提高风险识别防范水平,聚焦关键时段、新业态、新场景等核心风险点,前瞻研判、及时跟进,实现早识别、早预警、早处置的全链条管控。三是严守审计合规底线,深化“风险-内控-合规-法律-审计”五位一体管控体系建设,强化重点领域审计监督,升级完善数智化审计管理和风险预警平台,健全上下联动的全面合规管理体系。通过持续提升服务保障能力,推动集团长远发展。
  2.坚持提质增效,提升精益管理能力
  一是加强预算管理,推动全面预算与经营考核深度融合,强调“预算刚性”,推进降本增效,实现“战略-经营计划及预算-绩效考核”全链条闭环。二是推进改革攻坚,主动适应电力市场化改革加速等新形势新政策,在经营决策中,对接战略目标优化资源配置,推动资源向主业、向重点经营领域集中,严控亏损企业增量,提升整体盈利能力。三是深化资本运作,拓宽融资渠道,做好新一轮储架公司债发行规划,降低融资成本,保障资金衔接顺畅和资债结构平稳安全。强化市值管理,努力提升盈利能力和资产回报率,积极回报股东。
  3.坚持优化布局,提升协同发展能力
  一是深化区域发展战略,坚持传统能源升级与新能源拓展协同推进、区域规划与投资发展同步开展。深耕国内重点区域,在广东省内,守好深圳大本营,积极推进河源抽蓄项目,力争年底实现红海湾六海风项目并网;在三北地区,积极布局大型风电项目,推动绿电直连项目;在西南地区,加快册亨40万千瓦风电项目进度。二是坚定实施“海外战略”,推动构建多元协同、梯次推进的海外业务发展体系,强化与国际认证机构的常态化沟通,推动拓展能源运营、绿色低碳等领域的国际权威资质认证。三是构建产业发展生态圈,塑造央地合作发展新优势,协同布局绿色低碳产业、战新产业及海外市场等;强化国企民企协同发展,充分借力民企的创新活力与市场敏锐度,推动技术转化与产业升级,构建“链长+专精特新”的融通发展格局。
  4.坚持转型升级,提升培育转化能力
  一是积极参与科技创新,加强与高校机构合作,强化前沿信息互通。前瞻布局绿色氢氨醇、新型储能、海洋能源等领域,通过开展自主研发、产学研协同、平台合作等,为产业转型升级筑牢技术支撑。二是重点关注科技成果转化,聚焦产业化应用,提高场景变产品转化率,并充分发挥资本支撑作用,推动创新链、产业链、资金链深度融合,形成闭环。三是前瞻布局战新产业未来产业,在大湾区、三北、藏东南等新能源资源富集区积极寻求风光大基地项目机会,围绕新规划的国管、省管海域提前布局海风项目。加快规划布局新型储能、氢能、生物质能等重点产业。在环保产业方面加速推动人工智能技术应用,培育长期增长新动能。
  (二)风险展望与应对
  1.燃料价格波动风险
  2026年预计燃料供需整体平衡,部分时段或存在供应偏紧的可能,但整体风险可控。煤炭方面,在延续保供背景下,国内煤预计整体供应平稳,进口煤易受国内及国外政策影响,预计不会大量减产;随着国内新能源装机容量的不断提升,煤电发电空间受到明显挤压,在非电用煤领域,除化工行业需求尚有支撑外,其他行业用煤需求增长普遍乏力。同时在社会中间库存及电力终端库存处于中高位水平影响下,煤炭整体呈现供需平衡的态势。天然气方面,受国内发电需求减弱以及国际LNG新增供应量释放,国际天然气价格高位回落的概率较大。
  应对措施:目前公司天然气采购以三桶油供应为主,部分自主采购长协LNG与现货采购作为有效补充的供应模式,以增强价格平衡能力;持续提升燃料市场研判水平,加强燃料市场与电力市场的协同;优化长协合同结构,持续提升供应链整体保障能力,合理利用国内国际两个市场,平衡价格风险。
  2.境外投资环境风险
  2026年境外投资环境风险主要体现为政策与地缘政治、国际绿色规则、气候异常三大维度,并与公司业务转型深度交织。传统能源项目面临属地国能源政策调整(如可再生能源配额趋严、补贴退坡)带来的运营成本与开发周期压力;离网型创新业务则受制于属地环保审批、购电方经营稳定性及国际大宗周期传导等履约风险。全球碳关税落地与ESG披露强制化持续抬高项目准入门槛,极端天气对海外风光资产可靠性的威胁亦常态化。
  应对措施:公司将强化多区域风险对冲布局,依托国际绿色金融工具争取政策资金支持,并建立动态风险预警机制,通过协议锁定、分阶段投资等措施精细化管控国别风险。
  3.应收账款管理风险
  受新能源项目陆续投产运营影响,部分应收账款回收时点不确定,或将影响公司经营现金流状况。
  应对措施:继续执行有效务实的催收方案,完善定期汇报与动态沟通机制,密切跟踪回款进展;同步关注新能源政策的出台,推动将符合要求的新能源项目列入补贴目录,着力改善资金周转效率。同时,公司将持续采用多种形式盘活公司应收账款存量资产,进一步提升资产流动性,确保资金链健康稳定。
  4.电力市场交易风险
  随着全国统一电力市场建设加速推进,新能源全面入市步伐加快,已基本实现电力现货市场全覆盖,叠加南方区域电力现货市场转入连续结算试运行,电力市场环境发生深刻变革,对公司发电业务经营发展产生较大影响。一方面,区域市场整合带来挑战,与各省原独立运行模式差异较大,多元主体同台竞争,市场不确定性增大,火电市场收益面临更大冲击;另一方面,新能源入市后市场竞争加剧,电价面临持续下行风险,且现货电价波动幅度大,容量电价、机制电价全面推行后电价体系将重构,影响新能源项目盈利稳定性。
  应对措施:一是强化组织保障,加强电力市场营销体系建设和新能源参与市场模式研究,提升南方区域现货交易团队适配能力,契合全国统一电力市场发展需求;二是深化市场研究,跟踪全国及各区域政策导向与供需变化,提升整体交易决策水平;三是持续优化交易策略,合理制定中长期与现货交易策略,兼顾绿电交易机遇,积极参与辅助服务等市场,拓宽市场收益渠道;四是强化设备运维与灵活性改造,提升设备可靠性与调峰能力,增强市场竞争力,确保高比例获取容量电费。公司将持续关注市场变革,动态优化应对举措,合规参与市场,有效防范交易风险,努力实现发电项目效益最大化,保障公司持续稳定发展。 收起▲

产品价格

数据截至(20260429)
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20260429,6.96,2.56,0.43290043290044,0,20260429
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