换肤

广州发展

i问董秘
企业号

600098

主营介绍

  • 主营业务:

    绿色低碳综合智慧能源、节能、环保、能源金融等业务投资开发和经营。

  • 产品类型:

    燃煤发电、天然气发电、煤电热力、气电热力、加气混凝土、煤炭、油品、危化品仓储、天然气、光伏发电、风力发电、充电桩、储能及综合能源、房产租赁、金融业务

  • 产品名称:

    燃煤发电 、 天然气发电 、 煤电热力 、 气电热力 、 加气混凝土 、 煤炭 、 油品 、 危化品仓储 、 天然气 、 光伏发电 、 风力发电 、 充电桩 、 储能及综合能源 、 房产租赁 、 金融业务

  • 经营范围:

    商品零售贸易(许可审批类商品除外);商品批发贸易(许可审批类商品除外);企业自有资金投资;企业管理服务(涉及许可经营项目的除外);企业总部管理;煤炭及制品批发;石油制品批发(成品油、危险化学品除外);电气设备零售;通用机械设备零售;天然气的利用技术开发;太阳能光伏供电系统的研究、开发、设计;工程项目管理服务;节能技术推广服务;环保技术推广服务;可再生能源领域技术咨询、技术服务;市政设施管理;技术服务(不含许可审批项目)。

运营业务数据

最新公告日期:2026-07-22 
业务名称 2026-06-30 2026-03-31 2025-12-31 2025-09-30 2025-06-30
上网电量:火电(千瓦时) 88.77亿 35.10亿 149.21亿 118.12亿 70.22亿
上网电量:风电(千瓦时) 27.29亿 14.52亿 56.91亿 42.20亿 31.35亿
上网电量(千瓦时) 131.42亿 56.36亿 230.37亿 181.53亿 113.72亿
发电量(千瓦时) 137.11亿 58.77亿 243.76亿 189.15亿 118.47亿
发电量:光伏发电(千瓦时) 15.55亿 6.83亿 28.03亿 21.38亿 12.26亿
发电量:火电(千瓦时) 93.45亿 36.99亿 157.10亿 124.29亿 73.93亿
发电量:风电(千瓦时) 28.11亿 14.94亿 58.63亿 43.49亿 32.29亿
售电量:光伏发电(千瓦时) 15.36亿 6.74亿 27.77亿 21.20亿 12.16亿
输气量:天然气(立方米) 7.24亿 3.24亿 14.78亿 12.02亿 8.60亿
销量:煤炭(吨) 2497.00万 1237.00万 5202.00万 3596.00万 2224.00万
销量:管道燃气及LNG(立方米) 22.47亿 8.48亿 43.72亿 32.92亿 18.13亿
销量:管道燃气及LNG:LNG(立方米) 9.42亿 2.12亿 19.90亿 14.89亿 6.54亿
销量:管道燃气及LNG:管道燃气(立方米) 13.05亿 6.37亿 23.81亿 18.03亿 11.60亿
销量:管道燃气及LNG:管道燃气:分销与直供量(立方米) 7.42亿 3.43亿 13.23亿 10.02亿 6.12亿
销量:管道燃气及LNG:管道燃气:商业用户(立方米) 1.25亿 6541.00万 2.40亿 1.80亿 1.20亿
销量:管道燃气及LNG:管道燃气:居民与公福用户(立方米) 2.40亿 1.27亿 4.21亿 3.27亿 2.41亿
销量:管道燃气及LNG:管道燃气:工业用户(立方米) 1.98亿 1.01亿 3.97亿 2.94亿 1.87亿
上网电价:火电(元/千瓦时) 0.49 0.47 - 0.51 0.50
销量:天然气:境外(立方米) 3.90亿 - - - 3.10亿
售电量:新能源业务(千瓦时) 42.65亿 - - - 43.51亿
发电量:新能源业务(千瓦时) 43.66亿 - - - 44.54亿
供气量:天然气(立方米) - 11.73亿 58.50亿 44.94亿 -
用电量:发电厂用电量:光伏发电(千瓦时) - - 2513.96万 - -
发电量:境内(千瓦时) - - 243.76亿 - -
售电价:火电(元/兆瓦时) - - 520.27 - -
购电量:外购电量:火电(千瓦时) - - 5814.67万 - -
购电量:外购电量:风电(千瓦时) - - 1580.89万 - -
产量:电力(千瓦时) - - 243.76亿 - -
利用小时:光伏发电(小时) - - 898.00 - -
利用小时:火电(小时) - - 3248.00 - -
利用小时:风电(小时) - - 2276.00 - -
发电厂用电率:光伏发电(%) - - 0.90 - -
发电厂用电率:风电(%) - - 2.99 - -
售电量:风电(千瓦时) - - 56.91亿 - -
装机容量:可控装机容量:风电(千瓦) - - 258.07万 - -
购电量:外购电量(千瓦时) - - 9348.53万 - -
购电量:外购电量:光伏发电(千瓦时) - - 1952.98万 - -
购电量:外购电量:境内(千瓦时) - - 9348.53万 - -
销量:天然气(立方米) - - 35.98亿 - -
销量:市场煤(吨) - - 4801.25万 - -
销量:成品油(吨) - - 100.37万 - -
销量:热力(吉焦) - - 684.66万 - -
上网电价:光伏发电(元/兆瓦时) - - 412.12 - -
上网电价:火电(元/兆瓦时) - - 520.27 - -
上网电价:风电(元/兆瓦时) - - 435.24 - -
上网电量:光伏发电(千瓦时) - - 24.25亿 - -
上网电量:境内(千瓦时) - - 230.37亿 - -
产量:热力(吉焦) - - 682.58万 - -
售电价:光伏发电(元/兆瓦时) - - 415.00 - -
售电价:风电(元/兆瓦时) - - 435.24 - -
售电量(千瓦时) - - 233.89亿 - -
售电量:境内(千瓦时) - - 233.89亿 - -
售电量:火电(千瓦时) - - 149.21亿 - -
用电量:发电厂用电量:火电(千瓦时) - - 7.13亿 - -
用电量:发电厂用电量:风电(千瓦时) - - 1.76亿 - -
装机容量:可控装机容量:光伏发电(千瓦) - - 355.34万 - -
装机容量:可控装机容量:火电(千瓦) - - 483.65万 - -
发电厂用电率:火电(%) - - 4.54 - -
销量:电力(千瓦时) - - 233.89亿 - -
装机容量:新增装机容量:新能源(千瓦) - - 134.67万 116.44万 -
专利数量:申请专利(项) - - - - 59.00
用户数:新发展居民用户:燃气业务(户) - - - - 4.80万
销量:煤炭:境外(吨) - - - - 92.00万
装机容量:新并网项目(千瓦) - - - - 90.00万

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

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前5大客户:共销售了83.03亿元,占营业收入的32.60%
  • 中国南方电网及其子公司
  • 中国石油化工股份有限公司
  • 国家电网有限公司及其子公司
  • 中国中煤能源集团有限公司
  • 广东省能源集团有限公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网及其子公司
46.03亿 18.07%
中国石油化工股份有限公司
11.68亿 4.59%
国家电网有限公司及其子公司
10.86亿 4.27%
中国中煤能源集团有限公司
7.37亿 2.89%
广东省能源集团有限公司
7.09亿 2.78%
前5大客户:共销售了163.09亿元,占营业收入的32.07%
  • 中国南方电网及其子公司
  • 中国石化销售股份有限公司及其附属企业
  • 国家电网公司及子公司
  • 内蒙古汇能集团通汇煤炭经营有限公司
  • 广东省电力工业燃料有限公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网及其子公司
78.57亿 15.45%
中国石化销售股份有限公司及其附属企业
37.11亿 7.30%
国家电网公司及子公司
20.61亿 4.05%
内蒙古汇能集团通汇煤炭经营有限公司
13.84亿 2.72%
广东省电力工业燃料有限公司
12.96亿 2.55%
前5大客户:共销售了72.34亿元,占营业收入的31.04%
  • 中国南方电网有限责任公司
  • 广东省电力工业燃料有限公司
  • 国家电网有限公司
  • 中国煤炭工业秦皇岛进出口有限公司
  • 深圳能源集团股份有限公司燃料物资分公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网有限责任公司
34.96亿 15.00%
广东省电力工业燃料有限公司
12.21亿 5.24%
国家电网有限公司
9.62亿 4.13%
中国煤炭工业秦皇岛进出口有限公司
8.81亿 3.78%
深圳能源集团股份有限公司燃料物资分公司
6.74亿 2.89%
前5大客户:共销售了150.11亿元,占营业收入的31.09%
  • 中国南方电网有限责任公司
  • 广东省电力工业燃料有限公司
  • 国家电网有限公司
  • 中国煤炭工业秦皇岛进出口有限公司
  • 深圳能源集团股份有限公司燃料物资分公司
  • 其他
客户名称 销售额(元) 占比
中国南方电网有限责任公司
91.11亿 18.87%
广东省电力工业燃料有限公司
22.65亿 4.69%
国家电网有限公司
18.05亿 3.74%
中国煤炭工业秦皇岛进出口有限公司
9.31亿 1.93%
深圳能源集团股份有限公司燃料物资分公司
8.99亿 1.86%
前5大客户:共销售了76.68亿元,占营业收入的33.56%
  • 中国南方电网及其子公司
  • 广东省电力工业燃料有限公司
  • 国家电网及其子公司
  • 深圳能源集团股份有限公司燃料物资分公司
  • SINOCHEM INTERNATION
  • 其他
客户名称 销售额(元) 占比
中国南方电网及其子公司
43.82亿 19.18%
广东省电力工业燃料有限公司
14.08亿 6.16%
国家电网及其子公司
9.82亿 4.30%
深圳能源集团股份有限公司燃料物资分公司
4.55亿 1.99%
SINOCHEM INTERNATION
4.41亿 1.93%

董事会经营评述

  一、报告期内公司所属行业及主营业务情况说明  (一)主要业务、经营模式和所处行业地位  公司从事绿色低碳综合智慧能源、节能、环保、能源金融等业务投资开发和经营,是广东省重要的综合能源企业之一,为广大客户提供电力、煤炭、天然气、蒸汽、成品油等能源产品和能源管理服务,同时提供天然气、煤炭和油品装卸、运输和储存服务,金融业务主要为能源产业发展提供金融支持,实现产融结合。公司深耕华南,服务粤港澳大湾区,业务拓展到国内26个省市,外延至11个国家和地区,积极践行新发展理念和高质量发展要求,不断追求创新突破。  公司以构建“大产业链”的思路,推动产能互融、多能互补、煤气电联动,建设能源产业支撑保障基地... 查看全部▼

  一、报告期内公司所属行业及主营业务情况说明
  (一)主要业务、经营模式和所处行业地位
  公司从事绿色低碳综合智慧能源、节能、环保、能源金融等业务投资开发和经营,是广东省重要的综合能源企业之一,为广大客户提供电力、煤炭、天然气、蒸汽、成品油等能源产品和能源管理服务,同时提供天然气、煤炭和油品装卸、运输和储存服务,金融业务主要为能源产业发展提供金融支持,实现产融结合。公司深耕华南,服务粤港澳大湾区,业务拓展到国内26个省市,外延至11个国家和地区,积极践行新发展理念和高质量发展要求,不断追求创新突破。
  公司以构建“大产业链”的思路,推动产能互融、多能互补、煤气电联动,建设能源产业支撑保障基地,形成产、购、销、储、运、用的综合能源产业链,是广州市新型储能产业链“链主”单位。公司火力发电厂集中在粤港澳大湾区电力负荷中心,是华南地区大型发电企业之一;风力及光伏发电等新能源项目已覆盖全国22个省市。截至2026年6月30日,公司发电装机容量1,128万千瓦,其中火力发电可控装机容量为484万千瓦,涵盖燃煤发电、燃气发电、热电联产、分布式能源站,拓展售电、配电网、能源检修与技术服务,建设珠江电厂煤电环保替代项目、增城旺隆气电替代项目、金融城综合能源等项目;风力及光伏发电可控装机容量为644万千瓦,已建成两个新能源百万基地;绿色低碳能源装机占比78%。全资子公司燃气集团是广州市城市燃气高压管网建设和天然气购销的主体,拥有基本覆盖广州市全区域的高、中压管网,统筹全市高压管网建设和上游气源采购、下游天然气输配及分销,燃气全产业链全面贯通,资源掌控能力持续提升。全资子公司能源物流集团是华南地区最大的纵向一体化煤炭经营企业,是全国有影响力的煤炭供应商之一,业务覆盖国内经济发达的21个省市及海外地区,被纳入首批国家电煤重点保供贸易企业;拥有67万立方米大型油库及配套8万吨级石油化工专业码头,是华南地区油品仓储行业的标杆和典范,是甲醇、生物质油料重要集散基地,是海关高级认证企业、郑州商品交易所指定交割油库;建成广州市危险物品卸载(仓储)南沙基地,广州市危险物品行业港前辅助物流平台建设稳步推进。储能集团在源网荷侧全面布局,已搭建一体化储能电站运维云平台,通过打造“技术研发-场景应用-产业生态”闭环,推动本地储能产业集群化发展。
  生产运营:公司电力、蒸汽主要通过所属火力发电机组、风力和光伏发电设备生产。
  采购模式:公司天然气、煤炭和成品油等通过外部采购,与国内外知名供应商建立长期战略合作关系,有效控制采购成本。
  销售模式:公司电力主要通过国家电网、南方电网销售给终端用户,积极推进发售电一体、算电协同、绿电直连等运营模式;天然气、煤炭、成品油、蒸汽等通过自有管网、销售平台及运输、批发、销售一体化的产业链等销售给终端用户,销售范围不断拓展。
  能源服务模式:公司依托涵盖电力、燃气、能源物流、新能源、储能等多元化的综合能源体系,提供源网荷储充一体化、能源托管、节能运维、碳资产管理等一体化服务,构建“投资-建设-运营-增值服务”全链条服务模式。
  产融结合:公司经营业绩稳步提升,融资渠道丰富。充分发挥财务公司和融资租赁公司专业的金融服务优势,绿色低碳产业基金加快产业布局,围绕主业创新投融资模式,积极推进公募REITs申报发行工作,打通资本资产“双循环”,实现“产融”紧密结合,促进公司资源整合和产业协同发展,为公司高质量和可持续发展提供强有力的金融保障。
  (二)行业发展情况
  1.电力行业发展情况
  上半年,全国全社会用电量5.10万亿千瓦时,同比增长5.3%,增速较上年同期回升1.6个百分点。截至6月底,全国发电装机容量40.43亿千瓦,同比增长10.8%,增速较上年同期回落7.9个百分点。其中新能源合计装机容量达19.5亿千瓦、装机占比接近一半。
  全国规模以上工业发电量4.75万亿千瓦时,同比增长3.5%,增速较上年同期提高2.7个百分点。发电设备累计平均利用小时1,392小时,比上年同期降低113小时。电源工程完成投资3,637亿元,同比下降3.2%。
  2.煤炭行业发展情况
  上半年,受中东局势、供给收缩、天气等因素影响,国内煤炭价格上涨。秦皇岛港5500大卡动力煤价格均值771.6元/吨,同比上涨12.6%。
  全国商品煤消费量24.4亿吨,同比增长1.3%。规模以上工业原煤产量23.7亿吨,同比下降1.7%。进口煤炭(煤及褐煤)2.25亿吨,同比增长1.7%。
  3.天然气行业发展情况
  上半年,受中东局势、天气等因素影响,欧洲、东北亚天然气价格上涨,宽幅震荡。美国天然气价格整体上涨,波动幅度较小,主要原因为其国内市场自给率高,受地缘冲突直接影响较小。中国进口LNG现货到岸价均值15.8美元/百万英热,同比上涨20.1%;美国天然气HH现货均价3.8美元/百万英热,同比上涨5.4%。
  全国天然气表观消费量2,069亿立方米,同比下降2.4%。规模以上工业天然气产量1,330亿立方米,同比增长1.6%,增速较上年同期回落4.2个百分点。进口天然气5,745万吨,同比下降3.4%。
  4.新能源发电行业发展情况
  上半年,全国风电新增装机容量3,862万千瓦,其中陆上风电3,778万千瓦,海上风电84万千瓦。截至6月底,全国风电累计装机容量达到6.8亿千瓦,同比增长18.5%,其中陆上风电6.3亿千瓦,海上风电0.5亿千瓦。全国风电累计发电量5,984亿千瓦时,同比增长1.8%,增速较上年同期回落13.8个百分点。全国风电平均利用率90.9%,较上年同期下降2.3个百分点。
  上半年,全国光伏新增装机容量7,177万千瓦,其中集中式光伏2,955万千瓦,分布式光伏4,222万千瓦。截至6月底,全国光伏发电装机容量达到12.72亿千瓦,同比增长15.8%,其中集中式光伏6.96亿千瓦,分布式光伏5.76亿千瓦。全国光伏累计发电量6,555亿千瓦时,同比增长17.2%,增速较上年同期回落25.7个百分点;全国光伏发电利用率91.4%,较上年同期下降2.6个百分点。
  5.储能行业发展情况
  上半年,新型储能保持较快发展态势。截至6月底,全国已建成投运新型储能装机规模达1.53亿千瓦/3.96亿千瓦时,同比增长61%。国网经营区新型储能等效利用小时数达573小时,同比提升9小时;南网经营区达626小时,同比提升41小时。
  二、经营情况的讨论与分析
  2026年上半年,面对宏观环境的复杂性、严峻性、不确定性持续上升,能源价格大幅波动,能源行业深度调整等挑战,公司深入贯彻党中央决策部署,认真落实省委“1310”具体部署,聚焦“五个广州”建设,充分发挥多能互补的产业链优势,电力供应增发满发、燃气保障精准有力、煤炭储运高效运转,实现主要能源产品全面增长,经营业绩“稳中有进、难中有为”。
  (一)深耕主业拓市场,业务协同实现稳健增长
  1.电力业务
  充分发挥上下游协同、发售一体化优势,科学部署生产计划,积极应对煤、气、电三重市场波动,强化燃料组织调度和内部协同,优化设备运维管理,增发效益电量,属下火电厂售电均价优于全省平均水平。优化检修计划,机组可靠性稳步提升,容量电费获取率达98%。利用“广州发展配煤掺烧协同创新平台”实现负荷与热值精准匹配,有效压降煤炭采购成本;发挥气电一体化产业链协同优势,抢抓高电价增收机会多发效益电。报告期内合并口径火力发电企业完成发电量93.45亿千瓦时,上网电量88.77亿千瓦时,同比增长26.42%和26.42%。
  2.能源物流业务
  煤炭业务把握市场上行窗口期,实现拓市增收。深化与海外供应商战略合作,扩大国内煤矿地采规模。加快拓展西北市场,打通“疆煤外运”新通道,实现疆煤销售量同比增长;东北市场开拓大型石化终端客户并签订年度煤炭供需合同。报告期内实现煤炭销售量2,497万吨,同比增长
  12.25%。油品业务贸仓并进,完成罐区升级改造,油库租赁量同比增长79%;油品贸易业务布局延伸至华东,成品油销售量同比增长2%。航运业务营运范围持续扩大,新增东非、大洋洲、中东等外贸航线。
  3.燃气业务
  管网拓展与市场开发同步提速,新建中压管道72公里,新增居民用气约4.8万户、非居民用气超880户。打破气液壁垒,落地国家管网“气液通”业务,构建管道气与液态LNG双向联动新格局。拓展异地外销市场,通过国家管网、互联互通侧、大鹏侧等途径,异地销售管道气1.4亿立方米。积极开展国际天然气购销业务,海外天然气销售量3.9亿立方米,同比增长26%。延伸业务增量增效,燃气具及保险销售额超5,300万元,同比增长30%。报告期内管道燃气及LNG销售量22.47亿立方米,同比增长23.93%。
  4.新能源业务
  全面推进场站区域化、集约化管理,运维效能持续提升。上半年新增装机规模超30万千瓦。新能源发售一体联动机制初步形成,签约交易用户超280户,较年初翻番。深度参与绿电挂牌、摘牌市场化交易,优化绿证营销策略,绿证成交均价优于市场平均水平。电动汽车充电量完成4,035万千瓦时,充电收入同比增长38%,充电平台注册用户近92万人,同比增长55%。受部分区域限电影响,报告期内完成发电量43.66亿千瓦时,售电量42.65亿千瓦时,同比下降1.99%和1.97%。
  5.储能业务
  加快市场开拓和项目落地,业务规模、经营质效、核心竞争力稳步提升。累计建成新型储能项目规模约1,400MWh;佛山高明调频储能项目、河北大名独立储能项目、江苏惠然用户侧储能项目进入商业运行;宁夏桃山储能项目开工建设;珠江电厂黑启动调频项目积极申报国家能源领域首台(套)项目。在西北、华北、粤港澳大湾区等区域储备项目资源超5.4GWh。
  6.能源金融业务
  优化融资结构,积极争取中央预算内投资、超长期特别国债等资金和新型政策性金融工具;择机发行信用债69亿元。财务公司开展同业拆借、存放同业、有价证券投资等业务,上半年日均存贷比超75%,正式接入人行通用金融信息传输系统,实现银企直联通道新突破。融资租赁公司聚焦主业发展,降低融资成本,提高并购效率。公募REITs项目已通过国家发改委审核,获证监会和上交所受理,项目发行后,将形成“并购—培育—证券化”投融资体制。
  (二)推进产业迭代升级,服务新型电力系统建设
  公司深度融入广州国家首批新型电力系统试点城市建设大局,围绕“源网荷储”一体化建设,推进传统产业升级、新兴产业壮大、未来产业培育。加快火电建设与清洁低碳升级,增城旺隆气电替代工程项目进入投产冲刺阶段。珠江电厂等容量环保替代项目7月21日正式开工建设。云南大型抽水蓄能项目稳步推进。天然气基础设施建设加快,黄阁门站至横沥调压站段管线正式开工,增城旺隆气电项目配套管线通气投产,白云恒运气电项目配套管线建成投运。新能源在建项目36个,装机容量超120万千瓦。综合能源项目多点突破,金融城综合能源项目交通枢纽冷站具备供冷条件,东1站正式开工;加快推进天河区政府机关绿色低碳能源托管示范项目,打造公共机构节能降碳样板工程;4家企业具备虚拟电厂运营资质,其中新能源集团获批省级运营资质。系统发力氢能业务,珠电路加氢站完成建设并开展调试,龙穴岛加氢站完成主体设备安装;广州首个掺氢示范项目“城市天然气掺氢技术研究”完成第一阶段掺氢试验;“谷电制氢项目”纳入公司“揭榜挂帅”项目并开展前期研究。国际化发展步伐加快,在东南亚、中亚、东欧、非洲等地储备一批新能源项目,推进项目容量约100万千瓦。
  (三)强化创新驱动,深化科技与数智化转型
  加快构建“科技管理、技术研发、技术服务、成果转化、人才培养、产业孵化”六位一体的创新体系,重点发力储能、氢能、“AI+能源”等领域,推进研发项目超860项。燃气集团被认定为“广东省博士后创新实践基地”;电力科技公司被认定为“广东省综合能源检测运维工程技术研究中心”,公司总部被认定为“广州市博士后创新实践基地”并完成首批博士后招收。截至目前,公司拥有高新技术企业15家、市级及以上研发平台26个、专精特新中小企业13家、创新型中小企业3家。
  重点推进“人工智能+”行动,着力构建“云-智-数”一体化支撑平台。公司综合智慧运营中心建成投运,成为支撑公司转型升级的智慧中枢、指挥中枢、形象中枢、育人中枢。能源物流集团智慧港口、智慧油库、智慧危化品仓储等项目迭代升级;燃气集团依托数字孪生技术搭建气源调度研判方案,拓展AI视频智能分析场景应用;新能源集团建成“集团集中监控、区域协同响应、场站就地处置”三级智能联动体系。
  (四)严守安全合规底线,夯实高质量发展根基
  深化“清单化”管理模式,全面开展安全文化建设,促进安全管理体系进一步完善;开展安全专项整治,严格“三外”管理;坚持数智化赋能,安全管理水平持续提升。截至6月30日,实现连续安全生产6,584天。
  合规风控体系持续完善。推进合规评价体系构建,完成二级企业合规管理有效性评价。进一步完善智慧法务系统,利用数智化手段强化风险防控。做好专项治理整改“回头看”,强化投资管理,优化决策权限。常态化开展“双增双降”“合理化建议6000”“课题管理”等系列活动。深化“两金”压降,应收账款及库存规模控制在合理区间。加大回报投资者力度,2025年度分红比例保持50%以上,显著高于A股平均水平,获评新财富“最佳上市公司”、天马奖股东回报奖;连续获得华证ESGAA评级,在各主要ESG评级机构中的排名均位居行业前列。
  三、报告期内核心竞争力分析
  1.合理的产业布局优势。公司以电力为核心,煤电、气电、分布式能源、风、光、储、充均衡布局,更好适应新型电力系统需求。公司电力结构按高碳、低碳、零碳进行均衡配比,各类电力供应实现互补平衡。
  2.完善的供应链和产业协同发展优势。公司已形成电力、能源物流、燃气、新能源、储能、能源金融等业务协同发展“1+6+N”能源产供储销体系,积极打造煤电联营产业链、气电联营产业链、传统能源与新能源联营产业链,推动多能互补、煤气电联营,形成局部最优、整体最佳的发展策略。
  燃气产业链持续完善,已建立涵盖上游气源、LNG接收站、燃气管网、城市燃气、燃气电厂用户等燃气上下游一体化产业链。通过“云大物移智”打造智能化、数字化的智慧燃气管理体系,从传统单一的城市燃气服务商转变为城市燃气运营商和天然气供应商,依托一体化产业链布局珠三角天然气供应核心地位。
  煤炭纵向一体化产业链优化升级。公司拥有煤矿、北方码头堆场、航运公司、南方煤炭码头、堆场、电厂用户等完整产业链,已形成全国性营销网络,建立海外资源与销售渠道,具有优秀的资源组织能力、丰富的市场渠道和扎实的信用管理经验,加快发展为现代化煤炭供应链卓越服务商。
  3.构建特色新能源生态圈。打造新能源“风光储充运”一体化产业链,深耕华南、优拓全国,走向海外。在智能运维、系统集成、技术创新、降本增效等方面拥有丰富的经验。“新能源+农林渔药”融合发展自成特色,搭建“广发生态时令”展销平台实现价值链延伸。作为新能源“链主”企业,推动成立广州市分布式光伏投资建设运营平台,与产业链龙头企业形成战略合作。项目储备丰富,多主体发力加速实现新能源产业规模化、特色化发展。
  4.良好的资金保障能力及不断深化的产融协同体系。公司资产负债率处于行业较优水平,多年保持稳定的AAA主体信用评级和穆迪A3国际信用评级,融资能力强且渠道多元化。发挥财务公司和融资租赁公司的功能优势,提高资金集聚效应,降低资金成本,纵深推进产业+金融模式,为公司高质量发展提供专业的财务支持和金融服务。
  5.科技创新蓄势赋能。以“科技管理+科技研发+技术服务”业务模式,打造高水平产业创新集群。与多家高等院校及科研院所开展深度合作,已建成26个市级及以上研发平台,13家专精特新中小企业、3家创新型中小企业、15家高新技术企业,重点发力储能、氢能、“AI+能源”等领域,构建“云-智-数”一体化支撑平台,着力打造新兴技术策源地和产业转型升级的新引擎。
  6.良好的区位优势及战略机遇。粤港澳大湾区消费能力强,能源保障要求高,为公司产业体系持续发展提供广阔市场空间。粤港澳大湾区建设、南沙方案等国家重大战略,为公司提供了重要战略机遇,为公司依托区位优势,着力打造绿色低碳能源基地提供有利条件。
  四、可能面对的风险
  一是受国际冲突、国际资源收紧等影响,今年以来煤炭、天然气价格大幅上涨,燃料成本管控压力上升;年度长协价格走低叠加现货电价超预期上涨,火电业务面临较大挑战。公司将坚持开源与节流并重、保供与增效并举,一方面加强与上游供应商沟通对接,深化战略合作,拓宽资源渠道,寻求更具市场竞争力的上游资源;另一方面动态优化发售电一体化策略,多发抢发效益电。二是新能源全面进入市场化交易,各地机制电价细则陆续出台,受电网消纳受限、售电价格下调等影响,对新能源业务的发展和经营带来压力和挑战。公司将坚持“集中集聚集约、高端高质高效”发展原则,主动优化售电策略,争取电量收益;强化与电网的协同配合,提升消纳能力。 收起▲

产品价格

数据截至(20260914)
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