2025财年业绩综述：独立发电商仍持谨慎态度，风电供应链与环保板块表现亮眼

FY25 results wrap:IPP still cautious, windsupplychain & environment shine Rating Change 09 April 2026 FY25 wrap: IPP still cautious, wind & environment shineIPP’s FY25 results confirmed our concerns over power tariff and utilization decline. We prefer hydro > nuclear > wind/solar > thermal IPP, and we downgrade Huadian Power toUnderperform on higher coal cost (see details inside). Wind supply chain continues tobenefit from rising high-margin exports, supporting our Buy rating on Ningbo Orient andrecent upgrade to Buy for Goldwind(see our report on the latter). We also highlight ourBuy ratings on Everbright Environment and GDI post their results beats. In addition, weupdate our estimates and POs following results (see Exhibit 1 and inside for details). EquityHK/ChinaUtilities Gary Tsang>>Research AnalystMerrill Lynch (Hong Kong)+852 3508 6825gary.tsang@bofa.com IPPs: Confirming continued tariff and utilization pressureMajortakeaways:1)FY25 misses at Huadian and Longyuan, beat at CR Power;2)wind/ Charlotte Xia>>Research AnalystMerrill Lynch (Hong Kong)charlotte.xia@bofa.com solar challenging, with 5-10% YoY decline in tariffs and 4-6% decline in utilization;3)worse 2026 annual coal power tariff contract, down RMB3-5c on average with lowerannual contract share of 40-50% (and most expect a stable/lower coal price this year);4)FY26 renewables capex / installation guidance mostly down (except Huaneng +10% vsFY25 actual)–e.g., CR Power down from 13.6GW in 2025 to 5.45GW in 2026 but a focuson large energy base and offshore wind (coal-fired power installation could reach 200GWin 2026-30, and nuclear power approval could stay at c.10 units per year);5)FCFimprovement across the board (excluding CGN Power), with positive FCF for Longyuan,Huaneng, and China Power International Development (CPID);6)caution on energystorage, citing uncertain project economic return and effectiveness vs pumped hydro;7)green power direct connection little contribution for now. Cissy Guan>>Research AnalystMerrill Lynch (Hong Kong)cissy.guan@bofa.com Wind:Rising high-margin exports driving better earningsGoldwind/Ningbo Orient reported better results on rising exports (FY25 overseas revenue +50%/71% YoY), with overseas now up to 40%/20% of gross profits. Goldwindtargets a conservative turbine gross margin at 9-10% in 2026 vs 9% in 2025, citingimpacts from rising commodities and freight. That said, external sales guidance isstronger than we expected at 37GW (+40% YoY), with higher overseas at 7GW (>80%YoY). Ningbo Orient targets overseas revenue to reach >20% by 2030 vs 12% in 2025.We expect rising domestic and overseas offshore wind to drive its subsea cable growth. Gas:Cost headwinds, shareholder returns cushion ENN and CR Gasreported in-line FY25 results and DPS. More than 10% of gas sourcingis exposed to market-priced LNG. While gas distributors can pass through for allcommercial and industrial volume, higher costs could weigh on demand. ~5% yields areturning more defensive, coupled with CR Gas resuming share buyback. Everbrightprofit & FCF beat; HK utilities: CLP better DPSEverbright Environment reported strong beat in FCF, DPS, and profit, with 19% FCF yield. GDI’s results and DPS also beat; management flagged less chance of earlyconcession renewal, lowering financing risk. CLP’s results missed consensus (in line withBofAe), but it raised DPS despite earnings decline for the 1st time in 5 years, guidingfuture DPS to long-term earnings growth. HKCG results were in line; FCF was still belowdividend payment, and its parentco DPS cut could open up possibility of lower dividend.CKI’s and PAH’s results and DPS were in line. >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 22 to 25. Analyst Certification on page 19. PriceObjective Basis/Risk on page 14.12956509 For abbreviations defined, see theglossary at the end of thereport. Utilities & Renewables FY25 wrap Exhibit 2: FY25 beats at CR PowerandEverbright, while missesat Huadian and LongyuanChina/HK UtilitiesFY25results review HK/China Utilities 2026 year-to-date performance, forward EPS revision, and forward PE revision Key selected valuation metrics for utility and renewable sector companies in 2025-27E Estimate and PO changes CGN Power: Improved tariff outlook but still challengingWhile positive signs are emerging from Guangxi and Liaoning provinces supporting power tariffs, we