According to the Huafu Securities Research Report, Zhejiang Energy Power (600023.SH) is mainly engaged in electricity sales, steam sales, and comprehensive energy services. It is deeply involved in thermal power and has also entered the high-end new energy equipment industry, transforming and upgrading to the dual main business of “thermal power generation+new energy manufacturing.” The company is the local power generation enterprise with the largest installed capacity in the country, mainly thermal power generation. In 2023, as thermal coal prices gradually declined, the company turned a loss into a profit. The performance hit a new high in nearly five years. Net profit from 1Q-3Q24 increased 12.37% year-on-year. It is expected that in 2024, the company's net profit to mother will continue to grow, and the performance can be expected to improve in the future. The company's historical dividends have continued to be stable and impressive, and improving performance has laid a solid dividend foundation. It is expected that it will continue to pay a high percentage of dividends in the future. Benefiting from the commissioning of new installed equipment and the fall in high coal prices, the company's future performance growth can be expected. Covered for the first time, giving a “holding” rating.