2024Q3 公司风电、其他可再生能源发电量实现增长。2024 年前三季度，公司发电量为568.47 亿千瓦时（+2.42%），其中风电发电量438.62 亿千瓦时（-1.82%），火电发电量71.63 亿千瓦时（-6.32%），其他可再生能源发电量58.22 亿千瓦时（+82.76%)。2024 年第三季度，公司发电量167.65 亿千瓦时（+6.39%），其中风电122.77 亿千瓦时（+6.16%），火电发电量22.55 亿千瓦时（-13.86%），其他可再生能源发电量22.33亿千瓦时（+41.75%）。2024Q3's revenue declined year-on-year, and the sharp increase in investment income led to a significant increase in net profit to mother. In the first three quarters of 2024, the company achieved operating income of 26.35 billion yuan (-6.39%), net profit attributable to mother of 5.475 billion yuan (-10.61%), after deducting non-attributable net profit of 5.111 billion yuan (-15.83%).
In the third quarter of 2024, the company achieved operating income of 7.467 billion yuan (-9.87%), net profit due to mother 1.648 billion yuan (+41.58%), after deducting non-return net profit of 1.364 billion yuan (+16.00%).
The year-on-year decline in the company's revenue in the third quarter was mainly due to the decline in electricity prices; the large increase in net profit in the third quarter was mainly due to a marked increase in investment income. In the third quarter, the company achieved investment income of 0.514 billion yuan, an increase of 6316.47% over the previous year, mainly due to the disposal of the company's subsidiary Jiangyin Sulong Thermal Power Co., Ltd. and the increase in investment income in joint ventures and joint ventures.
2024Q3 achieved growth in wind power and other renewable energy generation. In the first three quarters of 2024, the company generated 56.847 billion kilowatt-hours (+2.42%), of which 43.862 billion kilowatt-hours (-1.82%) of wind power, 7.163 billion kilowatt-hours (-6.32%) of thermal power, and 5.822 billion kilowatt-hours (+82.76%) from other renewable sources. In the third quarter of 2024, the company generated 16.765 billion kilowatt-hours (+6.39%), including wind power 12.277 billion kilowatt-hours (+6.16%), thermal power 2.255 billion kilowatt-hours (-13.86%), and 2.233 billion kilowatt-hours (+41.75%) from other renewable sources.
The company plans to acquire NEG's new energy assets in cash, and the scale of new energy installations continues to grow. The company plans to acquire shares in a total of 8 new energy companies in Shandong, Jiangxi, Gansu and Guangxi held by Guoneng Asset Management Company, a wholly-owned subsidiary of the National Energy Group, and Guoneng Guangxi Electric Power. Up to now, it is initially estimated that the total consideration for the share transfer of the companies involved in this transaction will be 1.686 billion yuan, which will eventually be adjusted until the actual situation on the delivery date. The target companies mentioned above have a total installed capacity of 2.0329 million kilowatts, of which 1.4469 million kilowatts are in operation and 0.586 million kilowatts under construction; 1.316 million kilowatts of wind power; and 0.7169 million kilowatts of photovoltaics.
Risk warning: Electricity volume is declining; electricity prices are falling; new energy projects are falling short of expectations.
Investment advice: Maintaining the profit forecast, the company's net profit for 2024-2026 is expected to be 6.74/7.56/8.39 billion yuan, up 7.9%/12.1%/11.0% year-on-year; EPS is 0.81/0.90/1.00 yuan, respectively, and PE corresponding to the current stock price is 22.9/20.4/18.4X. Maintain an “better than the market” rating.
