According to the Guosheng Securities Research report, Guangdong Electric Power A (000539.SZ) is the leading power operator in Guangdong Province. Its controllable and entrusted management accounts for about 1/4 of the installed capacity in Guangdong, and the scale of electricity sales in 2022 ranks first in the province. Thermal power plant has a large installed scale and a high proportion of coal in the market. at the same time, it actively seeks the transformation of clean energy. affected by the fall of the central coal price in the market and the further increase in the coverage ratio of the long-term Association, the reform of the superimposed power system is beneficial to the release of profitability. it has high elasticity and high growth space. The company has resource advantage and profit repair flexibility, covering it for the first time and giving it a "buy" rating.