Core views
With 2024Q1, the company achieved revenue of 10.608 billion yuan, an increase of 2.57% over the previous year, mainly due to an increase in power generation; net profit of 634 million yuan, an increase of 89.20% over the previous year, mainly due to falling coal prices and falling coal and electricity costs. As of 24Q1, the company controlled an installed capacity of 22.494 million kilowatts, with clean energy accounting for 56.22% of the installed capacity; the company completed a power generation capacity of 19.07 billion kilowatt-hours, an increase of 7.02% over the previous year, mainly due to the increase in the installed scale and power generation capacity of clean energy generation; 18.26 billion kilowatt-hours of feed-in electricity, the average Internet price for 24Q1 was 0.61 yuan/kilowatt-hour; in terms of market transaction volume, the 24Q1 company's market transaction settlement capacity was 12.312 billion kilowatt-hours. We expect the company's revenue from 2024 to 2026 to be 41,289 billion yuan, 42,461 billion yuan, and 43.556 billion yuan, respectively, and the corresponding net profit attributable to common shareholders will be 2,207 billion yuan, 2,499 billion yuan, and 2,744 billion yuan, respectively, maintaining the “buy” rating.
occurrences
The company released its 2024 quarterly report
In 24Q1, the company achieved revenue of 10.608 billion yuan, a year-on-year increase of 2.57%; realized net profit of 634 million yuan, an increase of 89.20% over the previous year; realized net profit without deduction of 636 million yuan, an increase of 101.14% over the previous year. EPS was 0.1978 yuan/share, compared to 0.1044 yuan/share in the same period last year; the weighted average ROE was 3.03%, up 1.24 percentage points from the same period last year.
Brief review
Domestic thermal power profits were gradually recovered, and the share of clean energy installed capacity continued to rise in 2024Q1. The company achieved revenue of 10.608 billion yuan, an increase of 2.57% over the previous year, mainly due to an increase in power generation; net profit of 634 million yuan, an increase of 89.20% over the previous year, mainly due to falling coal prices and falling coal power costs. As of 24Q1, the company controlled an installed capacity of 22.494 million kilowatts, and clean energy accounted for 56.22% of the installed capacity. Among them, the installed capacity of coal power, gas power, wind power, and photovoltaic power generation was 984.80, 362.02, 386.61, and 51597 million kilowatts, respectively, accounting for 43.78%, 16.09%, 17.19% and 22.94% of the installed capacity. Clean energy accounts for 56.22% of the installed capacity, and the company's clean energy installed scale was further expanded. In 24Q1, the company completed 19.07 billion kilowatt-hours of power generation, up 7.02% year on year, mainly due to the increase in the installed capacity and power generation capacity of clean energy power generation. Among them, coal power, gas power, wind power and photovoltaic power generation completed 126.65, 22.39, 29.58, and 1,208 billion kilowatt-hours respectively, up +0.08%, +48.93%, +17.47%, and +5.74% year-on-year. Turkey's Hunutlu Power Plant completed 2,554 million kilowatt-hours of power generation, a year-on-year decrease of 5.7%. 2024Q1, the company's market transaction settlement electricity volume is 12.312 billion kilowatt-hours. Among them, the amount of electricity sold directly (bilateral, platform bidding) is 8,044 billion kilowatt-hours, the amount of electricity traded across provinces and regions and 61 million kilowatt-hours of electricity transactions (contract substitution, transfer), etc., the amount of electricity purchased on behalf of the power grid is 4.178 billion kilowatt-hours, and the amount of electricity traded on spot transactions is 29 million kilowatt-hours.
The scale of clean energy continues to expand, maintaining a “buy” rating
The company is actively developing clean energy power generation, and the installed scale of new energy has grown rapidly. 24Q1's clean energy installed scale and power generation capacity have increased, driving the company's power generation capacity to increase 7.02% year on year. The company accelerates the integrated development of emerging industries and traditional industries, and promotes large-scale high-quality development of emerging industries. At the same time, benefiting from declining coal prices in the market, the company's coal and electricity profits continued to improve. We expect the company's revenue from 2024 to 2026 to be 41,289 billion yuan, 42.461 billion yuan, 43.556 billion yuan, and corresponding net profit attributable to mother of 2,424 billion yuan, 2,738 billion yuan, and 3.06 billion yuan, respectively. The corresponding net profit attributable to common shareholders is 2,007 billion yuan, 2,499 billion yuan, and 2,744 billion yuan per share, corresponding EPS attributable to shareholders and shareholders of 0.78 yuan/share, 0.89 yuan/share, 0.97 yuan/share, maintaining the “buy” rating.