大唐发电：业绩大幅增长，大力推进清洁能源转型

Investment Rating - The report maintains a "Buy" investment rating for Datang Power (601991.SH) [1] Core Views - The company reported significant growth in performance, with a revenue of 58.31 billion yuan in the first half of 2024, a year-on-year increase of 0.19%. The net profit attributable to shareholders reached 3.11 billion yuan, up 104.85% year-on-year, and the basic earnings per share increased by 212.06% to 0.1242 yuan [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company achieved an operating income of approximately 58.31 billion yuan, an increase of 1.08 billion yuan year-on-year. The net profit was about 4.287 billion yuan, up 23.82 billion yuan year-on-year. The net profit attributable to the parent company was approximately 3.108 billion yuan, an increase of 1.591 billion yuan year-on-year [2] - The profit from coal-fired power generation (including thermal) was 1.51 billion yuan, a year-on-year increase of 288.13%. Hydropower profit totaled 1.03 billion yuan, up 1033.02% year-on-year [2] Energy Generation and Pricing - The average on-grid electricity price was 462.74 yuan per megawatt-hour (including tax), a decrease of about 4.70% year-on-year. The total on-grid electricity generated was approximately 1,223.973 billion kilowatt-hours, an increase of about 4.43% year-on-year [2] - The company has an installed capacity of 73,734.862 megawatts, with coal-fired power accounting for 45,124 megawatts and hydropower approximately 9,204.73 megawatts [2] Clean Energy Transition - In the first half of 2024, the company added 973.898 megawatts of clean energy capacity, with wind power accounting for 564.32 megawatts and solar power 408.338 megawatts. The proportion of low-carbon clean energy capacity increased to 38.80%, up 1.05 percentage points from the end of last year [3] - The company has 122 approved power projects with a total capacity of 4,714.985 megawatts, including 1,109.3 megawatts for wind power and 3,605.685 megawatts for solar power [3] Investment Outlook - The company is expected to see high growth potential due to the synergy between coal-fired and renewable energy development. Revenue forecasts for 2024 to 2026 are 128.168 billion yuan, 133.033 billion yuan, and 139.145 billion yuan, with net profits of 4.006 billion yuan, 4.449 billion yuan, and 5.708 billion yuan respectively [3]