皖能电力：煤价下行机组投产业绩大增 安徽电力偏紧看好装机投产

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a revenue of 14 billion yuan in the first half of 2024, representing a year-on-year growth of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, which is an increase of 83.06% year-on-year [1] - The strong performance is attributed to the decline in coal prices and robust electricity demand in Anhui province, with a significant increase in installed capacity and ongoing construction of renewable energy projects [1][2] - The company is expected to benefit from a tight power supply in the province, with projections indicating a power gap exceeding 20 million kilowatts by 2025 [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 7.016 billion yuan, a year-on-year increase of 16.46%, and a net profit of 618 million yuan, up 44.46% year-on-year [1] - The company’s operational capacity as of June 30, 2024, was 12.28 million kilowatts, with an increase of 900,000 kilowatts compared to the end of the previous year [1] Market Dynamics - The electricity demand in Anhui province grew by 13.3% in the first half of 2024, which is expected to drive the company's power generation significantly [1] - The company is strategically positioned to take advantage of the tight supply-demand balance in the electricity market, with expectations of additional revenue from the spot market [2] Future Projections - The company forecasts net profits of 1.886 billion yuan, 2.350 billion yuan, and 2.521 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 10, 8, and 8 [2][4] - The company plans to complete an additional 4 million kilowatts of renewable energy capacity during the 14th Five-Year Plan period, although progress has been slower than anticipated [2]