浙能电力：业绩表现较为稳健，盈利能力有所提升

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2]. Core Views - The company has shown stable performance with an increase in profitability despite a slight decline in revenue. In H1 2024, the company reported operating revenue of 401.65 billion yuan (-3.75%) and a net profit attributable to shareholders of 39.27 billion yuan (+41.33%) [1][5]. - The profitability of coal-fired power generation is stabilizing, with ongoing growth in coal power capacity. The company is expected to maintain reasonable profit levels in its coal power segment due to stable electricity and coal prices [1][11]. - Continuous investment in nuclear power is anticipated to further increase investment returns. The company has received approval for new nuclear projects, which will enhance its equity capacity in nuclear power [1][12]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved an operating revenue of 401.65 billion yuan, a decrease of 3.75%, while the net profit attributable to shareholders increased by 41.33% to 39.27 billion yuan. The non-recurring net profit was 36.22 billion yuan, up 38.17% [1][5]. - The second quarter of 2024 saw a revenue of 201.41 billion yuan (-16.36%) and a net profit of 21.12 billion yuan (+19.44%) [1][5]. Profitability Metrics - The gross margin for H1 2024 was 11.03%, an increase of 4.60 percentage points year-on-year, primarily due to a decrease in coal prices [8]. - The net profit margin improved to 11.06%, up 3.70 percentage points from the same period in 2023 [8]. Future Projections - The company forecasts net profits of 75.7 billion yuan, 80.6 billion yuan, and 85.6 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 16.1%, 6.5%, and 6.2% [2][15]. - The expected earnings per share (EPS) for the same years are 0.56 yuan, 0.60 yuan, and 0.64 yuan, with corresponding price-to-earnings (PE) ratios of 10.7, 10.0, and 9.4 [2][15]. Investment Valuation - The company's reasonable market value is estimated to be between 833 billion yuan and 908 billion yuan, translating to a per-share value of 6.21 to 6.77 yuan, indicating a premium of 3% to 13% over the current stock price [2][15].