大唐发电：24Q3煤电电量小幅增长，归母净利润表现稳健

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15][19] Core Views - The company has shown a slight increase in coal power generation and a significant growth in net profit for the first three quarters of 2024, with operating revenue reaching 90.986 billion yuan (+0.40%) and net profit attributable to shareholders reaching 4.429 billion yuan (+56.22%) [1][5] - The increase in net profit is attributed to effective quality improvement measures and cost control in fuel supply, leading to a favorable operational situation [1][5] - The company is actively promoting the construction of thermal and renewable energy projects, which is expected to further enhance its performance [2][12] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 90.986 billion yuan, with a slight increase of 0.40% year-on-year. The net profit attributable to shareholders was 4.429 billion yuan, reflecting a significant increase of 56.22% [1][5] - The average on-grid electricity price was 449.6 yuan/MWh, down by 3.98%, while the on-grid electricity volume was 202.119 billion kWh, up by 4.10% [1][5] - The company’s net profit growth is primarily due to the implementation of efficiency improvement measures and the favorable operational environment [1][5] Segment Performance Summary - In Q3 2024, the company’s coal power generation was 55.814 billion kWh (+1.54%), gas power generation was 6.321 billion kWh (+12.81%), while hydro power generation slightly decreased by 0.10% to 12.423 billion kWh. Wind power generation increased by 23.10% to 3.408 billion kWh, and solar power generation surged by 47.43% to 1.755 billion kWh [2][6] - The company’s investment cash flow has significantly increased, indicating accelerated project implementation in both thermal and renewable energy sectors [12][14] Profitability and Valuation - The company’s gross margin for the first three quarters of 2024 was 14.65%, an increase of 3.89 percentage points year-on-year, mainly due to a decrease in coal prices [12] - The net profit margin increased by 2.55 percentage points to 7.07% compared to the same period in 2023 [12] - The company is projected to achieve net profits of 5.03 billion yuan, 5.62 billion yuan, and 6.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.27, 0.30, and 0.33 yuan [15][17]