申能股份：业绩超预期，上海优质电企启动成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 22.372 billion yuan for the first three quarters, a year-on-year increase of 2.21%, and a net profit attributable to shareholders of 3.281 billion yuan, a year-on-year increase of 31.05% [2] - The third quarter performance exceeded expectations, driven by increased electricity demand and prices, as well as investment income [2][3] - The company is expected to benefit from the tight electricity supply-demand balance in Shanghai and the ongoing energy transition initiatives [4][5] Financial Performance Summary - For the third quarter, the company achieved a revenue of 8.693 billion yuan, a year-on-year increase of 8.84%, and a net profit of 1.09 billion yuan, a year-on-year increase of 65.91% [2] - The company's net profit for the first three quarters was 3.281 billion yuan, with a significant increase in the third quarter compared to previous quarters [2][3] - The company’s electricity sales reached 17.4 billion kWh in the third quarter, a year-on-year increase of 16% [2] Market Position and Growth Potential - The company has a total installed capacity of 17.1 million kW, with a mix of coal, gas, wind, and solar power [2] - The company is positioned to benefit from Shanghai's energy policies and the lack of new coal power projects in the region [4] - The company plans to add 8-10 GW of new energy capacity by 2025, with ongoing projects in wind and solar energy [5] Earnings Forecast - The forecasted net profit for 2024-2026 is 4 billion, 4.2 billion, and 4.7 billion yuan respectively, with year-on-year growth rates of 16%, 5%, and 12% [5] - The current stock price corresponds to a price-to-earnings ratio of 10 for 2024, indicating strong investment value [5]