Shenergy(600642) 天风证券·2024-11-06 02:10Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company's coal and electricity profitability has significantly improved, with a notable recovery in earnings driven by reduced fuel costs and increased electricity generation [2][3]. - The renewable energy segment is expanding, with a 20.14% year-on-year increase in installed capacity, indicating potential for future growth [3]. - The company has diversified operations in gas power, oil and gas transportation, and equity investments, contributing positively to overall performance [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 22.372 billion yuan, a year-on-year increase of 2.21%, and a net profit attributable to shareholders of 3.281 billion yuan, up 31.05% year-on-year [1]. Coal and Electricity Segment - The average coal consumption for the company's power plants decreased by 1.6 grams per kilowatt-hour to 281.34 grams per kilowatt-hour, while the average coal price fell by 163 yuan per ton to 984 yuan per ton [2]. - The total electricity generation from coal for the first three quarters was 31.353 billion kilowatt-hours, reflecting a 3.6% increase year-on-year [2]. Renewable Energy Segment - As of Q3 2024, the company's renewable energy installed capacity reached 5.2784 million kilowatts, a 20.14% increase year-on-year, with wind power capacity growing by 2.54% and solar power capacity by 40.53% [3]. - The company has initiated significant projects, including a 2 million kilowatt solar energy base in Xinjiang and a 1.2 million kilowatt offshore wind project in Hainan, both expected to be operational by 2025 [3]. Other Business Segments - The gas power segment reported a generation of 6.696 billion kilowatt-hours, an 18.5% increase year-on-year, while the oil and gas transportation segment saw a 39.03% increase in gross profit [4]. - The company’s equity investments in various sectors, including thermal, renewable, nuclear, and hydropower, have also contributed significantly to its earnings [4].