ZZEPC(600023) 天风证券·2024-11-06 06:10Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a significant recovery in electricity generation in Q3, with a notable increase in profit from the core power generation segment, despite short-term pressure on investment income [1][2]. - The overall revenue for Q1-Q3 2024 was 66.296 billion yuan, a decrease of 4.62% year-on-year, while the net profit attributable to the parent company was 6.7 billion yuan, an increase of 12.37% year-on-year [1]. - The company expects stable investment income in the future, as the impact from nuclear power maintenance has ended and coal prices continue to decline [3]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a power generation volume of 1,291.88 billion kWh, a year-on-year increase of 6.96%, with Q3 alone showing a 17.07% increase [2]. - The average coal price at Qinhuangdao Port for Q1-Q3 2024 was 867 yuan/ton, down 10.40% year-on-year, with a further decline to 852 yuan/ton in October, down 15.21% year-on-year [2]. - Investment income for Q1-Q3 2024 was 3.761 billion yuan, a decrease of 3.86% year-on-year, contributing 56.13% to overall performance [3]. - The company adjusted its profit forecast for 2024-2026, expecting net profits of 8.002 billion, 8.503 billion, and 9.590 billion yuan, representing year-on-year growth rates of 22.74%, 6.26%, and 12.79% respectively [5]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 9.82, 9.24, and 8.19 respectively [5]. - The total market capitalization of the company is approximately 78.575 billion yuan, with a current price of 5.86 yuan per share [6].