三峡能源：电量高增，盈利能力同比向好

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [5][13]. Core Insights - The company reported a revenue of 21.76 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.81%. However, the net profit attributable to shareholders decreased by 6.31% to 5.09 billion yuan [1]. - In Q3 alone, the company achieved a revenue of 6.70 billion yuan, marking a 19.97% increase year-on-year, while the net profit attributable to shareholders rose by 14.69% to 1.06 billion yuan [1][3]. - The company's power generation increased significantly in Q3, with a total output of 16.49 billion kWh, a year-on-year growth of 38.05%, driven by the commissioning of new units [2]. Financial Performance - The gross margin for Q3 improved by 1.89 percentage points to 48.5%, despite a 15.73% increase in operating costs due to higher depreciation and operational expenses from new units [3]. - The company’s net profit margin for Q3 was 21.10%, an increase of 1.51 percentage points year-on-year [3]. - The company has a robust project pipeline, with a total planned installed capacity of 23.48 million kW as of June, including significant contributions from wind and solar projects [4]. Future Projections - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 7.20 billion, 8.20 billion, and 9.10 billion yuan respectively, corresponding to P/E ratios of 19, 17, and 15 [4].