皖能电力（000543）：电量增、成本降，业绩高效兑现

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 30.094 billion RMB in 2024, representing a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 2.064 billion RMB, up 44.36% year-on-year [1][4] - The company plans a cash dividend of 0.319 RMB per share for 2024, which is a 44.3% increase compared to the previous year, resulting in a current dividend yield of 4.1% [1] - The company is expected to continue its growth trajectory with projected net profits of 2.425 billion RMB, 2.459 billion RMB, and 2.461 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.07, 1.09, and 1.09 RMB [4] Summary by Sections Revenue and Profitability - In 2024, the company’s electricity generation increased by 17.3% year-on-year, driven by new capacity coming online and a robust demand growth in Anhui province, which saw an electricity consumption growth rate of 11.9%, exceeding the national average by 5.1 percentage points [2] - The average selling price of electricity was 0.449 RMB/kWh, slightly down by 1.4% but still maintaining a premium of approximately 16.8% over the benchmark price [2] Cost Structure and Coal Prices - The average market coal price decreased by 11.4% to 856 RMB/ton in 2024, while the long-term contract coal price also fell by 1.8% to 701 RMB/ton, leading to an improvement in the company's profitability [3] - The company’s power generation business gross margin improved to 13.9%, an increase of 6.2 percentage points year-on-year, due to a favorable coal cost structure where long-term contracts account for about 75% of coal usage [3] Investment and Future Outlook - The company’s investments in joint ventures and associates contributed significantly to profits, with investment income from these entities reaching 1.22 billion RMB in 2024, accounting for 35.4% of total profit [3] - The company is expected to see continued growth from new projects, including the commissioning of additional power generation units and the expansion of renewable energy projects [2][4]