皖能电力：电量增、成本降，业绩高效兑现-20250425

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] - 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 see continued growth in net profit, with projections of 2.425 billion RMB, 2.459 billion RMB, and 2.461 billion RMB for 2025, 2026, and 2027 respectively [4] Summary by Sections Revenue and Profit Growth - The company’s power generation volume increased by 17.3% year-on-year in 2024, driven by new capacity coming online and a robust demand for electricity in Anhui, which grew at 11.9%, exceeding the national average by 5.1 percentage points [2] - The company’s revenue from power generation also rose by 16.1% year-on-year [2] Cost and Profitability - The average market coal price decreased by 11.4% to 856 RMB per ton in 2024, improving the profitability of thermal power generation [3] - The company’s gross margin for its power generation business improved to 13.9%, an increase of 6.2 percentage points year-on-year [3] Investment and Future Prospects - The company’s investments in joint ventures contributed significantly to its profits, with investment income from associates and joint ventures reaching 1.22 billion RMB, accounting for 35.4% of total profit [3] - The company has ongoing projects that are expected to contribute to future earnings, including the second phase of the Qianyingzi project and several renewable energy projects [3] Financial Projections - The company is projected to have earnings per share (EPS) of 1.07 RMB, 1.09 RMB, and 1.09 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 7.25, 7.14, and 7.14 [4]