皖能电力（000543）：业绩符合预期新项目持续贡献增量

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with new projects continuously contributing incremental growth [5] - The company reported a revenue of 30.094 billion yuan for 2024, a year-on-year increase of 7.99%, and a net profit attributable to shareholders of 2.064 billion yuan, up 44.36% year-on-year [7] - The company is the largest thermal power operator in Anhui Province, with a projected 23.7% share of the province's controlled thermal power units by the end of 2024 [7] Financial Performance Summary - Revenue forecast for 2023 to 2027 shows a steady increase, with 2025 expected revenue at 30.516 billion yuan, a 1.40% growth year-on-year [6] - Net profit attributable to shareholders is projected to grow from 2.064 billion yuan in 2024 to 2.205 billion yuan in 2025, reflecting a 6.85% increase [6] - Earnings per share (EPS) is expected to rise from 0.91 yuan in 2024 to 0.97 yuan in 2025 [6] Operational Highlights - The company achieved a 23% increase in installed capacity by the end of 2024, with new projects contributing significantly to growth [7] - The average on-grid electricity price for 2024 is 449.1 yuan per megawatt-hour, a decrease of 6.5 yuan compared to 2023 [7] - The company plans to distribute a cash dividend of 0.319 yuan per share, totaling 7.23 billion yuan, which is 35.04% of the net profit [7]