电力主业经营持续修复，一季度业绩维持高速增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's power generation business is expected to maintain steady growth due to stable electricity prices and robust demand, despite a slight decline in overall revenue due to the impact of the Chahasu coal mine's closure [4][5]. - The company reported a net profit of 1.785 billion yuan for Q1 2024, representing a year-on-year increase of 88.62%, driven by the recovery in thermal power performance and significant growth in investment income [3][5]. - The company has signed an agreement to sell the Chahasu coal mine, which will further reduce the negative impact on profits moving forward [4][5]. Summary by Sections Revenue and Profitability - In Q1 2024, the company achieved operating revenue of 45.555 billion yuan, a slight decrease of 0.13% year-on-year, while the net profit attributable to shareholders reached 1.785 billion yuan, up 88.62% year-on-year [3][4]. - The average on-grid electricity price was 0.45558 yuan/kWh, showing a minor decline of 1.62% year-on-year [4]. Power Generation Performance - The company completed a total on-grid electricity generation of 1006.90 billion kWh in Q1 2024, with thermal power contributing 860.23 billion kWh, a year-on-year increase of 4.24% [4]. - The growth in electricity generation was primarily driven by increased demand in regions such as Inner Mongolia, Anhui, and Fujian [4]. Cost and Investment - The coal supply and demand situation has eased, leading to a continued decline in coal prices, which is expected to enhance the profitability of the company's thermal power assets [5]. - The company reported investment income of 0.775 billion yuan in Q1 2024, a significant increase from a loss of 0.12 billion yuan in the same period last year [5]. Future Growth Potential - The company added 635,100 kW of new renewable energy capacity in Q1 2024, bringing the total installed capacity to 18.47 million kW [5]. - The company has a strong pipeline of renewable energy projects, with 16.74 million kW of construction indicators obtained in 2023 [5].