电力指数全年上涨13.80% 电力板块持续稳健向上

Core Insights - The energy sector shows strong fundamentals, resilience, and potential for growth as indicated by the 2024 annual reports and Q1 2025 disclosures [1] Industry Overview - The overall revenue for the electricity sector in 2024 reached 1.8256 trillion yuan, with a net profit of 166.23 billion yuan, reflecting significant improvement in profitability [1] - The electricity index increased by 13.80% from the beginning of the year, with hydropower showing relatively strong performance compared to other sub-sectors [3] - The demand for electricity is expected to grow by approximately 6% in 2025, driven by factors such as AI computing power and electric vehicle adoption [9] Company Performance - Huaneng International topped the revenue rankings in the electricity sector with total revenue of 245.55 billion yuan, despite a slight decrease of 3.48% year-on-year [3][4] - Longjiang Electric, a leading hydropower company, reported a revenue of 84.49 billion yuan in 2024, up 8.12%, and a net profit of 32.50 billion yuan, up 19.28% [5] - China General Nuclear Power achieved total revenue of 86.80 billion yuan, a year-on-year increase of 5.16%, with net profit growth of 0.83% [6][7] Market Trends - The electricity sector is expected to maintain a steady growth trajectory, supported by ongoing energy structure transformation and market reforms [9][10] - The construction of a unified national electricity market is progressing, with a significant increase in market participants, enhancing resource allocation efficiency [9] - The fire power sector is anticipated to continue its strong recovery due to low coal prices, while hydropower may face challenges from reduced rainfall [10][11] Strategic Outlook - The ongoing market reforms and the push for carbon neutrality are expected to reshape the valuation of electricity operators, with potential for improved operating environments for thermal power [11] - Mergers and acquisitions within the electricity sector are anticipated to enhance the resilience and valuation of state-owned enterprises [11]