【私募调研记录】敦和资管调研皖能电力

Core Insights - Recent research by Dunhe Asset Management focused on the listed company Waneng Electric Power, highlighting stable operational data and a positive outlook due to a high proportion of long-term contracts and stable settlement prices [1] Group 1: Company Performance - Waneng Electric Power's operational data, including electricity generation, has shown a steady improvement compared to the first quarter, supported by a high percentage of long-term contracts [1] - During the peak summer period, the company has committed to fulfilling its social responsibilities by ensuring maximum output from its power generation units and effectively managing gas-fired power generation [1] - The cost of coal procurement in the second quarter has decreased significantly compared to the first quarter, with procurement categorized into long-term contracts, market agreements, and spot purchases [1] Group 2: New Energy Initiatives - The construction of new energy projects is progressing as planned, with a focus on the establishment of the compact fusion energy experimental device (BEST) [1] - The establishment of the company "Fusion New Energy" two years ago aligns with the growing support from the capital market and government for controllable nuclear fusion, with an expected capital increase to 14.5 billion yuan by June 2024 [1]