五大电力集团资产梳理之国家电投集团：证券化率偏低 体内清洁能源资产看点十足

Investment Rating - The report maintains a "Positive" investment rating for the utility and power sector, specifically focusing on the National Power Investment Corporation (国家电投集团) [3][41]. Core Insights - National Power Investment Corporation is the largest renewable energy generation company globally, with a rapid increase in installed capacity for new energy sources, reaching 120 million kilowatts by the end of 2023, accounting for over 50% of its total installed capacity [3][8]. - The corporation's asset securitization rate is notably low at 37.4%, indicating a significant portion of high-quality assets remain unlisted, particularly in hydro and nuclear power [3][13]. - The company has a diverse portfolio, including coal, hydro, nuclear, and renewable energy, with a total asset scale of 1.75 trillion yuan and total installed capacity of 237 million kilowatts [3][9]. Summary by Sections 1. Overview of National Power Investment Corporation - Established in May 2015, it is a major state-owned enterprise directly managed by the central government, covering all types of power generation [8]. - The corporation's business includes power generation, coal, aluminum, financial services, and emerging industries such as hydrogen energy and energy storage [3][8]. 2. Asset Analysis 2.1 Power Assets - The total installed capacity is 237 million kilowatts, with the breakdown being 34.8% thermal, 10.75% hydro, 21.43% wind, 29.14% solar, and 3.9% nuclear [19]. - The hydroelectric capacity ranks among the top ten globally, with significant unlisted assets, particularly in the Yellow River hydroelectric projects [21][24]. - The nuclear power segment includes 8 operational units and 6 under construction, totaling over 17 GW [27][29]. 2.2 Renewable Energy - The installed capacity for wind power is 50.89 million kilowatts, ranking second globally, while solar power capacity is 69.19 million kilowatts, ranking first [32]. - The compound annual growth rate for renewable energy capacity from 2017 to 2023 is 30% [32]. 2.3 Coal Assets - The corporation has coal production capacity of 86.3 million tons, primarily located in the Inner Mongolia region, with a significant portion sold internally to power generation units [33][34]. 2.4 Other Assets - The company has 285,000 tons/year of electrolytic aluminum capacity, with a securitization rate of approximately 30% [37]. - It is actively developing hydrogen energy and energy storage solutions, with significant investments in these sectors [38][39]. 3. Future Outlook - The report emphasizes the importance of asset integration to reduce the high debt ratio, which is currently among the highest in the industry at 68.75% [41][42]. - Potential investment opportunities are highlighted in subsidiaries such as China Power, Shanghai Electric, and Jilin Electric, which are expected to benefit from asset integration and market dynamics [41][42].