Changjiang Securities·2024-07-15 08:31Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is expected to achieve a profit attributable to equity holders of between 2.68 billion and 2.87 billion yuan for the first half of 2024, representing a year-on-year growth of 45% to 55% [5][6]. - The performance of the clean energy sector has significantly improved due to high hydropower generation and the injection of new energy assets, while thermal power generation remains stable despite the impact of increased hydropower [5][6]. - The company has set a strategic goal for clean energy generation to exceed 90% by 2025, indicating a strong growth trajectory in the clean energy sector [6]. Summary by Sections Financial Performance - From January to May, the total electricity sales reached 52.445 billion kWh, a year-on-year increase of 32.7%. Hydropower sales were 8.035 billion kWh, up 85.2%, while wind and solar power sales increased by 52.62% and 92.86%, respectively [5][6]. - The average price of thermal coal has decreased by 14.4% year-on-year, leading to a significant release of cost pressure for the thermal power segment [5][6]. Future Outlook - The company aims to add over 38 million kW of clean energy capacity by 2025, following the acquisition of 9.2683 million kW of new energy assets in the first half of 2023 [6]. - The report forecasts earnings of 5.004 billion, 6.046 billion, and 7.157 billion yuan for 2024 to 2026, with corresponding EPS of 0.40, 0.49, and 0.58 yuan, and PE ratios of 8.66, 7.16, and 6.05, respectively [6].