福能股份：风火双轮携手增长，业绩表现展望积极

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company is expected to see significant growth in its performance in the second quarter, driven by improvements in both wind and thermal power generation. The wind power generation reached 1.15 billion kWh in Q2, marking a year-on-year increase of 19.87% [4][5]. - The decline in coal prices has alleviated cost pressures for thermal power, leading to improved profitability. The company’s thermal power generation in Q2 was 4.67 billion kWh, a slight decrease of 0.35% year-on-year, but the performance of combined heat and power generation was strong, with a year-on-year increase of 7.60% [5]. - The company has introduced a shareholder return plan, indicating potential for increased dividends in the future [5]. Summary by Sections Event Description - The company reported its operational data for the first half of 2024, with total power generation of 5.833 billion kWh, a year-on-year increase of 3.12%. The heat supply reached 2.8466 million tons, up 11.88% year-on-year [4]. Event Commentary - Wind power generation has significantly improved due to favorable wind conditions, with Q2 wind power generation at 1.15 billion kWh, up 19.87% year-on-year. The company has not added new wind capacity recently, but the stable pricing in Fujian is expected to support higher growth in renewable energy performance compared to wind generation [4][5]. - The steady decline in coal prices has reduced cost pressures, with the average price of coal at Qinhuangdao Port being 848.45 RMB/ton, down 65.96 RMB/ton year-on-year. This has allowed the company to maintain strong profitability in thermal power generation [5]. - The company plans to transfer 2.15763 billion kWh of gas power generation at a price of 0.3906 RMB/kWh to other local power generation companies, which is expected to enhance profitability [5]. Investment Recommendations and Valuation - Based on the latest operational data, the company’s earnings per share (EPS) forecasts for 2024-2026 are adjusted to 1.18 RMB, 1.27 RMB, and 1.40 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 9.89x, 9.18x, and 8.36x. The "Buy" rating is maintained [5].