国电电力：火水经营情况向好，减值扰动业绩

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [6][13]. Core Insights - The company reported a revenue of 858.28 billion yuan for the first half of 2024, a year-on-year decrease of 3.22%, while the net profit attributable to shareholders increased by 127% to 67.16 billion yuan [1]. - The coal power segment showed improved profitability with a net profit of 51.42 billion yuan, up 39.39% year-on-year, and a net profit per kilowatt-hour of approximately 0.03 yuan [2]. - The hydropower segment faced challenges due to asset impairment, reporting a net loss of 0.26 billion yuan, but excluding the impairment, the profit would have been 8.16 billion yuan, a 66.19% increase [3]. - The renewable energy segment added 1.8 GW of new capacity, contributing a net profit of 12 billion yuan, although this was a decline of 16.74% year-on-year [4]. - The company adjusted its profit forecasts, projecting net profits of 111 billion yuan, 90 billion yuan, and 110 billion yuan for 2024-2026, with corresponding P/E ratios of 9, 11, and 9 [4]. Financial Summary - The company achieved a total revenue of 180,998.88 million yuan in 2023, with a projected slight increase to 183,232.32 million yuan in 2024 [5]. - The net profit attributable to shareholders is expected to rise significantly from 5,608.59 million yuan in 2023 to 11,138.65 million yuan in 2024, reflecting a growth rate of 98.60% [5]. - The company's earnings per share (EPS) is projected to increase from 0.31 yuan in 2023 to 0.62 yuan in 2024 [5]. - The company’s total assets are expected to grow from 457,899.35 million yuan in 2023 to 489,577.34 million yuan in 2024 [9].