中国电力：来水偏丰业绩大增 期待绿电机制理顺

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company reported a significant increase in revenue and profit for the first half of 2024, driven by improved water inflow and lower coal prices [5] - The company is positioned as a flagship platform for the State Power Investment Corporation, benefiting from the group's high-quality asset support [6] - Current valuation is considered to be in a deep value range, with institutional investors showing increased interest in the company's shares [6] Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenue of 26.472 billion RMB, a year-on-year increase of 24.18%, and a profit attributable to equity holders of 2.802 billion RMB, up 51.5% [5] - The company announced a special dividend of 0.05 RMB per share, reflecting its strong financial performance [5] Operational Highlights - The company’s installed capacity reached 48.33 million kW by June 2024, with a 77.07% share of clean energy [5] - The company sold 64.3 billion kWh in the first half of 2024, with significant year-on-year increases in hydropower, wind, and solar energy sales [5] Valuation and Forecast - The report adjusts the company's net profit forecasts for 2024-2026 to 4.81 billion, 5.66 billion, and 6.41 billion RMB respectively, with corresponding PE ratios of 8, 7, and 6 [6] - The company commits to a dividend payout ratio of no less than 50% of net profit, resulting in a combined dividend yield of 7.7% when including the special dividend [6]