皖能电力：2024年半年报点评：业绩表现亮眼，新机组投产放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in its 2024 semi-annual report, achieving revenue of 14.0 billion yuan, a year-on-year increase of 14.4%, and a net profit attributable to shareholders of 1.07 billion yuan, up 83.1% year-on-year [1] - The company's power generation volume reached 28.5 billion kWh, a significant increase of 34% year-on-year, driven by regional advantages and the commissioning of new units [1] - The low coal prices have enhanced the company's profitability, with a gross margin of 13.71% in the first half of 2024, an increase of 5.81 percentage points year-on-year [1] - The company is expected to see a peak in thermal power unit commissioning in the second half of the year, with significant new capacity coming online [1] - The company is projected to have net profits of 1.94 billion yuan, 2.30 billion yuan, and 2.49 billion yuan for 2024-2026, corresponding to PE ratios of 10.4, 8.8, and 8.1 times respectively [1] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 14.0 billion yuan, a 14.4% increase year-on-year, and a net profit of 1.07 billion yuan, an 83.1% increase year-on-year [1] - The investment income reached 690 million yuan, up 25.5% year-on-year [1] Power Generation - The company generated 28.5 billion kWh of electricity in the first half of 2024, a 34% increase year-on-year [1] - The commissioning of new power plants in Xinjiang and within the province is expected to drive further growth in power generation [1] Cost and Profitability - The company's gross margin for its power generation business was 13.71%, reflecting a significant improvement due to lower coal prices [1] - The average price of Qinhuangdao thermal coal was 914 yuan/ton and 858 yuan/ton in Q1 and Q2 of 2024, respectively, down 20.7% and 8.3% year-on-year [1] Future Outlook - The company has 2.32 million kW of thermal power capacity under construction, with new projects expected to come online by the end of 2024 [1] - The company is positioned as a leading thermal power enterprise in Anhui province, with high growth potential due to favorable coal prices and new capacity [1]