皖能电力：安徽用电需求旺盛，装机高增成长可期

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company reported a revenue of 14.001 billion yuan for H1 2024, representing a year-on-year increase of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, up 83.06% year-on-year [2][6] - The electricity demand in Anhui province is strong, with a power consumption growth rate of 13.3% in H1 2024, surpassing the national average [6] - The company is expanding its installed capacity through new projects, which is expected to drive continuous performance improvement [6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 14.001 billion yuan, with a net profit of 1.071 billion yuan, showing significant growth compared to the previous year [2][6] - For Q2 2024, the revenue was 7.016 billion yuan, with a net profit of 618 million yuan, reflecting year-on-year increases of 16.46% and 44.46% respectively [2][6] Business Expansion - The company has seen a 25.7% year-on-year increase in revenue from its main electricity business, totaling 11.148 billion yuan in H1 2024, primarily due to new power generation units coming online [6] - New projects include the Jiangbu Power Plant (2×660MW) and gas-fired units (2×450MW) that were commissioned in H1 2024 [6] - The company is also investing in coal power joint ventures, with investment income from these partnerships reaching 581 million yuan in H1 2024, an increase of 1.4 million yuan year-on-year [6] Market Position and Outlook - The company benefits from a favorable location in Anhui, where the GDP growth rate was 5.3% in H1 2024, higher than the national average [6] - The company is positioned as a platform for power asset integration, with expectations for continued asset injections from its controlling shareholder, Waneng Group [6] - Revenue projections for 2024-2026 are 28.93 billion yuan, 32.918 billion yuan, and 33.074 billion yuan, with corresponding net profits of 1.986 billion yuan, 2.369 billion yuan, and 2.437 billion yuan, indicating strong growth potential [6][7]