国电电力：业绩稳健，水电和新能源潜力大

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company demonstrates stable performance with a significant potential in hydropower and renewable energy sectors [1][2] - The company is expected to benefit from the completion of ongoing projects, leading to sustained growth in performance [2][3] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 85.828 billion yuan, a year-on-year decrease of 3.22% - The net profit attributable to shareholders was 6.716 billion yuan, a year-on-year increase of 127.35% - The basic earnings per share (EPS) was 0.38 yuan, reflecting a year-on-year increase of 127.11% [1] - The company reported a weighted average return on assets of 12.85%, an increase of 6.45 percentage points year-on-year [1] Segment Performance - The net profit from the thermal power segment was 1.995 billion yuan, a year-on-year increase of 678 million yuan, primarily due to improved cost management - The hydropower segment reported a slight loss of 0.26 billion yuan, a year-on-year decrease of 517 million yuan, mainly due to impairment losses from ongoing projects [1] - The wind and solar segments generated a net profit of 1.199 billion yuan, a year-on-year decrease of 2.41%, impacted by wind conditions and pricing pressures [1] Capacity and Future Prospects - As of the end of Q2 2024, the company's total installed capacity reached 107.13 million kilowatts, with significant contributions from wind and solar energy [2] - The company has substantial ongoing projects in hydropower and renewable energy, with a total of 842.47 million kilowatts of new energy resources acquired in the first half of 2024 [2] - The expected completion of these projects is anticipated to enhance the company's performance significantly [2][3] Valuation Metrics - The projected EPS for 2024-2026 is 0.50, 0.53, and 0.57 yuan, respectively - Corresponding price-to-earnings (P/E) ratios for the same period are estimated at 10.9, 10.1, and 9.4 based on the closing price of 5.41 yuan on August 23 [3]