皖能电力：控股机组盈利向好，投资收益增厚业绩

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 14 billion yuan for the first half of 2024, representing a year-on-year growth of 14.42%, and a net profit attributable to shareholders of 1.071 billion yuan, up 83.06% year-on-year [1][2]. - The profitability of the power generation business has improved, with a gross margin of 13.71%, an increase of 5.81 percentage points year-on-year [2]. - The company has ongoing projects in both thermal and renewable energy sectors, which are expected to contribute to future earnings growth [3]. Summary by Sections Financial Performance - The company achieved a revenue of 14 billion yuan in the first half of 2024, with a net profit of 1.071 billion yuan, marking significant growth compared to the previous year [1]. - The gross margin for the power generation business improved to 13.71%, reflecting better cost management and pricing stability [2]. Investment and Projects - The company has several ongoing projects, including a 2×45 MW natural gas peak-shaving project and multiple coal power projects, which are expected to be operational by the end of the year [3]. - In the renewable energy sector, the company is constructing solar and wind projects, contributing to its goal of 4 million kilowatts of renewable energy capacity by the end of the 14th Five-Year Plan [3]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is projected at 2 billion, 2.3 billion, and 2.5 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.7, 8.3, and 7.7 times [3].