HDPI(600027) 华源证券·2024-08-28 02:03Investment Rating - The report maintains an "Outperform" rating for the company [1][2] Core Views - The company's net profit for the first half of 2024 reached 3.223 billion yuan, a year-on-year increase of 24.84%, while the net profit attributable to the parent company, excluding non-recurring gains and losses, was 3.310 billion yuan, up 43.31% year-on-year [1] - The decline in thermal power generation and slight decrease in electricity prices were expected, while the drop in coal prices contributed to profit improvement [1] - The company plans to acquire approximately 16GW of thermal power capacity, which will help expand its business footprint and diversify its operational regions [2] Summary by Sections Financial Performance - The company achieved a total power generation of 101.3 billion kWh in the first half of 2024, a decrease of 5.85% year-on-year, and total electricity sales of 94.7 billion kWh, down 5.97% year-on-year [1] - The average on-grid electricity price, including capacity fees, was 509.94 yuan per MWh, a year-on-year decrease of 3.25% [1] - Total fuel costs decreased by 15.43% year-on-year, leading to a unit fuel cost reduction of approximately 10% [1] Investment Income - The company reported investment income of 2.219 billion yuan in the first half of 2024, slightly down from 2.284 billion yuan in the same period of 2023, primarily due to a significant decline in the performance of coal mine investments [1] - Investment income from Huadian New Energy increased to 1.934 billion yuan, up 1.23 billion yuan year-on-year, aligning with expectations [1] Future Outlook - The report forecasts the company's net profit attributable to the parent company for 2024-2026 to be 5.877 billion, 6.890 billion, and 7.382 billion yuan respectively [2] - The current stock price corresponds to a PE ratio of 11, 9, and 9 for the years 2024, 2025, and 2026, indicating potential for stable earnings growth [2]