福能股份：公司盈利能力向好，在手能源项目丰富

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [7][15]. Core Views - The company's profitability is improving, supported by a rich portfolio of energy projects and a significant increase in net profit [1][3]. - The company has achieved a revenue of 6.665 billion yuan in the first half of 2024, representing a year-on-year growth of 4.57%, and a net profit attributable to shareholders of 1.188 billion yuan, up 27.12% year-on-year [1][3]. - The company has a strong project pipeline, including approvals for various energy projects, which is expected to further enhance profitability [4]. Financial Performance - The total power generation in the first half of the year reached 111.59 billion kWh, a year-on-year increase of 2.76%, with significant contributions from wind and thermal power [2]. - The gross profit margin for the first half of 2024 was 23.43%, an increase of 4.38 percentage points year-on-year, attributed to lower coal prices and increased revenue from alternative energy sources [3]. - The net profit margin improved to 21.72%, reflecting a year-on-year increase of 4.13 percentage points [3]. Project Development - The company has a diverse range of energy projects, including storage, thermal, wind, solar, and nuclear power, with ongoing efforts to secure additional project opportunities [4]. - The recently approved Chang Le offshore wind farm project has a capacity of up to 656 MW and a total investment of 6.588 billion yuan, which is expected to contribute positively to future profits [4]. Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2024-2026 is projected to be 2.9 billion, 3.3 billion, and 3.8 billion yuan, respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 times [5].