公用事业行业2024年中报总结：水火互济稳定盈利中枢，分红电改促公用事业化

Industry Investment Rating - The investment rating for the utility sector is "Buy" [2] Core Viewpoints - The utility sector is experiencing stable profitability and an increase in mid-term dividends, indicating a trend towards utility-ization. In H1 2024, the sector achieved revenue of 977.2 billion yuan, a slight decrease of 0.4% year-on-year, while net profit attributable to shareholders reached 110.1 billion yuan, reflecting a significant increase of 19.6% [2][13][14] - The performance of thermal power and hydropower has improved, with thermal power profits increasing significantly despite a decrease in generation volume. The hydropower sector has also benefited from improved water conditions, leading to a notable increase in profits [2][23][61] - The number of companies implementing mid-term dividends has doubled from five to ten, with total cash dividends amounting to 6.36 billion yuan, an increase of 83.8% compared to the previous year [2][35] Summary by Sections 1. Sector Performance - The utility sector's revenue in H1 2024 was 977.2 billion yuan, with a net profit of 110.1 billion yuan, marking a year-on-year increase of 19.6% [2][13] - The thermal power sector saw a profit increase of 42.4% in H1 2024, driven by lower coal prices and improved capacity pricing [2][23][37] - The hydropower sector's net profit increased by 22.6% in H1 2024, supported by favorable water conditions [2][61] 2. Thermal Power - The thermal power sector's net assets have been steadily recovering, with significant profit improvements observed in H1 2024 [2][37] - The implementation of capacity pricing and auxiliary services has contributed to the stability of thermal power profits [2][49] 3. Hydropower - The hydropower sector's performance improved significantly due to better water conditions, with a 22.6% increase in net profit in H1 2024 [2][61] - The sector is expected to continue benefiting from improved water levels and increased generation capacity [2][72] 4. Nuclear Power - Nuclear power remains a stable growth area, with net profit performance being steady despite an increase in maintenance activities [2][85] - The marketization of nuclear power is increasing, with a slight decline in market prices expected in 2024 [2][88] 5. Green Energy - The green energy sector faced challenges in H1 2024, with a 9.1% decline in net profit due to resource variability and declining electricity prices [2][95] - Despite these challenges, the sector continues to see growth in installed capacity, with significant increases in wind and solar energy generation [2][97] 6. Gas Sector - The gas sector's revenue remained stable, with a slight increase in net profit of 15.2% in H1 2024, driven by improved margins [2][102] - The adjustment of gas prices in various regions is expected to enhance profitability for gas companies [2][106] 7. Investment Recommendations - Focus on hydropower's expected performance and the advancement of auxiliary services in the thermal power sector. Recommended stocks include Huadian International, Zhejiang Energy, and Huaneng International [2][109]