环保与公用事业周报：8月全社会用电量同比+8.9%，居民用电量大幅提升
Tebon Securities·2024-09-22 10:03

Investment Rating - The report maintains an "Outperform" rating for the utility sector [2] Core Views - The report highlights a significant increase in electricity consumption, with a year-on-year growth of 8.9% in August, driven primarily by a 23.7% increase in residential electricity usage due to extreme high temperatures [5][6][50] - The report emphasizes the ongoing transition towards low-carbon energy structures, with continued rapid growth in wind and solar installations, and the development of energy storage and hydrogen energy [7] Summary by Sections Market Performance - The utility sector index rose by 0.6% while the environmental sector index fell by 0.1% [5][24] - Within the utility sector, thermal power saw a notable increase of 3.6% [5] Industry Dynamics - The Ministry of Ecology and Environment released measures to support the development of the private economy, focusing on green development and enhancing environmental standards [5][52] - In August, total electricity consumption reached 964.9 billion kWh, with significant contributions from the tertiary sector, which grew by 11.2% [6][47] - The report recommends key companies in the environmental sector such as Xuedilong and Anhui Instrument Technology, and in the waste incineration sector, companies like China Tianying and Wangneng Environment [5] Investment Recommendations - The report suggests actively seizing investment opportunities in the energy-saving and environmental protection sectors, particularly in companies like Guolin Technology and Beijiete [6][7] - It also highlights the importance of the "14th Five-Year Plan" in driving high demand for energy efficiency and resource recycling [6] Company Performance - The report lists several companies with strong performance metrics, including Wangneng Environment and Zhongtai Co., with respective EPS forecasts for 2023 and 2024 [8] - It notes that the electricity consumption growth in August was primarily due to increased residential usage, which significantly outpaced other sectors [50][51]