公用事业经营洞察：水火相济，稳固盈利

Investment Rating - The report assigns a "Neutral" investment rating to the public utility sector [2]. Core Insights - The public utility sector has shown stable profitability, with 32 central enterprises achieving a total profit of 115.79 billion yuan in the first half of 2024, reflecting a year-on-year increase [1][4]. - The public utility index rose by 11.76% in the first half of 2024, outperforming the Shanghai and Shenzhen 300 index by 10.87 percentage points [3][4]. - The overall revenue for the public utility sector decreased slightly by 1.74% year-on-year, while net profit attributable to shareholders increased by 17.47% [4]. Summary by Sections Market Performance - In the first half of 2024, 20 out of 32 central enterprises in the public utility sector saw their stock prices rise, while 12 experienced declines [1][3]. Financial Analysis - The public utility sector's total operating revenue was 1,086.05 billion yuan, with a slight decline, but net profit attributable to shareholders reached 107.04 billion yuan, marking a significant increase [4]. - The sector's asset-liability ratio slightly increased, but the overall asset-liability structure remained stable [4]. Subsector Performance - Thermal and hydropower sectors experienced slight revenue declines but maintained profit growth. The gas sector showed revenue and profit growth, while the solar and wind sectors faced profit declines due to reduced utilization hours [4][5][8]. - The nuclear power sector is expected to maintain stable performance with a consistent approval pace for new units [8]. Company Performance - Among 133 listed companies in the public utility sector, 116 were profitable, with 78 companies reporting year-on-year profit growth [5][7]. - Central enterprises in the public utility sector showed improved profitability, with a year-on-year increase in total profits and net asset return [7][8].