电力行业2024年半年报综述：火电业绩有支撑，水电改善超预期

Investment Rating - The report maintains an "A" rating for the electricity sector, indicating a positive outlook for investment opportunities [2]. Core Insights - The electricity sector experienced robust growth in electricity consumption, with a total of 46,575 billion kWh in the first half of 2024, representing an 8.1% year-on-year increase. However, the growth rate slowed in the second quarter to 6.1% [10][11]. - The revenue for the electricity sector slightly decreased by 1.2% year-on-year in the first half of 2024, primarily due to pressure on the thermal power segment in the second quarter, which saw a revenue decline of 5.7% [14][18]. - Profitability improved overall, with a gross margin of 23.4% in the first half of 2024, up by 2.8 percentage points year-on-year, and a net profit growth of 22.2% [18][22]. Summary by Sections 1. Electricity Sector Overview - The electricity sector showed strong supply and demand dynamics, with high growth continuing into 2024. The total electricity consumption reached 46,575 billion kWh in the first half of 2024, marking an 8.1% increase year-on-year [10][11]. - The second quarter saw a total electricity consumption of 23,202 billion kWh, reflecting a 6.1% year-on-year growth, although this was a decrease of 3.7 percentage points compared to the first quarter [10][11]. 2. Thermal Power Segment - The thermal power segment's revenue decreased by 3.0% year-on-year in the first half of 2024, with a more significant decline of 9.5% in the second quarter due to improved water inflow affecting thermal power generation [22][24]. - Despite revenue pressures, the gross margin for the thermal power segment improved to 15.0%, up by 3.2 percentage points year-on-year, with net profit increasing by 48.3% [22][24]. 3. Hydropower Segment - The hydropower segment benefited from improved water inflow, with revenue growth of 10.9% in the first half of 2024 and 15.8% in the second quarter. The gross margin reached 47.9%, up by 3.6 percentage points year-on-year [22][24]. - The net profit for the hydropower segment grew by 26.3% in the first half of 2024, with a notable increase of 31.1% in the second quarter [22][24]. 4. Green Power Segment - The green power segment's revenue remained stable, with a slight increase of 0.1% in the first half of 2024, but a decline of 2.3% in the second quarter. The gross margin decreased to 43.5%, down by 2.1 percentage points year-on-year [4][22]. - Net profit for the green power segment fell by 6.2% in the first half of 2024, with a more significant decline of 13.9% in the second quarter [4][22]. 5. Investment Strategy - The report suggests that electricity demand growth will continue to outpace GDP growth, driven by new industrial developments and energy substitution trends. The thermal power segment is expected to recover gradually, while the hydropower segment is likely to maintain its positive momentum due to improved water conditions [4][22].