Investment Rating - The report maintains a "Positive" outlook on the public utility sector for Q3 2024 [4]. Core Insights - The report anticipates a decline in the performance of coal and green electricity sectors, while hydropower shows overall improvement but with regional disparities [4]. - Coal prices have remained stable month-on-month but have increased year-on-year, leading to expected declines in the thermal power sector's performance for Q3 [4]. - The hydropower sector benefits from improved water inflow, with significant increases in generation reported for major hydropower plants [4][7]. - Nuclear power performance is expected to remain stable, with differences in growth rates attributed to maintenance schedules [4][7]. - The report highlights strong investment in the power grid, with a notable increase in investment in electrical infrastructure [10][12]. Summary by Sections 1. Public Utility Sector Q3 Performance Outlook - The coal price has shown a month-on-month stability but a year-on-year increase, leading to a general decline in the thermal power sector's performance for Q3 [4][7]. - The hydropower sector is expected to perform well due to improved water conditions, although some companies like Huaneng Hydropower are forecasted to see declines due to less favorable water inflow [4][7]. - The nuclear power sector is projected to remain stable, with China Nuclear Power's generation down by 2.74% due to maintenance [4][7]. 2. Power Equipment Q3 Performance Outlook - Investment in the power grid has reached a historical high, with a 23.1% year-on-year increase in investment [10][12]. - The report predicts a slowdown in conventional power generation capacity additions, with a peak expected in late 2024 [12][13]. - Specific companies in the power equipment sector are expected to see varied performance, with some like Rigong Nengke showing growth while others like Dongfang Electric may experience slight declines [14][15]. 3. Distributed Photovoltaics Participation in Power Market - The new regulations for distributed photovoltaics are expected to significantly impact the market, emphasizing the need for participation in power trading [17][21]. - The report identifies potential growth areas in source-network-load-storage models and virtual power plants, recommending companies like Guoneng Rixin and Langxin Group for investment [21][22]. 4. Key Company Valuations - The report provides a valuation table for key companies in the public utility sector, indicating various ratings and expected earnings per share for 2024 [22].
公用事业2024年第41周周报：煤电绿电三季报预计回落 水电整体改善但有分化
Hua Yuan Zheng Quan·2024-10-13 23:31