公用事业2024年三季度业绩前瞻：水电延续高增趋势 燃气顺价持续推进

Investment Rating - The report maintains a "Positive" outlook on the public utility sector [2][3] Core Views - The report highlights a sustained high growth trend in hydropower and ongoing price adjustments in gas, indicating a favorable environment for utility companies [2][3] - It emphasizes the expected improvement in electricity demand due to high temperatures in September, which is likely to boost thermal power generation [2] - The report notes that hydropower generation is experiencing both volume and price increases, with significant growth in provinces like Sichuan and Yunnan [2] - Nuclear power generation is facing short-term constraints due to increased maintenance but has long-term growth potential with accelerated approvals for new units [2] - The report discusses challenges in the green energy sector, particularly regarding the integration of renewable resources into the grid [2] - It mentions that the gas sector is benefiting from price adjustments, which are expected to enhance the profitability of city gas companies [2] Summary by Sections Thermal Power - In Q3 2024, coal prices slightly decreased year-on-year but remained stable quarter-on-quarter, with a notable increase in thermal power generation in regions like Jiangsu and Sichuan [2] - The average utilization hours for thermal power plants in the first eight months of 2024 were 2929 hours, a decrease of 70 hours year-on-year, but profitability is expected to improve [2] Hydropower - Hydropower generation is expected to continue its high growth trend, with utilization hours increasing by 376 hours year-on-year in the first eight months of 2024 [2] - Major hydropower companies like Changjiang Electric and Huaneng Hydropower reported significant year-on-year increases in generation [2] Nuclear Power - Nuclear power generation saw a decline of 2.74% in the first nine months of 2024 due to increased maintenance [2] - However, the approval of 11 new units in 2024 indicates strong long-term growth potential for nuclear power companies [2] Green Energy - The report notes that the integration of renewable energy sources faces challenges, particularly in western regions where resources are abundant but grid capacity is limited [2] - The report anticipates gradual improvement in the profitability of green energy as market reforms progress [2] Gas - The report highlights the positive impact of price adjustments on city gas companies, with several cities implementing price linkage mechanisms [2] - The profitability of gas companies is expected to improve as a result of these adjustments [2] Investment Recommendations - The report recommends several companies based on their expected EPS growth for 2024, including Shanghai Electric, Guodian Power, and Datang Power in the thermal sector, and Huaneng Water Power and Changjiang Electric in the hydropower sector [2][5][6][7]