电力：探寻电价系列：电改进程加速，关注煤电转向综合收益

Investment Rating - The report maintains an "Outperform" rating for the power sector, indicating a positive outlook compared to the broader market [4]. Core Insights - The revenue from coal power can be divided into three parts: energy revenue, capacity revenue, and ancillary service revenue. Energy revenue recovers fuel costs, capacity revenue recovers fixed costs, and ancillary service revenue reflects the adjustment value of coal power. With the implementation of long-term coal contracts, coal prices are expected to stabilize, leading to a gradual increase in capacity revenue and enhanced value from ancillary services. The report suggests focusing on companies such as Huaneng International, Baoneng New Energy, Waneng Power, and Zheneng Power [2][4]. Summary by Sections 1. Coal Power Pricing Mechanism: Gradual Marketization - The historical evolution of coal power pricing in China has been closely linked to economic development, transitioning from government-controlled pricing to a market-oriented approach. The current pricing mechanism allows for market-based adjustments, with coal power prices entering a comprehensive revenue phase [7][9]. 2. Three-Part Revenue Supporting Coal Power - The revenue structure for coal power has evolved from solely energy pricing to include capacity and ancillary service revenues. This transition is supported by policies aimed at enhancing the stability and profitability of coal power operations. The average capacity price for coal power is projected to be approximately 0.0245 yuan/kWh in 2024-2025, increasing to around 0.0386 yuan/kWh by 2026 [21][25][26]. 3. Investment Recommendations - The report emphasizes the importance of focusing on leading coal power companies that will benefit from the ongoing electricity market reforms. The suggested companies are expected to leverage their strong operational assets to achieve stable profits in the evolving market landscape [4][21].