皖能电力：基本面经营稳定，减值影响短期业绩

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's fundamentals are stable, with short-term performance impacted by impairment losses. For the first three quarters of 2024, the company achieved revenue of 22.541 billion yuan, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 1.583 billion yuan, up 21.3% year-on-year. However, in Q3, revenue was 8.54 billion yuan, a year-on-year increase of 7.1%, while net profit dropped by 28.9% [3][4]. Summary by Sections Revenue and Profitability - The increase in revenue is primarily driven by higher electricity generation, with a 13.7% increase in electricity consumption in Anhui province during July-August 2024, outpacing the national average by 6.4 percentage points. The company has also added new capacity with the commissioning of coal and gas power plants [4]. Future Outlook - The company expects stable performance in its thermal power business, with anticipated increases in electricity demand in Anhui province and new projects expected to come online by the end of 2024. The company forecasts net profits of 1.92 billion yuan, 2.44 billion yuan, and 2.72 billion yuan for 2024-2026, with corresponding EPS of 0.85, 1.08, and 1.20 yuan, leading to PE ratios of 10.1, 8.0, and 7.2 times respectively [4]. Cost and Pricing Dynamics - The average market coal price has decreased by 10.1% year-on-year in the first three quarters of 2024, and it is expected to continue to decline. The company anticipates stable electricity prices due to a tight supply-demand balance in the region [4].