皖能电力：多因素拖累业绩，压力释放成长可期

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company reported a revenue of 22.54 billion yuan for the first three quarters of 2024, a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 1.583 billion yuan, up 21.29% year-on-year. However, the third quarter saw a decline in net profit by 28.88% year-on-year due to multiple factors including reduced investment income and asset impairment provisions [1][2]. - The company has ongoing construction projects that are expected to enhance growth potential, with 2.32 million kilowatts of coal power under construction, aiming for grid connection by the end of 2024 [2]. - The company is projected to achieve revenues of 31.85 billion yuan, 34.99 billion yuan, and 37.96 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.863 billion yuan, 2.297 billion yuan, and 2.543 billion yuan [2][4]. Financial Summary - For 2024, the expected revenue is 31.85 billion yuan, with a year-on-year growth rate of 14.3%. The net profit is projected to be 1.863 billion yuan, reflecting a growth rate of 30.3% [4][12]. - The earnings per share (EPS) for 2024 is estimated at 0.82 yuan, with a price-to-earnings (P/E) ratio of 9.4 [4][11]. - The company’s financial metrics indicate a continuous improvement in profitability, with a return on equity (ROE) projected at 9.2% for 2024 [4][11].