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电力行业数据点评：1-9月风光新增装机200GW，电网投资高景气延续
Xiangcai Securities·2024-10-29 06:39

Investment Rating - The industry rating is "Overweight" (maintained) [7] Core Insights - The new installed capacity of wind and solar power maintained high growth, with a total of 200 GW added from January to September 2024, accounting for 82.45% of the total new installed capacity [2][9] - The power structure is continuously transitioning towards clean energy, with the combined share of wind and solar power reaching nearly 40% of the total installed capacity by the end of September 2024 [3][10] - Investment in the power grid increased by 21.1% year-on-year in the first nine months of 2024, indicating sustained high demand for grid infrastructure [4][15] - The report suggests a long-term stable growth in electricity consumption due to the ongoing transition to clean energy and the acceleration of electricity market reforms [5][18] Summary by Sections New Installed Capacity - From January to September 2024, the total new installed capacity of power generation reached 24,258 MW, a year-on-year increase of 7.18%. Among these, wind power added 3,912 MW (up 16.85%) and solar power added 16,088 MW (up 24.77%) [2][9] Power Structure Transition - As of September 2024, the total installed capacity of power plants reached 3.16 billion kW, with wind power at 480 million kW (up 19.8%) and solar power at 773 million kW (up 48.3%). The shares of different power sources are: hydropower 13.6%, thermal power 44.9%, nuclear power 1.8%, wind power 15.2%, and solar power 24.5% [3][10] Grid Investment - The total investment in power grid construction reached 398.2 billion yuan in the first nine months of 2024, reflecting a 21.1% increase year-on-year. This growth is driven by the need for enhanced reliability and integration of renewable energy sources [4][15] Investment Recommendations - The report recommends focusing on the recovery of thermal power performance and valuation, as well as stable and high-dividend water and nuclear leaders. It also highlights opportunities in the high-demand grid investment sector [5][18]