华能水电：蓄能限制短期业绩，多元扩张保障成长

Investment Rating - The report maintains a "Buy" rating for Huadian Power International Corporation (600025 SH) [3][4] Core Views - Despite a 5 63% YoY decline in hydropower generation in Q3 2024, the company's overall power generation decreased by only 4 59% due to rapid growth in wind and solar power generation [1] - The company plans to establish a joint venture with Huadian International to develop the Yuwang Phase II coal power and new energy integration project, which includes 2 000 MW of coal power and supporting new energy resources, with the company holding a 49% stake [1][6] - The company's Q3 2024 revenue decreased by 1 27% YoY, while net profit attributable to the parent company decreased by 7 37% YoY [3][7] Financial Performance - In Q3 2024, the company achieved a revenue of 7 537 billion yuan, a decrease of 1 27% YoY, and a net profit attributable to the parent company of 3 056 billion yuan, a decrease of 7 37% YoY [3][7] - For the first three quarters of 2024, the company achieved a revenue of 19 418 billion yuan, an increase of 7 05% YoY, and a net profit attributable to the parent company of 7 226 billion yuan, an increase of 7 78% YoY [5] - The company's EPS for 2024-2026 is expected to be 0 49 yuan, 0 55 yuan, and 0 61 yuan, respectively, with corresponding P/E ratios of 20 34x, 18 23x, and 16 39x [4] Power Generation - In Q3 2024, the company's hydropower generation was 38 468 billion kWh, a decrease of 5 63% YoY, while wind and solar power generation maintained rapid growth [1][7] - For the first three quarters of 2024, the company's hydropower generation was 83 056 billion kWh, an increase of 1 69% YoY, while wind power generation was 319 million kWh, an increase of 6 33% YoY, and solar power generation was 2 652 billion kWh, an increase of 201 02% YoY [5] Expansion and Growth - The company's Tuoba power station, with a total installed capacity of 1 400 MW, is expected to be fully operational by the end of 2024 [6] - The Yuwang Phase II coal power and new energy integration project is expected to support the company's performance growth during the "15th Five-Year Plan" period [1][6] Market and Valuation - The company's current stock price is 10 02 yuan, with a total market capitalization of 180 billion yuan [8] - The company's P/E ratio for 2024-2026 is expected to be 20 34x, 18 23x, and 16 39x, respectively, with a P/B ratio of 2 20x, 2 06x, and 1 93x [4][10]