长江电力：水力丰盈，业绩稳健

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.58 yuan per share [1][3] Core Views - The company reported strong Q3 2024 results, with revenue of 66.331 billion yuan, up 14.65% YoY, and net profit of 28.025 billion yuan, up 30.2% YoY [1] - Hydropower generation increased significantly due to favorable water conditions, with total power generation from six cascade power stations reaching 235.814 billion kWh, up 15.97% YoY [1] - The company's pumped storage business has clear returns, and its overseas operations are developing steadily, with the completion of the Sapphire wind power project in Peru [1] Financial Performance - For Q3 2024, the company achieved revenue of 31.522 billion yuan, up 17.27% YoY, and net profit of 16.663 billion yuan, up 31.81% YoY [1] - The company's EPS for 2024-2026 is forecasted to be 1.35, 1.43, and 1.55 yuan per share, respectively, with corresponding P/E ratios of 20.4x, 19.2x, and 17.8x [1] - Revenue growth for 2024-2026 is expected to be 9%, 2%, and 2%, respectively, while net profit growth is projected at 21%, 6%, and 8% [2] Hydropower Operations - The upstream Wudongde reservoir received 88.852 billion cubic meters of water, 12.56% higher than the same period last year, while the downstream Three Gorges reservoir received 313.110 billion cubic meters, up 20.26% YoY [1] - The Baihetan reservoir completed its 2024 water storage task, with a total storage of 3.139 billion cubic meters, and generated 24.442 billion kWh in Q3, up 15.46% YoY [1] Business Development - The company's pumped storage business is expected to participate in medium- and long-term power trading, spot market trading, and auxiliary service markets, ensuring stable returns [1] - Overseas operations are progressing well, with the completion of the Sapphire wind power project in Peru, strengthening the company's power generation, distribution, and sales chain in the region [1] Valuation and Forecast - The company's revenue for 2024-2026 is forecasted to be 85.106 billion yuan, 86.4 billion yuan, and 88.559 billion yuan, respectively, with net profit of 33.035 billion yuan, 35.098 billion yuan, and 37.810 billion yuan [1] - The company's P/E ratio for 2024-2026 is expected to be 20.4x, 19.2x, and 17.8x, respectively, with a P/B ratio of 3.1x, 3.0x, and 2.8x [2]