龙源电力：电量回升助力业绩修复，火电资产逐步剥离

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in Q3 exceeded expectations, driven by improved electricity generation due to favorable wind conditions, with a significant recovery anticipated for the full year if the trend continues [1][3] - The company has successfully divested from thermal power assets, with investment income for the first three quarters reaching 674 million, a year-on-year increase of 6316.47%, primarily from the disposal of equity in Jiangyin Sulong Thermal Power [3] - The company is positioned as a leader in the green energy sector, with a strong focus on wind and solar power, and is expected to benefit from the injection of additional renewable energy assets from its controlling shareholder [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 26.35 billion, a year-on-year decline of 6.39%, and a net profit attributable to shareholders of 5.475 billion, down 10.61% [1] - In Q3 alone, revenue was 7.467 billion, a decrease of 9.87%, while net profit attributable to shareholders increased by 41.58% to 1.648 billion [1] - The company's electricity generation in Q3 increased by 6.39% year-on-year, showing a significant recovery compared to Q2 [1] Market Position and Future Outlook - The company has a dominant position in wind power, with a total installed capacity of 28.38 GW in wind energy and 7.97 GW in other renewable sources as of September 2024 [3] - The controlling shareholder has approximately 40 GW of unlisted renewable energy assets, which are expected to be injected into the company, enhancing its market position [3] - The company is projected to achieve net profits of 5.934 billion, 6.853 billion, and 7.310 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9, 8, and 7 [3][5]