皖能电力：减值扰动Q3业绩，火电在建机组有望年内投产

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 7.73 yuan [6] Core Views - The company's Q3 revenue reached 8.54 billion yuan, a year-on-year increase of 7.07%, while net profit attributable to the parent company was 512 million yuan, a year-on-year decrease of 28.88% [1] - The company's gross margin improved by 1.7 percentage points year-on-year in Q3, reaching 12.41%, driven by stable electricity prices and increased power generation [2] - The company's investment income in Q3 was approximately 278 million yuan, contributing positively to its performance [3] - The company has several under-construction projects, including a 1×1000 MW coal-fired power project and a 2×660 MW coal-fired power project in Xinjiang, expected to be operational by the end of the year [4] - The company has also started construction on new energy projects, including an 800 MW photovoltaic project in Xinjiang and a 300 MW wind power project in Anhui [4] Financial Performance - The company's revenue for the first three quarters of 2024 was 22.541 billion yuan, a year-on-year increase of 11.52%, with net profit attributable to the parent company reaching 1.583 billion yuan, up 21.29% year-on-year [1] - The company's EBITDA for 2024 is forecasted to be 6.027 billion yuan, with net profit attributable to the parent company expected to reach 1.863 billion yuan [5] - The company's EPS for 2024 is projected to be 0.82 yuan, with a P/E ratio of 9.41x [5] Industry and Market Position - The company operates in the utilities/power industry, with a focus on both thermal and new energy power generation [6] - The company's long-term coal contracts account for 70%-75% of its total coal usage, providing cost advantages [2] - The company has a significant presence in Anhui province, with investments in local thermal power companies and new energy projects [3][4] Future Outlook - The company's new energy projects are expected to contribute significantly to its future performance, with a total planned capacity of 4,000 MW, slightly favoring photovoltaic over wind power [4] - The company's profitability is expected to improve further with the completion of its under-construction projects, which are set to be operational by the end of 2024 [4]