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电力行业2024Q3业绩总结：行业较为低配，电力资产盈利稳定
Guolian Securities·2024-11-04 09:10

Investment Rating - The report maintains a rating of "Market Perform" for the electricity sector, indicating a stable outlook for electricity assets [3][8]. Core Insights - The electricity sector is currently underweight, with stable profitability for electricity assets. The sector's profit growth is among the highest, and it is considered to be in a low allocation phase [3][8]. - As of Q3 2024, the public utility sector's net profit growth rate was 8.79%, ranking 8th among 31 sectors [2][11]. - The demand for electricity remains strong, supporting the growth of various power sources and their installed capacity [11][15]. Summary by Sections 1. Sector Performance - The electricity and public utility sector increased by 11.13% as of October 30, 2024, which is 3.73 percentage points lower than the Shanghai and Shenzhen 300 index [2][8]. - The SW public utility fund's holding ratio was 2.33% as of Q3 2024, a decrease of 1.18 percentage points quarter-on-quarter but an increase of 0.56 percentage points year-on-year [11][12]. 2. Power Generation Insights - For Q1-Q3 2024, the SW thermal power sector generated revenue of 934.6 billion yuan, a year-on-year decrease of 1.17%, while net profit increased by 12.1% to 61.4 billion yuan [3][20]. - The installed capacity for wind power reached 480 GW, with a net profit of 16.7 billion yuan, down 5.26% year-on-year [3][18]. - The hydropower sector's revenue was 146.5 billion yuan, with a net profit increase of 22.6% year-on-year [3][18]. 3. Investment Recommendations - The report suggests focusing on electricity assets that demonstrate stable profitability and growth potential, particularly in the context of electricity market reforms [3][20]. - It highlights the potential for improved profitability in thermal power due to cost reductions and stable pricing mechanisms [3][20]. - For renewable energy, the report notes that consumption issues are gradually being resolved, and the value of renewable energy pricing is expected to become more prominent [3][20].