皖能电力：短期业绩波动，长期成长可期

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4]. Core Views - The company has shown short-term performance volatility but has strong long-term growth potential driven by increased power generation capacity and rising electricity demand in Anhui province [2][4]. - The company's revenue for the first nine months of 2024 reached 22.541 billion, a year-on-year increase of 11.52%, with a net profit of 1.583 billion, up 21.29% year-on-year [2]. - The report highlights that the company's power generation volume is expected to maintain a high growth rate due to new capacity coming online and strong demand within the province [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 8.540 billion in Q3, a year-on-year increase of 7.07% and a quarter-on-quarter increase of 21.72% [2]. - The net profit for Q3 was 512 million, down 28.88% year-on-year and 17.15% quarter-on-quarter, primarily due to asset impairment provisions and reduced investment income [2]. - The company reported a basic EPS of 0.6982 yuan per share for the first nine months of 2024, reflecting a year-on-year increase of 21.30% [2]. Future Earnings Estimates - The company is projected to have EPS of 0.83, 0.99, and 1.06 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9.4, 7.9, and 7.3 times based on the closing price of 7.75 yuan on November 4 [4].