公用事业2024年第44周周报：大能源行业三季报业绩回顾

Investment Rating - The investment rating for the utility sector is maintained as "Positive" [2] Core Insights - Wind power performance improved in Q3, while photovoltaic companies continued to see revenue growth without profit increase [1][14] - Hydropower faced a decline in water resources in Q3, but large reservoirs maintained stable energy output [2][14] - Nuclear power performance showed significant differentiation due to maintenance schedules affecting revenue and profit [2][14] - Thermal power operations exceeded expectations, with stable coal and electricity prices contributing to profit recovery [3][14] - The coal industry is experiencing increasing differentiation, with larger companies showing stronger performance [5][6] - Natural gas consumption increased by 9.9% year-on-year, supporting stable earnings for gas companies [7][14] - The power equipment sector is witnessing a rebound in profitability, particularly in primary equipment [8][9] Summary by Sections Wind Power - Q3 saw an improvement in wind resources, leading to a recovery in performance for wind power companies, especially in coastal areas [1][16] - Despite a decline in overall revenue and profit for wind operators in the first three quarters, Q3 showed signs of recovery due to favorable wind conditions in September [16][17] - Offshore wind operators experienced varied profit growth, with some companies facing declines due to other business impacts [19][20] Hydropower - Q3 experienced a significant reduction in water resources, but companies with large reservoirs managed to stabilize their output [2][14] - The overall hydropower sector's performance is expected to stabilize due to sufficient reservoir capacity [2][14] Nuclear Power - Q3 performance varied significantly among nuclear power companies, primarily due to differing maintenance schedules [2][14] - The financial health of nuclear companies is improving, with decreasing costs and increasing cash flow expected in the coming years [2][14] Thermal Power - Thermal power companies reported better-than-expected operational results, with stable coal prices contributing to profit recovery [3][14] - The sector is focusing on upcoming electricity price negotiations, with a positive outlook for certain regional operators [4][14] Coal Industry - The coal sector is seeing a clear differentiation in performance, with larger companies like China Shenhua showing stronger stability and profitability [5][6] - The focus is shifting from overall supply-demand dynamics to individual company performance and stability [5][6] Natural Gas - Natural gas consumption has been steadily increasing, supporting the earnings of major gas companies [7][14] - The performance of gas companies varies significantly based on regional pricing policies and demand fluctuations [7][14] Power Equipment - The power equipment sector is experiencing a rebound in profitability, particularly in primary equipment manufacturers [8][9] - Investment in the power grid is increasing, which is expected to further enhance the performance of related companies [8][9]