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公用事业行业周报：前9月电力及热力行业利润总额同比+13.8%，上海启动百万千瓦级深远海海上风电示范项目
INDUSTRIAL SECURITIES·2024-11-06 17:02

Investment Rating - The report maintains a "Buy" recommendation for the power sector and gas industry, highlighting stable performance and growth potential [3]. Core Insights - The power and heat industry saw a profit increase of 13.8% year-on-year in the first nine months of 2024, indicating strong sector performance [3][29]. - The total electricity consumption in China for January to September 2024 was 740.94 billion kWh, reflecting a year-on-year growth of 7.9% [29][32]. - The report emphasizes the importance of long-term contracts in stabilizing returns on equity (ROE) for thermal power companies, suggesting a favorable outlook for companies like Zhejiang Energy and Anhui Energy [29]. Summary by Sections 1. Power Sector Data Tracking - As of November 1, 2024, the market price for thermal coal (Q5500) was 865 CNY/ton, unchanged from October 25, 2024 [8]. - The inventory of thermal coal at Qinhuangdao Port was 5.97 million tons, showing a week-on-week increase of 4.6% [8]. - The average utilization hours for thermal power equipment in the first nine months of 2024 were 3,305 hours, a decrease of 39 hours compared to the previous year [16]. 2. Gas Sector Data Tracking - As of November 1, 2024, the average ex-factory price for domestic gas was 4,474 CNY/ton, down 4.54% from October 25, 2024 [32]. - The average ex-factory price for imported LNG was 5,257 CNY/ton, reflecting a decrease of 2.61% [32]. 3. Industry News - The Shanghai government has initiated a demonstration project for deep-sea offshore wind power with a capacity of one million kilowatts [3]. - The report notes that the utilization rate for wind power in September 2024 was 96.8%, a slight decrease of 0.5 percentage points year-on-year [3]. 4. Company Announcements - Huadian International reported a year-on-year increase of 14.63% in net profit attributable to shareholders for the first three quarters of 2024 [4]. - Sheneng Co. also reported a significant profit increase of 31.05% year-on-year for the same period [4].