公用事业行业十月行业动态报告：24Q3火水核内部分化，绿电边际改善

Investment Rating - The report maintains a "Recommended" rating for the public utility sector [2]. Core Insights - The electricity industry experienced a year-on-year profit growth in Q3 2024, with significant contributions from hydropower and green energy [2][41]. - In Q3 2024, the electricity sector achieved a net profit of 55.38 billion yuan, a year-on-year increase of 1.9%, while the total net profit for the first three quarters reached 142.87 billion yuan, up 12.9% [2][41]. - The performance of thermal power showed regional disparities, with a year-on-year revenue increase of 0.8% but a net profit decline of 16.8% in Q3 2024 [2][41]. - Hydropower demonstrated strong performance with a revenue increase of 8.2% and a net profit increase of 20.5% in Q3 2024 [2][41]. - Nuclear power's performance was influenced by unit commissioning and maintenance schedules, resulting in a slight revenue increase of 5.2% but a net profit decrease of 1.7% [2][41]. - Green energy showed marginal improvement with a revenue decrease of 0.6% but a net profit increase of 18.5% in Q3 2024 [2][41]. Summary by Sections Industry News - In the first nine months of 2024, the national electricity market traded a total of 45,934.7 billion kWh, a year-on-year increase of 9.2% [9]. - Qinghai province is set to conduct its first trial run of the electricity spot market from November 5 to 14, 2024 [10]. Industry Data Carbon Trading Market - The national carbon market's trading price closed at 104.60 yuan/ton, with a total trading volume of 13,245,757 tons in the month [30]. Electricity Industry Data - In September 2024, the total electricity consumption reached 8,475 billion kWh, a year-on-year increase of 8.5% [32]. - By the end of September 2024, the total installed power generation capacity was approximately 3.16 billion kW, a year-on-year increase of 14.1% [32]. Q3 2024 Performance Analysis - The electricity sector's revenue for Q3 2024 was 458.46 billion yuan, reflecting a year-on-year growth of 2.1% [41]. - The thermal power sector's revenue was 333.43 billion yuan, with a year-on-year growth of 0.8%, while net profit fell by 16.8% [41]. - Hydropower revenue reached 623.59 billion yuan, up 8.2%, with net profit increasing by 20.5% [41]. - Nuclear power generated revenue of 424.38 billion yuan, a 5.2% increase, but net profit decreased by 1.7% [41]. - Green energy's revenue was 202.3 billion yuan, down 0.6%, while net profit rose by 18.5% [41]. Investment Recommendations - The report suggests a positive outlook for the thermal power sector due to policy catalysts and continuous performance improvement, while long-term prospects for hydropower and nuclear power remain strong due to their stable performance and dividend capabilities [2].