公用事业行业2024年三季报总结：盈利稳定+现金流改善，关注四条逻辑主线

Industry Investment Rating - The industry is rated as Buy [4] Core Views - The utilities sector (GFGY) achieved stable profits and improved cash flow, with capital operations accelerating in 2024 Q1-3 [2] - Revenue for the sector reached 1487.3 billion yuan (YoY +0.7%), and net profit attributable to shareholders was 165.6 billion yuan (YoY +11.6%) [2] - ROE improved to 6.5% (YoY +0.1pct), and net profit margin increased to 11.1% (YoY +1.1pct) [2] - Operating cash flow improved significantly (YoY +22.0%), while investment cash flow outflows narrowed, and financing cash flow outflows increased [2] - Thermal power stability was reaffirmed, with a focus on hydropower joint scheduling and green power cash flow improvement [2] Sector Performance Breakdown Thermal Power - Thermal power profitability stability improved, with net cash ratio rising to 4.14x and net assets recovering by 8.2% compared to the end of 2023 [3] - Q1-3 net profit for thermal power increased by 16.2%, with Q3 net profit declining by 14.7% [3] Hydropower - Hydropower benefited from improved water inflow, with Q3 performance growth of 21.9% [3] - Q1-3 net profit for hydropower increased by 22.3%, driven by higher water inflow and improved financial costs [3] Green Power - Green power utilization hours improved, leading to a 7.8% increase in non-GAAP earnings [3] - Operating cash flow increased significantly due to higher subsidy repayments, while investment expenditures remained stable [3] Nuclear Power - Nuclear power was affected by maintenance, with limited growth in power generation and a 0.6% decline in net profit [3] - Investment cash flow accelerated (YoY +44.7%) [3] Gas - Gas sector remained stable, with flat revenue and improved profit margins [3] - Q1-3 net profit for the gas sector increased by 7.7% [3] Capital Operations and Investment Opportunities - Capital operations in the power sector accelerated, including mergers, acquisitions, REITs, and convertible bonds [2] - Fund holdings in the sector declined, with thermal and nuclear power returning to levels from a year ago [3] - The sector is undervalued, with thermal power, hydropower, and nuclear power showing potential for revaluation [3] - Key companies to watch include Huadian Power International, Huaneng Power International, and China Yangtze Power [3] Financial Metrics and Valuation - Key financial metrics for major companies were provided, including EPS, PE ratios, and ROE for 2024E and 2025E [7] - Companies like Huadian Power International and China Yangtze Power showed strong valuation metrics, with ROE exceeding 15% [7] Market Performance - The utilities sector underperformed the CSI 300 by 16% from late September to October 2024 [3] - Thermal power, hydropower, and nuclear power showed strong performance year-to-date, with gains of 18.8%, 19.0%, and 34.5% respectively [3]