公用事业：高基数下火电单季业绩暂承压，来水偏丰水电业绩高增

Investment Rating - The report maintains a "Buy" recommendation for the utility sector [1] Core Insights - The utility sector's performance in Q3 2024 shows a mixed picture, with thermal power profits stabilizing but facing pressure from high base effects, while hydropower benefits from abundant water supply [1][2] - Overall, the utility sector achieved a revenue of 662.55 billion yuan in Q3 2024, a year-on-year increase of 2.14%, but the net profit attributable to shareholders decreased by 2.03% to 62.75 billion yuan [1][2] - The report highlights the importance of monitoring coal prices and long-term electricity price agreements, especially in the Yangtze River Delta region, where demand growth is expected to support prices [17] Summary by Sections 1. Utility and Environmental Industry Overview - In Q3 2024, the utility and environmental industry reported a total revenue of 1.87 trillion yuan, up 0.24% year-on-year, and a net profit of 191.30 billion yuan, up 8.69% year-on-year [7] - The operating cash flow for the first three quarters reached 449.66 billion yuan, reflecting a 20.88% increase [7] 2. Thermal Power Sector - The thermal power sector's revenue in Q3 2024 was 357.13 billion yuan, a slight increase of 0.64% year-on-year, while net profit fell by 23.80% to 20.71 billion yuan [21] - For the first three quarters, the thermal power sector achieved a revenue of 988.54 billion yuan, down 1.57% year-on-year, but net profit increased by 11.64% to 63.91 billion yuan [21] 3. Hydropower Sector - The hydropower sector experienced a net profit increase of 19.73% in Q3 2024, benefiting from favorable water conditions during the flood season [2] 4. Green Energy Sector - The green energy sector reported a net profit increase of 10.80% in Q3 2024, indicating sustained growth in electricity generation [2] 5. Nuclear Power Sector - The nuclear power sector's net profit saw a slight decline of 1.66% in Q3 2024, attributed to increased maintenance activities [2] 6. Gas Sector - The gas sector reported a 9.97% increase in national gas consumption for the first three quarters, with profits gradually improving [2] 7. Environmental Protection Sector - The environmental protection sector's revenue decreased by 4.84% in Q3 2024, but net profit increased by 2.83% [2] 8. Fund Allocation Analysis - Public funds have a low allocation in the utility and environmental sectors, with the utility sector's allocation at 2.32% and the environmental sector at 0.23% [2]