内蒙华电：电力业务有所承压，煤炭业务稳健增长

Investment Rating - The report maintains an "Outperform" rating for Inner Mongolia Huadian Power (600863 SH) [1][12] Core Views - The company's power business faces pressure due to declining electricity prices, while its coal business shows steady growth [1] - Revenue decreased due to lower electricity prices, but net profit increased driven by coal business and investment income [1][5] - The company achieved operating revenue of 16 583 billion yuan in the first three quarters of 2024, a year-on-year decrease of 2 36% [1] - Net profit attributable to shareholders reached 2 469 billion yuan, a year-on-year increase of 13 08% [1] Power Business - In the first three quarters of 2024, the company's cumulative power generation was 45 103 billion kWh, a year-on-year decrease of 1 77% [2] - Electricity sold to the grid was 41 782 billion kWh, down 1 85% year-on-year [2] - The average electricity selling price was 334 78 yuan/MWh (excluding tax), a year-on-year decrease of 11 93 yuan/MWh or 3 44% [2] Coal Business - Coal production reached 10 556 million tons in the first three quarters of 2024, a year-on-year increase of 2 34% [2] - Coal sales volume was 5 2293 million tons, a year-on-year increase of 10 67% [2] - The average coal selling price was 413 29 yuan/ton (excluding tax), a year-on-year increase of 12 38 yuan/ton or 3 09% [2] Financial Performance - The company's gross profit margin was 22 19% in the first three quarters of 2024, a slight decrease of 0 24 percentage points year-on-year [7] - Net profit margin increased by 1 67 percentage points to 16 60% [7] - ROE reached 14 77%, an increase of 1 07 percentage points year-on-year [8] Profit Forecast - The report adjusts the profit forecast, expecting net profit attributable to shareholders to be 2 52/2 87/3 17 billion yuan for 2024-2026 [12] - EPS is expected to be 0 39/0 44/0 49 yuan for 2024-2026 [12] - The current PE ratios are 11 6/10 2/9 2x for 2024-2026 [12] Industry Comparison - Comparable companies include Shanghai Electric Power (600021 SH) with a PE ratio of 10 8x for 2024E [13] - Funeng Power (600483 SH) has a PE ratio of 9 2x for 2024E [13] - Guangdong Electric Power Development (000539 SZ) has a PE ratio of 17 1x for 2024E [13]