电力及公用事业行业2024年三季报总结：行业业绩表现稳健，关注水电与核电

Investment Rating - The report maintains an "Outperform" investment rating for the electric power and utilities industry [2][8]. Core Insights - The electric power and utilities industry has shown stable performance with notable defensive characteristics. In the first three quarters of 2024, the industry achieved operating revenue of 1,874.80 billion yuan, a year-on-year increase of 0.19%, while net profit attributable to shareholders reached 194.69 billion yuan, up 9.67% [4][39]. - The overall profitability of the industry is steadily improving, with a return on equity (ROE) of 7.84% in the first three quarters of 2024, an increase of 0.17 percentage points from 2023. The gross margin and net margin reached 22.66% and 13.10%, respectively, both showing an upward trend compared to the same period in 2023 [4][45]. - The report highlights that power generation companies contributed over 80.24% of the net profit attributable to shareholders in the electric power and utilities sector, with hydropower and other generation being the most profitable sub-sectors [5][54]. Summary by Sections Industry Performance - The electric power and utilities industry has demonstrated robust operational performance, characterized by stability and defensive attributes. The first three quarters of 2024 saw a net profit margin of 13.10%, reflecting a continuous upward trend since 2020 [4][45]. - The financial expense ratio has been declining, reaching 4.54% in the first three quarters of 2024, down 0.26 percentage points from 2023, which supports improved profitability [4][48]. Contribution of Power Generation - Power generation companies accounted for more than 80% of the net profit in the electric power and utilities industry during the first three quarters of 2024. The top three contributors to net profit were thermal power, hydropower, and other generation [5][54]. - Hydropower and other generation sectors exhibited the highest profitability, with hydropower achieving a gross margin of 58.16% and a net margin of 43.87%, both showing significant year-on-year improvements [5][60]. Individual Company Performance - The report notes a divergence in individual company performance within the industry, with leading firms benefiting from high entry barriers and strong operational efficiencies. The thermal power sector has seen positive impacts from falling coal prices and regulatory changes [6][39]. - In Henan province, while overall revenue for electric power and utilities companies decreased by 2.81%, net profit attributable to shareholders increased by 30.89% in the first three quarters of 2024 [6][8]. Investment Recommendations - The report suggests maintaining a focus on leading companies in the hydropower and nuclear power sectors, which are expected to show stable performance and high dividend yields. Recommended companies include Yangtze Power, Guodian Power, China General Nuclear Power, and China National Nuclear Power [8].