Investment Rating - The industry investment rating is "In Line with the Market" [2] Core Viewpoints - In October 2024, the total electricity consumption reached 774.2 billion kWh, showing a year-on-year increase of 4.3%, but a decline of 4.1 percentage points compared to the same period last year [5] - The warm weather in October 2024 led to a slowdown in electricity consumption growth, with the average national temperature being 11.6°C, which is 1.0°C higher than the same period in previous years [6] - For the first ten months of 2024, total electricity consumption was 8183.6 billion kWh, reflecting a year-on-year increase of 7.6%, which is an improvement of 1.8 percentage points compared to the previous year [7] Summary by Sections Investment Ratings for Key Stocks - Yunnan Energy Investment: EPS of 0.64, 2023 PE of 18.44, 2024E PE of 11.92, rated "Increase" [2] - Sheneng Co., Ltd.: EPS of 0.81, 2023 PE of 10.48, 2024E PE of 9.33, rated "Buy" [2] - Zhongmin Energy: EPS of 0.36, 2023 PE of 17.34, 2024E PE of 13.12, rated "Buy" [2] Electricity Consumption Analysis - Breakdown of electricity consumption in October 2024: - Primary industry: 10.6 billion kWh (+5.1% YoY) - Secondary industry: 533.7 billion kWh (+2.7% YoY) - Tertiary industry: 136.7 billion kWh (+8.4% YoY) - Urban and rural residential consumption: 93.2 billion kWh (+8.1% YoY) [5] Recommendations - Focus on thermal power: Recommend stable performance companies like Zhejiang Energy, Anhui Energy, and Sheneng Co., Ltd. for the winter peak season [7] - Hydropower recommendations include Guotou Power, Chuan Investment Energy, and Huaneng Hydropower [7] - Nuclear power recommendations include China Nuclear Power and China General Nuclear Power [7] - New energy recommendations include Yunnan Energy Investment and Zhongmin Energy [7]
电力行业点评：十月气温偏暖，用电量同比增速回落
Caixin Securities·2024-11-25 07:55