中国电力：即时点评：10月风电和煤电高增长，水电季节性回落

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. However, hydropower experienced a seasonal decline of 25.15% [2][3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase from October 2023. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% year-on-year [2]. - Breakdown of sales volume by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% - Photovoltaic: 1,824,368 MWh, up 12.83% - Coal power: 4,467,964 MWh, up 30.42% - Natural gas: 203,777 MWh, up 28.10% [2]. Performance Comparison - The company demonstrated superior performance compared to peers in terms of electricity sales growth, highlighting the stability provided by its diversified power generation portfolio [3]. - The impact of anticipated declines in long-term electricity prices in Guangdong is minimal, as the company's capacity in that region accounts for only 10% of its total installed capacity [3]. Future Outlook - The report maintains a positive long-term outlook for the company's performance and dividend stability, with expectations for overall valuation improvement following the restructuring of hydropower assets [3].