华能水电：澜沧江来水偏丰，新能源持续拓宽

Investment Rating - The report maintains a "Hold" rating for Huaneng Hydropower [7][9]. Core Views - The company achieved a total power generation of 112.01 billion kWh in 2024, representing a year-on-year increase of 4.62%, with grid-connected power generation at 111.02 billion kWh, up 4.51% year-on-year [3][5]. - The increase in power generation is attributed to abundant water flow in the Lancang River basin, with a 0.5% year-on-year increase in water inflow, and a rise in electricity demand within Yunnan province [5][6]. - The company's new photovoltaic projects significantly boosted renewable energy output, with a total generation of 3.54 billion kWh in 2024, marking a substantial year-on-year increase of 177.07% [6]. Financial Projections - The adjusted revenue forecasts for 2024-2026 are 247.14 billion, 271.69 billion, and 284.70 billion yuan respectively, with net profits projected at 81.90 billion, 89.36 billion, and 92.84 billion yuan [7][8]. - Earnings per share (EPS) are expected to be 0.45, 0.50, and 0.52 yuan for the years 2024, 2025, and 2026, corresponding to price-to-earnings (P/E) ratios of 20.3, 18.6, and 17.9 [7][8].