福能股份：风火双轮稳步改善，全年业绩展望积极报告要点

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company's wind power generation volume increased by 27.97% year-on-year in the fourth quarter, with a significant improvement in wind conditions driving this growth. The overall performance in renewable energy is expected to see rapid growth [2][11]. - In the thermal power sector, the company experienced a 13.05% decrease in thermal power generation volume year-on-year in the fourth quarter, primarily due to declines in gas and coal power generation. However, the cogeneration segment still saw a 10.44% increase year-on-year, indicating stable performance [2][11]. - The rapid decline in coal prices in the fourth quarter is expected to lead to marginal improvements in the company's thermal power operational performance, despite some drag on overall performance due to the impact of alternative electricity generation policies [2][11]. Summary by Sections Company Overview - The company reported a total power generation of 6.523 billion kWh in the fourth quarter, a decrease of 1.63% year-on-year, while the heating supply increased by 5.51% to 2.906 million tons [5]. Wind Power Performance - The company achieved a wind power generation of 2.351 billion kWh in the fourth quarter, with a year-on-year growth of 27.97%. The offshore wind power generation reached 1.408 billion kWh, growing by 28.84% year-on-year, while onshore wind power generation was 0.943 billion kWh, up by 26.68% year-on-year [11]. Thermal Power Performance - The thermal power generation volume was 4.158 billion kWh in the fourth quarter, down 13.05% year-on-year. Gas power generation decreased by 41.33%, while cogeneration maintained a growth of 10.44% [11]. Financial Projections - The company adjusted its earnings per share (EPS) forecast for 2024-2026 to 1.04, 1.04, and 1.16 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 8.95, 8.90, and 8.02 [11].