HPI(600011) 长江证券·2025-01-20 02:01Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report indicates that the company's performance outlook for the entire year is positive, driven by significant cost optimization in thermal power and high growth in renewable energy [5][10]. Summary by Relevant Sections Performance Overview - In Q4 2024, the company's total on-grid electricity generation in China reached 111.699 billion kWh, a year-on-year increase of 1.11%. For the entire year, the total on-grid electricity generation was 452.939 billion kWh, also up by 1.13%. The average on-grid settlement price for electricity was 494.26 yuan/MWh, down 2.85% year-on-year [5][6]. Thermal Power Performance - In Q4 2024, the company's coal-fired power generation was 91.174 billion kWh, a decrease of 0.65% year-on-year. The average on-grid price for Q4 was 488.12 yuan/kWh, reflecting a decline of 3.52% year-on-year. The average price of coal at Qinhuangdao Port was 822.60 yuan/ton, down approximately 135.10 yuan/ton, or 14.11% year-on-year, indicating significant cost optimization [6][10]. Renewable Energy Growth - The company added 1.1783 million kW of wind power and 3.0188 million kW of solar power in Q4 2024. The total installed capacity for renewable energy reached 37.945 million kW by the end of 2024, a year-on-year increase of 32.62%. The on-grid electricity generation from wind power in Q4 was 10.122 billion kWh, up 15.94%, and from solar power was 4.243 billion kWh, up 47.22% [6][10]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.74 yuan, 0.80 yuan, and 0.88 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 8.71, 8.01, and 7.27 [6][10].