皖能电力：2024年业绩预告点评：业绩高增，新投产机组贡献增量

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2 billion to 2.25 billion yuan in 2024, representing a year-on-year growth of 39.91% to 57.4% [1] - The increase in profit is primarily driven by higher electricity generation, lower coal prices, and improved profitability of controlled power generation enterprises [1] - The electricity demand in Anhui province is projected to grow by 12% in 2024, with total electricity consumption reaching 359.8 billion kilowatt-hours [1] - The company is set to benefit from new power generation units coming online, contributing to an increase in installed capacity [2] - The expected weighted average price for electricity transactions in Anhui for 2025 is estimated to decrease by 5.3% [3] Summary by Sections Performance Forecast - The company forecasts revenue of 29.957 billion yuan in 2024, with a growth rate of 7.5% [4] - The net profit attributable to shareholders is projected to be 2.034 billion yuan in 2024, reflecting a growth rate of 42.3% [4] - Earnings per share (EPS) is expected to be approximately 0.90 yuan in 2024 [4] Installed Capacity and New Projects - As of June 2024, the company's total equity installed capacity is expected to exceed 19 million kilowatts, with 14.95 million kilowatts in operation or under construction [2] - New projects include the commissioning of two 660,000-kilowatt units in Xinjiang and a 1 million-kilowatt project in Qianyingzi expected to be operational by March 2025 [2] Cost and Profitability - The report indicates that coal prices are expected to remain stable, providing flexibility for the company's coal-fired power profitability [3] - The company's profitability is anticipated to remain strong due to the gradual commissioning of new units and low coal prices [3]