公用事业2025年第5周周报（20250202）：2024年风光装机均创新高 板块盈利前瞻出炉

Investment Rating - Investment Rating: Positive (Maintain) [5] Core Viewpoints - The report highlights that the total installed capacity of renewable energy in China reached 3.35 billion kilowatts by the end of 2024, with a year-on-year growth of 14.6%. The share of renewable energy reached 42%, and the share of clean energy reached 55.1%, achieving the 2030 target six years ahead of schedule [10][11] - In 2024, the newly installed capacity of wind power reached a historical high of 79.34 GW, an increase of approximately 3.44 GW compared to 2023. The report anticipates continued growth in wind power installations in 2025, with estimates ranging from 105 to 115 GW [6][12] - The photovoltaic sector also saw significant growth, with 277.17 GW of new installations in 2024, a year-on-year increase of 28%. However, the report suggests that future growth may slow as the market stabilizes [15][21] Summary by Sections Sector Performance - The report indicates that the performance of the public utility sector is expected to improve, with thermal power showing resilience and hydropower recovering overall. The coal price decline is expected to positively impact operational performance in the fourth quarter of 2024 [19][20] 2024 Performance Outlook - The report forecasts that the hydropower sector will see considerable growth, while the nuclear power sector remains stable. However, the green energy sector continues to face challenges, with a mismatch between revenue growth and profit growth [21][22] Power Equipment 2024 Performance Outlook - The report notes that investment in the power grid is expected to reach a record high of 608.3 billion yuan in 2024, driven by ultra-high voltage projects. This is expected to lead to stable growth in the performance of power equipment companies [23][24] Investment Recommendations - The report recommends focusing on companies with strong cash flow value in hydropower, such as Yangtze Power, and suggests selecting coal power companies based on supply-demand dynamics. For the green energy sector, companies with a high proportion of wind power, such as Longyuan Power and Datang New Energy, are favored [21][29]