公用事业：黄河水电：国家电投集团核心水电资产

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Insights - Huanghe Hydropower is a major clean energy generation company in Qinghai, controlled by the State Power Investment Corporation, with a diversified energy portfolio including hydropower, solar, and wind projects [1][9] - The company has a total installed capacity of 30.51 million kilowatts, with a compound annual growth rate of 10.8% from 2000 to 2023 [3][21] - The company's revenue and net profit have shown volatility from 2020 to 2023, with revenues of 31.34 billion, 42.48 billion, 41.98 billion, and 33.74 billion yuan, and net profits of 2.968 billion, 5.653 billion, 2.889 billion, and 3.706 billion yuan respectively [2][14][16] Summary by Sections 1. Company Overview - Huanghe Hydropower is the largest clean energy enterprise in Qinghai, established in October 1999, and is involved in the development and operation of multiple hydropower stations and renewable energy projects [1][9] 2. Revenue and Profit Volatility - The company's revenue fluctuated significantly, with a peak in 2022, while net profit was impacted by a decline in gross margin and asset impairment losses [2][16] - The average return on equity from 2020 to 2023 was relatively stable, with figures of 9.7%, 18%, 8.7%, and 10.4% [19] 3. Installed Capacity Growth - The installed capacity has increased from 2.88 million kilowatts in 2000 to 30.51 million kilowatts in 2023, with a notable increase in wind and solar capacity [3][21] - The current installed capacity structure includes hydropower (40.1%), solar (35.7%), and wind energy [23] 4. Investment Recommendations - Despite market price fluctuations, the overall performance of hydropower companies is expected to remain stable by 2025, with a focus on external environmental changes and market expectations [4][32] - Suggested companies for investment include Changjiang Electric Power, Chuan Investment Energy, Huaneng Hydropower, Guotou Power, and Yuanda Environmental Protection [4][32]