热电行业专题报告：盈利能力强稳定性高，热电优势显著空间广阔

Investment Rating - The report maintains a "Recommended" investment rating for companies such as Lianmei Holdings and GCL-Poly Energy [2][3]. Core Insights - The centralized heating industry shows significant growth potential due to its energy-saving advantages and increasing urbanization rates, with an average annual growth rate of 7.3% in urban centralized heating area from 2014 to 2023 [1][18]. - The combined heat and power (CHP) generation model is highlighted for its efficiency, achieving a heat utilization rate of 75-80%, significantly higher than traditional thermal power plants [1][5]. - The report emphasizes the stability and strong profitability of the CHP sector, with average gross margins ranging from 20% to 32% since 2020, compared to -3% to 17% for traditional thermal power companies [5][53]. Summary by Sections 1. Advantages of Centralized Heating - Centralized heating is increasingly promoted due to its benefits such as fuel savings, pollution reduction, and improved heating quality [1][11]. - The urban centralized heating area in China reached 11.549 billion square meters by the end of 2023, with residential heating accounting for 76% of this area [18][19]. 2. Operating Model and Pricing Mechanism - The CHP model operates primarily on a "heat-first" basis, with steam accounting for 80-90% of revenue [5][54]. - The pricing of steam is adjusted based on fuel costs, allowing for a mechanism that mitigates risks associated with coal price fluctuations [5][59]. 3. Overview of Listed Companies in the Heating Industry - The report identifies key companies in the heating sector, noting their profitability and cash flow stability, with an average dividend payout ratio of around 50% and an average dividend yield of approximately 3% [5][53]. - The average price-to-earnings (PE) ratio for the industry is slightly above 20, with a price-to-book (PB) ratio around 2.6 [5][53]. 4. Investment Recommendations - The report suggests focusing on companies with attractive valuation levels and dividend yields, such as Wuchan Zhongda and Lianmei Holdings [5][53]. - It also recommends companies benefiting from asset injections and those actively expanding their industrial chains, like GCL-Poly Energy [5][53].