Datang Power(601991) 华福证券·2025-03-27 06:37Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [5][17]. Core Insights - In 2024, the company achieved a net profit attributable to shareholders of 4.506 billion yuan, representing a significant year-on-year increase of 229.70% [2][3]. - The company's operating revenue for 2024 was 123.474 billion yuan, a slight increase of 0.86% compared to the previous year [2][3]. - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.149 billion yuan, which is 25.5% of the net profit attributable to shareholders [3]. Financial Performance - The company's electricity generation increased by approximately 3.81% in 2024, while the average on-grid electricity price decreased by about 3.22% [3]. - The reduction in fuel costs contributed to a decrease of 4.119 billion yuan in electricity fuel expenses, enhancing profitability [3]. - The gross margin and net margin improved by 3.12 percentage points and 3.1 percentage points, respectively, indicating enhanced profitability [3]. Segment Performance - The coal power segment achieved a profit of 2.567 billion yuan in 2024, with a profit per kilowatt-hour of 0.0132 yuan, marking a turnaround from a loss in the previous year [4]. - Hydropower profitability increased by 0.0157 yuan per kilowatt-hour, while wind and solar power profitability experienced fluctuations [4]. - The company’s low-carbon clean energy capacity increased to 40.37%, with significant ongoing and approved projects in wind and solar energy [4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 4.582 billion yuan, 4.605 billion yuan, and 4.607 billion yuan, respectively, with corresponding P/E ratios of 11.8, 11.7, and 11.7 [5][6].