福能股份（600483）：风电高增火电成本改善，一季度业绩展望优异

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's first-quarter performance is expected to be strong due to improved wind power generation and reduced coal costs, despite a slight decline in electricity demand [5][11] - The company's total power generation for Q1 2025 reached 5.34 billion kWh, a year-on-year increase of 0.26%, while the on-grid electricity volume was 5.07 billion kWh, up 0.18% [5] - The company’s coal price at Qinhuangdao Port Q5500 averaged 721.22 yuan/ton in Q1, a decrease of 180.52 yuan/ton year-on-year, which is expected to positively impact operational performance [11] Summary by Sections Power Generation Performance - The company's thermal power generation was 3.406 billion kWh in Q1, down 10.71% year-on-year, with gas power down 44.88% and coal power down 3.72% [11] - The thermal power segment's main contributor, the combined heat and power generation, faced less pressure compared to gas and coal power [11] Wind Power Growth - Wind power generation increased significantly by 27.96% year-on-year, reaching 1.913 billion kWh in Q1, with offshore wind power growing by 30.95% [11] - The company’s investments in renewable energy assets in Fujian province are expected to improve alongside its controlled renewable energy performance [11] Investment and Growth Prospects - The company’s controlling shareholder initiated a buyback plan, indicating confidence in the company's long-term development [11] - The company has secured approvals for a total installed capacity of 6.07 million kW, including various thermal and wind power projects, which will enhance growth potential [11] - The company is also actively expanding into pumped storage projects, which are expected to further open up growth opportunities [11] Financial Projections - The projected EPS for 2024-2026 is 1.01, 1.05, and 1.16 yuan, with corresponding PE ratios of 9.00, 8.65, and 7.85 [11]