福能股份（600483）：风火双轮同步改善，经营业绩加速增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In 2024, the company is expected to achieve a net profit attributable to shareholders of 2.793 billion yuan, representing a year-on-year growth of 6.47%. For the first quarter of 2025, the estimated net profit is projected to be between 733 million yuan and 771 million yuan, indicating a year-on-year increase of 39% to 47% [2][6]. Summary by Sections Performance Overview - The company reported a significant increase in wind power generation, achieving 23.51 billion kWh in Q4 2024, a year-on-year growth of 27.97%. The total wind power generation for the year reached 60.13 billion kWh, up 9.41% year-on-year. Despite a decrease in thermal power generation due to reduced electricity demand, the company managed to improve its operational performance through cost reductions [12][12]. Q1 2025 Performance - In Q1 2025, the company continued to benefit from favorable wind conditions, generating 19.13 billion kWh of wind power, a 27.96% increase year-on-year. However, thermal power generation fell to 34.06 billion kWh, a decrease of 10.71% year-on-year. The average price of coal at Qinhuangdao Port decreased by 180.52 yuan/ton, which is expected to mitigate the pressure on thermal power performance [12][12]. Financial Projections - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.00 yuan, 1.04 yuan, and 1.15 yuan, respectively. The corresponding price-to-earnings (PE) ratios are expected to be 9.34, 9.02, and 8.17 [12].