皖能电力：业绩表现符合预期，机组持续投产支撑后续增长-20250425

Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [1][6] Core Views - The company's performance in 2024 met expectations, with significant growth in revenue and net profit driven by new power generation units coming online and favorable electricity pricing [1][3][6] - The overall performance is supported by a 7.99% year-on-year increase in operating revenue to CNY 30.094 billion and a 44.36% increase in net profit attributable to shareholders to CNY 2.064 billion [1][3] - The report highlights the strong contribution from new power generation units, particularly in Xinjiang, and the improvement in profitability from domestic power plants [3][4][6] Summary by Sections Performance Overview - In 2024, the company benefited from the operation of new power plants, leading to a 17.34% year-on-year increase in electricity generation to 601.5 billion kWh [3][4] - The average on-grid electricity price remained high at CNY 449.10 per MWh, with a slight decrease of 1.43% year-on-year [3][4] - The cost of electricity generation materials decreased by 9.13% year-on-year to CNY 257.22 per MWh, contributing to improved margins [3][4] Profit Contribution - The Xinjiang power plants significantly boosted profits, with the WanNeng Jiangbu Power Plant achieving a comprehensive income of CNY 0.552 billion, up 406.42% year-on-year [3][4] - Domestic power plants also showed improved profitability, with notable recoveries in the Hefei and Ma'anshan plants [3][4] Growth Potential - The company is expected to continue its growth trajectory with ongoing investments in new power generation capacity, including projects set to come online in 2025 and 2026 [4][6] - Despite a projected decrease in electricity prices, the company is anticipated to maintain high utilization rates due to a power supply shortage in Anhui [4][6] Financial Projections - The report adjusts the forecast for net profit attributable to shareholders for 2025-2027 to CNY 2.079 billion, CNY 2.282 billion, and CNY 2.319 billion, respectively [6] - Corresponding P/E ratios are projected at 8.46, 7.71, and 7.59 for the same years [6]