Investment Rating - The report maintains a "Hold" rating for the company, expecting a relative performance between 10% and 20% compared to the market benchmark index over the next 6 months [6]. Core Views - In 2024, the company achieved a revenue of 88.003 billion yuan, a decrease of 8.31% year-on-year, while the net profit attributable to shareholders increased by 18.92% to 7.753 billion yuan [3][4]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year, with net profit dropping by 40.81% to 1.074 billion yuan, primarily due to falling electricity prices [4][5]. - The company plans to distribute a cash dividend of 0.29 yuan per share, totaling approximately 3.889 billion yuan, with a cash dividend payout ratio of 50.15% for 2024 [4]. Financial Performance Summary - In 2024, the company's electricity and heat gross profit increased by 49.66% year-on-year, despite a 7.06% decrease in electricity prices [5]. - The company's total electricity generation increased by approximately 6.60% in 2024, but the first quarter of 2025 faced pressure on electricity prices, which diminished the benefits from lower coal prices [5]. - The report projects net profits for 2025, 2026, and 2027 to be 7.020 billion, 7.955 billion, and 8.048 billion yuan respectively, with corresponding P/E ratios of 10.2, 9.0, and 8.9 [6][7].
浙能电力(600023):1Q25电价承压削弱煤价下跌的成本红利,归母净利润同比下降41%