1-4月风光新增装机125GW，重视火电等灵活调节资源

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - The report highlights that from January to April, the newly installed capacity for wind and solar energy reached 125GW, emphasizing the value of flexible adjustment resources in thermal power [10] - The report suggests focusing on key thermal power stocks such as Huadian International, Huaneng International, Datang Power, and Jiantou Energy, as well as leading thermal power renovation equipment manufacturers like Qingda Environmental Protection [3] - It is recommended to prioritize undervalued green energy sectors, particularly in Hong Kong stocks and wind power operators, with a focus on Xintian Green Energy (H), Longyuan Power (H), Zhongmin Energy, and Funeng Shares [3] Summary by Sections Industry Overview - As of the end of April, the total installed power generation capacity in the country reached 3.49 billion kilowatts, a year-on-year increase of 15.9%. Solar power capacity was 990 million kilowatts, up 47.7%, and wind power capacity was 540 million kilowatts, up 18.2% [10] - In April, the total electricity consumption increased by 4.7%, with total consumption reaching 772.1 billion kilowatt-hours, marking a 4.7% year-on-year growth [10] - The report notes that the growth rate of electricity generation in April was 0.9%, with significant increases in wind and solar power generation [10] Key Stocks - The report lists several key stocks with their respective ratings and earnings per share (EPS) projections for 2024 to 2027, including: - Zhejiang Energy Power (Buy) with an EPS of 0.58 in 2024 - Anhui Energy Power (Buy) with an EPS of 0.91 in 2024 - Guodian Power (Buy) with an EPS of 0.55 in 2024 - Huaneng International (Buy) with an EPS of 0.65 in 2024 - Qingda Environmental Protection (Buy) with an EPS of 0.76 in 2024 [7] Market Performance - The report indicates that during the week of May 19-23, the Shanghai Composite Index closed at 3,348.37 points, down 0.57%, while the CSI 300 Index closed at 3,882.27 points, down 0.18%. The CITIC Power and Utilities Index rose by 0.45%, outperforming the CSI 300 Index by 0.62 percentage points [56]