皖能电力（000543）：火电参控并进，水光风帆同扬

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading player in the Anhui thermal power sector, benefiting from the support of its controlling shareholder, with a steady increase in equity installed capacity [2][19]. - The company is strategically expanding its operations in Xinjiang while maintaining a strong foundation in Anhui, with a focus on enhancing profitability through efficient power generation [3][41]. - The company is accelerating its energy transition by actively developing renewable energy, energy storage, and pumped storage projects, which are expected to significantly boost its future growth [4][76]. Summary by Sections 1. Anhui Thermal Power Leader, Dual Control Progress - The company is the core platform of the Anhui Energy Group, with a focus on integrating power assets and developing its power business [13]. - As of Q1 2025, the company has a total installed capacity of 14.66 GW, with a significant portion from coal-fired power [19][41]. - The company holds a 23.7% share of the provincial thermal power capacity in Anhui, leading the market [19]. 2. Solid Foundation in Thermal Power, Strategic Layout in Xinjiang - The company has a total of 14.07 GW of thermal power in operation, primarily in Anhui and Xinjiang [3][41]. - The company is leveraging the "Electricity from Xinjiang to Anhui" initiative to enhance its operational efficiency and profitability [42]. - The expected increase in electricity demand in Anhui supports the utilization hours of the company's power generation units [46]. 3. Green Energy Initiatives and Accelerated Energy Transition - The company plans to increase its renewable energy capacity to 1.25 million kW by 2025, representing a 724% year-on-year growth [4][83]. - The company has established a chemical energy storage project and is actively pursuing pumped storage projects [4][77]. - The controlling shareholder has committed to injecting renewable energy assets into the company, further enhancing its growth potential [76]. 4. Earnings Forecast and Investment Recommendations - The company is projected to achieve revenues of 32.09 billion, 30.72 billion, and 30.29 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.18 billion, 2.34 billion, and 2.44 billion yuan [4][80]. - The report anticipates a steady growth in earnings, with a projected PE ratio of 7.7, 7.2, and 6.9 for the next three years [4][80].