Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for the sector [3][4]. Core Insights - The introduction of a provincial capacity pricing mechanism in Gansu is expected to enhance the profitability stability of coal power plants, aligning with the public utility attributes [4]. - The capacity pricing mechanism will allow for a higher capacity fee for coal power plants, which is anticipated to increase from the previous standard of 100 yuan/kW·year to a more favorable rate, thus improving long-term profitability stability [4]. - The report highlights that the new pricing mechanism could serve as a model for other provinces, potentially accelerating the implementation of similar capacity pricing structures nationwide [4]. - The report emphasizes the importance of energy storage systems in stabilizing the grid and enhancing the consumption rate of renewable energy, as they will now receive guaranteed revenue from capacity fees [4]. - Coal power is positioned as a stabilizing force in the energy structure, allowing for a more significant share of renewable energy generation while optimizing the overall energy mix in China [4]. Summary by Sections Capacity Pricing Mechanism - Gansu province has introduced a capacity pricing mechanism for compliant coal power plants and grid-side new energy storage, with fees determined by a formula involving declared capacity and capacity price [4]. - The national standard for coal power fixed costs is set at 330 yuan/kW·year, with a recovery ratio expected to be higher in Gansu compared to the national average [4]. Renewable Energy and Storage - The report notes that the rapid increase in renewable energy installations necessitates energy storage systems to manage intermittency and enhance grid stability [4]. - The new capacity fee for energy storage is expected to improve investment stability and reduce the curtailment rate of renewable energy [4]. Investment Recommendations - For green energy, the report suggests focusing on companies like Xintian Green Energy and Funiu Co., which are expected to benefit from the increasing share of renewable energy generation [4]. - For coal power, companies such as Huadian International and Jiantou Energy are recommended due to favorable policies enhancing profitability [4]. Valuation Table - The report includes a valuation table for key companies in the utility sector, indicating buy or hold ratings for various firms based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [5][6].
对《甘肃省关于建立发电侧容量电价机制的通知（征求意见稿）》点评：甘肃出台首个省级容量电价机制，利好煤电盈利稳定性提升
Shenwan Hongyuan Securities·2025-07-15 11:18