水电承压影响业绩，新能源板块高速增长

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Views - The company's performance has been impacted by hydroelectric power generation, while the new energy sector is experiencing rapid growth [1]. - In 2023, the company achieved a total operating revenue of 44.262 billion yuan, a year-on-year increase of 1.31%, and a profit attributable to equity holders of 3.084 billion yuan, up 16.48% year-on-year [1]. - The company has seen a significant recovery in thermal power profitability due to a decrease in fuel costs, with an average unit fuel cost of 285.51 yuan/MWh, down 12.46% year-on-year [1]. - The new energy installed capacity has rapidly expanded, contributing significantly to the company's growth, with a total clean energy installed capacity of 33.9388 million kilowatts by the end of 2023, accounting for approximately 75.39% of the total [1]. Summary by Sections Financial Performance - The company reported a total electricity sales volume of 54.987 billion kWh in 2023, a decrease of 18.97% year-on-year, but the utilization hours for existing coal-fired power generation improved, reaching 5,246 hours, an increase of 563 hours year-on-year [1]. - The thermal power segment achieved a net profit of 1.315 billion yuan in 2023, marking a turnaround from losses, with a profit per kWh of approximately 0.023 yuan [1]. New Energy Development - The company completed a series of clean energy project acquisitions under the State Power Investment Corporation, with a total installed capacity of 9.1378 million kilowatts, including 3.7431 million kilowatts of wind power and 5.2997 million kilowatts of photovoltaic power [1]. - The wind and solar power segments achieved net profits of 3.116 billion yuan and 1.504 billion yuan respectively in 2023, with the new energy segment contributing approximately 101.90% to the total net profit [1]. Hydropower Challenges - The hydropower segment faced significant pressure due to a decrease in rainfall, resulting in a net profit of -826 million yuan in 2023, with a total electricity sales volume of 11.711 billion kWh, down 35.49% year-on-year [1]. - However, there are signs of recovery in early 2024, with January's electricity sales volume increasing by 36.90% year-on-year [1]. Profit Forecast and Valuation - The profit forecast has been adjusted, with expected net profits of 5.112 billion yuan and 6.526 billion yuan for 2024 and 2025 respectively, representing year-on-year growth of 92.14% and 27.66% [2].