火电经营显著修复，减值限制业绩弹性

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's coal-fired power business has significantly recovered, with a gross profit of 5.672 billion yuan in 2023, a substantial turnaround from a loss of 2.753 billion yuan in the previous year. The gas-fired power business also saw a gross profit increase to 1.560 billion yuan, up by 0.869 billion yuan year-on-year. However, the renewable energy segment faced challenges, with a gross profit of 1.071 billion yuan, down 26.02% year-on-year due to falling electricity prices and reduced operating hours [5][6][7]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 59.708 billion yuan, a year-on-year increase of 13.38%. The net profit attributable to the parent company was 0.975 billion yuan, recovering from a loss of 2.980 billion yuan in the previous year [5][6]. - The total electricity generated from coal-fired power was 107.879 billion kWh, a 5.18% increase year-on-year, with an average on-grid electricity price of 0.58 yuan/kWh, up 7.42% year-on-year. The coal power business generated sales revenue of 44.243 billion yuan, an increase of 8.91% [5][6]. Renewable Energy Business - The company added 450,000 kW of wind power and 1,972,600 kW of solar power in 2023, with total installed capacity reaching 2,795,000 kW for wind and 2,149,000 kW for solar by year-end. Wind power generation increased by 14.70% to 4.720 billion kWh, but the average on-grid price fell to 0.70 yuan/kWh, down 0.03 yuan/kWh year-on-year. Solar power generation rose significantly to 0.378 billion kWh from 0.003 billion kWh in the previous year [6][7]. Investment and Valuation - The company adjusted its earnings forecast, expecting EPS of 0.40 yuan, 0.53 yuan, and 0.64 yuan for 2024-2026, corresponding to PE ratios of 12.98x, 9.73x, and 8.04x respectively. The "Buy" rating is maintained based on these projections [7].