装机、发电量双提升，煤价降低助力业绩大增

Investment Rating - The report initiates coverage with an "Accumulate-A" investment rating for the company, indicating a positive outlook on its stock performance [2][17]. Core Insights - The company is expected to see its earnings per share (EPS) increase to 0.85, 0.94, and 1.03 yuan for the years 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 10.6, 9.5, and 8.7 times [2][17]. - The report highlights the company's regional advantages, benefiting from increased operating hours and power generation, with a 2023 average utilization hour of 4,970 hours, which is 4 hours higher year-on-year [3][17]. - The company achieved a significant increase in net profit, reporting 1.43 billion yuan for 2023, a year-on-year growth of 186.37%, and a basic EPS of 0.63 yuan, also reflecting a 186.36% increase [17][19]. - The average electricity price for the company in 2023 was 0.4556 yuan per kilowatt-hour, which is 6.26% higher than the national average [3][17]. Financial Performance - The company reported total operating revenue of 27.87 billion yuan in 2023, representing an 8.26% year-on-year increase [17][19]. - The gross profit margin for the electricity business improved to 7.69%, up by 5.72 percentage points year-on-year [18][19]. - The average cost of electricity for the company decreased to 0.3908 yuan per kilowatt-hour, a reduction of 8.88% compared to the previous year [18][19]. Future Projections - The company anticipates continued growth in revenue, with projected operating revenues of 29.77 billion yuan, 31.63 billion yuan, and 34.63 billion yuan for 2024, 2025, and 2026, respectively [19][21]. - Net profit is expected to reach 1.92 billion yuan in 2024, with a year-on-year growth of 34.5% [19][21]. - The report indicates that the company's return on equity (ROE) is projected to improve to 10.4% in 2024, reflecting a positive trend in profitability [19][21].