公用事业行业周报：3月全社会用电量同比+7.4%，关注火电一季报业绩弹性

Investment Rating - The report maintains a positive investment rating for the utility sector, particularly focusing on the performance of thermal power companies and their earnings resilience in the first quarter of 2024 [2]. Core Insights - The report highlights a year-on-year increase of 7.4% in total electricity consumption for March, indicating a robust demand for power [2]. - The thermal power sector is expected to show significant earnings recovery, with specific recommendations for companies with high profit elasticity and strong asset bases [2][3]. - The report emphasizes the growth in renewable energy installations, with wind and solar power capacity additions reaching 9.89 GW and 36.72 GW respectively in the first two months of 2024 [25]. Summary by Sections 1. Electricity Sector Data Tracking - As of April 19, 2024, the domestic thermal coal market price is 840 RMB/ton, reflecting a week-on-week increase of 1.8% [8]. - The inventory of thermal coal at Qinhuangdao Port is 5.1 million tons, up 3.9% from the previous week [8]. - The total electricity consumption from January to March 2024 is 23,373 billion kWh, showing a year-on-year increase of 9.8% [35]. 2. Natural Gas Key Data Tracking - The average ex-factory price of domestic gas has risen by 2.48%, while the import gas price has increased by 6.01% as of April 19, 2024 [40]. - The LNG import price as of April 18, 2024, is 10.40 USD/million BTU, which is a year-on-year decrease of 13.23% [38]. 3. Industry News - In March, the industrial power generation increased by 2.8% year-on-year, indicating stable growth in the power sector [4]. - The report includes announcements from key companies, such as Anhui Energy and Guodian Power, reporting net profits of 1.43 billion and 5.61 billion RMB respectively for 2023 [4]. 4. Investment Recommendations - For the thermal power sector, the report recommends focusing on companies with advanced production capacity and high recovery potential, such as Zhejiang Energy and Anhui Energy [40]. - In the hydroelectric sector, recommended companies include Guotou Power and Chuan Investment Energy [40]. - For the nuclear power sector, China Nuclear Power and China General Nuclear Power are highlighted as strong investment opportunities [40].