偏弱来风限制经营收益，成本修复护航业绩表现

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - In 2023, the company achieved a net profit of 2.623 billion yuan, a year-on-year increase of 1.11%, driven by a significant recovery in thermal power business performance, with net profit from Hongshan Thermal Power reaching 384 million yuan, up 188.31% year-on-year [3][4]. - The company's wind power business faced challenges due to weak wind conditions, resulting in a decrease in wind power generation hours by 4.07% year-on-year, but overall performance was supported by the recovery in thermal power [4][5]. - The company plans to distribute a dividend of 3.1 yuan per 10 shares, with a dividend payout ratio of 30.26%, indicating potential for increased shareholder returns in the future [4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 14.695 billion yuan, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 2.623 billion yuan, reflecting a modest growth [3][4]. - The first quarter of 2024 saw power generation of 5.326 billion kWh, up 2.37% year-on-year, indicating stable operational performance despite ongoing challenges [3]. Business Segments - The thermal power segment showed significant improvement, with total coal-fired power generation increasing by 6.23% year-on-year, and gas-fired power generation rising by 45.38% [5]. - The company's wind power generation was impacted by weak wind conditions, leading to a 13.55% decrease in onshore wind power generation, while offshore wind power generation increased by 4.41% [4][5]. Future Outlook - The company forecasts earnings per share (EPS) of 1.17 yuan, 1.26 yuan, and 1.42 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 8.71, 8.11, and 7.16 [4][9].