一季度业绩超预期，成本回落助力火电业绩显著修复

Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company reported a significant increase in net profit for Q1 2024, reaching 4.596 billion yuan, a year-on-year growth of 104.25%, slightly exceeding expectations [4] - The improvement in performance is attributed to the recovery of thermal power profitability and rapid growth in renewable energy [4] - The report highlights a substantial decrease in fuel costs, contributing to enhanced profitability in the coal power segment [4] - The company is expected to continue benefiting from declining coal prices and increasing renewable energy installations [4] Summary by Sections Market Data - Closing price: 9.31 yuan - One-year high/low: 10.55/6.9 yuan - Price-to-book ratio: 1.1 - Circulating A-share market value: 102,389 million yuan [2] Financial Performance - Q1 2024 total revenue: 65,367 million yuan - Q1 2024 net profit: 4,596 million yuan - Q1 2024 gross profit margin: 16.1% - Q1 2024 return on equity (ROE): 3.4% [5][6] Profit Forecast and Valuation - The company’s net profit forecasts for 2024-2026 are 11.533 billion, 13.758 billion, and 16.641 billion yuan respectively - The current stock price corresponds to a PE ratio of 13, 11, and 9 for 2024-2026 [4][5]