2024年一季报点评：来风不佳抵消火电修复，业绩长期向好

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 12.98 CNY per share, based on a PE valuation of 11.0 times for 2024 [1][3]. Core Views - The company's Q1 2024 performance shows a slight increase in revenue to 3.088 billion CNY, up 0.52% year-on-year, while net profit decreased by 1.16% to 526 million CNY [1]. - The thermal power segment is expected to continue its recovery, with significant increases in coal-fired power generation and a notable decrease in coal prices, which supports the recovery trend [1]. - Wind power generation faced short-term pressure due to unfavorable wind conditions, impacting overall performance, but future growth is anticipated from new projects [1]. Financial Performance Summary - Q1 2024 revenue was 3.088 billion CNY, with a year-on-year growth of 0.52% [1]. - Net profit attributable to shareholders was 526 million CNY, a decrease of 1.16% year-on-year [1]. - The company’s coal-fired power generation saw a year-on-year increase in output, with coal prices down 20.1% compared to the previous year [1]. - EPS forecasts for 2024, 2025, and 2026 are 1.18 CNY, 1.26 CNY, and 1.29 CNY respectively, with corresponding PE ratios of 8.5, 7.9, and 7.7 [1][7].