火电业绩稳健增长 多因素制约风电业绩短期承压

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 14.695 billion yuan in 2023, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 2.624 billion yuan, up 1.11% year-on-year. For Q1 2024, revenue was 3.088 billion yuan, a 0.52% increase year-on-year, while net profit was 526 million yuan, a decrease of 1.14% year-on-year [2]. - The thermal power segment showed stable growth, with revenue of 13.845 billion yuan in 2023, a 1.99% increase year-on-year, and a significant increase in sales volume and electricity prices contributing to improved performance [2]. - Wind power performance faced short-term pressure due to declining on-grid electricity prices and high asset depreciation, leading to a decrease in net profit for wind power operations [2]. Summary by Sections Financial Performance - Total revenue for 2023 was 14.695 billion yuan, with a projected revenue of 14.527 billion yuan for 2024, reflecting a year-on-year growth rate of -1.1% [3]. - The net profit attributable to shareholders for 2023 was 2.623 billion yuan, with forecasts of 2.814 billion yuan for 2024, indicating a growth rate of 7.3% [3]. - Earnings per share for 2023 was 1.03 yuan, with projections of 1.10 yuan for 2024 [3]. Segment Analysis - The thermal power segment's revenue was 13.845 billion yuan in 2023, benefiting from increased sales volume and higher electricity prices, with a significant rise in net profits from subsidiaries [2]. - Wind power generation decreased to 5.496 billion kWh in 2023, a decline of 4.06% year-on-year, with net profits from wind power operations dropping significantly due to high depreciation and lower on-grid prices [2]. Market Position - The company’s stock price was 9.95 yuan as of April 24, 2024, with a market capitalization of approximately 25.48 billion yuan [4]. - The company has a price-to-earnings ratio of 10 for 2023, projected to decrease to 9 for 2024 and further to 8 for 2025 and 2026, indicating a valuation below the industry average [3][4].