2024年一季报点评：控、参火电向好，业绩兑现高增

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 9.49 CNY based on a PE of 13.0 times for 2024 [6][9]. Core Views - The company is expected to benefit from new power generation units coming online and a decline in coal prices, leading to improved performance in 2024 [4][6]. - The first quarter of 2024 showed significant growth in revenue and net profit, with revenue reaching 6.985 billion CNY, up 12.45% year-on-year, and net profit increasing by 188.24% to 453 million CNY [4][6]. - The overall gross margin improved by 4.8 percentage points to 10.9% due to lower fuel costs, with the average coal price dropping by 20.1% year-on-year [5][6]. Financial Performance Summary - For 2023, the company reported total revenue of 27.867 billion CNY, with a net profit of 1.430 billion CNY, reflecting a growth rate of 186.4% [7][11]. - The earnings per share (EPS) for 2024 is projected to be 0.73 CNY, with corresponding PE ratios of 11.7 for 2024, 11.1 for 2025, and 10.7 for 2026 [6][7]. - The company’s total assets are expected to grow from 60.586 billion CNY in 2023 to 65.521 billion CNY in 2024 [13]. Revenue and Profit Forecast - The company anticipates revenue growth rates of 8.3% for 2023, 7.9% for 2024, and 6.2% for 2025 [7][15]. - The net profit is expected to grow by 15.0% in 2024 and 5.2% in 2025, with a projected net profit of 1.644 billion CNY for 2024 [7][15]. Cost and Expense Management - The report highlights a decrease in research and development expenses by 0.14 billion CNY in Q1 2024, contributing to a lower overall expense growth rate [6]. - Financial expenses increased slightly by 0.24 billion CNY, but the overall expense ratio decreased to 4.0% [6].