装机&电量双升+煤价下降，业绩增长可期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.81 RMB [3][28]. Core Insights - The company's performance is expected to grow due to an increase in installed capacity and electricity generation, alongside a decrease in coal prices [22][29]. - In Q1 2024, the company achieved a revenue of 6.985 billion RMB, a year-on-year increase of 12.45%, and a net profit attributable to shareholders of 453 million RMB, up 188.24% year-on-year [22][29]. - The report highlights that the electricity demand in Anhui province has increased by 15.2% year-on-year, which is significantly higher than the national average, providing strong support for the company's coal-fired power generation [29]. - The company is expected to benefit from new power generation units coming online, including 900,000 kW of gas and coal power, which will further drive performance growth [29]. - The report anticipates that the company's net profit will reach 1.81 billion RMB in 2024, with earnings per share (EPS) of 0.80 RMB, and will continue to grow in subsequent years [29]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 6.985 billion RMB, a 12.45% increase year-on-year, and a net profit of 453 million RMB, reflecting a 188.24% increase year-on-year [22]. - The adjusted net profit attributable to shareholders was 450 million RMB, marking a 271.10% increase year-on-year [22]. Market Conditions - The average coal price has decreased by 11% compared to the beginning of 2024, with a year-on-year decline of 19% due to last year's high prices [29]. - The stable electricity selling price and reduced coal costs are expected to enhance the profitability of the company's coal-fired power operations [29]. Future Outlook - The company plans to expand its investment in clean energy projects and increase its share in coal-fired power plants, which will contribute to its overall growth [29]. - The report projects that the company will achieve net profits of 1.81 billion RMB, 2.29 billion RMB, and 2.55 billion RMB for the years 2024, 2025, and 2026, respectively [29].