公用环保行业2023年报及2024一季报综述：火电业绩延续高增，一季度水电业绩好于预期

Investment Rating - The report maintains a positive investment rating for the public utility and environmental protection sectors [1]. Core Insights - The public utility sector experienced significant growth in thermal power performance, with hydropower results exceeding expectations in Q1 2024. The total revenue for the public utility sector in 2023 reached 22,752 billion yuan, a year-on-year increase of 3.3%, with a net profit of 1,556 billion yuan, up 60.2% year-on-year [1][5]. - In Q1 2024, the public utility sector generated a total revenue of 5,635 billion yuan, reflecting a 0.9% year-on-year increase, and a net profit of 511 billion yuan, which is a 21.7% increase year-on-year. The profit improvement was primarily driven by the thermal power sector, which saw a net profit increase of 89.6% year-on-year [1][5]. Summary by Sections 1. Public Utility Sector Performance - In 2023, the thermal power sector turned profitable, contributing significantly to the overall net profit, with thermal power, hydropower, green power, nuclear power, and gas sectors reporting net profits of 418 billion, 486 billion, 286 billion, 210 billion, and 158 billion yuan respectively [1][5]. - For Q1 2024, the net profits for the thermal power, hydropower, green power, nuclear power, and gas sectors were 212 billion, 91 billion, 97 billion, 67 billion, and 46 billion yuan respectively, with thermal power showing a remarkable year-on-year increase of 89.6% [1][5]. 2. Environmental Protection Sector Performance - The environmental protection sector maintained stable performance in 2023, with total revenue of 2,917 billion yuan, a year-on-year increase of 4.0%. The net profit was 163 billion yuan, up 0.7% year-on-year, with solid waste and water sectors showing robust growth [1][5]. - In Q1 2024, the environmental protection sector achieved a total revenue of 842 billion yuan, a year-on-year increase of 4.6%, while the net profit was 80 billion yuan, down 14.1% year-on-year [1][5]. 3. Public Fund Allocation - Public funds in the public utility and environmental protection sectors had a heavy allocation, with a weight of 2.57%, reflecting a quarter-on-quarter increase of 0.69 percentage points. The top five stocks in this sector included Changjiang Electric Power, China Nuclear Power, Huadian International, Guanghui Energy, and Guotou Power [1][5].