煤价看跌期权兑现，大唐发电业绩登顶

Core Viewpoint - The article discusses how the decline in coal prices is benefiting traditional power generation companies like Datang Power (601991.SH), while also highlighting the increasing importance of renewable energy as a significant source of profit [1][4][25]. Group 1: Coal Price Impact - The cost structure of traditional thermal power generation has coal accounting for over 70%, making coal price fluctuations highly impactful on profits [4]. - The coal market has shown signs of weakness, with a notable decline in coal prices expected in 2025, reflecting a shift in supply and demand dynamics [8][10]. - The average coal price for 2025 is projected to be approximately 683 RMB/ton, a decrease of about 4.9% from the 2024 average of 718 RMB/ton [11]. Group 2: Datang Power's Financial Performance - In the first three quarters of 2025, Datang Power reported operating revenue of 89.345 billion RMB, a year-on-year decrease of 1.8% [13]. - However, the net profit attributable to shareholders reached 6.712 billion RMB, marking a significant year-on-year increase of 51.5%, surpassing any previous annual profit level [15]. - The improvement in profit margins is attributed to cost reductions, with a gross margin of 19.4%, up by 4.8 percentage points year-on-year [17]. Group 3: Renewable Energy Contribution - The share of low-carbon clean energy in Datang Power's installed capacity reached 40.5% by the end of 2024, an increase of 2.6 percentage points from the previous year, driven by growth in wind and solar energy [20]. - Wind power alone saw a 34.7% year-on-year increase in installed capacity, contributing to a profit of 1.938 billion RMB in the first half of 2025, a 71.3% increase [20][21]. - Datang Power is also expanding its nuclear power investments, with significant returns from its stake in the Ningde Nuclear Power Plant, contributing 1.36 billion RMB and 472 million RMB in investment income for 2024 and the first half of 2025, respectively [23][24].