Summary of Conference Call Notes Industry Overview - The conference call focuses on the power generation sector, specifically highlighting the performance of thermal and hydropower companies within the industry [1][2]. Key Financial Metrics - The sector's net profit attributable to shareholders for 2024 is projected at 224.6 billion yuan, representing a year-on-year increase of 10% [1]. - In Q1 2025, the net profit is reported at 49.6 billion yuan, showing a year-on-year growth of 4.5% [1]. - Despite a decline in electricity prices, thermal power generation increased by 4.6% and hydropower generation surged by 24% in Q1 [1]. - Financial expenses for the sector decreased by 5.3% [1]. Cash Flow Analysis - Operating cash flow for the sector grew by 9.5% in 2024 and 22.6% in Q1 2025, with thermal power cash flow increasing by 21% and 52% respectively [2]. - Investment cash flow showed a slowdown, with growth rates of 8.4% and 4.8% for 2024 and Q1 2025 [2]. - Free cash flow for thermal power in Q1 was reported at 29.1 billion yuan [2]. Balance Sheet Insights - The sector's asset-liability ratio has decreased for three consecutive years, while Return on Equity (ROE) has increased for three years in a row [2]. - The net assets of the thermal power sector, excluding perpetual bonds, have grown by 8.2% for two consecutive years [2]. Market Dynamics and Strategic Focus - The stability of thermal power performance is improving, driven by capacity, auxiliary services, and declining coal prices, alongside enhanced market value management [3]. - Hydropower storage is performing better than expected, with continued growth anticipated in Q2 [3]. - The sector is transitioning from a weak dividend to a strong dividend outlook [3]. Investment Recommendations - Three investment strategies are highlighted: 1. Defensive rebound in flexible thermal power under market value management: Huadian AH, Huaneng AH, Northern Power Plant [3]. 2. Stable defense of dividend assets in a low-interest environment: Changjiang Electric, Sichuan Investment, Sheneng [3]. 3. Policy-driven offensive in high ROE and low PB green energy: Funiu, Longyuan H, New Tian Green Energy H [3].

非银金融/证券Ⅱ 国泰海通（601211.SH） 打造国际一流券商，看好远期 ROE 中枢提升 2025 年 04 月 11 日 投资评级：买入（首次） | 日期 | 2025/4/11 | | --- | --- | | 当前股价(元) | 16.75 | | 一年最高最低(元) | 22.08/12.93 | | 总市值(亿元) | 2,952.98 | | 流通市值(亿元) | 2,255.59 | | 总股本(亿股) | 176.30 | | 流通股本(亿股) | 134.66 | | 近 3 个月换手率(%) | 25.6 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 2025-04 国泰海通 沪深300 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 打造国际一流券商，看好远期 ROE 中枢提升 国泰君安与海通证券的合并是 2024 年新"国九条"发布以来首例头部券商合并 重组、中国资本市 ...