Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [18]. Core Insights - In 2024, the company reported a total revenue of 245.55 billion yuan, a decrease of 3.48% year-on-year, while the net profit attributable to shareholders increased by 20.01% to 10.135 billion yuan [2][3]. - The decline in revenue was primarily due to a 2.85% drop in average on-grid electricity prices, which resulted in a revenue loss of 5.806 billion yuan, despite a 1.13% increase in on-grid electricity volume [3]. - The company plans to distribute a cash dividend of 0.27 yuan per share, totaling approximately 4.238 billion yuan, reflecting a cash dividend payout ratio of 58.78% for 2024 [3]. Financial Performance Summary - The company's coal-fired power generation revenue decreased by 4.59% in 2024, with total profit amounting to 7.138 billion yuan, a significant increase of 1548% year-on-year [4]. - The average on-grid electricity price for coal-fired generation fell, but the reduction in fuel costs contributed to the profit growth [4]. - The company is actively investing in low-carbon development, with planned capital expenditures for wind and solar energy reaching 51.2 billion yuan in 2025, a year-on-year increase of 64.01 billion yuan [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 10.164 billion yuan, 10.556 billion yuan, and 10.877 billion yuan respectively, with corresponding P/E ratios of 10.7, 10.3, and 10.0 [6].

证券研究报告 | 行业周报 gszqdatemark 2025 03 03 年 月 日 环保 银行保险迎绿色金融，低碳发展迎新节点 方案引导银行业大力发展绿色金融，意见强调农村生活污水利用六大要 点。1. 2 月 27 日，国家金融监督管理总局办公厅、中国人民银行办公厅 联合发布关于印发《银行业保险业绿色金融高质量发展实施方案》的通知。 通知指出，银行业保险业要在推进中国绿色金融高质量发展，推动经济社 会绿色发展全面转型关键期做出应用贡献，具体内容包括：改组自身资产 组合以适应碳中和发展，加强对重点领域行业金融支持，完善绿色金融服 务体系等。该《方案》有利于提升绿色金融服务质效，促进经济社会发展 全面绿色转型。2. 2 月 19 日，山东省印发关于进一步推进农村生活污水 资源化利用的指导意见（征求意见稿）》，该《意见》旨在推动当地生活 污水资源化利用落实，在治理过程中尊重农民意见，同时建立合格有效， 迅速反应的评估和反馈机制。为助力美丽乡村建设，推进乡村全面振兴作 出了重要的指导。 当周碳交易行情：本周（2.24-2.28）全国碳市场综合价格行情为：最高价 91.87 元/吨，最低价 89.37 元/吨，收盘 ...