Investment Rating - The report maintains a recommendation for the industry [2] Core Viewpoints - The report highlights a significant increase in nuclear power generation, with a year-on-year growth of 23.0% in March, while thermal power generation has decreased by 2.3% [11] - The overall electricity consumption in March reached 828.2 billion kWh, reflecting a year-on-year increase of 4.8%, with the first and third industries maintaining high growth rates [20] - The report emphasizes the potential for further declines in coal prices due to increased supply and decreased demand as temperatures rise, which could enhance profitability in thermal power generation [6] Industry Scale - The industry comprises 241 listed companies with a total market capitalization of 370.24 billion and a circulating market capitalization of 344.90 billion [2] Industry Index Performance - The environmental and public utility sectors have shown positive performance, with the public utility index increasing by 1.77% and the environmental index by 0.04% [6][28] - Year-to-date, the environmental sector has a cumulative decline of 1.02%, while the electric power sector has declined by 2.46%, both outperforming the broader market indices [6] Key Data Tracking - As of April 18, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 680 yuan/ton, a significant drop of 57.5% from its peak of 1599 yuan/ton in October 2022 [40] - The average electricity price in Guangdong reached a peak of 327.31 yuan/MWh on April 18, 2025, reflecting a week-on-week decrease of 7.0% [65] - The national carbon market saw a weekly trading volume of 149.89 million tons, a substantial increase of 319.5% [72] Key Events in the Industry - The National Development and Reform Commission and the National Energy Administration jointly issued the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" [76]

Group 1 - The company reported a revenue of 245.55 billion RMB for 2024, a decrease of 3.5% year-on-year, while achieving a net profit attributable to shareholders of 10.14 billion RMB, an increase of 20.0% year-on-year [1] - The company plans to distribute a cash dividend of 0.27 RMB per share (including tax), with a cash dividend payout ratio of 58.78% [1] - The company completed an on-grid electricity generation of 452.94 billion kWh in 2024, a year-on-year increase of 1.1%, with coal-fired power generation hours at 4,285 hours, a decrease of 103 hours year-on-year [1] Group 2 - The average procurement price of coal decreased by 8.27% year-on-year, with the unit fuel cost for domestic coal-fired power plants at 300.31 RMB/MWh, down 8.00% year-on-year [1] - The profit per kWh for coal-fired and gas-fired power generation reached 0.019 RMB/kWh and 0.040 RMB/kWh respectively, an increase of 0.018 RMB/kWh and 0.012 RMB/kWh year-on-year [1] - The company added 9.7 GW of new installed renewable energy capacity in 2024, with wind and solar power contributing 2.6 GW and 6.8 GW respectively [2] Group 3 - The wind power and solar power segments achieved pre-tax profits of 6.77 billion RMB and 2.73 billion RMB respectively, with profit per kWh for wind and solar at 0.183 RMB/kWh and 0.150 RMB/kWh, down 0.2 and 3.7 cents year-on-year [2] - The company plans capital expenditures of 36.2 billion RMB for wind power and 15 billion RMB for solar power in 2025, representing increases of 11.1 billion RMB and decreases of 4.74 billion RMB year-on-year [2] - The Singapore and Pakistan operations reported profits of 2.68 billion RMB and 0.97 billion RMB respectively, with year-on-year changes of -38.4% and +60.9% [2] Group 4 - The company forecasts net profits attributable to shareholders of 11.60 billion RMB, 12.68 billion RMB, and 13.44 billion RMB for 2025-2027, with corresponding EPS of 0.74, 0.81, and 0.86 RMB [2] - The target price is set at 8.69 RMB, maintaining a "buy" rating [2]