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2024-07-09 08:38:14 Changjiang Securities Co., Ltd.   Author: Researcher: Zhang Weihua/Siqi/Song Shangzheng/Liu Yahui  

Event Description

The company released the power generation situation in the first half of 2024: In the first half of 2024, the company completed the power generation 46.695 billion kilowatt -hour,increased by 12.15%year -on -year,Internet power 46.272 billion kilowatt hours,increased by 12.36%year -on -year。

Event comment

Significant repair of water,The rapid growth of power generation。Since the first half of 2024,Continue to repair the water,Lancang River Basin Laiwater is 30 % rich in the same period last year,Wusong、Xiaowan and Nuozha Dudu Noodles come from 30%year -on -year water、31%and 29%。other,Company actively coordinates 2024 European Cup Official Website Betting Predictionsthe power grid to speed up the water level before the flood,Under the common pull of the water bias and the disappearance before the flood,The rapid growth of hydropower power generation,In the first half of the year, the company's hydropower completed the power generation 44.588 billion kWh,increased by 8.99%year -on -year,Among the second quarters of the second quarter of the single -quarter water and electricity completed the power generation 29.463 billion kWh,A year -on -year increase of 24.09%(after retrospective adjustment data)。But what you need to pay attention to is,Although the water of Nu Zha Dudu noodles in the first half of the year is 29%plenty of water,But the amount of power generation decreased by 12.34%year -on -year,and Nuoza's downstream Jinghong Power Station has also decreased by 10.44%,Main cause may be the impact of increased energy in the second quarter of Nuzha Dumpa,The power of the power station of Nuozhang Power Station has decreased to a certain extent to a certain extent limit the increase in hydropower and electricity。other,Increase in the scale of new energy installation、Under the common influence of the situation of good power photovoltaic power generation,New energy power generation also 2024 European Cup Betting Site in Germanyachieves rapid growth,In the first half of the year, the company's wind power completed 271 million kWh,increased by 5.45%year -on -year,Pirifier completed 1.836 billion kilowatt -hours of power generation,year -on -year increase of 290.64%。

Quantity and price rise,Excellent performance outlook for the first half of the year。Yunnan Province promulgated the "Real -time Reform Plan for Marketing Marketing Marketing in Yunnan Province" in 2022 (Trial),It is proposed that Yunnan Province's hydropower and electricity prices are weighted in the annual monthly electricity and electricity price. The average electricity price is formed by the average market price in the first three years.。With the lower price price of 2020, it is no longer included in rolling calculation,2024 Internal electricity price increases in Yunnan Province will be released,Overcomes the situation in Yunnan Province's power supply and demand situation continues to be in a tense situation,Therefore, it is expected that the electricity price of market -oriented transactions in Yunnan will increase year -on -year。Overall view,Driven by the volume and price is expected to obtain strong support,The company's performance in the second quarter and the first half of the year is expected to accelerate growth。

2024 European Cup Football Result BettingToba puts into production high level,The annual performance is high。It is worth noting is,In the first half of the year, the Lancang River's water was about 30 % year -on -year,But the year -on -year growth rate of power generation is only 12.15%,It means that the company still retains a large amount of water in the library and contribute effective。

But with the peak period of electricity in the third quarter,It is expected that the abundant library capacity will be converted into a strong contribution to further catalyze the power generation in the second half of the year。According to the company's announcement,June 15,The first unit 1 (350,000 kilowatts) of the company's Toba Power Station officially entered commercial operation,It is estimated that all 1.4 million kilowatts of the total installation machine will be put into production within the year。Therefore, the company will usher in an installation in 2024、Strong support of the three dimensions of electricity and electricity price,The company's annual performance outlook will maintain high -speed growth。

Investment recommendations: According to the latest business data,We adjust the company's profit forecast,It is estimated that the company's corresponding EPS will be 0.52 yuan 2024 European Cup Official Website Betting Predictionsin 2024-2026、0.57 yuan and 0.64 yuan,The corresponding PE is 21.62 times, respectively、20.01 times and 17.74 times,Maintain & ldquo; Buy & rdquo; rating。

Risk reminder

1. The risk of fluctuations in market electricity prices;

2. Water is not as good as expected risks.

Editor in charge: Zhang Lei

Tags: Huaneng Hydropower