公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼

东吴证券04-29

（以下内容从东吴证券《公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼》研报附件原文摘录）本周核心观点：1）多家火电公司公布24Q1业绩，受益于发电量超预期+煤价下行，业绩亮眼。华能国际24Q1实现营业收入653.67亿元，同比+0.15%；实现归母净利润45.96亿元，同比增长104.25%。华电国际24Q1实现营业收入309.52亿元，同比-3.21%；实现...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2431525833?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-04-29 18:12","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2431525833","market":"sh","top_or_hot":-1,"title":"公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼","media":"东吴证券","content":"<div>\n<p>（以下内容从东吴证券《公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼》研报附件原文摘录）本周核心观点：1）多家火电公司公布24Q1业绩，受益于发电量超预期+煤价下行，业绩亮眼。华能国际24Q1实现营业收入653.67亿元，同比+0.15%；实现归母净利润45.96亿元，同比增长104.25%。华电国际24Q1实现营业收入309.52亿元，同比-3.21%；实现...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404291812568b618a81&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-29 18:12 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404291812568b618a81&s=b><strong>东吴证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（以下内容从东吴证券《公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼》研报附件原文摘录）本周核心观点：1）多家火电公司公布24Q1业绩，受益于发电量超预期+煤价下行，业绩亮眼。华能国际24Q1实现营业收入653.67亿元，同比+0.15%；实现归母净利润45.96亿元，同比增长104.25%。华电国际24Q1实现营业收入309.52亿元，同比-3.21%；实现...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404291812568b618a81&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"600795","symbol_name":"国电电力","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404291812568b618a81&s=b","article_id":"2431525833","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202404291812568b618a81&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2431525833","pubTimestamp":1714385571,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"本周核心观点：1）多家火电公司公布24Q1业绩，受益于发电量超预期+煤价下行，业绩亮眼。2024年一季度公司实现核心利润10.82亿元，同比减少12.8%，符合预期。2024Q1，公司实现总气量100.04亿方，增长5.5%，呈现复苏态势。行业核心数据跟踪：5月电网代购电出炉，水电进入汛期，多省份电网代购电有所回落；动力煤价格周环比-2元至824元/吨。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"562350":"电力指数ETF","600011":"华能国际","600027":"华电国际","600795":"国电电力","600803":"新奥股份","BK0027":"智慧农业","02688":"新奥能源","BK0188":"融资融券","LU1282651048.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"AMG\" (USD) INC","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","BK0028":"国家队","BK0119":"LNG","BK0172":"雄安新区","BK0077":"质押式回购","01071":"华电国际电力股份","BK0066":"新型煤化工","BK0252":"燃气产供"},"translate_title":"Utilities Industry Tracking Weekly Report: Benefiting from the unexpected demand for electricity and the decline in coal prices, the thermal power sector's 2024Q1 performance is outstanding","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"562350":0.9,"600011":0.9,"600027":0.9,"600795":0.9,"600803":0.9,"02688":0.9,"01071":0.9},"content_text":"（以下内容从东吴证券《公用事业行业跟踪周报：受益于电力需求超预期+煤价下行，火电板块2024Q1业绩亮眼》研报附件原文摘录）本周核心观点：1）多家火电公司公布24Q1业绩，受益于发电量超预期+煤价下行，业绩亮眼。华能国际24Q1实现营业收入653.67亿元，同比+0.15%；实现归母净利润45.96亿元，同比增长104.25%。华电国际24Q1实现营业收入309.52亿元，同比-3.21%；实现归母净利润18.62亿元，同比增长64.21%。国电电力24Q1实现营业收入455.55亿元，同比-0.13%；实现归母净利润17.85亿元，同比增长88.62%。2）新奥股份2024年一季报发布：基础业务核心利润同增17.8%，销气量呈复苏态势。2024年一季度公司实现核心利润10.82亿元，同比减少12.8%，符合预期。核心利润下滑系去年同期港股子公司新奥能源批发气业务进行国际转售，相关归母净利润3.3亿元；2024年一季度国际价差回落，批发气利润下降至0.08亿元所致；基础业务核心利润（剔除港股新奥能源海外批发气转售业务）10.74亿元，同比增加17.8%。2024Q1，公司实现总气量100.04亿方，增长5.5%，呈现复苏态势。行业核心数据跟踪：5月电网代购电出炉，水电进入汛期，多省份电网代购电有所回落；动力煤价格周环比-2元至824元/吨。电价：24年电价长协落地，广东降幅较大外，其余主要城市同比降幅多在1-3%（加上煤电容量电价后）。煤价：截至2024/4/26，动力煤秦皇岛5500卡平仓价为824元/吨，同比-16.4%。天然气：截至2024/4/26，美国HH/欧洲TTF/东亚JKM/中国LNG出厂/中国LNG到岸价周环比变动+9.1%/-3.5%/-1.7%/+2.3%/-5.0%至0.5/2.3/2.6/2.9/2.6元/方。欧洲库存充足，截至2024/4/26，欧洲天然气库存697TWh（673亿方），同比+36亿方，库容率61.53%，同比+2.9pct。2023年我国天然气表观消费量达3900亿方，同增7.2%（+9.9pct）。2023年随我国经济复苏，天然气消费量回归增长。2024M1-3我国天然气消费量同比增长13%。投资建议：1）火电：全球范围电荒+进入淡季煤价快速下跌+火电板块预期分红率改善，关注当前时间点火电投资机会。推荐【皖能电力】【华电国际】，建议关注【申能股份】【浙能电力】【华能国际】【国电电力】等。2）绿电：重点推荐【龙净环保】风光项目指标备案约2GW，近1GW推进建设中，拉果错1期源网荷储并网发电，绿电业绩加速；建议关注【三峡能源】【龙源电力】等。3）天然气：国外气价回落，国内成本压力缓解促进需求提升；城燃板块价差将继续修复，顺价推进提估值。一、受益顺价政策，价差提升。建议关注：【昆仑能源】【新奥能源】【中国燃气】【华润燃气】【港华智慧能源】【深圳燃气】。二、高股息现金流资产。重点推荐：【蓝天燃气】【新奥股份】。三、拥有海气资源，具备成本优势。重点推荐：【九丰能源】【新奥股份】。4）水电：量价齐升、低成本受益市场化。度电成本所有电源中最低，省内水电市场电价持续提升，外输可享当地电价。24年来水恢复+蓄能充沛电量反转。现金流优异分红能力强，折旧期满盈利持续释放。重点推荐【长江电力】。5）核电：成长确定、远期盈利&分红提升。2022、2023连续两年核准10台，核电进入常态化审批。在手项目已锁定2030年成长。在建机组投运+资本开支逐步见顶。公司ROE看齐成熟项目有望翻倍，分红能力同步提升。重点推荐【中国核电】，建议关注【中国广核】。6）消纳：关注特高压和电网智能化产业链。电网三大趋势：趋势一配电网智能化：推荐【威胜信息】【东软载波】【安科瑞】；趋势二电网数字化：推荐虚拟电厂产业链；趋势三电网设备国际化：推荐特高压和电网设备板块。风险提示：电力需求超预期下行风险，电改进程中电价下行的可能等","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2431525833"}