20241202-中原证券-电力及公用事业行业年度策略_做耐心资本_长期拥抱价值_23页_1mb

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中文摘要
电力行业业绩稳健，前三季度营收18748.02亿元，净利润同比增长96.7%，防御性强。火电转型公用事业属性，受益于电价机制改革。水电发电量增长带动业绩，来水偏丰时净利润同比增幅达46.8%。核电在建规模创新高，2027年将迎装机高峰，市场化程度提升，盈利稳健。建议关注水电与核电运营商，重点标的包括长江电力、国投电力、中国核电等。

English Summary
The power industry demonstrates resilience with steady performance: revenue reached 187.48 billion yuan in the first nine months, a 96.7% YoY increase in net profit. Thermal power is transitioning to a public utility model via liberalized pricing mechanisms. Hydropower benefited from increased water availability, driving a 46.8% YoY net profit growth in Q3. Nuclear power has an unprecedented construction pace, with a record 11 units approved in 2024, set to enter commercial operation by 2027. Key recommendations include focusing on hydro and nuclear operators, with preferred stocks including China Yangtze Power, CGN Power, and China Nuclear Power.