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20240603_国盛证券_电力行业专题研究:23年报及24Q1总结火电高增水核稳健绿电分化_25页.pdf

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20240603_国盛证券_电力行业专题研究:23年报及24Q1总结火电高增水核稳健绿电分化_25页.pdf

|2024 06 03 23 24Q1 2024 1-4 30772 9.0%29329 6.1%2024 9.8 6%14.5 2023 1 Q1 190/2024 Q1 Q5500 907/190/23Q4 60/2023 24 2023 300 11.38%0.69%300 12.07 29 10 2023 69 28 1 40 2023 609 4987.76%413 15.61%472 61.47%2023 2024 1 2/ROE 3/S0680520070001 1 2024-06-02 2 2024-05-26 3 4 7%2024-05-19-32%-16%0%16%2023-06 2023-09 2024-01 2024-05 300 2024 06 03 P.2 EPS P E 2023A 2024E 2025E 2026E 2023A 2024E 2025E 2026E 600795.SH 0.31 0.46 0.52 0.61 17.32 11.67 10.33 8.80 600011.SH 0.54 0.87 0.95 1.20 16.59 10.30 9.43 7.47 600023.SH-0.49 0.60 0.65 0.70 9.48 11.31 10.48 9.71 000543.SZ 0.63 0.88 0.96 0.97 12.90 9.24 8.47 8.38 600642.SH-0.71 0.81 0.90 0.97 0.71 0.81 0.90 0.97 600027.SH-0.44 0.65 0.72 0.81 11.62 10.45 9.36 8.39 601985.SH-0.56 0.61 0.67 0.71 13.33 16.15 14.65 13.71 688501.SH 0.70 1.22 1.54 1.89 23.43 13.44 10.65 8.68 Wind Wind XVBYwPsPtQmNoQpMnQtMoP9PbP8OnPrRoMrNeRnNqOfQoOsObRnNyQxNtOyRuOmMoQ 2024 06 03 P.3 1.5 1.1.5 1.1.1.5 1.1.2.6 1.2.2023 24.6 1.3.9 2.12 2.1.12 2.2.roe.20 2.3.22 3.24.24 1.5 2.5 3 2024 1-4:.5 4 2024 1-4:.5 5 2024 1-4:.6 6 2024 1-4:.6 7 Q5500/.6 8.6 9 2023 29 10.7 10 2023.7 11 2024 29 6.8 12 2024 2024 5 6.8 13.9 14 2023.10 15 2023.10 16 2024 Q1.10 17 2024 Q1.10 18 2023.11 19 2023.11 20 2024 Q1.11 21 2024 Q1.11 22 2023 11.6%.12 23 2023 121.13%.12 24 2023%.12 25 2023%.12 26 2023.13 27 2023%.14 2024 06 03 P.4 28 2023%.14 29 2023.14 30 2023%.14 31 2023%.14 32 2023.15 33 24Q1 4.8%.16 34 24Q1 38.72%.16 35 2024Q1%.16 36 2024Q1%.16 37 Q1.17 38 2024Q1%.18 39 2024Q1%.18 40 Q1.18 41 2024Q1%.19 42 2024Q1%.19 43/Q1.20 44 2023 ROE4.67%.21 45 2023 58.68%.21 46%.21 47%.21 48 2024Q1 ROE.21 49 2024Q1.21 50%.22 51%.22 52.22 53.23 54 2024Q1%.23 55 2024Q1%.23 Vk8hw5wJYkx3TXKxSAzo0pDzSda0ryHb0G1WUCrSdD4Iso1zeYrxoG4+KihJidOv 2024 06 03 P.5 1.1.1 1.1.1 2024 1-4 30772 9.0%29329 6.1%5.5%7.5%1.9%20.4%6.3%2024 9.8 6%14.5 2023 1 1 2 iFinD iFinD 3 2024 1-4:4 2024 1-4:iFinD iFinD 2024 06 03 P.6 5 2024 1-4:6 2024 1-4:iFinD iFinD 1.1.2 Q1 190/2024 Q1 2024Q1 Q5500 907/190/60/2024Q1 709/18/2/7 Q5500/8 CCTD iFinD 1.2.2023 24 2023 300 11.4%0.7%300 12.1 29 10 2023 69 28 1 40 59.65%40.88%33.99%32.09%27.73%B B-36.24%2024 06 03 P.7-31.82%-31.56%-31.41%-31.27%9 2023 29 10 Wind 10 2023 Wind 2024 2024 5 6 300 6.6%7.3%300 0.7 29 6 2024 69 45 1 23 41.3%40.5%38.0%37.6%35.5%-25.2%2024 06 03 P.8-24.4%-24.0%-20.4%-17.5%11 2024 29 6 Wind 12 2024 2024 5 6 Wind 2024 06 03 P.9 1.3.2023 2024 Q1 2023 Q4 2.03%1.81%1.96%2024 Q1 2.87%2023 Q4 0.84pct 2.33%2023 Q4 0.52pct 2.69%13 Wind 2023 2024Q1 2024 Q1+4.9%+3.5%+3.5%+3.1%+2.4%-3.5%-0.8%A-0.7%-0.6%-0.5%2024 06 03 P.10 14 2023 15 2023 Wind Wind 16 2024 Q1 17 2024 Q1 Wind Wind 2023 1.16pct 0.74pct 0.50pct 0.14pct 0.13pct 0.16pct 0.03pct 0.03pct 0.01pct 0.01pct 2024 Q1 9.80pct 7.69pct 6.15pct 6.05pct 4.89pct 0.14pct 0.08pct 0.04pct 0.01pct 0.01pct 2024 06 03 P.11 18 2023 19 2023 Wind Wind 20 2024 Q1 21 2024 Q1 Wind Wind 2024 06 03 P.12 2.2.1.&2023 2023 2023 18362 11.60%1518 121.13%2023 2022 5500K 1280/2023 946/335/2023 2023 CS 609 4987.76%CS 413 15.61%CS 472 61.47%22 2023 11.6%23 2023 121.13%Wind Wind 24 2023%25 2023%Wind Wind 2024 06 03 P.13 26 2023 2023 2023 000027.SZ 405.04 7.94%20.46-6.94%000037.SZ A 5.90-15.05%0.04 102.60%000531.SZ A 48.22 22.64%2.93 611.45%000539.SZ A 597.08 13.38%9.75 132.45%000543.SZ 278.67 14.79%14.30 236.25%000600.SZ 189.46 3.50%1.67 62.15%000690.SZ 102.75 9.13%8.89 385.09%000767.SZ 196.16-2.99%-5.15 24.54%000899.SZ 70.89 71.12%4.90 4497.92%000966.SZ 144.57-1.40%3.49 184.18%001286.SZ 194.53-4.10%25.56 3.41%001896.SZ 119.84-8.50%-5.54 74.14%002608.SZ 345.72 6.58%18.70 2643.55%600011.SH 2543.97 3.11%84.46 214.33%600021.SH 424.02 8.28%15.93 396.51%600023.SH 959.75 19.68%65.20 456.55%600027.SH 1171.76 9.45%45.22 4430.69%600098.SH 467.97-2.32%16.38 20.98%600509.SH 95.08 16.77%4.31 317.01%600578.SH 328.78 7.85%8.78 9.34%600642.SH 291.42 3.36%34.59 219.52%600726.SH 188.44-0.17%-0.91 91.05%600744.SH 99.39 2.44%-1.87-791.60%600780.SH 108.87-2.08%6.80-20.41%600795.SH 1809.99-6.06%56.09 98.56%600863.SH 225.25-2.34%20.05 13.44%601991.SH 1224.04 4.77%13.65 432.82%Wind 2024 06 03 P.14 27 2023%28 2023%Wind Wind 29 2023 2023 2023 000601.SZ 41.07 6.71%-2.66 258.25%000722.SZ 2.92-29.01%0.49-28.46%000791.SZ 26.41 29.05%5.21 72.62%000993.SZ 15.04 105.37%2.35 27.48%002039.SZ 19.90-23.83%2.65-36.08%600025.SH 234.61 10.97%76.38 12.30%600236.SH 80.91-23.85%12.26-61.80%600674.SH 14.82 4.36%44.00 25.17%600886.SH 567.12 12.32%67.05 64.36%600900.SH 781.12 50.04%272.39 27.83%Wind 30 2023%31 2023%Wind Wind 2024 06 03 P.15 32 2023 2023 2023 000591.SZ 95.4040 3.29%15.7866 13.86%002256.SZ 3.3108 9.88%-0.8482 274.08%002480.SZ 25.0942 52.14%-3.4240 39.57%002617.SZ 27.7231-17.04%1.3095 151.19%300125.SZ ST 8.3890-47.49%-2.6199 1447.69%300317.SZ 8.5365 68.94%0.1591-82.58%600032.SH 45.2342-1.62%6.2715-19.10%600821.SH 33.2775 7.96%8.0235 9.61%601222.SH 68.7210 39.00%10.3133 20.48%601778.SH 43.7036 36.72%3.8338 83.22%601908.SH 105.0152-13.92%2.3596-44.28%603105.SH 6.8621 5.59%2.2016 14.95%000155.SZ 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