金吾财讯 | 华泰证券发研报指，2024年以来煤炭市场供需格局改善带来煤价快速下跌，受益于煤价下跌带来的燃料成本下降，多数火电公司2024年度电净利同比提升。1Q25暖冬影响下用电需求同比增速较弱，导致火电利用小时同比下降，随迎峰度夏来临，火电利用小时同比增速有望较Q1改善，考虑近期煤价下行后我们认为火电后续盈利能力或有望较Q1提升。受减值计提、来水修复程度等因素影响，水电4Q24业绩分化明显，Q2业绩主要取决于来水及水库调度策略。受风资源减弱、减值计提、电价下行等因素影响，绿电4Q24&1Q25归母净利同比增速低于该行预期，但部分公司自由现金流明显改善，该行认为风/光资源同比情况及国补回款节奏将为绿电公司2025年业绩主要看点。
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