---
title: "Tianfeng Securities: ZZEPC's power generation remains stable, maintaining a \"Buy\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/240315176.md"
description: "Tianfeng Securities released a research report, estimating that ZZEPC's net profit attributable to the parent company in 2024 will be 7.753 billion yuan, a year-on-year increase of 18.92%. The net profit attributable to the parent company in the first quarter of 2025 is expected to be 1.074 billion yuan, a year-on-year decrease of 40.81%. Power generation remains stable, with an annual power generation of 173.952 billion kilowatt-hours, a year-on-year increase of 6.56%. The decline in coal prices improves costs, with the power sector's operating revenue in 2024 expected to be 77.839 billion yuan, a year-on-year increase of 2.25%. Maintaining a \"Buy\" rating"
datetime: "2025-05-15T07:56:30.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/240315176.md)
  - [en](https://longbridge.com/en/news/240315176.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/240315176.md)
---

# Tianfeng Securities: ZZEPC's power generation remains stable, maintaining a "Buy" rating

Tianfeng Securities' research report points out that ZZEPC is expected to achieve a net profit attributable to the parent company of 7.753 billion yuan in 2024, an increase of 18.92% year-on-year; in Q1 2025, it is expected to achieve a net profit attributable to the parent company of 1.074 billion yuan, a decrease of 40.81% year-on-year. Power generation remains stable, and the decline in coal prices continues to improve the cost side. The company completed a total power generation of 173.952 billion kWh for the year, a year-on-year increase of 6.56%; the average price of Q5500 coal at Qinhuangdao Port was about 855 yuan/ton, a decrease of about 110 yuan/ton year-on-year. The decline in coal prices has significantly improved the profitability of the company's sector, with the power sector achieving operating revenue of 77.839 billion yuan in 2024, a year-on-year increase of 2.25%, and a gross profit of 10.099 billion yuan, a year-on-year increase of 49.66%. The company is expected to achieve a net investment income of 4.146 billion yuan in 2024, a year-on-year decrease of 10.05%, affecting overall performance. Considering the decline in electricity prices in Zhejiang Province, the profit forecast has been adjusted, maintaining a "buy" rating

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