国能日新(301162)：业绩持续稳健 公司于确定性趋势中持续提升自身行业话语权

Core Insights - The company reported a revenue of 550 million yuan for 2024, representing a year-on-year growth of 20.50%, and a net profit attributable to shareholders of 93.59 million yuan, up 11.09% year-on-year [1] - The renewable energy sector continues to grow, with total installed capacity reaching 3.35 billion kilowatts, a 14.6% increase, and renewable energy accounting for 56% of total generation capacity [2] - The company maintains a leading position in power prediction services, with 4,345 renewable energy stations using its services, reflecting a net increase of 755 stations, or 21.03% year-on-year [3] Financial Performance - Revenue for the reporting period was 550 million yuan, with a net profit of 93.59 million yuan and a non-recurring net profit of 82.43 million yuan, showing growth rates of 20.50%, 11.09%, and 15.67% respectively [1] - Sales expenses, management expenses, and R&D expenses were 145 million yuan, 46.68 million yuan, and 85.32 million yuan, with year-on-year changes of +23.01%, +8.48%, and -2.40% respectively [1] - Financial expenses increased significantly by 80.02% due to reduced bank interest income and increased interest expenses on lease liabilities and loans [1] Industry Trends - The total installed capacity of renewable energy reached 1.889 billion kilowatts, a 25% increase, with solar power capacity growing by 45.2% and wind power capacity by 18% [2] - New grid-connected solar power capacity added in 2024 was 27.757 million kilowatts, a 28% increase, with centralized solar power contributing 15.939 million kilowatts and distributed solar power 11.818 million kilowatts [2] Product Development - The company’s power prediction product revenue was 309.47 million yuan, a 15.55% increase, with power prediction equipment revenue at 78.73 million yuan, up 22.94% [3] - The company expanded its distributed grid integration terminal product sales to multiple provinces, achieving a revenue of 123.95 million yuan, a 28.01% increase [4] - The company is focusing on innovative product lines, particularly in electricity trading, microgrids, and virtual power plants, which are expected to drive future growth [4] Future Outlook - The company anticipates continued growth in revenue and net profit from 2025 to 2027, projecting revenues of 695 million yuan, 895 million yuan, and 1.17 billion yuan, with net profits of 133 million yuan, 160 million yuan, and 179 million yuan respectively [5] - The company maintains a "buy" rating based on the positive outlook for the industry and its product performance [5]