NYOCOR Co.,Ltd.(SH:600821) Xin Lang Cai Jing·2025-04-23 12:26Core Viewpoint - The company reported a slight increase in annual revenue and net profit for 2024, despite challenges from declining electricity prices and asset impairment in Q4 [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.612 billion yuan, up 8.55% year-on-year; net profit attributable to shareholders was 803 million yuan, up 0.05% year-on-year [1]. - For Q4 2024, revenue was 782 million yuan, up 5.75% year-on-year; net profit attributable to shareholders was 56 million yuan, down 13.13% year-on-year [1]. - The company's gross profit margin decreased by 1.88 percentage points to 55.11% in 2024 [1]. Operational Metrics - The company generated 7.905 billion kWh of electricity in 2024, an increase of 10.60% year-on-year; electricity sales reached 7.757 billion kWh, up 10.82% year-on-year [1]. - The sales volume of wind and solar power was 3.473 billion kWh and 4.244 billion kWh, respectively, with year-on-year increases of 12.34% and 9.67% [1]. - The corresponding on-grid electricity prices (excluding tax) for wind and solar were 0.434 yuan/kWh and 0.447 yuan/kWh, down 1.92% and 6.12% year-on-year [1]. Capacity Expansion - As of the end of 2024, the company's grid-connected capacity was 5.554 million kW, an increase of 24% year-on-year, with solar and wind capacities growing significantly [2]. - The approved capacity for future projects stands at 7.468 million kW, providing a solid foundation for ongoing expansion in green energy [2]. Strategic Initiatives - The company is focusing on the "green electricity + computing power" synergy, marking its entry into integrated projects in the renewable energy and intelligent computing sectors [2]. - Collaborations with technology firms aim to explore opportunities in high-energy-consuming industries and coal chemical sectors, laying the groundwork for future developments [2]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 901 million yuan and 1.108 billion yuan, respectively, with a new forecast for 2027 at 1.229 billion yuan [3]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.45, 0.55, and 0.62 yuan, corresponding to price-to-earnings (PE) ratios of 12, 10, and 9 times [3]. - Given the robust pipeline of approved projects and the potential for business expansion, the company maintains a "buy" rating [3].