天风证券：给予福能股份买入评级

Core Viewpoint - The report highlights that favorable wind conditions have positively impacted the performance of Funiu Co., Ltd., with a proposed cash dividend of no less than 10% for the mid-2025 period, maintaining a "buy" rating for the stock [1] Financial Performance - In 2024, the company achieved a revenue of 14.563 billion yuan, a decrease of 0.90% year-on-year, while the net profit attributable to shareholders was 2.793 billion yuan, an increase of 6.47% [1][3] - For Q1 2025, the company reported a revenue of 3.097 billion yuan, a year-on-year increase of 0.31%, and a net profit of 752 million yuan, reflecting a significant growth of 42.83% [1][4] Dividend Policy - The company plans to distribute a cash dividend of 0.31 yuan per share (before tax) for 2024 and aims for a mid-2025 cash dividend of at least 10% of the net profit attributable to ordinary shareholders [1] Operational Developments - As of the end of 2024, the company had a total installed capacity of 6.096 million kilowatts, with several projects approved, including the Chang Le offshore project (656,000 kilowatts) and the second phase of the Quan Hui thermal power project (1.3 million kilowatts) [2] - The company completed preliminary approvals for 30 photovoltaic projects (114.7 MW) and made progress on 9 photovoltaic projects (40.6 MW) [2] Profitability Analysis - In 2024, the company's gross profit margin was 26.6%, an increase of 2.7 percentage points, driven by improved wind power utilization hours, which increased by 286 hours to 3,324 hours [3] - The investment income for 2024 was 1.214 billion yuan, with significant contributions from the Haixia Power and Ningde Nuclear Power projects [3] Q1 2025 Performance Highlights - In Q1 2025, the company generated 1.913 billion kWh from wind power, a year-on-year increase of 27.96%, while thermal power generation decreased by 10.71% [4] - The gross profit margin for Q1 2025 improved by 10.5 percentage points to 34.1%, aided by favorable wind conditions [4] Investment Forecast - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 3 billion yuan and 3.2 billion yuan for those years, respectively, with a new forecast for 2027 at 3.7 billion yuan [4]