GDPD(600795) Guotai Junan Securities·2024-07-02 13:31Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795) [3][4] - The target price is raised to 7.28 CNY from the previous 6.50 CNY [3][4] Core Views - The completion of the equity transfer of 50% stake in Guodian Investment is expected to enhance the company's profit stability [4] - The transaction price for the stake was 6.739 billion CNY, reflecting a PB valuation of 2.79 times, with an increase of approximately 4.39 billion CNY over the book value [4] - The report highlights that the equity disposal not only provides short-term gains but also alleviates market concerns regarding profit fluctuations from the Chahasu coal mine [4] - The major shareholder's increase in holdings demonstrates confidence in the company's future development [4] - The company has a robust pipeline of projects, with significant capital expenditures expected to support sustainable long-term growth [4] Financial Summary - The report projects an increase in EPS for 2024 to 0.56 CNY from the previous estimate of 0.50 CNY, with 2025 and 2026 EPS remaining at 0.56 CNY and 0.63 CNY respectively [4][11] - Revenue for 2024 is estimated at 191.012 billion CNY, with a projected net profit of 10.038 billion CNY [11][12] - The company’s total assets are expected to reach 494.648 billion CNY by 2024, with total liabilities at 359.942 billion CNY [12]