YEIC(SZ:002053) Guotai Junan Securities·2024-07-14 14:01Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) [3][21]. Core Views - The company's Q2 performance continues to show high growth, driven by a doubling of new energy electricity generation, with a projected net profit for 1H24E of 550 to 580 million yuan, representing a year-on-year increase of 84.5% to 94.6% [21]. - The controlling shareholder's increase in holdings reflects confidence in the company's future development, with a total increase of 85 million yuan, representing 1.03% of the company's total shares [21]. - The company has a robust project reserve that supports stable growth in new energy installations, with 1H24 showing a 133% year-on-year increase in installed capacity [21]. Financial Summary - Revenue for 2022 was 2,677 million yuan, with projections of 4,114 million yuan for 2024, indicating a growth rate of 41.7% [10]. - Net profit attributable to shareholders was 274 million yuan in 2022, expected to reach 1,000 million yuan in 2024, reflecting a growth of 107.3% [10]. - The earnings per share (EPS) is projected to be 1.09 yuan in 2024, increasing to 1.58 yuan by 2026 [10][21]. Performance Indicators - The company’s net asset return rate is expected to rise from 7.0% in 2023 to 15.4% in 2026 [10]. - The price-to-earnings (P/E) ratio is projected to decrease from 22.55 at the current price to 7.48 by 2026 [10]. - The company’s gross profit margin is anticipated to improve from 41.5% in 2023 to 50.6% in 2026 [10][21].