中闽能源：海风进展加速，集团资产有望注入

Investment Rating - The report assigns an "Outperform" rating for the company [31]. Core Insights - The company, Zhongmin Energy, has faced challenges in Q1 2024 due to unfavorable wind resources, resulting in a year-over-year revenue decline of 16% and a net profit drop of 22.2% [3]. - The company is expected to recover as wind resources normalize, with projected net profits of approximately 8 billion yuan in 2024, increasing slightly in subsequent years [14]. - The report highlights the potential for asset injections from the group, which could enhance profitability and operational capacity [33]. Financial Performance Summary - In 2023, the company achieved a revenue of 1.732 billion yuan, down 3.3% year-over-year, with a net profit of 678 million yuan, reflecting a 6.9% decline [24]. - For 2024, revenue is projected to increase to 1.826 billion yuan, with a net profit forecasted at 802 million yuan, indicating an 18.3% growth [24]. - The company's earnings per share (EPS) is expected to rise from 0.36 yuan in 2023 to 0.42 yuan in 2024 [24]. Project Developments - The company has completed the construction of the Yongtai pumped storage power station, which is expected to contribute approximately 0.44 billion yuan to net profit annually [4]. - The Putian Pinghai Bay offshore wind farm project is anticipated to generate a net profit of about 4.9 billion yuan for the group, pending subsidy compliance checks [4]. - New projects in the Changle area are expected to enhance profitability, with projections indicating a contribution of 0.12 billion yuan to net profit in 2025 [23]. Valuation Metrics - The report provides a valuation range for the company based on a price-to-earnings (P/E) ratio of 14-16 times for 2024, suggesting a reasonable value range of 5.88 to 6.72 yuan per share [14]. - The company's current P/E ratio is noted at 16, with a projected decrease to 12.26 for 2024 [7]. Market Comparison - The company’s performance is compared to peers, with an average P/E of 15 for comparable companies, indicating a competitive valuation [7]. - The report notes that Zhongmin Energy's P/B ratio stands at 1.5, which is below the industry average of 1.7 [7]. Operational Efficiency - The company has maintained a gross margin of 56.7% in 2023, with expectations for improvement to 61.6% in 2024 [8]. - The net profit margin is projected to increase from 39.2% in 2023 to 43.9% in 2024, reflecting operational efficiency improvements [8]. Future Outlook - The report anticipates a recovery in wind resources, which is expected to positively impact profitability in the coming years [14]. - The company is positioned to benefit from ongoing developments in the offshore wind sector, with expectations for successful project completions and operational enhancements [23].