GDPD(600795) 华泰证券·2024-08-21 02:38Investment Rating - Investment Rating: Buy [1] - Target Price: RMB 6.63 [1] Core Views - The company's revenue and net profit for 1H24 were RMB 858.3 billion and RMB 67.2 billion, respectively, showing a year-on-year change of -3.2% and +127.4% [2] - The sale of a 50% stake in Guodian Investment Inner Mongolia Energy contributed RMB 46.16 billion to profits, while impairment provisions for Daxingchuan Hydropower Station amounted to RMB 8.42 billion [2][10] - The company expects net profit attributable to shareholders to be RMB 96 billion, RMB 91 billion, and RMB 106 billion for 2024-2026 [2] Revenue and Profit Analysis - 1H24 revenue from thermal power generation decreased by 1.42% year-on-year to 1,641.77 billion kWh, with 2Q24 showing a decline of 6.98% [3] - The net profit from thermal power in 2Q24 was RMB 24.53 billion, maintaining a stable profit per kWh despite a 9.15% decrease in electricity generation [3] - The company reported a decrease in other costs excluding fuel, contributing to stable net profit per kWh [3] New Energy and Hydropower Performance - The company added 177.03 MW of new energy capacity in 1H24, with wind and solar power contributing 23 MW and 154.03 MW, respectively [4] - The net profit from wind and solar power in 2Q24 was RMB 1.48 billion and RMB 3.58 billion, showing a year-on-year decline of 72% and an increase of 35% [4] - Hydropower generation increased by 59.32% year-on-year in 2Q24, with net profit from the Dadu River project rising by 65.81% [4] Dividend and Financial Metrics - The company proposed a mid-term cash dividend of RMB 0.09 per share, totaling RMB 16.05 billion, which represents 23.90% of 1H24 net profit [5] - The company's projected revenue for 2024 is RMB 196.92 billion, with a net profit of RMB 9.59 billion, reflecting a growth rate of 70.96% [6][18] - The company’s PE ratio for 2024 is projected at 10.29, with a PB ratio of 1.75 [6][18]