GDPD(SH:600795) GF SECURITIES·2024-08-23 02:42Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a significant year-on-year increase in net profit, with a return on equity (ROE) rising to 13%. In the first half of 2024, the company reported revenue of 85.8 billion yuan (down 3% year-on-year) and a net profit attributable to shareholders of 6.7 billion yuan (up 124% year-on-year), largely due to a one-time investment gain of 4.6 billion yuan from the sale of assets [1][2][11]. - The company continues to invest heavily in clean energy, with 1.8 GW of new green power capacity added in the first half of 2024, bringing total installed capacity to 107 GW. The company plans to distribute a cash dividend of 1.6 billion yuan, representing 24% of net profit, with an annualized dividend yield of 3.3% based on the latest closing price [1][2][11]. - The report forecasts net profits of 10.33 billion yuan, 8.77 billion yuan, and 10.14 billion yuan for 2024 to 2026, with corresponding price-to-earnings (P/E) ratios of 9.45, 11.12, and 9.62 [2][3]. Summary by Sections Performance Overview - In the first half of 2024, the company achieved a revenue of 85.8 billion yuan, with a net profit of 6.7 billion yuan, marking a 127% increase year-on-year. The weighted ROE increased to 12.9% [1][11][24]. - The operating cash flow improved significantly, reaching 21.9 billion yuan, a 55% increase year-on-year, primarily due to lower fuel prices [11][19]. Business Segments - The company added 1.77 GW of new renewable energy capacity, with total installed capacity reaching 107.13 GW, including 72.57 GW from thermal power and 14.95 GW from hydropower [24][25]. - Thermal power revenue was 72.97 billion yuan, down 2.9% year-on-year, while renewable energy revenue grew by 13.3% to 5.96 billion yuan [25][30]. Future Outlook - The company is expected to see continued growth in water and green energy segments, with new projects set to contribute to profit growth. The report anticipates net profits of 10.33 billion yuan in 2024, supported by ongoing investments in clean energy [2][24]. - The company plans to increase its renewable energy capacity significantly during the 14th Five-Year Plan, aiming for a total of 35 GW of new wind and solar installations [2][24].