HDPI(SH:600027) Guotai Junan Securities·2024-08-23 08:47Investment Rating - The investment rating for the company is "Buy" [3][15]. Core Views - The company's non-recurring profit continues to grow, and it has initiated a mid-term dividend, emphasizing shareholder returns. There is potential for increased dividends amid a slowdown in capital expenditures [3][8]. - The company's 2Q24 non-recurring profit met expectations, with a revenue of 53.2 billion yuan in 1H24, down 10.5% year-on-year, and a net profit attributable to shareholders of 3.22 billion yuan, up 24.8% year-on-year [8][9]. - The company plans to inject approximately 16.0 GW of conventional energy assets from the group, which is expected to enhance its asset scale and profitability [8][9]. Summary by Sections Financial Performance - In 2Q24, the company reported a revenue of 22.2 billion yuan, down 19.1% year-on-year, and a net profit of 1.36 billion yuan, down 6.0% year-on-year and 26.9% quarter-on-quarter. The non-recurring net profit for 2Q24 was 1.69 billion yuan, up 26.2% year-on-year and 4.2% quarter-on-quarter [8][9]. - The company plans to distribute a dividend of 0.08 yuan per share for 1H24, with a payout ratio of 25.4% [8]. Market Data - The current stock price is 5.47 yuan, with a target price maintained at 7.99 yuan [3][4]. - The company's total market capitalization is 55.945 billion yuan, with a total share capital of 10.228 billion shares [4]. Financial Forecast - The company maintains its earnings per share (EPS) forecast for 2024-2026 at 0.63, 0.64, and 0.69 yuan respectively [8][9]. - The projected revenue for 2024 is 124.897 billion yuan, with a net profit of 6.442 billion yuan, reflecting a year-on-year growth of 42.5% [9][11].