QYDL(SZ:002039) Minsheng Securities·2024-08-28 11:00Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company's hydropower generation continues to recover, and with the operation of new energy projects, the forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is projected to be 502 million, 590 million, and 651 million yuan respectively, with corresponding EPS of 1.17, 1.38, and 1.52 yuan [3][4]. - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 873 million yuan, a year-on-year increase of 39.12%, and net profit attributable to shareholders of 133 million yuan, a year-on-year increase of 316.76% [2][3]. - The average on-grid electricity price for hydropower was 0.2718 yuan/kWh, slightly down by 0.56% year-on-year, while the average on-grid price for photovoltaic power was 0.3295 yuan/kWh, down by 3.8% year-on-year [2]. Financial Performance - In the first half of 2024, the company achieved a total power generation of 3.152 billion kWh, an increase of 43.1% year-on-year, driven primarily by the recovery in hydropower generation [2]. - The company's capital investment budget for 2024 is set at 213 million yuan, a decrease of 62.63% year-on-year, which is expected to enhance cash flow for debt repayment or dividends [2][3]. - The company's debt-to-asset ratio improved to 58.32%, down by 3.43 percentage points year-on-year, indicating a continued effort to reduce leverage [2][3].