云南能投：多因素作用，新能源业绩高增

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company reported a revenue of 1.85 billion RMB for the first half of 2024, representing a year-on-year increase of 38.8%, and a net profit attributable to shareholders of 570 million RMB, up 83.5% year-on-year [2]. - The performance of the company's renewable energy segment was outstanding, with electricity generation increasing by 127.1% and revenue growth of 75.9% in the first half of 2024 [3]. - The company is expected to achieve net profits of 800 million RMB, 920 million RMB, and 1.07 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 0.87 RMB, 0.99 RMB, and 1.16 RMB [4]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 880 million RMB, a year-on-year increase of 32.7%, and a net profit of 210 million RMB, up 67.1% year-on-year [2]. - The renewable energy segment's net profit grew approximately 113% in the first half of 2024, driven by several factors including increased installed capacity and favorable wind resource utilization [3]. Business Analysis - The company’s wind power projects, including the Yongning and Jianshuitang wind farms, contributed significantly to the installed capacity [3]. - The average utilization hours for the company's wind power resources were 1591.66 hours, exceeding the national average by 40% [3]. - The company’s salt and natural gas businesses showed mixed results, with salt revenue declining slightly while natural gas revenue increased by 67.8% [3]. Financial Forecast and Valuation - The company is projected to have a revenue of 4.11 billion RMB in 2024, with a growth rate of 41.65% [6]. - The price-to-earnings ratio (P/E) is expected to decrease from 12 times in 2024 to 9 times in 2026, indicating a favorable valuation trend [4][6].