wsdl(600995) Guoxin Securities·2024-09-01 08:00Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][16] Core Views - The impact of capacity electricity price adjustments has largely played out, with expectations for pumped storage and new energy storage to ramp up production [5][11] - Revenue showed slight growth, with a year-on-year increase of 1.76% to 2.911 billion yuan in the first half of 2024, primarily driven by increased water inflow for peak-shaving hydropower and the commissioning of the Foshan Baotang energy storage station [5][11] - The company’s net profit attributable to shareholders decreased by 9.58% year-on-year to 626 million yuan, with a non-recurring net profit of 634 million yuan, down 8.43% year-on-year [5][11] Summary by Sections Revenue and Profitability - In Q2 2024, the company achieved revenue of 1.586 billion yuan, a year-on-year increase of 9.25% and a quarter-on-quarter increase of 19.76% [5][11] - The gross margin for the first half of 2024 was 50.26%, a decrease of 2.07 percentage points year-on-year, while the net margin was 26.86%, down 2.59 percentage points year-on-year [8][11] Capacity and Projects - As of the end of the reporting period, the company had 10.28 million kilowatts of installed pumped storage capacity, with 9 projects under construction and approved, totaling 10.8 million kilowatts [11][12] - The company plans to increase its pumped storage capacity to approximately 29 million kilowatts by 2030 and 44 million kilowatts by 2035 [11][12] New Energy Storage Development - The company has completed 423.8 MW/832 MWh of new energy storage capacity, with two new electrochemical storage stations commissioned during the reporting period [11][12] - By 2025, the company aims to reach a new energy storage scale of 2 million kilowatts, increasing to over 5 million kilowatts by 2030 and 10 million kilowatts by 2035 [11][12] Financial Forecasts - The profit forecasts for 2024-2026 have been adjusted to 1.114 billion yuan, 1.4 billion yuan, and 1.744 billion yuan respectively, with year-on-year growth rates of 10%, 26%, and 25% [12][14] - The corresponding price-to-earnings ratios for the current stock price are projected to be 28, 22, and 18 times for 2024, 2025, and 2026 respectively [12][14]