NYOCOR Co.,Ltd.(600821) 光大证券·2024-09-01 12:45Investment Rating - The report maintains a "Buy" rating for the company, citing strong growth potential due to its substantial approved projects and diversified asset portfolio [2][4] Core Views - The company achieved revenue of RMB 1,883 million in H1 2024, up 10.26% YoY, while net profit attributable to shareholders declined by 5.70% YoY to RMB 487 million [1] - In Q2 2024, revenue increased by 11.75% YoY to RMB 1,040 million, but net profit attributable to shareholders fell by 22.50% YoY to RMB 269 million, primarily due to reduced investment income and increased tax expenses [1] - The company's installed capacity reached 4,767 MW by the end of H1 2024, with a 12% YoY increase, contributing to revenue growth [1] - The company allocated 70.85% of its H1 2024 net profit to shareholder returns, including a share buyback of RMB 148 million and a cash dividend of RMB 197 million [1] Financial Performance - The company's revenue is projected to grow from RMB 3,082 million in 2022 to RMB 6,176 million in 2026, with a CAGR of 17.59% [3] - Net profit attributable to shareholders is expected to increase from RMB 732 million in 2022 to RMB 1,587 million in 2026, with a CAGR of 24.61% [3] - EPS is forecasted to rise from RMB 0.37 in 2022 to RMB 0.79 in 2026 [3] - ROE (attributable to shareholders) is projected to improve from 8.74% in 2022 to 13.80% in 2026 [3] Business Development - The company is expanding its "new energy + high-energy-consuming/high-value-added" industrial chain, with a focus on diversified assets such as solar, wind, energy storage, and hydrogen energy [2] - It has secured key projects, including a 100 MW solar project in Tibet and a 150 MW wind project in Xinjiang, marking its first project development in Tibet [2] - The company's approved installed capacity stands at 6,958 MW, reinforcing its growth prospects [2] Valuation Metrics - The company's current PE ratio for 2024 is 10x, with a projected decline to 6x by 2026 [3] - PB ratio is expected to decrease from 1.2x in 2022 to 0.9x in 2026 [3] - EV/EBITDA is forecasted to remain stable, ranging from 10.4x to 9.8x between 2024 and 2026 [7] Profitability and Efficiency - Gross margin is expected to decline slightly from 62.7% in 2022 to 52.8% in 2026, while net profit margin is projected to improve from 23.7% to 25.7% over the same period [7] - ROA is forecasted to increase from 2.4% in 2022 to 3.7% in 2026, reflecting improved asset utilization [7] - The company's debt-to-equity ratio is expected to remain stable at around 73% from 2024 to 2026 [7]