金开新能：业绩表现较为稳健，中期拟现金分红1.97亿元

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10] Core Views - The company's revenue has shown growth, but the net profit attributable to shareholders has decreased due to a decline in investment income and an increase in income tax expenses. For the first half of 2024, the company reported revenue of 1.881 billion yuan (+10.26%) and a net profit of 487 million yuan (-5.70%) [1][4] - The installed capacity of the company is steadily increasing, and the trading of green electricity and green certificates is expected to enhance project profitability. As of June 2024, the company's grid-connected capacity reached 4,767 MW, a year-on-year increase of 11% [1][9] - The company emphasizes shareholder returns and plans to distribute a cash dividend of 1.97 billion yuan for the first half of 2024, which accounts for 40.38% of the net profit attributable to shareholders [1][10] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 1.881 billion yuan (+10.26%) and a net profit of 487 million yuan (-5.70%). The second quarter saw revenue of 1.040 billion yuan (+11.75%) and a net profit of 269 million yuan (-22.50%) [1][4] - The decrease in net profit is attributed to a reduction in investment income from joint ventures and an increase in income tax expenses due to the expiration of tax exemptions for certain power station projects [1][4][6] Installed Capacity and Market Position - The company’s grid-connected capacity reached 4,767 MW, an 11% increase year-on-year, while the approved installed capacity grew by 18% to 6,958 MW. This growth is expected to support stable performance in the future [1][9] - The company is actively participating in green electricity and green certificate trading, with a total of 305 million kWh traded in the first half of 2024, which is anticipated to improve project revenue [1][9] Shareholder Returns - The company is committed to shareholder returns, proposing a cash dividend of 1.00 yuan per share (before tax), totaling 1.97 billion yuan, which reflects a strong commitment to maintaining a regular cash dividend policy [1][10] Profit Forecast - Due to the decline in investment income and increased tax expenses, the profit forecast for 2024-2026 has been adjusted, with expected net profits of 970 million yuan, 1.20 billion yuan, and 1.42 billion yuan respectively, reflecting year-on-year growth rates of 21.0%, 23.1%, and 18.9% [2][10]