SDIC Power(600886) 华源证券·2024-09-04 06:10Investment Rating - The report maintains a "Buy" rating for Guotou Electric Power (600886.SH) [2] Core Views - The company reported a stable performance in the first half of 2024, with operating revenue of 27.102 billion yuan, a year-on-year increase of 2.79%, and a net profit attributable to shareholders of 3.744 billion yuan, up 12.19% year-on-year, which is in line with expectations [2] - The Yalong River hydropower's performance was stable due to improved water inflow in the second quarter, although electricity prices declined, leading to a net profit of 4.405 billion yuan, a year-on-year increase of 2.56% [2] - The Dazhaoshan power station saw both volume and price increases, with a 13.58% year-on-year growth in electricity generation in the first half of 2024 and a net profit of 360 million yuan, up 21% year-on-year [2] - The thermal power segment showed significant improvement, with all thermal power plants turning profitable, contributing a net profit increase of 767 million yuan, which was the main source of the company's performance improvement [2] Financial Summary - As of June 30, 2024, the total liabilities of the company increased by 11.6 billion yuan year-on-year to 182.1 billion yuan, while financial expenses decreased by 181 million yuan due to lower loan interest rates, providing additional growth momentum [3] - The report forecasts net profits for 2024, 2025, and 2026 to be 7.542 billion yuan, 8.503 billion yuan, and 9.088 billion yuan respectively, with corresponding PE ratios of 16, 14, and 13 times [3][5] - The company’s total revenue is projected to grow from 56.712 billion yuan in 2023 to 60.370 billion yuan in 2024, with a year-on-year growth rate of 6.45% [5][6]