Shenergy(SH:600642)2024-09-04 09:11Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant recovery in coal power performance and steady growth in diversified energy business [5] - The company reported a revenue of 13.68 billion yuan for the first half of 2024, a year-on-year decrease of 1.6%, while net profit attributable to shareholders increased by 18.66% to 2.19 billion yuan [5] - The average on-grid electricity price decreased by 0.016 yuan/kWh to 0.511 yuan/kWh in the first half of 2024, while the average coal price dropped by 163 yuan/ton to 984 yuan/ton [5] Summary by Sections Financial Performance - The company achieved a total revenue of 136.80 billion yuan in the first half of 2024, with a net profit of 21.91 billion yuan, reflecting a year-on-year growth of 18.66% [5] - The basic earnings per share (EPS) for the first half of 2024 was 0.447 yuan, up 17.94% year-on-year [5] - The company’s coal power segment saw a gross profit increase of 148.55% to 905 million yuan, while gas power gross profit slightly decreased by 0.49% to 353 million yuan [5] Energy Production - The company generated 264.09 billion kWh of electricity in the first half of 2024, with a year-on-year increase of 2.1% [5] - The installed capacity for renewable energy reached 5.2784 million kW, accounting for 30.86% of the company's total installed capacity [5] - Wind power generation decreased by 2.62% to 27.53 billion kWh, while solar and distributed generation increased by 29.71% to 14.54 billion kWh [5] Upstream Resource Expansion - The company is actively expanding upstream resources in oil and gas, achieving a revenue of 1.748 billion yuan from oil and gas pipeline transportation, a year-on-year increase of 38.36% [5] - Investment income from associates and joint ventures reached 923 million yuan, up 5.72% year-on-year, with a significant increase of 69.13% in investment income from joint ventures [5] Profit Forecast and Valuation - The company’s net profit forecasts for 2024-2026 are 3.958 billion, 4.476 billion, and 4.836 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 times [5] - The expected dividend payout ratio for 2024 is 55%, leading to a projected dividend yield of 5.7% based on the current stock price [5]