SDIC Power(SH:600886)2024-09-19 00:38Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company plans to issue 550 million A-shares at a price of 12.72 yuan per share to the National Social Security Fund, aiming to raise up to 7 billion yuan for clean energy projects [4] - The company commits to distributing at least 55% of its distributable profits as cash dividends annually from 2024 to 2026, an increase from the previous commitment of 50% [4] - The introduction of the social security fund as a strategic investor is expected to enhance the company's capital structure and support its clean energy development [4] - The company is advancing its hydropower and thermal power projects, including the Mengdigou and Kala hydropower stations, while also focusing on improving the efficiency of existing units [4] - The projected net profits for 2024-2026 are 8.038 billion, 8.759 billion, and 9.323 billion yuan, respectively, with corresponding PE ratios of 14, 13, and 12 [5] Financial Data Summary - As of June 30, 2024, the company's net asset per share is 7.17 yuan, and the debt-to-asset ratio is 63.82% [1] - The total share capital is 7,454 million shares, with 6,966 million shares being tradable A-shares [1] - The company's revenue for 2024 is projected to be 59.737 billion yuan, with a year-on-year growth rate of 5.3% [6] - The net profit for 2024 is estimated at 8.038 billion yuan, reflecting a year-on-year growth of 19.9% [6] - The company aims for a dividend yield of approximately 3.6% based on the latest closing price of 15.41 yuan per share [4]