CSG Energy(003035) 民生证券·2024-10-14 00:00Investment Rating - The report gives a "Recommend" rating for the company, with a target price of 4.55 yuan as of October 11, 2024 [2][37] Core Views - The company focuses on industrial energy conservation, building energy conservation, and urban lighting energy conservation, with stable overall performance [1] - Distributed photovoltaic power generation is the main growth driver, with revenue from this segment reaching 1.188 billion yuan in 2023, a 20.65% YoY increase [1] - The company has rich project experience in building energy conservation, with revenue from this segment reaching 904.53 million yuan in 2023, an 18.25% YoY increase [1] - The company is actively expanding into distributed wind power and load aggregation services, with 40+ signed investment agreements for distributed wind power projects and a capacity exceeding 6GW [1] Financial Forecasts - Revenue is expected to grow to 3.413 billion yuan in 2024, 4.034 billion yuan in 2025, and 4.769 billion yuan in 2026, with YoY growth rates of 14.2%, 18.2%, and 18.2% respectively [1][37] - Net profit attributable to the parent company is expected to reach 422 million yuan in 2024, 526 million yuan in 2025, and 634 million yuan in 2026, with YoY growth rates of 35.8%, 24.7%, and 20.6% respectively [1][37] - The PE ratio for 2024-2026 is estimated at 41x, 33x, and 27x respectively [1][37] Business Segments Industrial Energy Conservation - Distributed photovoltaic power generation is the main growth driver, with revenue reaching 1.188 billion yuan in 2023, a 20.65% YoY increase [1] - The company plans to invest 8 billion yuan in fixed assets in 2024, mainly in distributed photovoltaic and distributed wind power projects [1] Building Energy Conservation - The company has implemented nearly 50 key projects, including energy-saving services for hospitals, schools, and communication operators [1] - Revenue from building energy conservation services reached 904.53 million yuan in 2023, an 18.25% YoY increase [1] Comprehensive Energy Utilization - The company has signed over 40 investment agreements for distributed wind power projects, with a capacity exceeding 6GW [1] - The company has completed over 100 projects for photovoltaic and air conditioning load access to the distributed source-load aggregation platform, with a total capacity of over 180MW [1] Valuation Analysis - The company's PE ratio for 2024-2026 is estimated at 41x, 33x, and 27x respectively, compared to the average PE ratio of 32x, 24x, and 19x for comparable companies [37][36] - The company's valuation is considered reasonable given its project resources and regional advantages in southern China [37]