wsdl(600995) Great Wall Securities·2024-10-14 02:44Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to benefit from the recovery of hydropower generation and the growth of new energy storage projects, with projected revenues of 6.06 billion, 7.39 billion, and 9.01 billion yuan for 2024 to 2026, respectively [7] - The company has significant long-term growth potential in its pumped storage and new energy storage sectors, with plans to expand its installed capacity significantly by 2035 [3][7] Financial Summary - In 2024, the company is projected to achieve a revenue of 6.06 billion yuan, a year-on-year increase of 7.7%, and a net profit of 1.25 billion yuan, reflecting a growth of 23.1% [1][7] - The company's operating income for the first half of 2024 was 2.911 billion yuan, a decrease of 1.76% year-on-year, with a net profit of 626 million yuan, down 9.58% [2] - The company’s total installed capacity for pumped storage is currently 10.28 million kilowatts, with plans to reach approximately 29 million kilowatts by 2030 and 44 million kilowatts by 2035 [3] Business Performance - The revenue from pumped storage, peak-shaving hydropower, and new energy storage for the first half of 2024 was 2.043 billion, 715 million, and 138 million yuan, respectively, with year-on-year changes of -5.48%, +11.65%, and +231.64% [2] - The company has ongoing projects with a total planned capacity of 2.75 million kilowatts, indicating a robust pipeline for future growth [3] Market Position - The company is positioned as the only independent operator of pumped storage and grid-side energy storage under the Southern Power Grid, which provides a competitive advantage in the market [7]