SCTE(600674) 长城证券·2024-10-19 02:07Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has experienced a year-on-year increase in both revenue and profit due to favorable water inflow in the river basin where its power stations are located [1] - The company's revenue for the first three quarters of 2024 reached 10.87 billion yuan, representing a year-on-year growth of 6.48% [1] - The net profit attributable to the parent company for the same period was 4.422 billion yuan, showing a year-on-year increase of 15.10% [1] - The report anticipates that the company will achieve revenue of 16.63 billion yuan, 18.63 billion yuan, and 19.45 billion yuan for the years 2024, 2025, and 2026 respectively [1] Financial Summary - Revenue (in million yuan): - 2022A: 1,420 - 2023A: 1,482 - 2024E: 1,663 - 2025E: 1,863 - 2026E: 1,945 [1][2] - Net Profit (in million yuan): - 2022A: 3,515 - 2023A: 4,400 - 2024E: 4,991 - 2025E: 5,330 - 2026E: 5,632 [1][2] - EPS (in yuan): - 2022A: 0.72 - 2023A: 0.90 - 2024E: 1.02 - 2025E: 1.09 - 2026E: 1.16 [1][3] Operational Performance - The company’s operating cash flow for 2023A is reported at 596 million yuan, with projections of 763 million yuan for 2024E [2] - The company’s total assets are expected to grow from 60,353 million yuan in 2023A to 67,037 million yuan in 2024E [2] - The company’s investment income for the first three quarters of 2024 was 4.505 billion yuan, reflecting a year-on-year increase of 11.01% [1]