GDEP(600310) Hua Yuan Zheng Quan·2024-10-25 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's Q3 2024 report shows a significant decline in revenue by 76.75% year-on-year to 998 million yuan, primarily due to the divestment of oil business, while net profit attributable to shareholders increased by 2345.63% to 438 million yuan, exceeding expectations [1] - The increase in water inflow has driven profits in the main business beyond expectations, with hydropower and power supply segments benefiting significantly [1] - The first batch of offshore wind projects is expected to be operational by the end of the year, with substantial growth potential in offshore wind energy [1] - The company is likely to benefit from asset injections from the parent group, which has committed to integrating its energy assets into the listed company [3] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 438 million yuan, with a non-recurring net profit of 80 million yuan, compared to a loss of 20 million yuan in the same period last year [1] - The hydropower segment's net profit for Q3 was 86 million yuan, while the power supply segment contributed 124 million yuan, both showing year-on-year increases [1] - The company’s total revenue for 2024 is projected to be 4.03 billion yuan, with a year-on-year decline of 75.88% [4] Growth Potential - The company has secured 1.8 GW of offshore wind projects in Guangxi, with the first 700 MW expected to be operational by year-end, which will enhance profitability due to favorable electricity pricing [1] - The potential for further offshore wind project allocations is high, with a total of 23 GW planned in the region, positioning the company favorably for future growth [1] Asset Integration - The parent group has a history of asset injections into the listed company, with expectations for further integration of quality power assets, which will support the company's growth trajectory [3]