广西能源：来水转好及公允价值变动损益带动业绩大幅增长

Investment Rating - The investment rating for Guangxi Energy is "Outperform the Market" [1][3][14] Core Views - The company's performance has significantly improved due to favorable water inflow and changes in fair value gains, despite a substantial decrease in revenue from the divestment of oil business [1][4] - The company is focusing on its core electricity business and actively progressing in renewable energy projects, including offshore wind and solar power [1][9] - The divestment of non-core assets is a strategic move to enhance operational focus and profitability [1][9] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.917 billion yuan, a year-on-year decrease of 80.27%, while net profit attributable to shareholders reached 450 million yuan, a year-on-year increase of 1987.94% [1][4] - The third quarter saw revenue of 998 million yuan, a quarter-on-quarter increase of 5.05%, and net profit attributable to shareholders of 438 million yuan, a quarter-on-quarter increase of 537.43% [1][4] - The company’s water power business achieved a non-recurring net profit of 232 million yuan, an increase of 126 million yuan year-on-year [1][4] Segment Performance - Water Power: Non-recurring net profit of 232 million yuan, up 126 million yuan year-on-year [1][4] - Thermal Power: Non-recurring net profit of -147 million yuan, a reduction in losses by 33 million yuan year-on-year [1][4] - Wind Power: Non-recurring net profit of 12 million yuan [1][4] - Supply Business: Non-recurring net profit of 350 million yuan, an increase of 85 million yuan year-on-year [1][4] Future Projections - The company expects net profits attributable to shareholders for 2024-2026 to be 456 million, 526 million, and 605 million yuan respectively, with corresponding EPS of 0.31, 0.36, and 0.41 yuan [1][14][15] - The projected revenue for 2024 is 3.907 billion yuan, reflecting a significant decline primarily due to the oil business divestment [14][16] Operational Developments - The offshore wind project in Fangchenggang has successfully connected 45 units to the grid, with a total capacity of 382,500 kW, and is expected to complete full capacity of 700,000 kW by the end of 2024 [1][9] - The company is also advancing its solar power project in Laibin City, with a planned total capacity of 108.3 MW [1][9]