GDPD(600795) Guoxin Securities·2024-10-27 12:19Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][13] Core Views - The company's operating revenue slightly decreased, but investment income increased, leading to a significant growth in net profit attributable to shareholders. In the first three quarters of 2024, the company achieved operating revenue of 133.86 billion yuan (-2.79%) and net profit attributable to shareholders of 9.19 billion yuan (+63.41%) [1][4] - The decline in operating revenue is attributed to a decrease in electricity prices and the transfer of income from a subsidiary. The average on-grid electricity price for the first three quarters of 2024 was 428.17 yuan/MWh (-2.3%) [1][4] - The company is actively advancing its renewable energy projects, with a total of 3.251 million kW of new renewable energy capacity added in the first three quarters of 2024, including 2.929 million kW of solar power [1][13] - The hydropower segment is expected to see increased capacity and profitability, with several projects under construction that will enhance the company's hydropower profits [1][13] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported operating revenue of 133.86 billion yuan, a decrease of 2.79% year-on-year, and net profit attributable to shareholders of 9.19 billion yuan, an increase of 63.41% year-on-year. The net profit excluding non-recurring items was 4.655 billion yuan, down 12.49% [1][4] - The company’s total electricity generation for the first three quarters was 346.88 billion kWh (+2.39%), with on-grid electricity of 329.70 billion kWh (+2.52%) [5][10] Renewable Energy Development - The company added 3.251 million kW of new renewable energy capacity in the first three quarters of 2024, with significant contributions from solar power [1][13] - The company has a substantial pipeline of renewable energy projects, which are expected to drive future performance growth [1][13] Hydropower Projects - The company is constructing several hydropower projects in the Dadu River area, with a total installed capacity of 3.94 million kW, which is anticipated to enhance profitability in the hydropower segment [1][13] Investment Forecast - The company is expected to maintain its profit forecasts, with net profits projected at 9.559 billion yuan, 9.308 billion yuan, and 9.976 billion yuan for 2024, 2025, and 2026, respectively [2][13]