龙源电力：优质资产注入增厚业绩，风电龙头未来可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is set to enhance its performance through the acquisition of high-quality assets, with a focus on wind and solar energy projects, which are expected to significantly contribute to its profitability in the future [2] - The acquisition involves cash purchases of controlling stakes in eight renewable energy companies, with a total installed capacity of 2.0329 million kilowatts, at a transaction price of 1.686 billion yuan [1][2] - The expected increase in net profit for the company due to the acquisition is approximately 1.46 billion yuan for the year 2024, representing a 3% increase compared to 2023 [2] Summary by Sections Acquisition Details - The company plans to acquire stakes in eight renewable energy companies, with a total installed capacity of 2.0329 million kilowatts, for a price of 1.686 billion yuan [1] - The acquisition is valued at a price-to-book (PB) ratio of approximately 1.13 times, indicating reasonable pricing [1] Financial Performance - As of the first half of 2024, the company has a controlling wind power capacity of 28.35 GW and a photovoltaic capacity of 7.66 GW [2] - The expected net profit from the operational units acquired in the transaction is projected to be 1.41 billion yuan for the first half of 2024 [2] - The company's revenue for 2024 is forecasted to be 40.662 billion yuan, with a net profit of 5.951 billion yuan, reflecting a slight decrease of 4.77% compared to 2023 [3] Market Position and Future Outlook - The company is positioned as a leader in the green energy sector, with significant potential for future asset injections from its controlling shareholder, which holds approximately 40 GW of unlisted renewable energy assets [2] - The recent regulatory changes aimed at optimizing merger and acquisition processes are expected to enhance the company's valuation and market activity [2]