SCTE(600674) 天风证券·2024-10-30 01:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a total revenue of 1.087 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 6.48%. The net profit attributable to shareholders was 4.422 billion yuan, up 15.1% year-on-year, with Q3 net profit reaching 2.12 billion yuan, a 21.6% increase [1][2]. - The company's hydropower segment showed stable profits, with a total generation of 4.119 billion kWh, an 8% increase year-on-year, and an average on-grid electricity price of 0.201 yuan/kWh, up 2.55% year-on-year [2]. - The company plans to increase capital in its subsidiaries, including 248 million yuan for Guoneng Dadu River Company and 15 billion yuan for Yalongjiang Hydropower Company, which is expected to contribute to future profit growth [2][3]. Financial Summary - The company forecasts net profits for 2024-2026 to be 5.081 billion yuan, 5.363 billion yuan, and 5.558 billion yuan, respectively, with corresponding P/E ratios of 16.2x, 15.4x, and 14.8x [2][3]. - The financial data shows a steady increase in revenue from 1.420 billion yuan in 2022 to an estimated 1.617 billion yuan in 2024, with a growth rate of 9.11% [3][6]. - The company's net profit is projected to grow from 3.515 billion yuan in 2022 to 5.081 billion yuan in 2024, reflecting a growth rate of 15.48% [3][6]. Operational Highlights - The company’s photovoltaic segment also performed well, with a total generation of 226 million kWh, a year-on-year increase of 27.68%, although the average on-grid price decreased by 19.42% to 0.502 yuan/kWh [2]. - The report highlights that the company’s subsidiaries have sufficient construction reserves for new hydropower stations, which are expected to contribute to profit increments in the future [2][3].