GCLET(002015) Huajin Securities·2024-10-30 03:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.04 CNY per share [1][3]. Core Views - The company has achieved a significant increase in non-recurring net profit, driven by its "Electricity + Computing Power" strategy, despite a slight decline in revenue [1][3]. - The company is focusing on optimizing its asset structure and increasing the proportion of renewable energy, with a total installed capacity of 5,976.36 MW as of September 30, 2024, of which renewable energy accounts for 57.81% [1][3]. - The company is actively developing integrated solutions for energy storage and charging, with a total of 10,938 fast charging stations developed by the end of September 2024 [1][3]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 7.552 billion CNY, a year-on-year decrease of 15.70%, while the net profit attributable to shareholders was 606 million CNY, down 36.43% [1][4]. - The non-recurring net profit for the same period was 462 million CNY, showing a year-on-year increase of 60.10% [1][4]. - The company forecasts net profits of 979 million CNY, 1.206 billion CNY, and 1.330 billion CNY for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.60, 0.74, and 0.82 CNY [3][4]. Operational Highlights - The company has developed a significant amount of distributed photovoltaic and energy storage projects, with a focus on enhancing its renewable energy capacity [1][3]. - As of September 30, 2024, the company has operated 52 battery swap stations and has engaged in extensive electricity trading services, serving over 600 users [1][3]. - The company is also expanding its virtual power plant capabilities, with an adjustable load scale of approximately 300 MW, representing about 20% of the actual adjustable load in Jiangsu Province [1][3].