SCTE(600674) 山西证券·2024-10-30 07:00Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][3]. Core Insights - The company has shown significant profit growth, with a revenue of 1.087 billion yuan for the first nine months of 2024, representing a year-on-year increase of 6.48%. The net profit attributable to shareholders reached 4.422 billion yuan, up 15.10% year-on-year [1]. - The company benefits from favorable water conditions in its operational regions, which has positively impacted its electricity generation and pricing [1]. - Future capacity expansion is anticipated due to a recent capital increase in the Yalong River Hydropower project, which is expected to enhance the company's installed capacity [1]. Financial Performance Summary - For the first nine months of 2024, the company achieved a revenue of 10.87 billion yuan, with a net profit of 4.422 billion yuan, and a basic earnings per share (EPS) of 0.9133 yuan [1]. - The company’s revenue for Q3 2024 was 4.83 billion yuan, reflecting a year-on-year increase of 2.14% and a quarter-on-quarter increase of 39.8% [1]. - The average on-grid electricity price for the company was 0.217 yuan/kWh, a year-on-year increase of 0.93% [1]. - The projected EPS for 2024, 2025, and 2026 are 1.04 yuan, 1.12 yuan, and 1.20 yuan respectively, with corresponding P/E ratios of 16.2, 15.0, and 14.1 [3][4]. Future Outlook - The company is expected to continue its stable operational performance, with ongoing projects likely to contribute to further profit growth. The company has a low debt ratio, which is on a declining trend, indicating financial stability [1]. - The capital increase in the Yalong River Hydropower project is projected to support future growth in installed capacity, enhancing the company's long-term prospects [1].