WHEE(SH:600475) GOLDEN SUN SECURITIES·2024-10-30 12:20Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's performance in the third quarter was under pressure, primarily due to a decline in its photovoltaic business, but it is expected to benefit from new growth drivers in hydrogen production and flexible electricity generation [4][2]. - Revenue for the first three quarters of 2024 was 7.233 billion yuan, a year-on-year decrease of 6.12%, while net profit attributable to shareholders was 481 million yuan, down 6.58% year-on-year [1][2]. - The company is expanding its high-quality thermal power and hydrogen production businesses, with a current thermal power installed capacity of 1.3 GW, ranking second among A-share listed companies in terms of steam supply [3]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 11.574 billion yuan, 13.033 billion yuan, and 14.673 billion yuan, representing year-on-year growth rates of 10.1%, 12.6%, and 12.6% respectively [4][5]. - The net profit attributable to shareholders is expected to be 774 million yuan, 942 million yuan, and 1.064 billion yuan for the same period, with corresponding EPS of 0.81 yuan, 0.99 yuan, and 1.11 yuan per share [4][5]. - The company’s P/E ratios are projected to be 11.4, 9.3, and 8.3 for 2024, 2025, and 2026 respectively [4][5].