CHINA LONGYUAN(001289) 国泰君安·2024-10-31 18:36Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of 19.60 yuan, up from 17.46 yuan, based on a 20x PE valuation for 2025 [2][5]. Core Insights - The company's performance in Q3 2024 exceeded expectations, with revenue of 74.7 billion yuan, a year-on-year increase of 9.9%, and a net profit of 16.5 billion yuan, up 41.6% year-on-year. The growth is attributed to increased investment income and reduced minority shareholder losses [2][4]. - The company has significant potential for installed capacity growth, with plans to acquire stakes in eight renewable energy companies, adding a total of 2.0 GW of capacity, representing a 5.5% growth opportunity [2][4]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 263.5 billion yuan, a decrease of 6.4% year-on-year, and a net profit of 54.7 billion yuan, down 10.6% year-on-year. However, Q3 alone showed a positive trend with a net profit increase of 18.7% [2][3]. - The projected earnings per share (EPS) for 2024 is 0.83 yuan, with upward revisions for 2025 and 2026 to 0.98 yuan and 1.09 yuan, respectively [2][3]. - The company's total installed capacity reached 37.0 GW by the end of Q3 2024, with renewable energy capacity accounting for 98.2% of the total, reflecting a year-on-year increase of 3.9 percentage points [2][4].