SDIC Power(600886) 申万宏源·2024-11-01 01:44Investment Rating - The report maintains a "Buy" rating for Guotou Electric Power [5][8] Core Views - The company reported a revenue of approximately 44.395 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.34%, and a net profit attributable to shareholders of approximately 6.578 billion yuan, up 8.69% year-on-year [5] - The increase in hydropower profitability is supported by stable prices and increased volume during the flood season, with hydropower generation reaching 80.345 billion kWh, a year-on-year increase of 15.52% [6] - The performance of thermal power and new energy is under pressure due to declining prices and volumes, with thermal power generation decreasing by 5.59% year-on-year [7] - The company plans to raise no more than 7 billion yuan to support the development of clean energy projects [8] Summary by Sections Market Data - Closing price: 15.49 yuan - Market capitalization: 107.901 billion yuan - Dividend yield: 3.19% [2] Financial Data - Net asset per share: 7.56 yuan - Debt-to-asset ratio: 62.16% [3] Performance Comparison - The company's stock price has shown a relative performance compared to the CSI 300 index [4] Revenue and Profit Forecast - Projected net profits for 2024-2026 are 8.038 billion, 8.759 billion, and 9.323 billion yuan respectively, with corresponding PE ratios of 15, 14, and 13 [8]