CHINA LONGYUAN(001289) 民生证券·2024-11-01 05:40Investment Rating - The investment rating for the company is "Cautious Recommendation" [2][4]. Core Views - The company reported a significant growth in Q3 2024, with a year-on-year increase in net profit by 41.58% to 1.648 billion yuan, despite a decline in revenue for the first three quarters [1]. - The company is expanding its renewable energy assets through the acquisition of additional projects and the divestment of thermal power assets, which is expected to enhance its performance [1][2]. - The forecasted net profits for the years 2024, 2025, and 2026 are 6.391 billion yuan, 6.935 billion yuan, and 7.781 billion yuan respectively, with corresponding EPS of 0.76, 0.83, and 0.93 yuan [2][5]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 7.467 billion yuan, a decrease of 9.87% year-on-year, while the net profit for the same period was 1.648 billion yuan, marking a 41.58% increase [1]. - The total power generation for the first three quarters was 56.847 billion kWh, a year-on-year increase of 2.42%, with wind power generation at 43.862 billion kWh, down 1.82% [1]. - The average utilization hours for wind power decreased by 108 hours year-on-year to 1,607 hours, primarily due to poor wind resources in the first half of the year [1]. Asset and Capacity Expansion - As of Q3 2024, the company has a total installed capacity of 37.0 GW, with wind power accounting for 28.4 GW and solar power for 7.97 GW [1]. - The company signed new development agreements for 7.59 GW of projects in the first half of 2024, with a year-on-year increase of 51.87% [1]. - The company plans to acquire stakes in eight renewable energy companies from the State Energy Group, with an estimated transaction price of 1.69 billion yuan, further expanding its renewable energy portfolio [1].