Guoxin Securities·2024-11-03 04:41Investment Rating - The investment rating for the company is "Outperform the Market" [6][17][20] Core Views - The company's operating revenue decreased by 6.39% year-on-year to 26.35 billion yuan in the first three quarters of 2024, while net profit attributable to shareholders increased by 41.58% to 1.648 billion yuan in Q3 2024, primarily due to significant growth in investment income [1][7] - The company plans to acquire renewable energy assets from the State Energy Group, which will enhance its renewable energy capacity [3][15] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 26.35 billion yuan, a decrease of 6.39%, and a net profit of 5.475 billion yuan, down 10.61% [1][7] - In Q3 2024, the company reported operating revenue of 7.467 billion yuan, a decline of 9.87%, while net profit rose by 41.58% to 1.648 billion yuan, driven by a 6316.47% increase in investment income [1][7] Power Generation - The total power generation for the first three quarters of 2024 was 56.847 billion kWh, an increase of 2.42%, with wind power generation at 43.862 billion kWh, down 1.82% [2][11] - In Q3 2024, the company generated 16.765 billion kWh of electricity, up 6.39%, with wind power generation increasing by 6.16% [2][11] Investment and Growth - The company intends to acquire equity stakes in eight renewable energy companies from the State Energy Group, with an estimated transaction value of 1.686 billion yuan [3][15] - The total installed capacity of the acquired companies is 2.0329 million kW, including 1.4169 million kW in operation and 586,000 kW under construction [3][15] Profitability and Valuation - The company maintains profit forecasts for 2024-2026, expecting net profits of 6.741 billion yuan, 7.557 billion yuan, and 8.389 billion yuan, representing year-on-year growth of 7.9%, 12.1%, and 11.0% respectively [17][18] - The current stock price corresponds to a PE ratio of 22.9, 20.4, and 18.4 for the years 2024, 2025, and 2026 [17][18]