ZMNY(600163) 长江证券·2024-11-04 04:10Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 1.095 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.90%, while the net profit attributable to shareholders reached 409 million yuan, an increase of 6.34% [2][3]. - Despite a decline in electricity generation, the company achieved revenue growth due to higher average electricity prices, particularly in the Fujian region, which has a higher weight of offshore wind assets [3]. - The company’s net profit margin reached a three-year high, with gross and net profit margins at 39.86% and 25.33%, respectively, driven by reduced operating costs and increased other income [3]. - The company is expanding its portfolio with the acquisition of quality assets, including a controlling stake in offshore wind power projects, which is expected to enhance its operational scope [3]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.39 yuan, 0.54 yuan, and 0.59 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.69, 11.30, and 10.34 [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating costs of 637 million yuan, a decrease of 2.89% year-on-year, and a total revenue of 1.095 billion yuan [2][3]. - The company’s total assets are projected to reach 16.934 billion yuan by 2025, with a net profit of 1.095 billion yuan expected in 2026 [6]. Future Outlook - The company is expected to benefit from the upcoming contributions from the Fujian offshore wind market and the potential profitability of new projects, such as the Xiapu B area project [3]. - The report highlights the company's strong return on equity (ROE) from existing assets and the anticipated positive impact of asset injections from the parent group [3].