Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 9.086 billion yuan for the first three quarters, a year-on-year decrease of 4.11%, and a net profit attributable to the parent company of 1.87 billion yuan, down 17.04% year-on-year. The third quarter revenue was 2.458 billion yuan, a decline of 1.6% year-on-year, with a net profit of 105 million yuan, down 34.78% year-on-year. The performance in the third quarter is in line with market expectations, and the low profit in this season is not expected to significantly impact the annual performance [1][5] - The company's electricity generation volume showed a month-on-month recovery, with the decline in performance mainly attributed to falling electricity prices and increased depreciation costs. Financial expenses have continued to decrease [1] - The company has a total installed capacity of 15.55 million kilowatts, with wind power accounting for 13.11 million kilowatts and solar power for 2.44 million kilowatts. The company added 136,000 kilowatts in the first half of the year, primarily in wind power, which is a significant increase compared to the same period last year [1][3] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 12.04 billion yuan, with a year-on-year decrease of 5.9%. The net profit for 2024 is estimated at 2.613 billion yuan, down 5.1% year-on-year. The PE ratios for 2024, 2025, and 2026 are projected to be 7.5, 7.1, and 6.7 respectively, while the current PB is only 0.77 [4][6] - The company’s financial data indicates that despite a slight increase in electricity generation, revenue has decreased by 40 million yuan, primarily due to lower electricity prices following the market entry of renewable energy [5] Market Position and Outlook - The green energy industry is advancing towards marketization, and established wind power leaders are expected to benefit significantly. The company, as one of the earliest wind power operators in China, holds optimal resources and is likely to enhance the efficiency of its existing assets through upgrades [3] - The company has received recognition from state-owned insurance capital, with a significant increase in shareholding by Changcheng Life Insurance, reflecting confidence in the company's long-term value. The company also announced its first interim dividend, highlighting its commitment to shareholder returns [3]
大唐新能源：淡季业绩符合预期 老牌风企或享行业边际回暖