ZMNY(600163) 华源证券·2024-11-06 10:29Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a slight increase in revenue and a significant rise in net profit for Q3 2024, aligning with expectations, driven by improved wind conditions and reduced biomass fuel costs [3][4] - The company has secured a new 100,000 kW offshore wind project, indicating potential for future growth as more offshore projects are expected to be approved [3][4] - The group has committed to injecting 1.2 GW of offshore wind and pumped storage capacity, with expectations for the offshore projects to be prioritized for injection [3][4] Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 277 million yuan, a year-on-year increase of 1.19%, and a net profit attributable to shareholders of 67 million yuan, up 14.95% year-on-year [3] - The company's gross margin improved by 3.3 percentage points in Q3, attributed to a decrease in operating costs [3] Project Development - The company is developing a 100,000 kW offshore wind project, part of a larger 400,000 kW project awarded to the group, with expectations for additional projects to follow [3] - The group has committed to asset injections contingent on the successful operation and profitability of certain subsidiaries, which could significantly enhance profitability [3][4] Market Outlook - The company is well-positioned to benefit from accelerated approvals for offshore wind projects in Fujian province, with a planned addition of approximately 10.3 million kW of offshore wind capacity during the 14th Five-Year Plan [3] - Future profitability is expected to improve due to more favorable bidding processes and reduced project costs in the offshore wind sector [3][4]