HDPI(SH:600027) INDUSTRIAL SECURITIES·2024-11-10 04:05Investment Rating - The report maintains a "Hold" rating for the company [2] Core Views - The company plans to acquire 80% equity of Jiangsu Company from China Huadian through share issuance and to purchase various stakes in other companies for a total transaction price of 7.167 billion yuan, with an estimated PB of 1.61x [1] - The company achieved a total on-grid electricity of 63.008 billion kWh in Q3, a year-on-year increase of 3.18%, with an average on-grid electricity price of 0.511 yuan/kWh, reflecting a slight increase [2] - The company’s Q3 revenue increased by 1.13% year-on-year, while the gross profit margin improved to 9.89% [2] - The report projects the company's net profit for 2024-2026 to be 6.242 billion, 6.623 billion, and 7.012 billion yuan respectively, with corresponding PE ratios of 8.8x, 8.3x, and 7.9x [2] Financial Summary - For 2023, the company reported revenue of 117.176 billion yuan, with a year-on-year growth of 9.5% [1] - The projected revenue for 2024 is 121.254 billion yuan, with a growth rate of 3.5% [1] - The net profit attributable to shareholders for 2023 is 4.522 billion yuan, with a staggering year-on-year growth of 3789.0% [1] - The gross profit margin is expected to increase from 6.4% in 2023 to 12.0% by 2026 [1] - The return on equity (ROE) is projected to rise from 6.5% in 2023 to 9.0% in 2026 [1]