HDPI(600027) 长江证券·2024-11-11 05:55Investment Rating - The investment rating for the company is "Buy" and is maintained [5][7]. Core Views - The company reported a steady performance in Q3 2024, with a total revenue of 31.63 billion yuan, reflecting a year-on-year growth of 1.13%. The net profit attributable to shareholders was 1.93 billion yuan, up 0.87% year-on-year [3][4]. - The increase in electricity generation and pricing is attributed to improved demand and a decrease in hydropower output during Q3. The average on-grid electricity price for Q3 was 511.26 yuan per megawatt-hour, a 1.62% increase year-on-year [3][4]. - The company is expanding its scale through the acquisition of high-quality assets from its parent group, which is expected to enhance its growth potential in the long term [5]. Summary by Sections Financial Performance - In Q3 2024, the company achieved an on-grid electricity generation of 63.006 billion kilowatt-hours, a year-on-year increase of 3.18%. The total on-grid electricity for the first three quarters was 1577.21 billion kilowatt-hours, down 2.52% year-on-year [3][4]. - The company's operating costs for Q3 were 28.503 billion yuan, a 1.02% increase year-on-year, while gross profit reached 3.127 billion yuan, up 2.17% year-on-year [4]. - The significant increase in income tax expenses by 93.25% year-on-year has limited the overall performance of the company [4]. Growth Potential - The company disclosed a capital increase announcement to inject gas power assets worth 7.167 billion yuan, which represents 27.16% of its current installed capacity. This acquisition is seen as cost-effective with a price-to-book ratio of 1.32 [5]. - The company anticipates further injections of high-quality hydropower and thermal power assets from the parent group as market conditions improve, indicating a broad growth space in the future [5]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.60 yuan, 0.71 yuan, and 0.80 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9.54, 8.03, and 7.20 [5][10].