协鑫能科：Q3 业绩大幅提升，新能源业务快速推进

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported significant improvement in Q3 performance, with a notable increase in profitability driven by lower fuel prices and ongoing project advancements in distributed photovoltaic and energy storage [1] - The company aims to optimize its asset structure and enhance its commercial distributed and household photovoltaic business [1] - The integrated energy service model is evolving, focusing on energy storage and virtual power plants, with substantial market expansion potential [1][2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 7.552 billion yuan, a year-on-year decrease of 12.11%, while net profit attributable to shareholders was 606 million yuan, down 34.57%. However, the non-recurring net profit increased by 60.10% to 462 million yuan [1] - In Q3 alone, the company reported revenue of 2.849 billion yuan, a year-on-year decline of 3.96%, but a quarter-on-quarter increase of 24.46%. Net profit for Q3 was 195 million yuan, up 56.14% year-on-year, with a non-recurring net profit increase of 183.74% to 186 million yuan [1] Business Development - As of September 30, 2024, the company's total installed capacity reached 5,976.36 MW, a 20.7% increase from the end of June, with renewable energy accounting for 57.81% of total installed capacity [1] - The company continues to deepen its combined heat and power supply, focusing on cost reduction and efficiency improvements [1] Market Position and Future Outlook - The company is developing integrated energy solutions, including energy storage and virtual power plants, with a market share of approximately 20% in Jiangsu province for load regulation [1] - The projected revenue for 2024-2026 is expected to be 10.696 billion yuan, 11.876 billion yuan, and 13.540 billion yuan respectively, with net profits of 984 million yuan, 1.227 billion yuan, and 1.451 billion yuan [2]