TYN(SZ:000591) Huachuang Securities·2024-11-13 23:54Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 7 CNY, compared to the current price of 5.20 CNY [1][2]. Core Views - The company faces ongoing operational pressures, with a significant decline in revenue and net profit year-on-year. The third quarter revenue was 1.53 billion CNY, down 36.57%, and the net profit was 477 million CNY, down 13.52% [1][2]. - Despite current challenges, the company has a substantial project reserve, with operational power stations totaling approximately 4.944 GW and under-construction stations of about 2.2 GW. The company plans to have an additional 0.916 GW fully connected by the end of the year [2]. - Future catalysts include government policies aimed at resolving overdue corporate payments, which could significantly benefit the company due to its high accounts receivable. Additionally, the recovery of the company's component business is expected to accelerate amid industry challenges [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 1.575 billion CNY, with a slight decrease of 0.2% year-on-year, followed by growth of 15.4% and 17.9% in 2025 and 2026, respectively [3][6]. - The company's revenue is expected to grow from 9.787 billion CNY in 2024 to 11.443 billion CNY by 2026, reflecting a compound annual growth rate of approximately 8.1% [3][6]. - The company's earnings per share (EPS) is projected to increase from 0.40 CNY in 2024 to 0.55 CNY in 2026, indicating a positive trend in profitability [3][6].