江苏国信：金融善守火电能攻，乘风破浪奋楫扬帆

Investment Rating - The report initiates coverage with a "Buy" rating for Jiangsu Guoxin [4][6]. Core Views - Jiangsu Guoxin operates in dual sectors of energy and finance, benefiting from synergies between the two. The company has transitioned from shipbuilding to energy and trust services, with significant profit contributions from its financial segment [1][3]. - The company has a strong growth trajectory in thermal power generation, with substantial installed capacity and ongoing projects expected to drive future earnings [2][36]. - The financial segment, primarily through Jiangsu Trust, has shown robust performance, contributing significantly to overall profitability [3][76]. Summary by Sections 1. Energy and Finance Dual Business Model - Jiangsu Guoxin has transformed its core business from shipbuilding to energy and finance, with energy assets accounting for 64.31% and financial assets for 34.34% of total assets as of 2023 [1][18]. - The company reported a remarkable 3014% year-on-year increase in net profit for 2023, driven by falling coal prices and operational efficiencies [1][24]. 2. High Growth in Thermal Power Generation - As of 1H24, Jiangsu Guoxin has 15.45 GW of operational thermal power capacity and 5 GW under construction, positioning it as a leader in the province [2][36]. - The company’s thermal power plants are strategically located in Jiangsu, a major electricity consumption province, ensuring high utilization rates [46][51]. 3. Financial Segment as a Profit Anchor - Jiangsu Trust, the main financial arm, has maintained a leading position in Jiangsu, with total assets of 4310.33 billion yuan and a net profit of 25.43 billion yuan in 2023, representing 78.24% of the company's total profit [3][76]. - Investment income from Jiangsu Bank and Lianan Life Insurance is a core revenue source, contributing 20.26 billion yuan to Jiangsu Trust's profits in 2023 [3][76]. 4. Earnings Forecast and Investment Recommendations - The report forecasts revenues of 351.85 billion yuan, 413.28 billion yuan, and 469.82 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 29.90 billion yuan, 35.23 billion yuan, and 40.58 billion yuan [4][5].