CH ENERGY ENG(601868) 长江证券·2024-12-17 01:26Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company is a leading player in energy construction, with a strong market share in traditional sectors such as thermal power, nuclear power, and transmission and transformation projects. It is also actively expanding into emerging sectors like energy storage and hydrogen energy, indicating promising future growth potential [3][5]. - In 2023, the company achieved a revenue of 406.03 billion yuan, a year-on-year increase of 10.8%, and a net profit attributable to shareholders of 7.99 billion yuan, up 2.1% year-on-year. The new contract value signed reached 1,283.7 billion yuan, growing by 22.4% year-on-year, with significant contributions from the "Belt and Road" initiative [5][6]. Summary by Sections Company Overview - The company is recognized as a leader in energy construction, having successfully integrated with Gezhouba Group and listed on the Shanghai Stock Exchange. It has a comprehensive business model covering planning, consulting, design, construction, and operation [26][28]. Operational Performance - The company reported a revenue of 2,951.4 billion yuan in the first three quarters of 2024, reflecting a 3.4% year-on-year growth, while the net profit attributable to shareholders was 3.6 billion yuan, up 17.3% year-on-year. The 2023 revenue was 4,060.3 billion yuan, with a compound annual growth rate of 13.2% from 2019 to 2023 [35][36]. Business Layout - The company has a robust presence in traditional energy sectors, accounting for over 70% of the national market for large thermal power units and 100% of ultra-high voltage engineering design tasks. In 2023, traditional energy construction revenue was 120.18 billion yuan, while new energy construction revenue reached 115.71 billion yuan, showing a year-on-year growth of 39.4% [6][42]. Emerging Business Development - The company is strategically investing in energy storage and hydrogen energy, with a focus on compressed air energy storage projects, where it holds a 35% market share. The company plans to establish 100 compressed air energy storage stations by 2030 and has invested over 100 billion yuan in hydrogen energy projects [6][7]. Future Projections - Revenue projections for 2024-2026 are estimated at 436.8 billion yuan, 444.96 billion yuan, and 455.83 billion yuan, respectively, with corresponding net profits of 8.67 billion yuan, 9.37 billion yuan, and 10.44 billion yuan. The company is expected to benefit from the rising demand in the new energy sector [7][8].