WTECL(600157) KAIYUAN SECURITIES·2024-12-20 01:05Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has raised the upper limit of its share repurchase price from 1.89 CNY to 2.62 CNY, reflecting its confidence in long-term stable operations and market management [6] - The company is expected to achieve a net profit of 2.01 billion CNY in 2024, with a year-on-year decrease of 11.1%, followed by increases of 9.3% and 40.3% in 2025 and 2026 respectively [6] - The current stock price of 1.92 CNY corresponds to a price-to-book (P/B) ratio of 0.88 [6] Financial Summary - Revenue is projected to be 30.168 billion CNY in 2024, with a slight year-on-year increase of 0.2% [5] - The gross profit margin is expected to be 26.4% in 2024, with a net profit margin of 6.7% [5] - The company’s return on equity (ROE) is forecasted to be 4.2% in 2024, increasing to 6.3% by 2026 [5] - Earnings per share (EPS) is expected to be 0.09 CNY in 2024, rising to 0.14 CNY in 2026 [5] Strategic Initiatives - The company is focusing on coal-electricity integration to enhance profitability and efficiency [6] - The Hai Zetan coal mine is projected to significantly increase production capacity, potentially leading to a net profit increase of over 170% compared to 2023 once fully operational [6] - The company is actively developing a full vanadium flow battery supply chain, aiming for a market share of over 30% in the energy storage sector by 2027-2030 [6]