ZMNY(600163) 华泰证券·2024-12-20 10:15Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.72 [13]. Core Insights - The company is expected to undergo a value reassessment, with anticipated growth in profitability. The injection of high-quality power assets from the major shareholder is expected, and new projects in offshore wind power and complementary fishing-solar initiatives are set to commence [13]. - The company is projected to achieve a year-on-year growth in net profit of 5.3% in 2024, 12.4% in 2025, and 10.9% in 2026, with earnings per share (EPS) expected to be RMB 0.38, RMB 0.42, and RMB 0.47 respectively [15]. - The company’s offshore wind projects are expected to contribute significantly to net profit, with a total of 268 MW of offshore wind capacity anticipated to be operational by the end of 2026 [13][14]. Financial Summary - Revenue for 2024 is estimated at RMB 1,769 million, with a projected increase to RMB 2,195 million by 2026, reflecting a compound annual growth rate (CAGR) of 16.0% [3][15]. - The net profit attributable to the parent company is forecasted to be RMB 714.28 million in 2024, RMB 803.03 million in 2025, and RMB 890.56 million in 2026 [3][15]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 16.92 in 2024 to 13.57 in 2026, indicating an improving valuation as earnings grow [3][15]. Operational Insights - The company’s wind power generation is expected to see a year-on-year increase of 15% to 25% in the last quarter of 2024, driven by strong wind resource performance in October and November [14]. - The company has received approval for its offshore wind projects, which are expected to start construction in 2025 and be operational by the end of 2026 [14].