国能日新：功率预测长坡厚雪 创新业务蓄势待发

Investment Rating - The investment rating for the company is "Accumulate" (首次) [14] Core Views - The company benefits from the high growth of wind and solar energy, with stable revenue growth and a steady gross margin of 67.28% in the first three quarters, despite an increase in expense ratios [14] - New policies for distributed photovoltaic and innovative business entities present opportunities for the company, particularly in power prediction products and virtual power plant operations [15] Financial Performance - For the first three quarters, the company achieved operating revenue of 365 million yuan, a year-on-year increase of 18.15%, and a net profit attributable to the parent company of 53 million yuan, up 2.69% year-on-year [4] - The company forecasts net profits of 100 million yuan, 131 million yuan, and 163 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 19.24%, 30.68%, and 24.27% [5][17] - The operating revenue is projected to grow from 586 million yuan in 2024 to 784 million yuan in 2026, with growth rates of 28.44% and 23.06% [5][17] Market Dynamics - As of the end of Q3, China's installed capacity for solar and wind power reached 773 GW and 480 GW respectively, with year-on-year growth rates of 48.3% and 19.8% [1] - The company’s power prediction service revenue increased to 132 million yuan in the first half of the year, reflecting a 3.3% year-on-year growth [1] Expense Management - The company is currently in a market expansion phase, with sales expenses on the rise; however, the overall expense ratio is expected to stabilize as stock incentive costs decrease [14]