ZMNY(600163) Changjiang Securities·2025-01-20 02:01Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Viewpoints - The company achieved a total power generation of 30.08 billion kWh in 2024, representing a year-on-year increase of 2.47%. In the fourth quarter, the power generation reached 11.10 billion kWh, up 12.81% year-on-year, with significant contributions from wind power in Fujian province, which saw a 20.15% increase in the same period [2][11]. - The company is expected to maintain stable performance in 2024, supported by a strong fourth-quarter performance and a pipeline of approved projects within the group [2][11]. - The injection of high-quality resources from the parent group is anticipated to enhance earnings per share, with the announcement of the injection of 51% equity in Yongtai Pumped Storage, which reported a net profit of 218 million yuan in 2023 [11]. - The approval of the Chang Le B District project and the convergence station project is expected to contribute to future earnings growth, with the Chang Le B District project having a total installed capacity of 114,000 kW and a projected internal rate of return of approximately 8.21% [11]. Summary by Sections Power Generation Performance - In 2024, the company completed a total power generation of 30.08 billion kWh, a 2.47% increase from the previous year. The total on-grid power generation was 29.24 billion kWh, up 2.83% year-on-year. The fourth quarter saw a power generation of 11.10 billion kWh, a 12.81% increase compared to the same period last year [5][11]. Project Approvals and Future Growth - The company has received approvals for the Chang Le B District project and the convergence station project, which are expected to provide additional earnings. The Chang Le B District project is projected to operate smoothly due to favorable wind conditions in Fujian [11]. Financial Projections - The company is projected to have earnings per share (EPS) of 0.39 yuan, 0.50 yuan, and 0.54 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 13.47, 10.61, and 9.71 [11].