金开新能：聚焦优质风光资源，装机成长空间广阔

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company focuses on high-quality wind and solar resources, with significant growth potential in installed capacity, driven by its strategic transformation into a leading renewable energy enterprise [4][8]. - The company has experienced rapid revenue and profit growth due to its expanding installed capacity, with a compound annual growth rate (CAGR) of 29.76% from 2020 to mid-2024 [4][13]. - The report highlights the favorable policy environment and market dynamics that are expected to alleviate downward pressure on electricity prices, enhancing the long-term profitability of renewable energy companies [4][60]. Summary by Sections Section 1: Focus on High-Quality Wind and Solar Resources - The company successfully transformed into a renewable energy enterprise through a major asset restructuring in August 2020, focusing on the development and operation of high-quality wind and solar resources [4][8]. - As of mid-2024, the company’s installed capacity reached 4,767 MW, with solar and wind accounting for 3,251 MW and 1,390 MW, respectively [4][8]. - The company’s revenue from solar and wind power in 2023 was approximately 1.84 billion yuan and 1.37 billion yuan, respectively, contributing to a gross profit of 970 million yuan and 870 million yuan [22]. Section 2: Large Growth Potential in Renewable Energy Installed Capacity - The report forecasts that China's renewable energy installed capacity will grow significantly, with an expected addition of 3,097 GW from 2024 to 2030 [43][50]. - The cumulative installed capacity of renewable energy in China increased from 414 GW in 2019 to 1,311 GW by the end of November 2024, with a notable rise in the share of renewable energy in total installed capacity from 21% to 41% [43][48]. Section 3: Approved Installed Capacity Opens Growth Space - The company’s profitability is superior to its peers, with wind and solar gross margins of 63.9% and 52.4%, respectively, leading the average levels of comparable companies by 5% and 7.5% [4][22]. - The company has a rich pipeline of approved installed capacity, reaching 6,958 MW by mid-2024, which represents 146% of its operational capacity, indicating strong growth potential [4][22]. Section 4: Profit Forecast and Valuation - The report projects the company’s net profit attributable to shareholders for 2024, 2025, and 2026 to be approximately 817 million yuan, 908 million yuan, and 1.11 billion yuan, respectively, corresponding to price-to-earnings (PE) ratios of 12.5x, 11.3x, and 9.2x [4][24].