WENERGY CO.,LTD.(000543) 东吴证券·2025-01-24 01:42Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 2 billion to 2.25 billion RMB in 2024, representing a year-on-year increase of 40% to 57% [7] - The increase in profit is primarily driven by a rise in electricity generation, a decrease in coal prices, and improved profitability of controlled power generation enterprises [7] - The company has accelerated the commissioning of high-quality thermal power units in Anhui and is strategically positioned in the "Xinjiang Electricity into Anhui" initiative [7] Financial Performance Summary - Total revenue for 2024 is projected to be around 28.32 billion RMB, with a slight year-on-year growth of 1.62% [1] - The net profit attributable to shareholders for 2024 is forecasted at 2.08 billion RMB, reflecting a significant year-on-year growth of 45.66% [1] - The earnings per share (EPS) for 2024 is estimated to be 0.92 RMB, with a price-to-earnings (P/E) ratio of 7.72 based on the latest diluted EPS [1][8] Operational Highlights - As of December 31, 2023, the company had a total installed capacity of 11.38 million kilowatts, which is expected to increase to 12.28 million kilowatts by June 30, 2024, following the commissioning of new gas peak-shaving projects [7] - The electricity demand in Anhui province has shown robust growth, with a cumulative electricity consumption of 327.85 billion kilowatt-hours in the first eleven months of 2024, up 12.8% year-on-year [7] - The company is leveraging its strategic advantages in Xinjiang, with ongoing projects expected to contribute significantly to future earnings [7]