山西证券：研究早观点-20250124

Core Insights - The report highlights a significant increase in domestic solar photovoltaic (PV) installations, with a total of 277 GW added in 2024, representing a year-on-year growth of 28.4% [8] - The report also notes a decline in the export value of PV components, which fell by 28.8% year-on-year to 217.71 billion yuan in 2024 [8] - The inverter export value showed a mixed trend, with December exports increasing by 12.5% year-on-year, but the total for the year decreased by 15.5% [8] Industry Overview - The solar energy sector is experiencing robust growth, with December 2024 alone seeing an addition of approximately 70.7 GW of new installations, a 36.3% increase year-on-year and a 182.8% increase month-on-month [8] - The report indicates that the solar power generation in December 2024 reached 315.4 billion kWh, marking a 28.5% increase compared to the previous year [8] - The report emphasizes the importance of key players in the solar energy market, recommending companies such as Aiko Solar, Longi Green Energy, and others for their strong positions in the industry [8][17] Company Analysis - The report discusses the acquisition of 100% equity in Hanjin Energy by the company, which is expected to enhance its coal reserves by 38.41 billion tons, increasing the total to 375.31 billion tons [11] - The company plans to maintain a dividend payout ratio of at least 65% from 2025 to 2027, reflecting a commitment to shareholder returns [11] - The report projects the company's earnings per share (EPS) for 2024-2026 to be 2.92, 2.93, and 2.99 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13.0, 13.0, and 12.7 [11]