国能日新：新能源全面入市！电力交易决策产品迎政策红利窗口期

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The recent policy changes in the energy sector are expected to significantly impact the revenue and operations of renewable energy plants, making trading decisions a crucial capability for these entities [1][17]. - The company is well-positioned to benefit from the growth in electricity market trading, energy storage, and virtual power plant operations, with innovative products showing substantial revenue growth [2][41]. - The company has adjusted its revenue and net profit forecasts for 2024-2026, anticipating significant growth driven by its core and new business segments [3]. Summary by Sections Industry Logic - The National Development and Reform Commission and the Energy Administration have initiated reforms to fully integrate renewable energy into the electricity market, allowing prices to be determined through market transactions [1]. - The shift to market-based pricing is expected to enhance the complexity of electricity markets, necessitating improved trading strategies and decision-making capabilities for renewable energy plants [1][17]. - Emerging market participants like energy storage and virtual power plants are anticipated to engage deeply in market transactions, potentially generating additional revenue [1]. Company Logic - The company reported a revenue of 15.92 million yuan from innovative products in the first half of 2024, marking a 173% year-on-year increase, which constitutes 7.1% of its total revenue [2][41]. - The company’s electricity trading platform has been enhanced with a new model, "Kuangming," which improves market prediction capabilities and competitiveness [2]. - The company is actively expanding its electricity trading custodial services to help renewable energy firms increase their revenue [2]. - The energy management system for storage is designed to optimize charging and discharging strategies, providing users with excess returns [2]. - The company is expanding its virtual power plant operations and has secured qualifications in several provinces, enhancing its market presence [2]. Profit Forecast, Valuation, and Rating - The company has slightly raised its revenue and net profit forecasts for 2024-2026, expecting revenues of 590 million, 800 million, and 980 million yuan, with year-on-year growth rates of 30%, 35%, and 22% respectively [3]. - The projected net profits for the same period are 110 million, 150 million, and 190 million yuan, with corresponding P/E ratios of 41, 30, and 24 [3].