金开新能：算力业务稳步发展，打造第二增长曲线-20250217

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The reform of market-oriented pricing for renewable energy grid connection is advancing, which is expected to maintain reasonable returns for renewable energy projects [3][4] - The company's installed capacity and power generation are continuously increasing, with a focus on photovoltaic energy [8] - The company has signed a contract for AI computing power services, marking the first project in the integration of renewable energy and computing centers, which is expected to contribute to the company's second growth curve [20] Summary by Relevant Sections Market Environment - The National Development and Reform Commission and the National Energy Administration issued a notice to deepen the market-oriented reform of renewable energy grid connection pricing, promoting the full participation of renewable energy in the market [3][7] - The notice establishes a sustainable pricing settlement mechanism for renewable energy, ensuring stable expectations for power generation enterprises [7] Company Performance - As of September 2024, the company has a cumulative installed capacity of 4976 MW, with wind and photovoltaic capacities of 1390 MW and 3459 MW, respectively [8] - In the first three quarters of 2024, the company added 496 MW of installed capacity, with wind and photovoltaic additions of 133 MW and 363 MW, respectively [8] - The total power generation for the first three quarters of 2024 was 6.179 billion kWh, a year-on-year increase of 12.31% [8] Strategic Developments - The company’s subsidiary signed a contract to provide AI computing power and related services, with a total rental amount of 69.12 million yuan (including tax) for a service period of 12 months [20] - This project is expected to generate an annual revenue of 69.12 million yuan from computing power leasing, contributing positively to the company's future performance [20] Financial Outlook - Due to the impact of declining electricity prices, the profit forecast for the company has been adjusted, with expected net profits of 850 million, 940 million, and 1.05 billion yuan for 2024-2026 [3] - The earnings per share (EPS) are projected to be 0.42, 0.47, and 0.53 yuan for the same period, with the current stock price corresponding to price-to-earnings ratios of 13.1, 11.8, and 10.6 times [3]