Investment Rating - The report maintains a stable dividend policy and highlights the company's solid project reserves, indicating a positive outlook for future performance [1][3]. Core Viewpoints - The company reported a revenue of RMB 2.752 billion for the year ending December 31, 2024, representing a year-on-year growth of 6.31%. However, the net profit attributable to shareholders decreased by 16.46% to RMB 805 million, with a basic earnings per share of RMB 0.1006 and a proposed final dividend of HKD 0.035 per share [1]. - The company plans to add 1GW of new capacity in 2025, supported by a robust project reserve of over 10.75GW in China, which includes approximately 6.5GW of wind and 4.25GW of solar resources [3]. - The proposed secondary listing in Singapore aims to broaden the shareholder base and enhance future financing channels, which is expected to improve overall liquidity of the company's securities [4]. - The company intends to maintain a dividend payout ratio of around 30% and is currently undervalued, with a dynamic PE of approximately 4.3 times and a PB of 0.4 times, alongside a dividend yield of about 7.56% [5]. Summary by Sections - 2024 Annual Performance: Revenue of RMB 2.752 billion, net profit of RMB 805 million, basic EPS of RMB 0.1006, and proposed final dividend of HKD 0.035 [1]. - Project Development: New wind and solar projects totaling 1,399MW acquired in 2024, with 2GW under construction and a plan to commission 1GW in 2025 [3]. - Secondary Listing: The company plans to submit an application for a secondary listing in Singapore by March 31, 2025, without issuing new shares [2][4]. - Valuation Metrics: Dynamic PE of 4.3, PB of 0.4, and a dividend yield of 7.56%, indicating undervaluation [5].
协合新能源：项目储备充裕，维持稳定派息-20250228