NMHD(600863) 华泰证券·2025-03-04 03:30Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 5.54 [9]. Core Views - The company has committed to a dividend payout ratio of at least 70% of its distributable profits, with a projected dividend per share (DPS) of no less than RMB 0.1, indicating a strong focus on shareholder returns [3]. - The company plans to acquire wind power assets, which are expected to enhance its profitability, although the specific valuation details are yet to be disclosed [4]. - The market reacted negatively to the asset acquisition announcement, reflecting concerns over the stability of the new assets' profitability and potential dilution of earnings per share (EPS) [5]. Summary by Sections Dividend Policy - The company has reiterated its commitment to a minimum 70% dividend payout ratio for the years 2025 to 2027, alleviating market concerns about potential reductions due to increased capital expenditures in renewable energy [3][6]. Asset Acquisition - The company intends to acquire 60% of the wind power assets from Zhenglanqi and 75.51% from Beifang Duolun, which are part of a larger wind power project [4]. - The average utilization hours for the acquired assets are significantly higher than the regional average, supporting their profitability [5]. Financial Projections - The company forecasts net profits of RMB 2.51 billion, RMB 2.89 billion, and RMB 3.26 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.38, RMB 0.44, and RMB 0.50 [8]. - The projected revenue for 2024 is RMB 21.87 billion, reflecting a slight decline from 2023, but expected to recover in subsequent years [8]. Valuation Metrics - The company is currently trading at a PE ratio of 9.6x for 2024, which is below the industry average of 11.1x, suggesting potential undervaluation [13]. - The target price of RMB 5.54 is based on a PE multiple of 12.5x for 2025 earnings, indicating a favorable investment opportunity [7].