Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.78, indicating a potential upside of 58% from the current price of HKD 0.495 [6][12]. Core Views - The company's revenue for 2024 is projected to be RMB 2.752 billion, reflecting a year-on-year growth of 6.31%, while net profit is expected to decline by 16.46% to RMB 805 million due to factors such as falling electricity prices and power restrictions [3][9]. - The company has a robust project reserve, planning to add 1GW of new capacity in 2025 with a capital expenditure of RMB 4 billion. As of the end of 2024, the company has accumulated over 10.75GW of wind and solar resources in China [4][10]. - The company is actively repurchasing shares to stabilize dividends, with a projected dividend payout ratio of 30%-33% and a dynamic PE ratio of approximately 3.8 times, indicating undervaluation [5][11]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve a revenue of RMB 27.52 billion, a 6.31% increase from the previous year, while net profit is forecasted to decrease to RMB 8.05 billion, a decline of 16.46% [3][9]. - The basic earnings per share for 2024 is projected at RMB 0.1006, with a proposed final dividend of HKD 0.035 per share, increasing the payout ratio from 27% in 2023 to 32% [3][9]. Project Development - The company secured 1,399MW of new wind and solar projects globally in 2024, with 720MW in China and 679MW in other countries. The total wind and solar resource reserve in China exceeds 10.75GW [4][10]. - The company plans to commission 1GW of new capacity in 2025, with 50% expected to come online in the first half of the year, primarily from projects delayed from the previous year [4][10]. Valuation and Share Buyback - The company repurchased 8.97 million shares at a price between HKD 0.470 and HKD 0.480, totaling HKD 4.2596 million. The buyback is expected to be more aggressive in 2025 compared to 2024 [5][11]. - The company is currently trading at a dynamic PE of about 3.8 times and a PB of approximately 0.4 times, with a dividend yield of around 8.08%, indicating a high margin of safety [5][11].
协合新能源：资产“小而精”，公司“小而美”-20250305