Investment Rating - The report maintains a "Buy" rating for China Energy Construction (3996.HK) [6] Core Views - The company is experiencing robust domestic and international demand for energy projects, highlighted by recent contracts for large photovoltaic projects in Azerbaijan, marking its first major EPC project in that market [2][3] - The company is actively constructing a nationwide integrated computing power network, leveraging its technological advantages in green energy and integrated construction [3] - The company's financial performance is strong, with a projected net profit growth of 17.3% year-on-year for the first three quarters of 2024, leading to an upward revision of the 2024 net profit forecast to 8.6 billion CNY [4] Summary by Sections Recent Developments - On March 11, the company signed EPC contracts for two large photovoltaic projects in Azerbaijan, with a total capacity of 760MW, indicating a significant expansion into the renewable energy sector [2] - The domestic market is also seeing a surge in orders due to new electricity pricing policies, with the company winning multiple contracts for wind and power grid projects [2] Business Strategy - The company is focusing on building a national integrated computing power network, with investments in data center projects across several key locations [3] - The Gansu Qingyang big data industrial park project is highlighted as a key initiative, with the first phase expected to be operational by September 2024 [3] Financial Performance - The company’s revenue is projected to grow from 366.4 billion CNY in 2022 to 481.7 billion CNY by 2026, with a compound annual growth rate of approximately 6.23% [5] - The net profit is expected to increase from 7.8 billion CNY in 2022 to 9.8 billion CNY in 2026, reflecting a steady growth trajectory [5] - The report notes a low valuation level for the company, suggesting significant growth potential in its energy and computing power businesses [4]
中国能源建设（03996）：能源工程订单内外开花，算力中心建设蓬勃发展