CSG Energy(SZ:003035) SINOLINK SECURITIES·2025-03-30 09:11Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.12, 0.15, and 0.18 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 35x, 28x, and 24x [5][12]. Core Insights - The company reported a revenue of 3.16 billion yuan for the year 2024, reflecting a year-on-year increase of 5.6%. However, it faced a net loss attributable to shareholders of 0.06 billion yuan, a significant decline of 118.7% year-on-year, primarily due to impairment losses on biomass assets and subsidy reductions [3][10]. - The company is focusing on accelerating the disposal of non-core businesses and is concentrating on its energy-saving service main business, which has shown stable growth [10]. - The company plans to expand into new energy utilization models and integrated energy projects, including virtual power plants and hydrogen utilization [10]. Financial Summary - The company is projected to achieve net profits of 0.46 billion yuan, 0.56 billion yuan, and 0.66 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profit growth rates of 22.02% and 17.86% [5][9]. - The revenue for 2024 is expected to be 3.53 billion yuan, with a growth rate of 11.92%, and the revenue for 2025 is projected to reach 4.08 billion yuan, reflecting a growth rate of 15.69% [9][11]. - The company’s diluted EPS is expected to recover to 0.12 yuan in 2025, after a loss in 2024 [9][11].