Datang Power(601991) 国海证券·2025-03-31 12:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit attributable to shareholders increased by 230% year-on-year in 2024, primarily due to improvements in hydropower and thermal power performance, along with a reduction in income tax [6] - The company achieved a revenue of 123.47 billion yuan in 2024, reflecting a year-on-year growth of 0.9% [6] - The company plans to distribute a cash dividend of 0.0621 yuan per share for the year 2024, which accounts for 38.13% of the net profit attributable to shareholders [6] Financial Performance Summary - In 2024, the total profit from coal machinery was 2.57 billion yuan, compared to a loss of 0.13 billion yuan in 2023 [6] - The total profits from hydropower, wind power, and photovoltaic power were 2.01 billion yuan, 2.13 billion yuan, and 0.70 billion yuan respectively, with year-on-year changes of +45%, -17%, and +46% [6] - The company’s income tax decreased by 31% in 2024, with an effective tax rate of 20.5% [6] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 119.8 billion yuan, 123.7 billion yuan, and 124.2 billion yuan respectively, with corresponding net profits of 4.76 billion yuan, 4.83 billion yuan, and 4.95 billion yuan [8][9] - The price-to-earnings (P/E) ratio is expected to be 11 for the years 2025 to 2027 [8][9] - The company is expected to maintain stable growth in performance for 2025, justifying the "Buy" rating [6]