wsdl(SH:600995) Haitong Securities·2025-04-01 06:11Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that increased water inflow has enhanced profits for 2024, with a projected revenue of 6.174 billion yuan, representing a year-on-year growth of 9.67%, and a net profit of 1.126 billion yuan, reflecting a year-on-year increase of 11.14% [7] - The company is set to launch new pumped storage projects in 2025, aiming to achieve a total installed capacity of 4.8 million kilowatts during the "14th Five-Year Plan" period [7] - The report anticipates stable profit growth for the company in 2024, driven by increased water inflow and new power station operations [7] Financial Data and Forecasts - Revenue and net profit forecasts for the company from 2023 to 2027 are as follows: - 2023: Revenue of 5.630 billion yuan, net profit of 1.014 billion yuan - 2024: Revenue of 6.174 billion yuan, net profit of 1.126 billion yuan - 2025E: Revenue of 6.626 billion yuan, net profit of 1.301 billion yuan - 2026E: Revenue of 7.617 billion yuan, net profit of 1.487 billion yuan - 2027E: Revenue of 8.413 billion yuan, net profit of 1.654 billion yuan [6][7] - The report projects a comprehensive diluted EPS of 0.32 yuan in 2023, increasing to 0.52 yuan by 2027 [6] Product Profitability Forecast - The profitability forecast for different products in 2024 and beyond is as follows: - Pumped storage revenue is expected to be 4.147 billion yuan in 2024, with a gross margin of 44% - Peak regulation hydropower revenue is projected at 1.634 billion yuan in 2024, with a gross margin of 61% - New energy storage revenue is anticipated to reach 278 million yuan in 2024, with a gross margin of 24% [9][10] Valuation - The report assigns a valuation range of 12.21 to 14.24 yuan for the company based on a projected PE ratio of 30-35 times for 2025 [7][11]