GDEP(600310)2025-04-08 14:13Investment Rating - The investment rating for Guangxi Energy is "Outperform the Market" [5][15][3] Core Views - The company's revenue for 2024 is projected to be 3.932 billion yuan, a decrease of 76.48% year-on-year, primarily due to the divestiture of its oil business. However, the net profit attributable to shareholders is expected to reach 63 million yuan, a significant increase of 3704.04% year-on-year [1][3][7] - The company has seen an increase in self-generated electricity, with the supply business achieving a net profit of 415 million yuan, a year-on-year increase of 48 million yuan. The hydropower business has also benefited from improved water inflow, resulting in a net profit of 228 million yuan, an increase of 126 million yuan year-on-year [1][7] - The company is actively advancing its renewable energy projects, including offshore wind and solar power, with a total planned capacity exceeding that of its existing hydropower and thermal power [2][13][14] Financial Performance Summary - In 2024, the company achieved a cumulative power generation of 6.383 billion kWh, a year-on-year increase of 5.50%, with an average on-grid electricity price of 345.81 yuan/MWh. The sales volume reached 8.585 billion kWh, up 1.45% year-on-year, with an average selling price of 507.82 yuan/MWh [2][13] - The company's financial metrics indicate a significant improvement in profitability, with a gross margin of 25.40%, up 19.88 percentage points year-on-year, and a net margin of 1.60%, an increase of 1.43 percentage points [10][11] - The forecast for net profit attributable to shareholders for 2025-2027 is 271 million, 394 million, and 452 million yuan, respectively, with corresponding EPS of 0.19, 0.27, and 0.31 yuan [3][15][17]