NYOCOR Co.,Ltd.(SH:600821) Yin He Zheng Quan·2025-04-10 12:14Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 3.612 billion yuan in 2024, representing a year-on-year increase of 8.55% [4] - The net profit attributable to shareholders was 802.72 million yuan, with a slight increase of 0.05% year-on-year [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, resulting in a cash dividend ratio of 49.02%, up from 43.28% in 2023 [4] - The company is actively exploring green electricity and related businesses, with a focus on high-energy applications such as computing and chemical industries [4] Financial Performance Summary - In 2024, the company reported a net investment income of 301 million yuan, a significant increase of 108% year-on-year [4] - The company’s total installed capacity reached 5.55 GW by the end of 2024, with wind power at 1.51 GW and solar power at 3.91 GW [4] - The average on-grid electricity price for wind power was 0.424 yuan/kWh, a decrease of 1.5% year-on-year, while for solar power it was 0.442 yuan/kWh, down 6.2% year-on-year [4] - The company’s gross profit margins for wind and solar power were 65.55% and 49.62%, respectively [4] Future Projections - The company is expected to achieve net profits of 923.14 million yuan, 1.134 billion yuan, and 1.377 billion yuan for the years 2025, 2026, and 2027, respectively [6] - Revenue growth rates are projected at 12.82% for 2025, 16.24% for 2026, and 14.89% for 2027 [5] - The company’s PE ratios are forecasted to be 12.14x, 9.87x, and 8.14x for the years 2025, 2026, and 2027, respectively [6]