NYOCOR Co.,Ltd.(600821)2025-04-11 12:23Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7][18]. Core Views - The company has implemented a "three curves" strategy, leading to continuous expansion of installed capacity [1]. - In 2024, the company achieved a revenue of 3.612 billion yuan, representing a year-on-year growth of 8.55%, and a net profit attributable to shareholders of 802 million yuan, with a slight increase of 0.05% year-on-year [1][3][4]. - The company plans to distribute a total cash dividend of 542 million yuan for 2024, which accounts for 67.51% of the net profit attributable to shareholders [1]. Summary by Sections Installed Capacity and Growth - In 2024, the company added 1.1 GW of new installed capacity, with a total of 1,073 MW connected to the grid, primarily in regions with strong power consumption capacity and favorable resource conditions [2]. - The cumulative approved installed capacity reached 7,468 MW, a year-on-year increase of 15.82%, while the grid-connected capacity reached 5,554 MW, up 23.97% year-on-year [2]. Revenue and Profitability - The company completed a total power generation of 79.05 billion kWh in 2024, with wind power contributing 35.60 billion kWh (up 11.79% year-on-year) and solar power contributing 42.97 billion kWh (up 9.72% year-on-year) [3]. - The overall revenue growth was driven by the increase in installed capacity, despite a decline in electricity prices due to the commissioning of new projects [3]. - The gross profit margin for renewable energy generation was 56.14%, a decrease of 0.70 percentage points year-on-year, with wind power at 65.55% (up 1.66 percentage points) and solar power at 49.62% (down 2.82 percentage points) [4]. Financial Forecasts - The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 910 million yuan, 1.06 billion yuan, and 1.18 billion yuan respectively [5]. - The projected price-to-earnings ratios for these years are 12, 11, and 10 times [5].