ZMNY(600163) 长江证券·2025-04-13 03:12Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's wind power generation in Fujian reached 838 million kWh in Q1 2025, a year-on-year increase of 19.25%. Overall, the company achieved a total power generation of 899 million kWh, up 12.40% year-on-year, driven by stable growth in electricity generation [2][10] - The company is expected to benefit from the injection of high-quality assets from its parent group, which will enhance earnings per share. The injection includes a 51% stake in Yongtai Pumped Storage, which had a net profit of 218 million yuan in 2023 and a return on equity of 16.49% [10][10] - The approval of the ChangLe B District project and the convergence station project is anticipated to contribute to future earnings growth. The ChangLe B District project has a total installed capacity of 114,000 kW and is expected to operate efficiently due to favorable wind conditions [10][10] Summary by Sections Power Generation Performance - In Q1 2025, the company achieved a total power generation of 899 million kWh, a 12.40% increase year-on-year, with grid-connected power generation of 876 million kWh, up 12.89% [6][10] - The performance in different regions showed mixed results, with a significant decrease in Heilongjiang's wind power generation by 35.79% and biomass power generation down by 52.67% [10] Future Growth Potential - The company has a robust pipeline of projects awaiting approval or meeting injection conditions, which is expected to accelerate growth [2][10] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.36 yuan, 0.47 yuan, and 0.51 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13.95, 10.70, and 9.86 [10][10]