NYOCOR Co.,Ltd.(600821) Guoxin Securities·2025-04-13 05:14Investment Rating - The investment rating for the company is "Outperform the Market" [6][4] Core Viewpoints - The company has achieved revenue growth, with operating revenue reaching 3.612 billion yuan in 2024, an increase of 8.55%, while net profit attributable to shareholders remained stable at 803 million yuan, a slight increase of 0.05% [8][4] - The growth in revenue is primarily driven by an increase in electricity sales, with total power generation expected to reach 7.905 billion kWh in 2024, up 11.63%, and electricity sales projected at 7.757 billion kWh, up 10.82% [8][2] - The company's profit growth is hindered by a decline in electricity prices, leading to a decrease in gross margin to 55.11%, down 1.88 percentage points year-on-year, and a significant increase in asset impairment losses, which rose by 72.60% to 126 million yuan [8][2] Summary by Relevant Sections Financial Performance - In 2024, the company expects operating revenue of 3.612 billion yuan, with a year-on-year growth of 8.55%, and net profit of 803 million yuan, showing a minimal increase of 0.05% [8][4] - The projected net profits for 2025-2027 are 889 million yuan, 970 million yuan, and 1.06 billion yuan, respectively, with year-on-year growth rates of 10.4%, 9.9%, and 8.6% [4][23] - The company's earnings per share (EPS) for the same period are expected to be 0.44 yuan, 0.49 yuan, and 0.53 yuan, with corresponding price-to-earnings (PE) ratios of 12.6, 11.5, and 10.6 [4][23] Capacity and Growth - The company has added a total of 1,073 MW of new grid-connected capacity in 2024, including 257 MW from wind power and 816 MW from solar power, with total approved capacity reaching 7,468 MW, a year-on-year increase of 16% [2][21] - The company is actively exploring the "Green Electricity +" model, focusing on sectors such as coal chemical, electrolytic aluminum, and magnesium smelting, to support the transformation of high-energy-consuming industries [3][22] Market Position and Future Outlook - The release of document "No. 136" has facilitated the entry of renewable energy into the electricity market, which is expected to help maintain reasonable returns for renewable energy projects [2][21] - The company is also focusing on the integration of renewable energy with high-value-added industries, which is anticipated to create new growth momentum for its performance [3][22]