NYOCOR Co.,Ltd.(600821)2025-04-14 01:45Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company has achieved revenue growth, with operating revenue expected to reach 3.612 billion yuan in 2024, an increase of 8.55%. However, the net profit attributable to the parent company is projected to remain flat at 803 million yuan, reflecting a minimal 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, up 11.63%, and electricity sales projected at 7.757 billion kWh, up 10.82% [8][13] - The decline in net profit growth compared to revenue growth is attributed to a decrease in electricity prices leading to a lower gross margin of 55.11%, down 1.88 percentage points year-on-year, and a significant increase in asset impairment losses, which are expected to reach 126 million yuan, up 72.60% year-on-year [8][17] Summary by Sections Financial Performance - In 2024, the company anticipates operating revenue of 3.612 billion yuan, with a year-on-year growth of 8.55%. The net profit attributable to the parent company is expected to be 803 million yuan, showing a slight increase of 0.05% [8][4] - The company’s gross margin is projected to decline to 55.11% due to falling electricity prices, while asset impairment losses are expected to rise significantly [8][17] Capacity Growth - The company is set to add 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. The approved capacity will reach 7,468 MW, with grid-connected capacity at 5,554 MW, representing year-on-year growth of 16% and 24%, respectively [21][2] New Business Models - The company is actively exploring the "Green Electricity+" model, focusing on integrating renewable energy with high-energy-consuming industries such as coal chemical, electrolytic aluminum, and magnesium smelting. This strategy aims to create new growth drivers and enhance collaboration with high-value-added industries [22][3] Investment Recommendations - Due to the impact of declining electricity prices, the profit forecast for 2025-2027 has been adjusted, with expected net profits of 889 million yuan, 970 million yuan, and 1.06 billion yuan, reflecting growth rates of 10.4%, 9.9%, and 8.6%, respectively [4][23]