GDPD(SH:600795) Xinda Securities·2025-04-16 07:17Investment Rating - The investment rating for Guodian Power (600795.SH) is "Buy" [1] Core Views - The company's main business performance is stable, and its installed capacity expansion supports future growth [1] - In 2024, the company achieved operating revenue of 179.18 billion yuan, a year-on-year decrease of 1.00%, while net profit attributable to shareholders reached 9.83 billion yuan, an increase of 75.28% [1] - The company has a strong position in the industry, backed by the State Energy Group, with significant coal supply advantages and a diversified energy portfolio [6] Summary by Sections Financial Performance - In 2024, Guodian Power's operating revenue was 179.18 billion yuan, a decrease of 1.00% year-on-year, while net profit attributable to shareholders was 9.83 billion yuan, an increase of 75.28% [1] - The company reported a net cash flow from operating activities of 55.64 billion yuan, an increase of 30.66% year-on-year [1] - The company declared a cash dividend of 3.57 billion yuan, accounting for 36.28% of the net profit attributable to shareholders [1] Segment Performance - Thermal Power: The thermal power segment benefited from rising national electricity prices and internal coal supply advantages, achieving a net profit of 4.12 billion yuan, a year-on-year increase of 34.05% [3] - Hydropower: The hydropower segment faced pressure due to declining electricity prices and impairment provisions, resulting in a net profit of 1.24 billion yuan, a year-on-year decrease of 33.01% [3] - Renewable Energy: The renewable energy segment saw rapid growth in installed capacity, with wind power net profit at 0.78 billion yuan (down 22.76%) and solar power at 0.60 billion yuan (down 18.84%) [4] Future Outlook - The company has significant long-term growth potential in installed capacity, with ongoing projects in thermal, wind, and hydropower expected to support future performance [6] - The company plans to continue expanding its renewable energy capacity, with an additional 4.29 million kilowatts of new installations in 2024 [4] - Profit forecasts for 2025-2027 are adjusted to 6.46 billion yuan, 7.27 billion yuan, and 8.28 billion yuan, respectively, with corresponding P/E ratios of 12.68, 11.26, and 9.88 [6]