wsdl(SH:600995) Tianfeng Securities·2025-04-17 06:50Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][18]. Core Views - The company achieved a revenue of 6.17 billion yuan in 2024, representing a year-on-year increase of 9.67%, and a net profit of 1.13 billion yuan, up 11.1% year-on-year. For Q1 2025, the company expects a revenue of 1.56 billion yuan, a 17.5% increase year-on-year, and a net profit of 370 million yuan, up 31.1% year-on-year [1][4]. - The company’s pumped storage capacity reached 10.28 million kilowatts by the end of 2024, accounting for 17.5% of the national installed capacity. There are 9 pumped storage stations under construction with a total capacity of 10.8 million kilowatts [2][4]. - The company’s hydropower generation increased by 57% in 2024, leading to a 55.5% rise in revenue. The new energy storage capacity reached 654.2 MW/1,298.3 MWh by the end of 2024 [4]. Financial Data and Forecast - The company’s financial projections indicate a net profit of 1.16 billion yuan for 2025, 1.44 billion yuan for 2026, and 1.59 billion yuan for 2027, with corresponding P/E ratios of 26.4, 21.1, and 19.2 respectively [4][11]. - The revenue for 2025 is projected to be 7.64 billion yuan, reflecting a growth rate of 23.72% compared to 2024 [12][13]. - The company’s EBITDA for 2024 is estimated at 4.08 billion yuan, with a net profit margin of 18.25% [12][13].