GDPD(SH:600795) Hua Yuan Zheng Quan·2025-04-18 07:14Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance meets expectations, with both thermal and hydropower entering the production phase [5] - The significant increase in net profit for 2024 is primarily due to the transfer of 50% equity in Guodian Construction Investment, resulting in a one-time investment gain of approximately 4.6 billion [7] - The company plans to invest 74.1 billion in capital expenditures for 2025, with a focus on new energy projects [7] Financial Performance Summary - For 2023, the company reported revenue of 180.999 billion, a decrease of 7.02% year-on-year, and a net profit of 5.609 billion, an increase of 98.80% [6] - The projected revenue for 2024 is 179.182 billion, with a slight decrease of 1.00%, while the net profit is expected to rise to 9.831 billion, reflecting a growth of 75.28% [6] - The earnings per share (EPS) for 2024 is estimated at 0.55 yuan, with a projected price-to-earnings (P/E) ratio of 8.45 [6] Operational Insights - The company’s total installed capacity as of the end of 2024 is 111.7 million kilowatts, with thermal, hydropower, wind, and solar power capacities of 74.63 million, 14.95 million, 9.84 million, and 12.28 million kilowatts respectively [7] - The company achieved a total electricity generation of 436.7 billion kilowatt-hours in 2024, a year-on-year increase of 1.59% [7] - The average on-grid electricity price for 2024 is 429.82 yuan per megawatt-hour, a decrease of 7.97 yuan compared to 2023 [7] Future Projections - The forecasted net profit for 2025-2027 is 6.389 billion, 7.071 billion, and 7.247 billion respectively, with corresponding P/E ratios of 13, 12, and 11 [7] - The company is expected to maintain a dividend payout ratio of 36.28% for 2024, with a total dividend of 0.11 yuan per share [7]