Investment Rating - The investment rating for the company is "Buy" (maintained) with a current dividend yield of 5% [5] Core Views - The company's performance is being impacted by power restrictions, leading to a decline in profits. The main reasons for the profit decline are reduced wind power profits and lower returns from solar projects despite an increase in installed capacity [7] - The company is expected to focus on high-quality growth rather than blind capital expenditure, leveraging its advantages from being part of the China General Nuclear Power Group [7] - The introduction of a new pricing mechanism for electricity is anticipated to stabilize revenue expectations and promote healthier industry development [7] Financial Summary - The company reported a revenue of 19.51 billion USD in 2024, a decrease of 11% year-on-year, with a net profit of 2.48 billion USD, down 7.3% year-on-year [7] - Revenue projections for the upcoming years are as follows: - 2025E: 14,267 million RMB - 2026E: 14,470 million RMB - 2027E: 14,731 million RMB - Net profit projections are: - 2025E: 1,852 million RMB - 2026E: 1,958 million RMB - 2027E: 2,090 million RMB [6][8] - The company’s price-to-earnings (P/E) ratios for the next three years are projected to be 4.8, 4.5, and 4.3 respectively [7]
中广核新能源（01811）：限电拖累公司业绩当前股息率5%