FUNENG CO.,LTD(600483) 华泰证券·2025-04-25 02:31Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 13.67 [8]. Core Views - The company is expected to achieve performance growth driven by dual engines, with profitability anticipated in 2025. The 2024 revenue is projected at RMB 14.563 billion, a year-on-year decrease of 0.9%, while the net profit attributable to the parent company is expected to be RMB 2.793 billion, reflecting a year-on-year increase of 6.5% [1][5]. Summary by Sections Financial Performance - In 2024, the company is expected to generate revenue of RMB 145.63 billion, with a net profit of RMB 27.93 billion, and a non-recurring net profit of RMB 27.58 billion, both showing positive growth compared to the previous year [1]. - The fourth quarter of 2024 is projected to have revenue of RMB 40.78 billion, a year-on-year decrease of 6%, but a net profit increase of 3.3% to RMB 10.20 billion [1]. New Energy Sector - The company's wind power generation is expected to increase by 9.4% year-on-year to 60.13 billion kWh in 2024, with offshore wind power growing by 12% to 35.37 billion kWh. The profit from new energy is projected to rise by 21% year-on-year, accounting for 62% of total profits [2]. - In the first quarter of 2025, wind power generation is expected to continue its high growth, with a year-on-year increase of 28% [2]. Thermal Power Sector - The company's thermal power generation is expected to decline by 3.1% year-on-year to 180.77 billion kWh in 2024. However, the decrease in coal prices is anticipated to offset the impact of declining generation and prices, leading to a projected profit increase of 22% in 2025 [3]. - The company plans to implement a mid-term dividend policy in 2025, with a payout ratio of no less than 10% [1]. Project Pipeline - The company has a robust project pipeline, with ongoing projects including Dongqiao Thermal Power (1.32 GW) and Mulan Pumped Storage (1.4 GW). The goal is to achieve installed capacity of 15 GW by 2025 and 20 GW by 2030 [4]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been slightly adjusted, with net profits projected at RMB 3.071 billion, RMB 3.310 billion, and RMB 3.717 billion respectively. The earnings per share (EPS) are expected to be RMB 1.10, RMB 1.19, and RMB 1.34 [5][22].