Jiangsu Guoxin (SZ:002608) SINOLINK SECURITIES·2025-04-27 01:23Investment Rating - The report maintains an "Accumulate" rating for Jiangsu Guoxin [1] Core Views - The company's profit growth is driven by declining coal prices, with a significant increase in installed capacity expected in 2025 [1][4] - The electricity demand in Jiangsu province is projected to grow, with a 8.3% year-on-year increase in 2024, surpassing the national average [2] - The average on-grid electricity price in Jiangsu for 2024 is expected to be 0.469 RMB/kWh, slightly down by 0.9% year-on-year, providing strong support for electricity prices due to tight supply-demand dynamics [2] Financial Performance Summary - In 2024, the company achieved a revenue of 36.933 billion RMB, a year-on-year increase of 6.83%, and a net profit attributable to shareholders of 3.238 billion RMB, up 73.12% year-on-year [1][8] - For Q1 2025, the company reported a revenue of 7.760 billion RMB, down 14.54% year-on-year, but a net profit of 864 million RMB, up 11.01% year-on-year [1] - The company's gross profit margin for its main electricity business improved to 12.98% in 2024, an increase of 1.98 percentage points year-on-year [3] Future Outlook - The report forecasts that the company will achieve net profits of 3.290 billion RMB, 3.480 billion RMB, and 3.080 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.87, 0.92, and 0.82 RMB [4][8] - The company is expected to see a nearly 25% increase in the total operational capacity in 2025 due to the commissioning of new power generation units [2][4]