GGEP(600236) Shenwan Hongyuan Securities·2025-04-27 13:17Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown stable performance in hydropower, with new energy sources opening up growth opportunities [1] - The company reported a total revenue of 95.98 billion yuan in 2024, a year-on-year increase of 18.63%, and a net profit attributable to shareholders of 22.83 billion yuan, up 86.26% [6] - The company plans to distribute a final dividend of 0.12 yuan per share, resulting in a total dividend of 0.205 yuan per share for the year, which represents 70.77% of the net profit attributable to shareholders [6] Financial Data and Profit Forecast - Total revenue is projected to be 99.30 billion yuan in 2025, with a year-on-year growth rate of 3.5% [5] - The net profit attributable to shareholders is expected to reach 28.15 billion yuan in 2025, reflecting a decrease from previous estimates due to lower expectations for thermal power generation [6] - The company’s gross profit margin is expected to improve to 47.6% in 2025, with a return on equity (ROE) of 15.0% [5] Operational Highlights - In 2024, the company’s hydropower generation increased significantly to 30.58 billion kWh, a year-on-year growth of 44.94%, while thermal power generation decreased by 47.02% [6] - The company’s new energy capacity reached 1.872 million kW by the end of 2024, with significant increases in both wind and solar power generation [6] - The company is expanding its new energy projects, including a recent announcement for a 100MW wind power project [6]