baonengyuan(SZ:000690) Tianfeng Securities·2025-04-29 12:15Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company's revenue for 2024 is reported at 7.904 billion yuan, a decrease of 23.08% year-on-year, while the net profit attributable to the parent company is 706 million yuan, down 20.60% year-on-year. However, in Q1 2025, the company achieved a net profit of 299 million yuan, reflecting a significant increase of 46.40% year-on-year [1][5]. - The average on-grid electricity price decreased to 0.50 yuan/KWh in 2024, down 0.07 yuan/KWh year-on-year, while the fuel cost for thermal power generation dropped to 5.556 billion yuan, a reduction of 24.53% year-on-year, providing some support to the company's overall performance [2][3]. Financial Performance Summary - For 2025, the company is expected to achieve net profits of 917 million yuan, 1.277 billion yuan, and 1.372 billion yuan for the years 2025, 2026, and 2027 respectively, with growth rates of 29.95%, 39.29%, and 7.40% [5][10]. - The company's earnings per share (EPS) is projected to be 0.42 yuan in 2025, increasing to 0.59 yuan in 2026 and 0.63 yuan in 2027 [5][11]. - The price-to-earnings (P/E) ratio is expected to be 10.13 for 2025, decreasing to 7.28 in 2026 and 6.77 in 2027, indicating an attractive valuation [5][11]. Project Development - The company is actively developing the second phase of the Guangdong Lufeng Jiahuwan power plant, which will add a significant capacity of 2×1 million kilowatts, representing 57.64% of the company's existing installed capacity [4][10]. - Additional projects include the expansion of the Meixian Heshuyuan power plant and the Lufeng Jiahuwan power plant, which will further enhance the company's generation capacity in the future [4].