POWERCHINA Ltd(SH:601669) KAIYUAN SECURITIES·2025-04-30 08:05Investment Rating - The investment rating for China Electric Power Construction (601669.SH) is maintained at "Buy" [5][6] Core Views - The company reported a year-on-year revenue growth, with a strong performance in its renewable energy business. However, the net profit attributable to shareholders decreased due to increased impairment provisions. The company is adjusting its business structure as traditional business scales down, focusing on renewable energy as a second growth curve. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 141.3 billion, 152.1 billion, and 159.5 billion yuan respectively, with corresponding EPS of 0.82, 0.88, and 0.93 yuan [5][6][7] Financial Performance - In 2024, the company achieved a revenue of 634.55 billion yuan, a year-on-year increase of 4.05%. The net profit attributable to shareholders was 12.015 billion yuan, a decrease of 7.21%. The gross margin and net margin were 13.19% and 2.50%, respectively, showing slight declines compared to the previous year [6][8] - The company’s total assets reached 1,289.01 billion yuan by the end of 2024, with a debt-to-asset ratio of 78.93% and a current ratio of 0.88 [6][10] Order Growth - The company signed new contracts totaling 12,706.91 billion yuan in 2024, reflecting a year-on-year growth of 11.19%. The energy and power sector saw significant order growth of 23.68% [7][8] - The company secured renewable energy construction indicators of 26.12 million kilowatts, a 15% increase year-on-year, with installed capacity for wind and solar power also showing substantial growth [7][8] Earnings Forecast - The earnings forecast for 2025-2027 indicates a recovery in net profit, with expected growth rates of 17.6% in 2025 and 7.7% in 2026. The P/E ratios for the next three years are projected to be 5.9, 5.5, and 5.2 times, respectively [5][8][10]