wsdl(SH:600995) Soochow Securities·2025-05-05 07:19Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a Q1 2025 revenue of 1.557 billion yuan, a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 374 million yuan, up 31.1% year-on-year, slightly exceeding market expectations [7] - The increase in net profit is attributed to favorable water conditions for peak regulation hydropower, leading to increased power generation and revenue [7] - The company has a total installed capacity of 12.9642 million kilowatts as of the end of 2024, including 10.28 million kilowatts of pumped storage, 654,200 kilowatts of new energy storage, and 2.03 million kilowatts of peak regulation hydropower [7] - The company is expected to maintain a net profit of 1.235 billion yuan in 2025, with corresponding P/E ratios of 25, 22, and 21 for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023A is 5.63 billion yuan, with a year-on-year decrease of 31.85%, and is expected to grow to 6.673 billion yuan in 2025E, reflecting an 8.08% increase [1][8] - The net profit attributable to shareholders is projected to be 1.014 billion yuan in 2023A, down 39.05%, and is expected to rise to 1.235 billion yuan in 2025E, a growth of 9.61% [1][8] - The latest diluted EPS is forecasted to be 0.32 yuan in 2023A, increasing to 0.39 yuan in 2025E [1][8] - The company's total assets are projected to reach 57.814 billion yuan in 2025E, with total liabilities of 31.691 billion yuan [8]