Shenergy(SH:600642) Soochow Securities·2025-05-05 23:31Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 29.619 billion yuan in 2024, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year [7] - The company proposed a cash dividend of 2.202 billion yuan, resulting in a dividend payout ratio of 55.84% and a dividend yield of 5.1% [7] - The company’s power generation increased by 6.4% in 2024, with coal power generation reaching 416.05 billion kWh, a 3.5% increase [7] - Fuel costs have decreased, supporting profitability in the coal power sector, with coal and natural gas costs down by 3.17% and 1.98% respectively [7] - The company’s Q1 2025 net profit decreased by 12.82% year-on-year, attributed to fair value changes and a 7.2% decline in power generation [7] - The report forecasts net profits of 40.5 billion yuan for 2025, 41.4 billion yuan for 2026, and 43.0 billion yuan for 2027, with corresponding P/E ratios of 10.7, 10.4, and 10.0 [7] Financial Summary - Total revenue for 2023 is projected at 29.142 billion yuan, with a forecasted decline to 28.512 billion yuan in 2025 [8] - The company’s net profit is expected to grow from 3.944 billion yuan in 2024 to 4.301 billion yuan in 2027 [8] - The latest diluted EPS is projected to increase from 0.81 yuan in 2024 to 0.88 yuan in 2027 [8] - The company’s total assets are expected to grow from 101.666 billion yuan in 2024 to 111.314 billion yuan in 2027 [8] - The debt-to-asset ratio is projected to decrease from 54.83% in 2024 to 50.29% in 2027 [8]