ZMNY(SH:600163) Soochow Securities·2025-05-05 23:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported good performance in Fujian's wind power sector and is focusing on new project acquisitions and group asset injections [2][7] - In 2024, the company achieved total revenue of 1.741 billion yuan, a year-on-year increase of 0.54%, and a net profit attributable to shareholders of 651.15 million yuan, a decrease of 4.03% [7] - The company is actively expanding its project portfolio in Fujian, acquiring several new wind and solar projects, and is set to accelerate asset injections from its major shareholder [7] Financial Summary - Revenue and Profit Forecasts: - Total revenue is projected to grow from 1.741 billion yuan in 2024 to 2.964 billion yuan in 2027, with a compound annual growth rate (CAGR) of 4.33% [1][8] - Net profit attributable to shareholders is expected to increase from 651.15 million yuan in 2024 to 1.04061 billion yuan in 2027, reflecting a CAGR of 4.20% [1][8] - Earnings Per Share (EPS): - The latest diluted EPS is forecasted to rise from 0.34 yuan in 2024 to 0.55 yuan in 2027 [1][8] - Price-to-Earnings (P/E) Ratio: - The P/E ratio is projected to decrease from 16.19 in 2024 to 10.13 in 2027, indicating an attractive valuation [1][8] - Operational Performance: - In Q1 2025, the company reported a revenue of 514 million yuan, a year-on-year increase of 10.43%, and a net profit of 251 million yuan, up 18.1% [7] - The total on-grid electricity generation in 2024 was 29.2 billion kWh, a year-on-year increase of 2.8%, with Fujian wind power contributing 26.4 billion kWh, up 7.3% [7]