ZMNY(SH:600163) Soochow Securities·2025-05-06 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported good performance in Fujian's wind power sector and is focusing on new project acquisitions and group asset injections [2] - 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’s wind power generation in Fujian increased by 7.3% in 2024, while the overall on-grid electricity volume was 29.2 billion kWh, up 2.8% year-on-year [7] - The company is actively expanding its project portfolio in Fujian, acquiring several new projects, and is set to accelerate asset injections from its major shareholder [7] Financial Summary - For 2024, the company forecasts total revenue of 2.444 billion yuan for 2025, with a projected net profit of 922.84 million yuan, reflecting a growth rate of 41.72% [1][8] - The earnings per share (EPS) for 2025 is estimated at 0.48 yuan, with a price-to-earnings (P/E) ratio of 11.42 [1][8] - The company’s total assets are projected to reach 15.879 billion yuan by 2025, with a debt-to-asset ratio of 51.88% [8]