SDIC Power(SH:600886) Shenwan Hongyuan Securities·2025-05-06 14:32Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a stable performance in Q1 2025, with a significant increase in hydropower generation, while thermal power faced short-term pressure due to various factors [7] - The company plans to distribute a cash dividend of 0.4565 CNY per share for the fiscal year 2024, resulting in a dividend yield of 3.06% based on the stock price as of May 6, 2025 [7] - The overall revenue for 2024 was 578.19 billion CNY, with a slight year-on-year increase of 1.95%, while the net profit attributable to the parent company was 66.43 billion CNY, a decrease of 0.92% [7] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 13.12 billion CNY, a year-on-year decline of 6.99%, while the net profit attributable to the parent company was 2.08 billion CNY, an increase of 2.01% [6][7] - The company's hydropower generation in 2024 was 1040.85 billion kWh, a year-on-year increase of 10.49%, with Q1 2025 showing a 17.96% increase in hydropower generation [7] - The average on-grid electricity price for hydropower in 2024 was 0.291 CNY/kWh, a decrease of 3.00% year-on-year [7] - The company's thermal power generation in 2024 was 529.02 billion kWh, a year-on-year decrease of 3.04%, with Q1 2025 showing a significant decline of 32.70% [7] - The company added 263.16 MW of new renewable energy capacity in 2024, with a total on-grid electricity generation of 111.27 billion kWh, a year-on-year increase of 20.24% [7] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025 and 2026 has been adjusted to 72.01 billion CNY and 76.42 billion CNY, respectively, with a new estimate for 2027 at 82.00 billion CNY [7] - The current stock price corresponds to price-to-earnings ratios of 17, 16, and 15 for the years 2025, 2026, and 2027, respectively [7]