ZMNY(SH:600163) Changjiang Securities·2025-05-06 23:30Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Viewpoints - The company achieved a revenue of 1.741 billion yuan in 2024, a year-on-year increase of 0.54%, while the net profit attributable to shareholders decreased by 4.03% to 651 million yuan due to asset impairment and subsidy receivable provisions [6][8]. - The performance of the company's offshore wind projects is highlighted, with a significant contribution to net profit, indicating the core position of offshore wind in the company's operations [2][6]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.741 billion yuan, with a slight increase of 0.54% year-on-year. The net profit attributable to shareholders was 651 million yuan, reflecting a decrease of 4.03% [6][8]. - The average utilization hours for Fujian land wind reached 2,848 hours, an increase of 104 hours year-on-year, while offshore wind utilization hours reached 4,344 hours, up by 439 hours, both significantly above the national average of 2,127 hours [2][11]. Growth Potential - The report suggests that despite short-term fluctuations in performance, the company is positioned for long-term growth due to internal and external expansion opportunities [2][11]. - The company is expected to see earnings per share (EPS) of 0.46 yuan, 0.49 yuan, and 0.73 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 12.61, 11.81, and 7.89 [8][11]. Project Contributions - The offshore wind project, 中闽海电, contributed 76.07% to the company's net profit, showcasing its importance to overall performance [2][11]. - Future projects, including the 永泰抽蓄电站 and other offshore wind initiatives, are anticipated to enhance the company's earnings and support sustained growth [2][11].